Global Artificial Intelligence - Based Magnetic Resonance Imaging (MRI) Market, By Solution (Hardware, Software, Services), Technology (Speech Recognition, Querying Method, Natural Language Processing, Machine Learning, Context Aware Processing), End User (Hospitals, Pharmaceutical Organizations, Diagnostic Centers, Clinics), Deployment Type (On-Premise, Cloud), Clinical Application (Breast, Lung, Neurology, Cardiovascular, Liver, Prostate, Colon, Musculoskeletal, Others) – Industry Trends and Forecast to 2029
Market Analysis and Size
The global artificial intelligence - based magnetic resonance imaging (MRI) market is expected to witness significant growth during the forecast period. Researchers are exploring multiple ways to implement artificial intelligence in medical images. Demand for artificial intelligence is steadily increasing in the medical imaging software market. Artificial intelligence, such as heart events, neurological disorders, fractures, and chest complications, helps doctors diagnose and treat quickly. The implementation of AI in medical images has made it possible to improve medical screening, improve precision medical software, and reduce the burden on doctors. COVID-19 impact greatly impacted the artificial intelligence - based magnetic resonance imaging (MRI) market.
Data Bridge Market Research analyses a growth rate in the artificial intelligence - based magnetic resonance imaging (MRI) market in the forecast period 2022-2029. The expected CAGR of artificial intelligence - based magnetic resonance imaging (MRI) market is tend to be around 6.80% in the mentioned forecast period. The market was valued at USD 4.80 billion in 2021, and it would grow upto USD 8.12 billion by 2029. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team also includes in-depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.
Market Definition
Artificial intelligence (AI) is a branch of computer science aimed at emulating human intelligence through intelligent systems such as image analysis and speech recognition. Medical imaging is a technique and process for imaging the body for clinical analysis and medical procedures, and for visualizing the function of some organs and tissues. The AI ??method is characterized by automatically recognizing complex image data patterns and evaluating X-ray photographs' characteristics quantitatively rather than qualitatively.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2022 to 2029
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Base Year
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2021
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Historic Years
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2020 (Customizable to 2014 - 2019)
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Quantitative Units
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Revenue in USD Million, Volumes in Units, Pricing in USD
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Segments Covered
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By Solution (Hardware, Software, Services), Technology (Speech Recognition, Querying Method, Natural Language Processing, Machine Learning, Context Aware Processing), End User (Hospitals, Pharmaceutical Organizations, Diagnostic Centers, Clinics), Deployment Type (On-Premise, Cloud), Clinical Application (Breast, Lung, Neurology, Cardiovascular, Liver, Prostate, Colon, Musculoskeletal, Others)
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Countries Covered
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U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America
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Market Players Covered
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NVIDIA Corporation (U.S.), OrCam (Israel), Freenome Holdings Inc. (U.S.), Clarify Health Solutions (U.S.), BioXcel Therapeutics (U.S.), GNS Healthcare (U.S.)., Qventus (U.S.)., K Health Inc. (U.S.), Huma (U.S.)., Voxel (Kuwait), Renalytix (U.S.), mPulse Mobile (U.S.), Suki AI Inc. (China), BERG LLC (U.S.), OWKIN INC. (U.S), and Your.MD (U.K.)
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Market Opportunities
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Global Artificial Intelligence - Based Magnetic Resonance Imaging (MRI) Market Dynamics
Drivers
- Rising Demand of AI in COVID-19 Related Issues
As the number of cases of COVID-19 surges around the world, new AI technologies are being developed to help hospitals expand their second-wave treatment. The COVID-19 pandemic has increased corporate image processing and telemedicine demand through remote access to images and reports. It also emphasizes the importance of expanding the use of AI and machine learning in diagnostic imaging, with two goals: improving diagnostics and improving clinician well-being and employment safety. Scientists have made significant additions to the campaign to fight COVID-19. Research results, such as analytical reports and publications, reported by both industrial and academic researchers are increasing daily.
- Economic Friendly and Accurate Precision
In recent years, AI has shown incredible accuracy and sensitivity in the classification of image anomalies, improving tissue-based detection and characterization. Incorporating 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 helps doctors perform imaging procedures and helps diagnose these images for diagnosis and individualized treatment of each patient. Researchers apply AI to automatically recognize complex patterns of image data and quantitatively evaluate the characteristics of radiographs.
