Artificial Intelligence (AI) in Medical Imaging Market Size, Growth, Share & Trends Analysis

With the increasing digitization and adoption of information systems in the healthcare industry, big data (large and complex data) is generated at various stages of the care delivery process. In the medical imaging industry, big data includes information generated from clickstream and web & social media interactions; readings from medical devices, such as sensors, ECGs, X-rays, healthcare claims, and other billing records; and biometric data. Big data and analytical solutions have grown exponentially in sophistication and adoption in the last decade with the growing adoption of EHRs, digitized laboratory slides, and high-resolution radiology images among healthcare providers.

Extensive growth in digital health has enabled healthcare providers to assist patients through novel treatment approaches. AI technologies offer doctors tools that help them diagnose and effectively treat patients better. However, there is an observed reluctance among doctors to accept new technologies. For instance, medical practitioners have a misconception that AI will replace doctors in the coming years. Doctors and radiologists believe that empathy and persuasion are human skills; thus, technologies cannot completely rule out the presence of a doctor. Additionally, there is a concern that patients may be excessively inclined toward these technologies and may forgo necessary in-person treatments, which might also challenge long-term doctor-patient relationships.

Emerging markets such as India, China, and Brazil are expected to offer significant growth opportunities for players operating in the AI in medical imaging market. This can be attributed to the rising patient population in these countries. The National Institute of Health and Family Welfare estimates that there are between 2 and 2.5 million cancer patients in India at any given time. Each year, approximately 700,000 new cases of cancer are reported in the country. Furthermore, the healthcare sectors in emerging economies, such as India and China, are rapidly growing by introducing new medical technologies with a particular focus on advanced imaging equipment. These factors and the growing population are expected to increase the medical imaging data volumes in their respective healthcare systems. This provides an untapped development opportunity for AI-based solutions in emerging countries

Overcoming financial constraints is the biggest challenge for healthcare organizations, specifically in emerging economies where it is always a struggle to secure budgets for IT over medical equipment. The high cost of imaging equipment and implementation & licensing costs of AI software are crucial in restraining market growth, specifically in countries where the reimbursement scenario is poor. For instance, most healthcare facilities in developing countries cannot afford AI solutions due to high installation and maintenance costs. This factor limits the adoption of new or technologically advanced systems. Also, implementation and subscription/licensing fees form a significant financial burden on end users. Small healthcare facilities cannot afford these solutions due to these budget constraints, thus negatively impacting the growth of the AI in medical imaging market.