Market Size of Artificial Intelligence In Ultrasound Imaging Industry
Study Period | 2019 - 2029 |
Base Year For Estimation | 2023 |
Forecast Data Period | 2024 - 2029 |
CAGR | 9.60 % |
Fastest Growing Market | Asia-Pacific |
Largest Market | North America |
Major Players*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Artificial Intelligence In Ultrasound Imaging Market Analysis
Artificial intelligence in the ultrasound imaging market is expected to register a CAGR of 9.6% over the forecast period.
The pandemic outbreak of the novel coronavirus disease highlighted the need to combine rapid, non-invasive, and widely accessible techniques with the lowest risk of patient cross-infection to enable successful early identification and surveillance of the sickness. The potential of lung ultrasound technology continues to develop in this area as it has proven beneficial in the differential diagnosis and follow-up of COVID-19 patients. For instance, as per the report published by the Journal of Imaging in March 2022, artificial intelligence (AI), particularly machine learning, was used as a critical tool that assists clinicians in lung ultrasound image reading and COVID-19 decision-making. This shows the key role of artificial intelligence in ultrasound imaging for the diagnosis of COVID-19, which had a significant impact on the market growth.
The major factors augmenting the growth of the market include a rise in chronic diseases and the geriatric population, a rising focus on reducing the workload of radiologists, and government initiatives to increase the adoption of AI-based technologies. One of the major driving factors is the rising burden of chronic diseases such as cardiovascular diseases and cancers. For instance, as per the updated report published by Macmillan Cancer Support in October 2022, around 3 million people were living with cancer in the United Kingdom in 2021, which is likely to rise to 3.5 million by 2025, 4 million by 2030, and 5.3 million by 2040. Thus, with the rise in the prevalence of cancer, the demand for diagnosis using artificial intelligence in ultrasound is likely to increase, which will help the market to grow over the forecast period.
Furthermore, the partnerships and collaborations of the major market players are also contributing to the market growth. For instance, in March 2022, Royal Philips and DiA Imaging Analysis Ltd., one of the leading providers of AI-powered applications for ultrasound, entered a strategic partnership to deliver automated solutions to clinicians at the point of care. Philips' ultrasound image quality combined with DiA's AI library of automated solutions helps to increase diagnostic confidence, operational efficiency, and access to care for point-of-care customers in and out of the hospital. These partnerships among the market players enable businesses to produce high-quality ultrasound images utilizing artificial intelligence. Thus, this is likely to create demand for the product, thereby contributing to the market growth over the forecast period.
However, high procurement costs and maintenance, along with reluctance among medical practitioners to adopt AI-based technologies, may restrain the growth of the market over the forecast period.
Artificial Intelligence In Ultrasound Imaging Industry Segmentation
As per the scope of the report, Artificial intelligence (AI) in ultrasound imaging includes the incorporation of AI into imaging, which transforms medical images into high-throughput mineable data. AI-empowered ultrasonography has the potential to accelerate the use of medical ultrasound in various clinical settings with broad usage by medical personnel. The three main applications of artificial intelligence in ultrasonic image analysis include detection, diagnosis or classification, and image segmentation, which helps radiologists to analyze images more accurately. The Artificial Intelligence in Ultrasound Imaging Market is segmented by Solution (Hardware, Software, and Services), Technology (Machine Learning, Natural Language Processing, Context-Aware Computing, Computer Vision, and Other Technologies), Application (Cardiology, Obstetrics and Gynecology, Gastroenterology, Radiology, and Other Applications), End Users (Hospitals, Diagnostic Centers, and Other End Users) and Geography (North America, Europe, Asia-Pacific, and Rest of the World). The report offers the value (in USD million) for the above segments.
