AI Radiology Tool Market Share, Trends & Forecast by 2034

AI Radiology Tool Market Outlook from 2024 to 2034

Future Market Insights opines in its latest report that the global AI radiology tool market yields a current valuation of US$ 269.5 million in 2024. As the global healthcare sector experiences major technological breakthroughs, the scope for AI radiology tools is only set to rise.

Going forward, the market for AI radiology tools is slated to proliferate at a staggering 14.2% CAGR from 2024 to 2034. Given the lucrativeness of AI penetration, this market is en route to attaining a valuation of US$ 1,018.7 million.

Attributes	Key Insights
Estimated Market Size in 2024	US$ 269.5 million
Projected Market Value in 2034	US$ 1,018.7 million
Value-based CAGR from 2024 to 2034	14.2%

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Key Market Trends and Highlights

The rising prevalence of chronic diseases can be arrested with the help of radiology tools. Moreover, predictive analysis can produce probabilities of the same disease, and a specific pattern can be studied. This is a key market trend in the subject market.
The proactive medical approach is another key market trend driving the subject market. Medical professionals are keen to diagnose and analyze the patient’s health more proactively. As a result, the speed of diagnostics tests must be increased, which can be achieved by integrating AI tools. Hence, this is another critical market trend.
Governments are fostering the use and implementation of AI tools. To achieve this, they validate AI radiology tools through regulatory approvals. It is another key trend uplifting the market.

Demand Analysis of AI Radiology Tool Market from 2019 to 2023 vs. Outlook from 2024 to 2034

The historical CAGR of 13.5% elevated the AI radiology tool market from US$ 143.3 million to US$ 237.5 million from 2019 to 2023. This market advancement is attributed to various drivers and demand generators.

The primary demand generator can be attributed to the increasing awareness in the subject market. The importance and the reach of AI in the radiology sector were emphasized, which surged the demand for relevant apparatus and tools. As a result, this has been a prime demanding factor in the historical period.

Apart from this, the historical period was governed by the pandemic. The rising cases of patients required accelerated testing and diagnostics, which was possible with the use of AI radiology tools. Consequently, it was another demand generator in the market.

Historical CAGR from 2019 to 2023	13.5%
Forecast CAGR from 2024 to 2034	14.2%

The forecasted period focuses on technological development. Due to the rapid growth in the relevant infrastructure, integration of AI into radiology systems has become easier. Hence, it will likely create more demand in different medical verticals.

Government initiatives and incentivization drive the subject market. Monetary investments in building technological infrastructure help the market become more affordable for small-scale businesses. Thus, lucrative growth prospects are created in the market, generating more demand for AI radiology tools.

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Market Drivers

The growing demand for accurate and precise diagnostics results drives the AI radiology tool market. With the help of technological integration, outcomes of even minute discrepancies can be identified, improving the medication. Hence, this is a primary market driver.
The growth of the technological infrastructure further builds prospective growth chances for the subject market. This is because acquiring bleeding-edge technology will become easier and more affordable, resulting in market advancement.
Governmental support is another vital market driver that assists growth. For example, the Chinese government is incentivizing the healthcare sector. It is also investing heavily to support technological integration. So, this drives the subject market.
The workload management of radiologists has been a key concern in many countries. To release some pressure, AI is integrated into radiology tools to increase accuracy and reduce error percentage. Hence, this drives the subject market.

Market Challenges

Integrating AI radiology tools into healthcare might be burdensome for underdeveloped economies. Consequently, the market might not find a niche in such countries. This is a key market challenge.
Data privacy might be another key concern. Radiology tools will fetch data for predictive analysis, which might be theft or misused, creating a serious threat.

Country-wise Analysis

North America leads the global AI radiology tool market. The development of the technological infrastructure assists the growth of the market in the region. Additionally, government initiatives fuel the advancement of the market.

