Future Market Insights opines in its latest report that the global AI radiology tool market yields a current valuation of USD 269.5 million in 2024. As the global healthcare sector experiences major technological breakthroughs, the scope for AI radiology tools is only set to rise.
Going forward, the market for AI radiology tools is slated to proliferate at a staggering 14.2% CAGR from 2024 to 2034. Given the lucrativeness of AI penetration, this market is en route to attaining a valuation of USD 1,018.7 million.
Attributes | Key Insights |
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Estimated Market Size in 2024 | USD 269.5 million |
Projected Market Value in 2034 | USD 1,018.7 million |
Value-based CAGR from 2024 to 2034 | 14.2% |
The historical CAGR of 13.5% elevated the AI radiology tool market from USD 143.3 million to USD 237.5 million from 2019 to 2023. This market advancement is attributed to various drivers and demand generators.
The primary demand generator can be attributed to the increasing awareness in the subject market. The importance and the reach of AI in the radiology sector were emphasized, which surged the demand for relevant apparatus and tools. As a result, this has been a prime demanding factor in the historical period.
Apart from this, the historical period was governed by the pandemic. The rising cases of patients required accelerated testing and diagnostics, which was possible with the use of AI radiology tools. Consequently, it was another demand generator in the market.
Historical CAGR from 2019 to 2023 | 13.5% |
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Forecast CAGR from 2024 to 2034 | 14.2% |
The forecasted period focuses on technological development. Due to the rapid growth in the relevant infrastructure, integration of AI into radiology systems has become easier. Hence, it will likely create more demand in different medical verticals.
Government initiatives and incentivization drive the subject market. Monetary investments in building technological infrastructure help the market become more affordable for small-scale businesses. Thus, lucrative growth prospects are created in the market, generating more demand for AI radiology tools.
North America leads the global AI radiology tool market. The development of the technological infrastructure assists the growth of the market in the region. Additionally, government initiatives fuel the advancement of the market.
The Asia-Pacific region supports market growth by developing the medical and healthcare sectors. Emerging markets in the area contribute significantly to the development of the subject industry.
Developed European countries provide a better platform for radiology practices, helping practitioners to integrate cutting-edge technology into their practice.
Forecast CAGRs from 2024 to 2034
Countries | Forecasted CAGR |
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The United States of America | 5.3% |
Germany | 3.7% |
China | 7.1% |
Japan | 3% |
Australia & New Zealand | 5.1% |
The United States of America estimates the market advancement at a CAGR of 5.3% through 2034, leading North America. To develop and foster patient management, AI radiology tools are integrated into electronic health records.
This delivers predictive analysis to the medical professionals, ensuring a seamless workflow. Further, workflow optimization can be ensured, enhancing test results' accuracy. Hence, this is the primary market driver for the market.
Germany estimates the market progress at a sluggish CAGR of 3.7%, primarily due to the digitization of healthcare systems. The German government is emphasizing digitization. It has implemented the Digital Healthcare Act (DVG) to achieve this.
Under this law, doctors are abide to prescribe digital health applications (DiGAs). These include AI-powered tools. Also, these tools are reimbursed by health insurance. Such initiatives can be seen to fuel the demand for the generation of AI radiology tools. Therefore, this is a critical driver for the subject market.
The Chinese government has been investing heavily in AI healthcare. According to McKinsey and Company, approximately USD 600 billion is to be financed by the government in the industry. This investment will likely boost innovation in AI tools, ensuring increased precision in applying tools.
The increased tool efficiency delivers optimum results for the radiology field, optimizing the healthcare sector. Therefore, this is the primary market driver for the Chinese AI radiology tool market. The market will progress at the highest CAGR of 7.1% through 2034.
The Japanese demographics attributed to the aged population greatly burden healthcare systems. Due to this, the existing resources in the healthcare sector are strained.
The issue can be resolved by integrating AI with diagnostics systems to leverage faster and more accurate test results. Moreover, the efficiency of these tools will surge their demand in the entire Japanese healthcare sector, driving the subject market. Hence, this forecasts the market Japanese market advancement at a CAGR of 3%.
