The global AI-enabled medical imaging solutions market was estimated at $656.7 million in 2019 and is expected to reach $10,745.5 million by 2030, rising at a CAGR of 27.5 percent during the forecast period 2020-2030. Increased demand for diagnostic imaging software is expected to lead to market growth in areas such as dentistry, orthopaedics, urology, neurology, and oncology. Demand is expected to be driven by the growing adoption of ultrasound imaging systems to facilitate faster diagnosis, particularly of chronic diseases. In addition, it is anticipated that continuous growth in the field of imaging technology, such as computer-aided diagnosis (CAD), would fuel demand for these platforms.
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In terms of geographies, Asia Pacific is expected to hold the largest market share during the forecast period. Due to increased R&D expenditure and growth in the biotechnology and pharmaceutical sectors, the Asia Pacific region has led the market. Demand for the market would be triggered by the presence of a large patient pool. Business development would be aided by improved healthcare facilities and high disposable income.
On the back of increased digitization in developing and developed economies around the world, the global AI-enabled Imaging Modalities market is expected to expand significantly in the coming time zone. Artificial intelligence is driving increased and deeper penetration of cutting-edge Workflow, presenting a plethora of opportunities for the growth of AI, which is expected to gain not only miscellaneous industrial growth but also drive medical imaging modalities globally, especially in developing economies.
As the number of cancer patients worldwide rises, the global demand for AI-enabled imaging modalities is expected to grow rapidly in the coming years. The growing number of cancer-related deaths each year has alarmed caregivers and healthcare officials, prompting extensive research into mechanisms that may help minimise the number of cancer-related deaths.
The business environment for AI-enabled imaging modalities is currently undergoing major changes. There is an increase in investment in healthcare infrastructure growth, as well as growing evidence for effective and promising treatment and diagnosis assistance. This is leading to immense growth opportunities. As a result, the demand for AI-enabled imaging modalities could see significant growth. Furthermore, a slew of new players developing AI-powered imaging systems and software companies have entered the healthcare market. Both of these factors have contributed to a major increase in the sales of AI-based imaging modality systems around the world.
The main challenges faced by global AI-enabled medical imaging solutions market consist of physicians’ apprehensions about adopting new technology like AI, as well as privacy and security issues about healthcare data As a result, these developments are expected to have a huge effect on the healthcare service robots industry in the next five years, resulting in a multifold increase in market size.
COVID-19 Impact on the Digital Surgery Market
Due to the outbreak of the novel coronavirus, healthcare industrialists around the world have experienced a panning out of income effect, which has caused a disruption in the adoption of such innovations, resulting in a drop in market value. However, as the curve for the covid disease flattens, the market is expected to ramp up.
Source: VynZ Research