The Asia-Pacific region supports market growth by developing the medical and healthcare sectors. Emerging markets in the area contribute significantly to the development of the subject industry.

Developed European countries provide a better platform for radiology practices, helping practitioners to integrate cutting-edge technology into their practice.

Forecast CAGRs from 2024 to 2034

Countries	Forecasted CAGR
The United States of America	5.3%
Germany	3.7%
China	7.1%
Japan	3%
Australia & New Zealand	5.1%

Electronic Health Records Integrate AI in the United States of America, Advancing the AI radiology tool market

The United States of America estimates the market advancement at a CAGR of 5.3% through 2034, leading North America. To develop and foster patient management, AI radiology tools are integrated into electronic health records.

This delivers predictive analysis to the medical professionals, ensuring a seamless workflow. Further, workflow optimization can be ensured, enhancing test results' accuracy. Hence, this is the primary market driver for the market.

Digital Health Innovation in Germany Fosters the Market Growth

Germany estimates the market progress at a sluggish CAGR of 3.7%, primarily due to the digitization of healthcare systems. The German government is emphasizing digitization. It has implemented the Digital Healthcare Act (DVG) to achieve this.

Under this law, doctors are abide to prescribe digital health applications (DiGAs). These include AI-powered tools. Also, these tools are reimbursed by health insurance. Such initiatives can be seen to fuel the demand for the generation of AI radiology tools. Therefore, this is a critical driver for the subject market.

Investments in the Healthcare Sector Uplift the Chinese AI Radiology Tool Market

The Chinese government has been investing heavily in AI healthcare. According to McKinsey and Company, approximately US$ 600 billion is to be financed by the government in the industry. This investment will likely boost innovation in AI tools, ensuring increased precision in applying tools.

The increased tool efficiency delivers optimum results for the radiology field, optimizing the healthcare sector. Therefore, this is the primary market driver for the Chinese AI radiology tool market. The market will progress at the highest CAGR of 7.1% through 2034.

Japan Emphasizes the Enhancement of Diagnostics Systems for Aged People

The Japanese demographics attributed to the aged population greatly burden healthcare systems. Due to this, the existing resources in the healthcare sector are strained.

The issue can be resolved by integrating AI with diagnostics systems to leverage faster and more accurate test results. Moreover, the efficiency of these tools will surge their demand in the entire Japanese healthcare sector, driving the subject market. Hence, this forecasts the market Japanese market advancement at a CAGR of 3%.

Australia and New Zealand Create Lucrative Prospects through Cross-Border Healthcare Initiatives

Australia and New Zealand estimate stable market progress at a CAGR of 5.1% through 2034. Governments of these countries are keen on the standardization process of AI radiology tools.

This initiative enables healthcare systems to access remote areas, facilitating accurate disease detection. To achieve this, cross-border healthcare agreements are signed between two countries, leveraging the market growth. Therefore, this is a primary market driver.

Category-wise Insights

Category	Diagnostic Radiology
Market Share in 2024	55%
Market Segment Drivers	The ability of instruments to detect even the slightest abnormality increases the popularity of AI-powered tools. Error reduction in diagnostic radiology fuels the demand for AI tools, which drives the market segment.

Category	Diagnostic Centers
Market Share in 2024	46%
Market Segment Drivers	The ability of AI radiology tools to produce highly tailored medical treatments enhances their popularity at diagnostic centers. Small-scale diagnostic centers in remote villages can also prevail in tailored patient treatment, which surges their demand.

Competitive Landscape

The global AI radiology tool market is saturated due to excessive competition. It clutters the market, hindering the growth prospects for the new entrants. So, a prospective business needs to emphasize market penetration using product innovation to provide more market space to the industry.

Existing competitors are keen to use key market expansion strategies. These are strategic collaborations, branding, investments, mergers and acquisitions, and many others.