Australia and New Zealand estimate stable market progress at a CAGR of 5.1% through 2034. Governments of these countries are keen on the standardization process of AI radiology tools.
This initiative enables healthcare systems to access remote areas, facilitating accurate disease detection. To achieve this, cross-border healthcare agreements are signed between two countries, leveraging the market growth. Therefore, this is a primary market driver.
Category | Diagnostic Radiology |
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Market Share in 2024 | 55% |
Market Segment Drivers |
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Category | Diagnostic Centers |
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Market Share in 2024 | 46% |
Market Segment Drivers |
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The global AI radiology tool market is saturated due to excessive competition. It clutters the market, hindering the growth prospects for the new entrants. So, a prospective business needs to emphasize market penetration using product innovation to provide more market space to the industry.
Existing competitors are keen to use key market expansion strategies. These are strategic collaborations, branding, investments, mergers and acquisitions, and many others.
Key Market Developments
Attributes | Details |
---|---|
Estimated Market Size in 2024 | USD 269.5 million |
Projected Market Valuation in 2034 | USD 1,018.7 million |
Value-based CAGR 2024 to 2034 | 14.2% |
Forecast Period | 2024 to 2034 |
Historical Data Available for | 2019 to 2023 |
Market Analysis | Value in USD million |
Key Regions Covered | North America; Latin America; Western Europe; Eastern Europe; South Asia and Pacific; East Asia; The Middle East and Africa |
Key Market Segments Covered | Type, End User, Region |
Key Countries Profiled | The United States, Canada, Brazil, Mexico, Germany, The United Kingdom, France, Spain, Italy, Poland, Russia, Czech Republic, Romania, India, Bangladesh, Australia, New Zealand, China, Japan, South Korea, GCC Countries, South Africa, Israel |
Key Companies Profiled | IBM; Bay Labs; Resonance Health; Zebra Medical Vision; Samsung Electronics; Arterys; Koninklijke Philips; Nuance Communications; Siemens Healthineers AG; OrCam |
Table 1: Global Market Value (US$ Million) Forecast by Region, 2019 to 2034
Table 2: Global Market Value (US$ Million) Forecast by Type, 2019 to 2034
Table 3: Global Market Value (US$ Million) Forecast by End User, 2019 to 2034
Table 4: North America Market Value (US$ Million) Forecast by Country, 2019 to 2034
Table 5: North America Market Value (US$ Million) Forecast by Type, 2019 to 2034
Table 6: North America Market Value (US$ Million) Forecast by End User, 2019 to 2034
Table 7: Latin America Market Value (US$ Million) Forecast by Country, 2019 to 2034
Table 8: Latin America Market Value (US$ Million) Forecast by Type, 2019 to 2034
Table 9: Latin America Market Value (US$ Million) Forecast by End User, 2019 to 2034
Table 10: Western Europe Market Value (US$ Million) Forecast by Country, 2019 to 2034
Table 11: Western Europe Market Value (US$ Million) Forecast by Type, 2019 to 2034
Table 12: Western Europe Market Value (US$ Million) Forecast by End User, 2019 to 2034
Table 13: Eastern Europe Market Value (US$ Million) Forecast by Country, 2019 to 2034
Table 14: Eastern Europe Market Value (US$ Million) Forecast by Type, 2019 to 2034
Table 15: Eastern Europe Market Value (US$ Million) Forecast by End User, 2019 to 2034
Table 16: South Asia and Pacific Market Value (US$ Million) Forecast by Country, 2019 to 2034
Table 17: South Asia and Pacific Market Value (US$ Million) Forecast by Type, 2019 to 2034