By Solution | |
Hardware | |
Software | |
Services |
By Technology | |
Machine Learning | |
Natural Language Processing | |
Context Aware Computing | |
Computer Vision | |
Other Technologies |
By Application | |
Cardiology | |
Obstetrics and Gynecology | |
Gastroenterology | |
Other Applications |
By End Users | |
Hospitals | |
Diagnostic Centers | |
Other End Users |
Geography | ||||||||
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Rest of the World |
Artificial Intelligence In Ultrasound Imaging Market Size Summary
The artificial intelligence in ultrasound imaging market is poised for significant growth, driven by the increasing integration of AI technologies in diagnostic procedures. The market is experiencing a surge in demand due to the rising prevalence of chronic diseases, such as cardiovascular conditions and cancers, which necessitate advanced diagnostic tools. The COVID-19 pandemic further accelerated the adoption of AI in ultrasound imaging, as it provided rapid and non-invasive diagnostic capabilities essential for patient care. Strategic partnerships among key industry players, such as those between Royal Philips and DiA Imaging Analysis, are enhancing the quality and efficiency of ultrasound imaging, thereby expanding market opportunities. These collaborations are instrumental in developing AI-powered solutions that improve diagnostic accuracy and operational efficiency, contributing to the market's expansion over the forecast period.
In addition to technological advancements, regulatory support and new product approvals are expected to bolster market growth. The FDA's proactive measures to address AI application challenges in medical devices, along with recent patent grants and product launches, underscore the growing acceptance and integration of AI in healthcare. The market is moderately consolidated, with major players like Siemens Healthcare, General Electric, and Butterfly Network actively pursuing partnerships and technological innovations. These efforts are aimed at enhancing the capabilities of ultrasound imaging systems, making them more accessible and effective for diagnosing a wide range of medical conditions. As the healthcare sector continues to embrace cutting-edge technologies, the artificial intelligence in ultrasound imaging market is set to experience robust growth, driven by both demand and innovation.
Artificial Intelligence In Ultrasound Imaging Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.2.1 Rise in Chronic Diseases and Geriatric Population
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1.2.2 Rising Focus on Reducing the Workload of Radiologists
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1.2.3 Government Initiative to Increase the Adoption of AI-Based Technologies
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1.3 Market Restraints
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1.3.1 High Procurement Costs and Maintenance
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1.3.2 Reluctance Among Medical Practitioners to Adopt AI Based Technologies
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1.4 Porter's Five Forces Analysis
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1.4.1 Threat of New Entrants
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1.4.2 Bargaining Power of Buyers/Consumers
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1.4.3 Bargaining Power of Suppliers
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1.4.4 Threat of Substitute Products
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1.4.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION (Market Size by Value - USD million)
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2.1 By Solution
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2.1.1 Hardware
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2.1.2 Software
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2.1.3 Services
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2.2 By Technology
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2.2.1 Machine Learning
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2.2.2 Natural Language Processing
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2.2.3 Context Aware Computing
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2.2.4 Computer Vision
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2.2.5 Other Technologies
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2.3 By Application
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2.3.1 Cardiology
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2.3.2 Obstetrics and Gynecology
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2.3.3 Gastroenterology
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2.3.4 Other Applications
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2.4 By End Users
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2.4.1 Hospitals
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2.4.2 Diagnostic Centers
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2.4.3 Other End Users
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2.5 Geography
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2.5.1 North America
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2.5.1.1 United States
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2.5.1.2 Canada
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2.5.1.3 Mexico
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2.5.2 Europe
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2.5.2.1 Germany
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2.5.2.2 United Kingdom
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2.5.2.3 France
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2.5.2.4 Italy
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2.5.2.5 Spain
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2.5.2.6 Rest of Europe
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2.5.3 Asia-Pacific
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2.5.3.1 China
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2.5.3.2 Japan
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2.5.3.3 India
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2.5.3.4 Australia
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2.5.3.5 South Korea
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2.5.3.6 Rest of Asia-Pacific
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2.5.4 Rest of the World
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Artificial Intelligence In Ultrasound Imaging Market Size FAQs
What is the current Artificial Intelligence In Ultrasound Imaging Market size?
The Artificial Intelligence In Ultrasound Imaging Market is projected to register a CAGR of 9.60% during the forecast period (2024-2029)
Who are the key players in Artificial Intelligence In Ultrasound Imaging Market?
Siemens Healthcare GmbH, Samsung, General Electric Company, DiA Imaging Analysis and Caption Health are the major companies operating in the Artificial Intelligence In Ultrasound Imaging Market.