Market Trends of Artificial Intelligence In MRI Industry
The Cardiovascular Segment is Expected to Have a Notable Growth in the Market During the Forecast Period
The cardiovascular segment is expected to witness significant growth during the forecast period owing to the increasing use of artificial intelligence in MRI to diagnose a wide range of heart conditions. These include coronary heart disease, congenital heart disease, inherited heart conditions such as hypertrophic or dilated cardiomyopathy, heart valve disease, and cardiac tumors. The increasing prevalence of these heart diseases and the efficacy of artificial intelligence in MRI in detecting these diseases is driving the growth of this segment.
AI is revolutionizing the field of medical imaging and, in particular, cardiovascular magnetic resonance (CMR) by providing deep learning solutions for image acquisition, reconstruction, and analysis, ultimately supporting clinical decision-making. For instance, an article published by the National Centre for Biotechnology Information (NCBI) in January 2022 reported that AI has been envisaged as a useful tool to accelerate CMR imaging acquisition, analysis, and reporting while introducing new diagnostic and prognostic biomarkers. Thus, such advancements in artificial intelligence in CMR imaging are driving the growth of this segment.
The high number of cardiovascular disease (CVD) surgical procedures is also expected to drive the growth of the market. For instance, according to the World Heart Report 2023, more than half a billion people worldwide continue to be affected by cardiovascular diseases globally. The prevalence of cardiovascular disease, diabetes, and end-stage renal disease is expected to drive the market. According to CDC data updated in July 2022, coronary heart disease is the most common type of heart disease, and approximately 20.1 million adults aged 20 and older have the disease in the United States. The high number of cardiovascular diseases is expected to necessitate AI-based advanced MRI, which will drive the market's growth over the next few years.
Also, new product launches and technological developments are driving the growth of this segment. For instance, in October 2022, Philips received clearance from the United States Food and Drug Administration (US FDA) for its artificial intelligence MR platform to detect cancerous tumors in the head and neck.
Thus, the increased incidence of cardiovascular diseases (CVDs) and the efficacy of AI in MRI in detecting the same, along with increasing R&D investments and new product launches, are boosting the growth of this segment during the forecast period.
North America is Expected to Hold a Significant Market Share During the Forecast Period
North America is expected to grow significantly during the forecast period due to technological developments, better medical and diagnostic facilities, highly trained medical professionals, and increased R&D investment.
Technological developments are driving the growth of this market in the region. For instance, in November 2022, Subtle Medical reported its AI-powered software solutions, SubtleMR and SubtlePET, with a robust pipeline of new products in R&D at the 108th Scientific Assembly and Annual Meeting of the Radiological Society of North America (RSNA). Subtle Medical's solutions provide hospitals and imaging centers the flexibility to deliver faster, higher-quality PET and MRI exams. This product offers an improved MRI image product. Thus, such development in AI-driven software is increasing the efficiency of MRI, driving the growth of this market in the region.
Similarly, the region is marked by better medical and diagnostic facilities. For instance, in November 2023, Canada's inaugural 15.2 Tesla magnetic resonance imaging (MRI) system was installed at the Centre for Functional and Metabolic Mapping (CFMM) within Western University's Schulich School of Medicine & Dentistry. Thus, better medical and diagnostic facilities are driving the growth of this market in the region.
Also, mergers, acquisitions, and partnerships are driving the growth of this market in the region. For instance, in July 2022, Viz.ai, an AI-powered disease detection and intelligent care coordination platform, partnered with Hyperfine Inc., creator of the US FDA-cleared point-of-care magnetic resonance imaging (MRI) device, Swoop. Thus, such partnerships are leading to the integration of two technologies for better patient access, thereby contributing to the studied market's growth.
Thus, owing to the increased adoption of AI-based MRI services and the installation and expansion of diagnostic centers across the region, the market will likely witness notable growth during the forecast period.