Table 18: South Asia and Pacific Market Value (US$ Million) Forecast by End User, 2019 to 2034
Table 19: East Asia Market Value (US$ Million) Forecast by Country, 2019 to 2034
Table 20: East Asia Market Value (US$ Million) Forecast by Type, 2019 to 2034
Table 21: East Asia Market Value (US$ Million) Forecast by End User, 2019 to 2034
Table 22: Middle East and Africa Market Value (US$ Million) Forecast by Country, 2019 to 2034
Table 23: Middle East and Africa Market Value (US$ Million) Forecast by Type, 2019 to 2034
Table 24: Middle East and Africa Market Value (US$ Million) Forecast by End User, 2019 to 2034
Figure 1: Global Market Value (US$ Million) by Type, 2024 to 2034
Figure 2: Global Market Value (US$ Million) by End User, 2024 to 2034
Figure 3: Global Market Value (US$ Million) by Region, 2024 to 2034
Figure 4: Global Market Value (US$ Million) Analysis by Region, 2019 to 2034
Figure 5: Global Market Value Share (%) and BPS Analysis by Region, 2024 to 2034
Figure 6: Global Market Y-o-Y Growth (%) Projections by Region, 2024 to 2034
Figure 7: Global Market Value (US$ Million) Analysis by Type, 2019 to 2034
Figure 8: Global Market Value Share (%) and BPS Analysis by Type, 2024 to 2034
Figure 9: Global Market Y-o-Y Growth (%) Projections by Type, 2024 to 2034
Figure 10: Global Market Value (US$ Million) Analysis by End User, 2019 to 2034
Figure 11: Global Market Value Share (%) and BPS Analysis by End User, 2024 to 2034
Figure 12: Global Market Y-o-Y Growth (%) Projections by End User, 2024 to 2034
Figure 13: Global Market Attractiveness by Type, 2024 to 2034
Figure 14: Global Market Attractiveness by End User, 2024 to 2034
Figure 15: Global Market Attractiveness by Region, 2024 to 2034
Figure 16: North America Market Value (US$ Million) by Type, 2024 to 2034
Figure 17: North America Market Value (US$ Million) by End User, 2024 to 2034
Figure 18: North America Market Value (US$ Million) by Country, 2024 to 2034
Figure 19: North America Market Value (US$ Million) Analysis by Country, 2019 to 2034
Figure 20: North America Market Value Share (%) and BPS Analysis by Country, 2024 to 2034
Figure 21: North America Market Y-o-Y Growth (%) Projections by Country, 2024 to 2034
Figure 22: North America Market Value (US$ Million) Analysis by Type, 2019 to 2034
Figure 23: North America Market Value Share (%) and BPS Analysis by Type, 2024 to 2034
Figure 24: North America Market Y-o-Y Growth (%) Projections by Type, 2024 to 2034
Figure 25: North America Market Value (US$ Million) Analysis by End User, 2019 to 2034
Figure 26: North America Market Value Share (%) and BPS Analysis by End User, 2024 to 2034
Figure 27: North America Market Y-o-Y Growth (%) Projections by End User, 2024 to 2034
Figure 28: North America Market Attractiveness by Type, 2024 to 2034
Figure 29: North America Market Attractiveness by End User, 2024 to 2034
Figure 30: North America Market Attractiveness by Country, 2024 to 2034
Figure 31: Latin America Market Value (US$ Million) by Type, 2024 to 2034
Figure 32: Latin America Market Value (US$ Million) by End User, 2024 to 2034
Figure 33: Latin America Market Value (US$ Million) by Country, 2024 to 2034
Figure 34: Latin America Market Value (US$ Million) Analysis by Country, 2019 to 2034
Figure 35: Latin America Market Value Share (%) and BPS Analysis by Country, 2024 to 2034
Figure 36: Latin America Market Y-o-Y Growth (%) Projections by Country, 2024 to 2034
Figure 37: Latin America Market Value (US$ Million) Analysis by Type, 2019 to 2034
Figure 38: Latin America Market Value Share (%) and BPS Analysis by Type, 2024 to 2034
Figure 39: Latin America Market Y-o-Y Growth (%) Projections by Type, 2024 to 2034