Key Market Developments

In February 2023, GE Healthcare acquired Caption Health. The strategic initiative was taken to support a US$ 3 billion ultrasound business with the help of AI-enabled image guidance to ultrasound device portfolios.
In May 2023, Brainomix Limited extended new facilities at its headquarters in the United Kingdom. This strategic move has allowed the organization to expand its portfolio beyond stroke.
In July 2023, RapidAI gained US$ 75 million in funding from Vista Credit Partners, a subsidiary of Vista Equity Partners. They are the strategic financers of the organization. The fundamental goal of this funding was to elevate platform innovation standards.

Key Coverage of AI Radiology Tool Market Report

Key demand-side and supply-side trends in the market.
Emerging prospect regions providing growth opportunities.
Key market developments made by key market players.
Market analysis using theoretical frameworks like PESTLE, SWOT, and Porter’s five-force analysis.
Market dynamics and forces affecting the market growth.

Report Scope

Attributes	Details
Estimated Market Size in 2024	US$ 269.5 million
Projected Market Valuation in 2034	US$ 1,018.7 million
Value-based CAGR 2024 to 2034	14.2%
Forecast Period	2024 to 2034
Historical Data Available for	2019 to 2023
Market Analysis	Value in US$ million
Key Regions Covered	North America Latin America Western Europe Eastern Europe South Asia and Pacific East Asia The Middle East and Africa
Key Market Segments Covered	Type End User Region
Key Countries Profiled	The United States Canada Brazil Mexico Germany The United Kingdom France Spain Italy Poland Russia Czech Republic Romania India Bangladesh Australia New Zealand China Japan South Korea GCC Countries South Africa Israel
Key Companies Profiled	IBM Bay Labs Resonance Health Zebra Medical Vision Samsung Electronics Arterys Koninklijke Philips Nuance Communications Siemens Healthineers AG OrCam

AI Radiology Tool Market- Key Segments

By Type:

Diagnostic Radiology
Interventional Radiology

By End User:

Clinics
Hospitals
Diagnostic Centers
Others

By Region:

North America
Latin America
Western Europe
Eastern Europe
South Asia and Pacific
East Asia
The Middle East and Africa

Frequently Asked Questions

At what rate is the AI radiology tool market progressing through 2034?

The AI radiology tool market is projected to advance at a CAGR of 14.2% through 2034.

What will the AI radiology tool market size be by 2034?

The AI radiology tool market is expected to reach US$ 1018.7 million by 2034.

What will the AI radiology tool market size be by 2024?

The AI radiology tool market will be reaching US$ 269.5 million in 2024.

Based on type, which segment will hold the largest market share in the AI radiology tool market in 2024?

The AI radiology tool market's diagnostic radiology segment will hold 55% of the market space in 2024.

Based on end use, which segment will hold the largest market share in the AI radiology tool market in 2024?

The AI radiology tool market's diagnostic centers segment will hold 46% of the market space in 2024.

