Artificial Intelligence in Magnetic Imaging (MRI) Market to reach USD 9.8 Billion by 2030

According to a latest study titled “Artificial Intelligence in Magnetic Imaging (MRI) Industry” The industry size was estimated at USD 5.77 billion in 2022 and is expected to hit around USD 9.8 billion by 2030 with a registered CAGR of 6.85% from 2022 to 2030.

Artificial intelligence (AI) is the field of study that creates computerized models to perform tasks that normally require human intelligence. Magnetic Resonance Imaging (MRI) is a non-invasive imaging technique that produces three-dimensional anatomical images. It is widely employed in disease detection, diagnosis, and treatment monitoring. It is based on advanced technology that excites and detects changes in the rotational axis of protons in the water that makes up living tissues.

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Factors Influencing the AI In MRI Industry

As the number of COVID-19 cases increases worldwide, new AI technologies are being developed to assist hospitals in expanding their second-wave treatment. Through remote access to images and reports, the COVID-19 pandemic has increased corporate image processing and telemedicine demand. It also emphasizes the significance of expanding the use of AI and machine learning in diagnostic imaging, with two goals in mind: improving diagnostics and clinician well-being, and job safety. Scientists have made significant contributions to the fight against COVID-19. The number of research results, such as analytical reports and publications, reported by both industrial and academic researchers is growing daily.

AI has demonstrated incredible accuracy and sensitivity in the classification of image anomalies in recent years, improving tissue-based detection and characterization. The incorporation of artificial intelligence (AI) into healthcare and medical imaging has changed the nature of diagnostics and contributed to the growth of the global AI medical imaging market. Artificial intelligence assists doctors in performing imaging procedures and in diagnosing and treating patients individually. Researchers use AI to recognize complex patterns in image data and quantitatively evaluate radiograph characteristics.

Factors Affecting the Growth of AI In the MRI Industry Growth

The shortage of trained professionals who are unable to use these techniques is the factor that limits the growth of the artificial intelligence-based magnetic resonance imaging (MRI) industry.

Furthermore, the massive investment required to set up or develop the techniques will thwart future growth. Several market players make large investments in installing new and advanced machines to speed up the process, which raises the cost.

Opportunities In AI in the MRI Industry

Several major AI players in the medical imaging industry are starting to collaborate or partner with leading AI technology providers to develop AI-based solutions for healthcare applications. With this approach, market participants can provide advanced solutions to consumers while also establishing their position in this volatile market environment. As the demand for AI-based technologies grows, advancements can provide enterprises with a boost in developing advanced products and tools. However, AI technology is expected to have a significant impact in a few areas. These include enhanced diagnostics and unintentional image discoveries, predictive image analysis, workflow efficiency with data analysis, and reporting and prioritization of critical discoveries.

Developing countries are focusing on increasing their AI investments, which will assist companies in integrating AI with medical imaging to increase their revenue share. For instance, China aims to be the global leader in AI by 2030. The strategy entails significant government funding and investments to increase the adoption of AI solutions in industries. Furthermore, rising patient populations in countries such as India, China, and Brazil are expected to provide significant growth opportunities for players in the AI-based MRI industry.

Segmental Outlook

The AI in the MRI industry is segmented based on clinical applications, offering type, technology, deployment type, and end-user. Based on clinical application, the industry is further segmented into musculoskeletal, colon, prostate, liver, cardiovascular, neurology, lung, breast, and others. Based on offering type it is further segmented into Hardware, Software, and Services. Based on technology, the Ai in the MRI industry is segmented further into deep learning, machine learning, computer vision, NPP (natural language processing), speech recognition, querying method, and others. Based on the deployment type, the industry is further segmented into on-premise and cloud. Based on end-user, Ai in the MRI industry is further segmented into hospitals, clinics, research and laboratories, and others.

Competitive Landscape

Partnerships, acquisitions, mergers, collaborations, and new product launches with cutting-edge and innovative features stimulate Industry growth and provide attractive growth prospects to market players. Prominent players in the industry are IBM Corporation, Bay Labs Inc, Resonance Health Ltd, Zebra Medical Vision Inc, Samsung Electronics Co.Ltd, Arterys Inc., Koninklijke Philips N.V., Nuance Communications Inc., Siemens Healthneer AG, OrCam, NVIDIA Corporation, Freenome Holdings Inc., Clarify Health Solutions, BioXcel Therapeutics, GNS Healthcare, Qventus, K Health Inc, Huma, Voxel, OWKIN INC., BERG LLC, Suki Al Inc, Renalytix, Babylon, Aga Health GmbH, Prognos, Medopad Ltd, PAIGE

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