Figure 40: Latin America Market Value (US$ Million) Analysis by End User, 2019 to 2034
Figure 41: Latin America Market Value Share (%) and BPS Analysis by End User, 2024 to 2034
Figure 42: Latin America Market Y-o-Y Growth (%) Projections by End User, 2024 to 2034
Figure 43: Latin America Market Attractiveness by Type, 2024 to 2034
Figure 44: Latin America Market Attractiveness by End User, 2024 to 2034
Figure 45: Latin America Market Attractiveness by Country, 2024 to 2034
Figure 46: Western Europe Market Value (US$ Million) by Type, 2024 to 2034
Figure 47: Western Europe Market Value (US$ Million) by End User, 2024 to 2034
Figure 48: Western Europe Market Value (US$ Million) by Country, 2024 to 2034
Figure 49: Western Europe Market Value (US$ Million) Analysis by Country, 2019 to 2034
Figure 50: Western Europe Market Value Share (%) and BPS Analysis by Country, 2024 to 2034
Figure 51: Western Europe Market Y-o-Y Growth (%) Projections by Country, 2024 to 2034
Figure 52: Western Europe Market Value (US$ Million) Analysis by Type, 2019 to 2034
Figure 53: Western Europe Market Value Share (%) and BPS Analysis by Type, 2024 to 2034
Figure 54: Western Europe Market Y-o-Y Growth (%) Projections by Type, 2024 to 2034
Figure 55: Western Europe Market Value (US$ Million) Analysis by End User, 2019 to 2034
Figure 56: Western Europe Market Value Share (%) and BPS Analysis by End User, 2024 to 2034
Figure 57: Western Europe Market Y-o-Y Growth (%) Projections by End User, 2024 to 2034
Figure 58: Western Europe Market Attractiveness by Type, 2024 to 2034
Figure 59: Western Europe Market Attractiveness by End User, 2024 to 2034
Figure 60: Western Europe Market Attractiveness by Country, 2024 to 2034
Figure 61: Eastern Europe Market Value (US$ Million) by Type, 2024 to 2034
Figure 62: Eastern Europe Market Value (US$ Million) by End User, 2024 to 2034
Figure 63: Eastern Europe Market Value (US$ Million) by Country, 2024 to 2034
Figure 64: Eastern Europe Market Value (US$ Million) Analysis by Country, 2019 to 2034
Figure 65: Eastern Europe Market Value Share (%) and BPS Analysis by Country, 2024 to 2034
Figure 66: Eastern Europe Market Y-o-Y Growth (%) Projections by Country, 2024 to 2034
Figure 67: Eastern Europe Market Value (US$ Million) Analysis by Type, 2019 to 2034
Figure 68: Eastern Europe Market Value Share (%) and BPS Analysis by Type, 2024 to 2034
Figure 69: Eastern Europe Market Y-o-Y Growth (%) Projections by Type, 2024 to 2034
Figure 70: Eastern Europe Market Value (US$ Million) Analysis by End User, 2019 to 2034
Figure 71: Eastern Europe Market Value Share (%) and BPS Analysis by End User, 2024 to 2034
Figure 72: Eastern Europe Market Y-o-Y Growth (%) Projections by End User, 2024 to 2034
Figure 73: Eastern Europe Market Attractiveness by Type, 2024 to 2034
Figure 74: Eastern Europe Market Attractiveness by End User, 2024 to 2034
Figure 75: Eastern Europe Market Attractiveness by Country, 2024 to 2034
Figure 76: South Asia and Pacific Market Value (US$ Million) by Type, 2024 to 2034
Figure 77: South Asia and Pacific Market Value (US$ Million) by End User, 2024 to 2034
Figure 78: South Asia and Pacific Market Value (US$ Million) by Country, 2024 to 2034
Figure 79: South Asia and Pacific Market Value (US$ Million) Analysis by Country, 2019 to 2034
Figure 80: South Asia and Pacific Market Value Share (%) and BPS Analysis by Country, 2024 to 2034
Figure 81: South Asia and Pacific Market Y-o-Y Growth (%) Projections by Country, 2024 to 2034
Figure 82: South Asia and Pacific Market Value (US$ Million) Analysis by Type, 2019 to 2034
Figure 83: South Asia and Pacific Market Value Share (%) and BPS Analysis by Type, 2024 to 2034