Table of Content

1. Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
3.2. Scenario Forecast
3.2.1. Demand in Optimistic Scenario
3.2.2. Demand in Likely Scenario
3.2.3. Demand in Conservative Scenario
3.3. Opportunity Map Analysis
3.4. Investment Feasibility Matrix
3.5. PESTLE and Porter’s Analysis
3.6. Regulatory Landscape
3.6.1. By Key Regions
3.6.2. By Key Countries
3.7. Regional Parent Market Outlook
4. Global Market Analysis 2019 to 2023 and Forecast, 2024 to 2034
4.1. Historical Market Size Value (US$ Million) Analysis, 2019 to 2023
4.2. Current and Future Market Size Value (US$ Million) Projections, 2024 to 2034
4.2.1. Y-o-Y Growth Trend Analysis
4.2.2. Absolute $ Opportunity Analysis
5. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Type
5.1. Introduction / Key Findings
5.2. Historical Market Size Value (US$ Million) Analysis By Type, 2019 to 2023
5.3. Current and Future Market Size Value (US$ Million) Analysis and Forecast By Type, 2024 to 2034
5.3.1. Diagnostic Radiology
5.3.2. Interventional Radiology
5.4. Y-o-Y Growth Trend Analysis By Type, 2019 to 2023
5.5. Absolute $ Opportunity Analysis By Type, 2024 to 2034
6. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By End User
6.1. Introduction / Key Findings
6.2. Historical Market Size Value (US$ Million) Analysis By End User, 2019 to 2023
6.3. Current and Future Market Size Value (US$ Million) Analysis and Forecast By End User, 2024 to 2034
6.3.1. Clinics
6.3.2. Hospitals
6.3.3. Diagnostic Centres
6.3.4. Others
6.4. Y-o-Y Growth Trend Analysis By End User, 2019 to 2023
6.5. Absolute $ Opportunity Analysis By End User, 2024 to 2034
7. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Region
7.1. Introduction
7.2. Historical Market Size Value (US$ Million) Analysis By Region, 2019 to 2023
7.3. Current Market Size Value (US$ Million) Analysis and Forecast By Region, 2024 to 2034
7.3.1. North America
7.3.2. Latin America
7.3.3. Western Europe
7.3.4. Eastern Europe
7.3.5. South Asia and Pacific
7.3.6. East Asia
7.3.7. Middle East and Africa
7.4. Market Attractiveness Analysis By Region
8. North America Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
8.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2019 to 2023
8.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2024 to 2034
8.2.1. By Country
8.2.1.1. USA
8.2.1.2. Canada
8.2.2. By Type
8.2.3. By End User
8.3. Market Attractiveness Analysis
8.3.1. By Country
8.3.2. By Type
8.3.3. By End User
8.4. Key Takeaways
9. Latin America Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
9.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2019 to 2023
9.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2024 to 2034
9.2.1. By Country
9.2.1.1. Brazil
9.2.1.2. Mexico
9.2.1.3. Rest of Latin America
9.2.2. By Type
9.2.3. By End User
9.3. Market Attractiveness Analysis
9.3.1. By Country
9.3.2. By Type
9.3.3. By End User
9.4. Key Takeaways
10. Western Europe Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
10.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2019 to 2023
10.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2024 to 2034
10.2.1. By Country
10.2.1.1. Germany
10.2.1.2. UK
10.2.1.3. France
10.2.1.4. Spain
10.2.1.5. Italy
10.2.1.6. Rest of Western Europe
10.2.2. By Type
10.2.3. By End User
10.3. Market Attractiveness Analysis
10.3.1. By Country
10.3.2. By Type
10.3.3. By End User
10.4. Key Takeaways
11. Eastern Europe Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
