Artificial intelligence (AI) is an emerging technology that uses computerized algorithms to analyze complex data. Artificial intelligence is actively used in the medical field. The products in the global AI-enabled X-Ray imaging solutions market include hardware and software solutions used to mimic human cognitive behaviours in medical imaging. Machine learning and deep learning algorithms are examples of AI-based software solutions that are built and educated to resemble AI when used with imaging modalities like X-Ray. On the other hand, AI-based hardware solutions include processors, microprocessors, and chips to perform crucial AI-based activities in medical imaging.
This research study evaluates the potential of the global AI-enabled X-Ray imaging solutions market. It considers every product (hardware and software) available in the market whose functionality aligns with human cognition.
AI-enabled X-Ray Imaging Solutions Market is projected to reach $639.7 million by 2031, reveals the premium market intelligence study by BIS Research. The study also highlights that the market is set to witness a CAGR of 20.2% between 2021 and 2031.
Market Drivers
Presently, the factors driving the growth of the market include expanding the range of applications of AI, increasing funding activities, and increasing complexities of clinical decision-making.
Market Opportunities
Potential opportunities that are likely to boost the growth of the market include rapidly evolving machine and deep learning techniques and the increasing number of cross-industry partnerships.
Impact of COVID-19
The COVID-19 pandemic increased the use of X-Ray scans, which were used to screen out COVID-19 patients, as it allowed the doctors to see if the lung is affected by the coronavirus. This directly affected the demand for AI-enabled X-Ray imaging solutions to aid the healthcare workers to screen out patients in less time. Also, the introduction of the AI-Enabled X-Ray imaging solutions improved the workflow of X-Ray imaging. This pandemic is expected to leave a long-term impact on the global AI-enabled X-Ray imaging solutions market.
Market Segmentation
by Product Type
Under this segmentation, the market is segmented into software and hardware.
The software segment is expected to grow at the highest CAGR of 21.6% during the forecast period 2021-2031. Revenue generated by the software segment accounted for approximately 73.8% of the overall market revenue in 2020. The software segment is further segmented into perpetual software license, subscription software license, and fee-per case software license.
The hardware segment is expected to register a CAGR of 14.7% during the forecast period.
by Application
Under this segmentation, the market is segmented into specialty radiology and general radiology. The specialty radiology is further segmented into chest, musculoskeletal, fluoroscopy, and others.
General radiology segment is expected to register the highest CAGR of 22.3% during the forecast period.
Revenue generated by the specialty imaging segment accounted for approximately 81.2% of the overall market revenue in 2020.
by Workflow
This segmentation include detection, image acquisition, image analysis, diagnosis and treatment decision support, triage, predictive analysis and risk assessment, and reporting and communication.
The detection segment dominates the market with a share of 33.0% of global market in 2020.
Predictive Analysis and Risk Assessment segment is expected to register the highest CAGR of 27.0% during the forecast period 2021-2031.
by Mode of Deployment
Under this segmentation, the market is segmented into cloud-based and web-based solutions, and on-premises solutions.
The cloud-based and web-based solution segment dominates the market with a share of 65.7% of global market in 2020 and is expected to register the highest CAGR of 20.4% during the forecast period 2021-2031.
by Region
The different regions covered under the market report includes North America, Europe, Asia-Pacific, and Rest-of-the-World.
North America dominates the market in 2020 and is anticipated to uphold its dominance throughout the forecast period 2021-2031. The growth in the market is majorly driven by the increasing research and development activities and many companies being located in the U.S.
Asia-Pacific market is expected to grow with the highest CAGR of 22.9% during the forecast period 2021-2031.
Key Market Players and Competition Synopsis
Some of the key players operating in the market, include Agfa-Gevaert NV, Arterys Inc., Behold.AI Technologies Limited, Carestream Health Inc., Enlitic Inc., General Electric Company, Imagen Technologies Inc., Infervision Medical Technology Co. Ltd., Konica Minolta Inc., Lunit Inc., Quibim S.L., Qure.AI Technologies Pvt. Ltd., Siemens Healthineers AG, Vuno Co. Ltd., and Zebra Medical Vision Inc.
The AI-enabled X-Ray imaging solutions market has witnessed several strategic and technological developments from January 2018- August 2021, undertaken by the different market players to attain their respective market shares in this emerging domain. Some of the strategies covered in this segment are product development and upgradations, partnerships, collaborations, business expansions, funding activities, regulatory approvals, mergers, and acquisitions. The preferred strategy for companies has been partnerships, collaborations, and business expansions.
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Key questions answered in the Report
- What are the various AI-enabled X-Ray imaging solutions available in the market?
- What is the current market size and future potential of these products?
- What are the major growth propelling factors, growth-inhibiting factors, and opportunities in the global AI-enabled X-Ray imaging solutions market?
- What are the major growth propelling factors, growth-inhibiting factors, and opportunities in the global AI-enabled X-Ray imaging solutions market?
- Who are the leading players holding dominating shares in the global AI-enabled X-Ray imaging solutions market currently?
- What are the key strategies incorporated by the players of the global AI-enabled X-Ray imaging solutions market to sustain the competition and retain their supremacy?
- What is the current revenue contribution of different product types, and how would it evolve in the forecast period?
- What is the current revenue contribution of different therapeutic applications, and how would it evolve in the forecast period?
- What are the current demand contribution of different workflow and workflow types, and how would it evolve in the forecast period?
- What is the current demand contribution of different deployment models, and how would it evolve in the forecast period?
- Which countries contribute to the major share of current demand, and which countries hold significant scope for expansion for business activities by players of the global AI-enabled X-Ray imaging solutions market?
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