Figure 84: South Asia and Pacific Market Y-o-Y Growth (%) Projections by Type, 2024 to 2034
Figure 85: South Asia and Pacific Market Value (US$ Million) Analysis by End User, 2019 to 2034
Figure 86: South Asia and Pacific Market Value Share (%) and BPS Analysis by End User, 2024 to 2034
Figure 87: South Asia and Pacific Market Y-o-Y Growth (%) Projections by End User, 2024 to 2034
Figure 88: South Asia and Pacific Market Attractiveness by Type, 2024 to 2034
Figure 89: South Asia and Pacific Market Attractiveness by End User, 2024 to 2034
Figure 90: South Asia and Pacific Market Attractiveness by Country, 2024 to 2034
Figure 91: East Asia Market Value (US$ Million) by Type, 2024 to 2034
Figure 92: East Asia Market Value (US$ Million) by End User, 2024 to 2034
Figure 93: East Asia Market Value (US$ Million) by Country, 2024 to 2034
Figure 94: East Asia Market Value (US$ Million) Analysis by Country, 2019 to 2034
Figure 95: East Asia Market Value Share (%) and BPS Analysis by Country, 2024 to 2034
Figure 96: East Asia Market Y-o-Y Growth (%) Projections by Country, 2024 to 2034
Figure 97: East Asia Market Value (US$ Million) Analysis by Type, 2019 to 2034
Figure 98: East Asia Market Value Share (%) and BPS Analysis by Type, 2024 to 2034
Figure 99: East Asia Market Y-o-Y Growth (%) Projections by Type, 2024 to 2034
Figure 100: East Asia Market Value (US$ Million) Analysis by End User, 2019 to 2034
Figure 101: East Asia Market Value Share (%) and BPS Analysis by End User, 2024 to 2034
Figure 102: East Asia Market Y-o-Y Growth (%) Projections by End User, 2024 to 2034
Figure 103: East Asia Market Attractiveness by Type, 2024 to 2034
Figure 104: East Asia Market Attractiveness by End User, 2024 to 2034
Figure 105: East Asia Market Attractiveness by Country, 2024 to 2034
Figure 106: Middle East and Africa Market Value (US$ Million) by Type, 2024 to 2034
Figure 107: Middle East and Africa Market Value (US$ Million) by End User, 2024 to 2034
Figure 108: Middle East and Africa Market Value (US$ Million) by Country, 2024 to 2034
Figure 109: Middle East and Africa Market Value (US$ Million) Analysis by Country, 2019 to 2034
Figure 110: Middle East and Africa Market Value Share (%) and BPS Analysis by Country, 2024 to 2034
Figure 111: Middle East and Africa Market Y-o-Y Growth (%) Projections by Country, 2024 to 2034
Figure 112: Middle East and Africa Market Value (US$ Million) Analysis by Type, 2019 to 2034
Figure 113: Middle East and Africa Market Value Share (%) and BPS Analysis by Type, 2024 to 2034
Figure 114: Middle East and Africa Market Y-o-Y Growth (%) Projections by Type, 2024 to 2034
Figure 115: Middle East and Africa Market Value (US$ Million) Analysis by End User, 2019 to 2034
Figure 116: Middle East and Africa Market Value Share (%) and BPS Analysis by End User, 2024 to 2034
Figure 117: Middle East and Africa Market Y-o-Y Growth (%) Projections by End User, 2024 to 2034
Figure 118: Middle East and Africa Market Attractiveness by Type, 2024 to 2034
Figure 119: Middle East and Africa Market Attractiveness by End User, 2024 to 2034
Figure 120: Middle East and Africa Market Attractiveness by Country, 2024 to 2034
The AI radiology tool market is projected to advance at a CAGR of 14.2% through 2034.
The AI radiology tool market is expected to reach USD 1,018.7 million by 2034.
The AI radiology tool market will be reaching USD 269.5 million in 2024.
The AI radiology tool market's diagnostic radiology segment will hold 55% of the market space in 2024.
The AI radiology tool market's diagnostic centers segment will hold 46% of the market space in 2024.
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