11.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2019 to 2023
11.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2024 to 2034
11.2.1. By Country
11.2.1.1. Poland
11.2.1.2. Russia
11.2.1.3. Czech Republic
11.2.1.4. Romania
11.2.1.5. Rest of Eastern Europe
11.2.2. By Type
11.2.3. By End User
11.3. Market Attractiveness Analysis
11.3.1. By Country
11.3.2. By Type
11.3.3. By End User
11.4. Key Takeaways
12. South Asia and Pacific Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
12.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2019 to 2023
12.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2024 to 2034
12.2.1. By Country
12.2.1.1. India
12.2.1.2. Bangladesh
12.2.1.3. Australia
12.2.1.4. New Zealand
12.2.1.5. Rest of South Asia and Pacific
12.2.2. By Type
12.2.3. By End User
12.3. Market Attractiveness Analysis
12.3.1. By Country
12.3.2. By Type
12.3.3. By End User
12.4. Key Takeaways
13. East Asia Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
13.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2019 to 2023
13.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2024 to 2034
13.2.1. By Country
13.2.1.1. China
13.2.1.2. Japan
13.2.1.3. South Korea
13.2.2. By Type
13.2.3. By End User
13.3. Market Attractiveness Analysis
13.3.1. By Country
13.3.2. By Type
13.3.3. By End User
13.4. Key Takeaways
14. Middle East and Africa Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
14.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2019 to 2023
14.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2024 to 2034
14.2.1. By Country
14.2.1.1. GCC Countries
14.2.1.2. South Africa
14.2.1.3. Israel
14.2.1.4. Rest of MEA
14.2.2. By Type
14.2.3. By End User
14.3. Market Attractiveness Analysis
14.3.1. By Country
14.3.2. By Type
14.3.3. By End User
14.4. Key Takeaways
15. Key Countries Market Analysis
15.1. USA
15.1.1. Pricing Analysis
15.1.2. Market Share Analysis, 2023
15.1.2.1. By Type
15.1.2.2. By End User
15.2. Canada
15.2.1. Pricing Analysis
15.2.2. Market Share Analysis, 2023
15.2.2.1. By Type
15.2.2.2. By End User
15.3. Brazil
15.3.1. Pricing Analysis
15.3.2. Market Share Analysis, 2023
15.3.2.1. By Type
15.3.2.2. By End User
15.4. Mexico
15.4.1. Pricing Analysis
15.4.2. Market Share Analysis, 2023
15.4.2.1. By Type
15.4.2.2. By End User
15.5. Germany
15.5.1. Pricing Analysis
15.5.2. Market Share Analysis, 2023
15.5.2.1. By Type
15.5.2.2. By End User
15.6. UK
15.6.1. Pricing Analysis
15.6.2. Market Share Analysis, 2023
15.6.2.1. By Type
15.6.2.2. By End User
15.7. France
15.7.1. Pricing Analysis
15.7.2. Market Share Analysis, 2023
15.7.2.1. By Type
15.7.2.2. By End User
15.8. Spain
15.8.1. Pricing Analysis
15.8.2. Market Share Analysis, 2023
15.8.2.1. By Type
15.8.2.2. By End User
15.9. Italy
15.9.1. Pricing Analysis
15.9.2. Market Share Analysis, 2023
15.9.2.1. By Type
15.9.2.2. By End User
15.10. Poland
15.10.1. Pricing Analysis
15.10.2. Market Share Analysis, 2023
15.10.2.1. By Type
15.10.2.2. By End User
15.11. Russia
15.11.1. Pricing Analysis
15.11.2. Market Share Analysis, 2023
15.11.2.1. By Type
15.11.2.2. By End User
15.12. Czech Republic
15.12.1. Pricing Analysis
15.12.2. Market Share Analysis, 2023
15.12.2.1. By Type
15.12.2.2. By End User
15.13. Romania
15.13.1. Pricing Analysis
15.13.2. Market Share Analysis, 2023
15.13.2.1. By Type
15.13.2.2. By End User
15.14. India
15.14.1. Pricing Analysis
15.14.2. Market Share Analysis, 2023
15.14.2.1. By Type
15.14.2.2. By End User
15.15. Bangladesh
