Understanding the Revolutionary Effect of Introduction of AI in Medical Imaging Industry and the Future Opportunities to the Market

13 Oct
2023

 
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The integration of Artificial Intelligence (AI) and the healthcare sector has been a hot topic for the last few years. Artificial intelligence has been crucial in improving the outcomes at every stage of medical procedures including diagnosis, treatment, and post-treatment rehabilitation. Also, AI has been introduced in different fields of medicine including orthopedics, pediatrics, surgery, neurology, medical imaging, etc.

How introduction of AI in medical imaging has revolutionized the industry

The main reason why artificial intelligence has been useful in the medical imaging industry is due to its computational ability. AI and machine learning, through their computing processes, can ‘learn’ new things and act accordingly. This improves the functionality of the technology with which AI is being integrated. As per doctors and medical experts, the functionality of medical imaging technology has improved manifold due to its integration with AI.

AI-powered medical imaging helps in detection of ailments earlier. Be it X-rays, CT scans, or MRIs, AI in medical imaging aids in distinguishing tumors from the normal tissues. This is due to the numerous data points and images fed to it prior to using it on an actual patient. Similarly, AI-driven medical imaging technology has the capability to scan patients more thoroughly for tumors and other abnormalities. Also, the size of the tumor can be detected using this technology. This becomes important in the treatment phase as doctors can regularly monitor the size of the tumor and assess whether the treatment is really working or not. One more advantage of AI-powered medical imaging systems over normal ones is the detection of “hidden” tumors. Sometimes, tumors are hidden under a layer of fat or blood vessels which makes them undetectable for normal systems. This is also true for fractures and aneurysms. In such cases, AI with its high computational ability can help in the detection of unseen abnormalities.

Future growth opportunities for the industry

The overall growth in the adoption of advanced technologies like AI in the radiology sector has opened up numerous growth opportunities for the AI in medical imaging market. The field of radiology is a vast one with many technologies like computed tomography, magnetic resonance imaging, ultrasound, X-ray, etc., being used regularly. Of all these technologies, the integration of AI has been the fastest with computed tomography (CT) systems. This has opened up new avenues of growth and investment for the market.

According to a market research report published by Allied Market Research, one more crucial factor has helped in the rise of this market. The report highlights that growing partnerships between medical device and technology companies have pushed the growth rate of the market. For instance, in January 2023, Bayer announced the acquisition of Blackford Analysis Ltd., a leading medical AI platform developer. As per Bayer, the acquisition was done to address the growing demand for AI-powered medical imaging systems. In February 2023, in a similar move, Tempus announced the acquisition of Arterys for augmenting its medical imaging solutions providing capabilities. These acquisitions, as per the Allied Market Research report, will help the market to surge ahead at a CAGR of 32.1% in the 2023-2032 timeframe.

In summary, the AI in medical imaging market is anticipated to witness huge growth owing to the exceptional advantages offered by AI in diagnosing chronic ailments. Furthermore, the strategic alliances are expected to create a competitive environment in the market, thus widening its scope in the long run.

 

 
Rosy Behera

Rosy Behera

Author's Bio- Rosy Behera holds a bachelor’s degree in Electrical and Electronics Engineering and now she is a content writer by profession. She loves to portray her thoughts and ideas with a nice command of words. Grabbing an audience with her creative write-ups is one of her biggest assets so far. Apart from writing, she is a certified “Odisi” dancer and has done Gardharva in Drawing, Painting, and Arts. She always explores new things through travel and is a big foodie.

 
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