Opportunities
- Rising Shift of Doctors on AI based techniques
Several major AI players in the medical imaging market are beginning to partner with or collaborate with leading AI technology providers to develop AI-based solutions for healthcare applications. With such an approach, these market participants can provide consumers with advanced solutions and establish their position in this dynamic market environment. As the demand for AI-based technologies grows, advances can give enterprises momentum in the development of advanced products and tools. However, there are some areas where AI technology is expected to have a significant impact. These include improved diagnostics and accidental discoveries from images, predictive image analysis, workflow efficiency with data analysis, and reporting and prioritization of critical discoveries.
- Emerging Economies
Developing nations are focusing on accelerating their AI stakes, which will help companies integrate AI with medical imaging to enhance their revenue share. For instance, China is aiming to be the global leader in AI by the year 2030. The strategy involves large government funding and investments to upsurge the adoption of AI solutions in companies. Moreover, the rising patient population in countries such as India, China, and Brazil is expected to have meaningful growth opportunities for players operating in the AI based MRI market.
Restraints/Challenges
- Lack of skilled professionals
The lack of qualified personnel who are unable to use these techniques could curb the growth of the artificial intelligence - based magnetic resonance imaging (MRI) market over a forecast period.
- High Cost
The huge expenditure required to set up or develop the techniques will hamper market growth. Several market players make huge investment in installing new and advanced machines to faster the process and in return the cost is increased.
This artificial intelligence - based magnetic resonance imaging (MRI) market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the artificial intelligence - based magnetic resonance imaging (MRI) market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
COVID-19 Impact on Global Artificial Intelligence - Based Magnetic Resonance Imaging (MRI) Market
Considering the present scenario, COVID-19 has left an unprecedented global public health crisis that has impacted practically every business. Its long-term repercussions are expected to influence industry growth during the forecast period.
Artificial intelligence (AI) is gaining popularity in medical resonance imaging to detect and predict disease. Compared to traditional image processing approaches, AI-based image analysis algorithms provide more reliable, efficient, fast, stable, and reproducible disease information. Therefore, image analysis, image segmentation of infected lung areas, and analysis for clinical evaluation are the basis of AI-based COVID-19 diagnostic methods. These AI-based approaches show the potential for commercialization of AI in the medical imaging market during the prediction interval.
Global Artificial Intelligence - Based Magnetic Resonance Imaging (MRI) Market Scope
The artificial intelligence - based magnetic resonance imaging (MRI) market is segmented on the basis of solution, technology, end-user, deployment type and clinical application. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Solution
- Hardware
- Software
- Services
Technology
- Speech Recognition
- Querying Method
- Natural Language Processing
- Machine Learning
- Context Aware Processing
End User
- Hospitals
- Pharmaceutical Organizations
- Diagnostic Centers
- Clinics
Deployment Type
- On-Premise
- Cloud
Clinical Application
- Breast
- Lung
- Neurology
- Cardiovascular
- Liver
- Prostate
- Colon
- Musculoskeletal
- Others
Artificial Intelligence - Based Magnetic Resonance Imaging (MRI) Market Regional Analysis/Insights
The artificial intelligence - based magnetic resonance imaging (MRI) market is analysed and market size insights and trends are provided by solution, technology, end-user, deployment type and clinical application as referenced above.
The major countries covered in the artificial intelligence - based magnetic resonance imaging (MRI) market are the U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
North America dominates the artificial intelligence - based magnetic resonance imaging (MRI) market due to rising adoption of healthcare IT solutions in medical diagnosis, availability of well-established healthcare sector, and high funding for development of AI-based diagnosis software. Asia-Pacific is the expected region in terms of growth in artificial intelligence-based MRI market due to increasing number of government initiatives to encourage healthcare providers.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Global Artificial Intelligence - Based Magnetic Resonance Imaging (MRI) Market Share Analysis
The artificial intelligence - based magnetic resonance imaging (MRI) market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to artificial intelligence - based magnetic resonance imaging (MRI) market.
Key players operating in the artificial intelligence - based magnetic resonance imaging (MRI) market include:
- NVIDIA Corporation (U.S.)
- OrCam (Israel)
- Freenome Holdings Inc. (U.S.)
- Clarify Health Solutions (U.S.)
- BioXcel Therapeutics (U.S.)
- GNS Healthcare (U.S.)
- Qventus (U.S.)
- K Health Inc. (U.S.)
- Huma (U.S.)
- Voxel (Kuwait)
- Renalytix (U.S.)
- mPulse Mobile (U.S.)
- Suki AI Inc. (China)
- BERG LLC (U.S.)
- OWKIN INC. (U.S)
- Your.MD (U.K.)
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