15.15.1. Pricing Analysis
15.15.2. Market Share Analysis, 2023
15.15.2.1. By Type
15.15.2.2. By End User
15.16. Australia
15.16.1. Pricing Analysis
15.16.2. Market Share Analysis, 2023
15.16.2.1. By Type
15.16.2.2. By End User
15.17. New Zealand
15.17.1. Pricing Analysis
15.17.2. Market Share Analysis, 2023
15.17.2.1. By Type
15.17.2.2. By End User
15.18. China
15.18.1. Pricing Analysis
15.18.2. Market Share Analysis, 2023
15.18.2.1. By Type
15.18.2.2. By End User
15.19. Japan
15.19.1. Pricing Analysis
15.19.2. Market Share Analysis, 2023
15.19.2.1. By Type
15.19.2.2. By End User
15.20. South Korea
15.20.1. Pricing Analysis
15.20.2. Market Share Analysis, 2023
15.20.2.1. By Type
15.20.2.2. By End User
15.21. GCC Countries
15.21.1. Pricing Analysis
15.21.2. Market Share Analysis, 2023
15.21.2.1. By Type
15.21.2.2. By End User
15.22. South Africa
15.22.1. Pricing Analysis
15.22.2. Market Share Analysis, 2023
15.22.2.1. By Type
15.22.2.2. By End User
15.23. Israel
15.23.1. Pricing Analysis
15.23.2. Market Share Analysis, 2023
15.23.2.1. By Type
15.23.2.2. By End User
16. Market Structure Analysis
16.1. Competition Dashboard
16.2. Competition Benchmarking
16.3. Market Share Analysis of Top Players
16.3.1. By Regional
16.3.2. By Type
16.3.3. By End User
17. Competition Analysis
17.1. Competition Deep Dive
17.1.1. IBM
17.1.1.1. Overview
17.1.1.2. Product Portfolio
17.1.1.3. Profitability by Market Segments
17.1.1.4. Sales Footprint
17.1.1.5. Strategy Overview
17.1.1.5.1. Marketing Strategy
17.1.2. Bay Labs
17.1.2.1. Overview
17.1.2.2. Product Portfolio
17.1.2.3. Profitability by Market Segments
17.1.2.4. Sales Footprint
17.1.2.5. Strategy Overview
17.1.2.5.1. Marketing Strategy
17.1.3. Resonance Health
17.1.3.1. Overview
17.1.3.2. Product Portfolio
17.1.3.3. Profitability by Market Segments
17.1.3.4. Sales Footprint
17.1.3.5. Strategy Overview
17.1.3.5.1. Marketing Strategy
17.1.4. Zebra Medical Vision
17.1.4.1. Overview
17.1.4.2. Product Portfolio
17.1.4.3. Profitability by Market Segments
17.1.4.4. Sales Footprint
17.1.4.5. Strategy Overview
17.1.4.5.1. Marketing Strategy
17.1.5. Samsung Electronics
17.1.5.1. Overview
17.1.5.2. Product Portfolio
17.1.5.3. Profitability by Market Segments
17.1.5.4. Sales Footprint
17.1.5.5. Strategy Overview
17.1.5.5.1. Marketing Strategy
17.1.6. Arterys
17.1.6.1. Overview
17.1.6.2. Product Portfolio
17.1.6.3. Profitability by Market Segments
17.1.6.4. Sales Footprint
17.1.6.5. Strategy Overview
17.1.6.5.1. Marketing Strategy
17.1.7. Koninklijke Philips
17.1.7.1. Overview
17.1.7.2. Product Portfolio
17.1.7.3. Profitability by Market Segments
17.1.7.4. Sales Footprint
17.1.7.5. Strategy Overview
17.1.7.5.1. Marketing Strategy
17.1.8. Nuance Communications
17.1.8.1. Overview
17.1.8.2. Product Portfolio
17.1.8.3. Profitability by Market Segments
17.1.8.4. Sales Footprint
17.1.8.5. Strategy Overview
17.1.8.5.1. Marketing Strategy
17.1.9. Siemens Healthineers AG
17.1.9.1. Overview
17.1.9.2. Product Portfolio
17.1.9.3. Profitability by Market Segments
17.1.9.4. Sales Footprint
17.1.9.5. Strategy Overview
17.1.9.5.1. Marketing Strategy
17.1.10. OrCam
17.1.10.1. Overview
17.1.10.2. Product Portfolio
17.1.10.3. Profitability by Market Segments
17.1.10.4. Sales Footprint
17.1.10.5. Strategy Overview
17.1.10.5.1. Marketing Strategy
18. Assumptions & Acronyms Used
19. Research Methodology

AI Radiology Tool Market

An Analysis of the AI Radiology Tool Market by Diagnostic and Interventional radiology from 2024 to 2034