Artificial Intelligence (AI) In MRI Market Size, Share, Opportunities, And Trends By Solution (Software, Services), By End-User (Hospitals, Clinics, Diagnostic Centers), And By Geography - Forecasts From 2024 To 2029

  • Published : Feb 2024
  • Report Code : KSI061614835
  • Pages : 124

The Artificial intelligence (AI) in MRI market is projected to grow at a CAGR of 37.14% to reach US$2.160 billion in 2029 from US$0.237 billion in 2022.

Artificial intelligence in the MRI market is being driven by several factors, including an increase in cross-industry collaborations and partnerships, government initiatives to support the use of AI-based technologies, artificial intelligence (AI) tools in the medical sector, and increased funding for AI-based start-ups by private players. In recent years, there has been a rise in interest in medical devices with ML capabilities. The FDA has examined and approved an increasing number of devices that have been lawfully sold (through 510(k) clearance, granted De Novo request, or approved PMA) with ML in the past, and it anticipates that this trend will continue. For instance, as per OECD data, magnetic resonance imaging (MRI) Units in 2022 were 33.16 per million inhabitants in Finland, and for Norway, the value was 31.33. With the increasing use of MRIs, the inculcation of AI in them is significantly increasing.

Market Drivers

  • Rising demand for medical imaging services has stimulated the market growth.

Healthcare practitioners may use AI algorithms to deliver more precise and effective diagnostic services, cutting down on wait times and increasing patient outcomes. The US National Institutes of Health (NIH) reports that there is a rising demand for medical imaging services, with MRI being one of the most popular modalities. The U.S. Food and Drug Administration (FDA), in June 2023, gave Ezra Flash, its newest patented artificial intelligence, 510(k) certification. Ezra is a healthcare AI firm that is revolutionizing early cancer diagnosis using whole-body MRI imaging. The increasing expansion of intellectual property in the domain of artificial intelligence and magnetic resonance imaging (MRI) is expected to offer lucrative opportunities to the industry players and bolster artificial intelligence in the MRI market growth.

  • Growing prevalence of Alzheimer has provided new growth prospects for AI in MRI application.

In a recent study that was published in PLOS ONE, researchers from Massachusetts General Hospital (MGH) described how they created and tested a deep-learning artificial intelligence (AI) model to analyze data from brain magnetic resonance images (MRIs) and identify Alzheimer's disease. The Alzheimer’s Association study using the most recent information from the U.S. Census Bureau's population projections for 2023 and the Chicago Health and Ageing Project (CHAP), a population-based study of chronic health conditions affecting older people, has determined the approximate number of people aged 65 and older who have Alzheimer's dementia. Further, in March 2023, researchers created a machine-learning model to detect Alzheimer's disease early. This model, which may be accessed via smartphones, can discriminate between people with Alzheimer's disease and healthy people with an accuracy of 70–75%. The technology might provide important early indicators by concentrating on speech patterns rather than content, thus starting therapy sooner and delaying illness development.

  • Growth in cancer cases in major economies has bolstered the market growth

MRI is majorly used to diagnose conditions that affect soft tissues such as tumors including cancer. According to the National Center for Health Statistics, the new cancer cases registered in the United States were 1,958,310, and cancer deaths were estimated to be 6,09,820 in the year 2023. Such increasing cases of cancer in the United States are increasing the demand for AI which in turn is anticipated to increase the need for advanced technologies such as artificial intelligence that can help in better precision in the projected period.

North America is anticipated to show significant growth.

The North American region is expected to account for considerable market share fueled by the increasing medical infrastructure in major regional economies such as United States coupled with growing advanced medical technologies adoption which has provided new market growth opportunities. Moreover, the increased per capita healthcare spending by the people of the United States can also be one of the reasons for increased spending. For instance, the U.S. Centers for Medicare & Medicaid Services (CMS gov.) per capita healthcare spending was US$ 12,914 per person in 2021.

Artificial Intelligence is being more commonly applied in different facets of MRI (Magnetic Resonance Imaging) scans, aiming to enhance image quality, optimize processes, and assist in diagnosing medical conditions. AI can improve the quality of MRI images by diminishing noise and artifacts, allowing for the creation of higher-resolution images from lower-resolution scans, thereby enhancing the precision of diagnoses.

Key Developments

  • In November 2023: GE Healthcare introduced “SIGNA Champion” which is 1.5T wide bore MRI system equipped with advanced AI and innovative features that enhances the standard MRI procedures and develops precise scans.
  • In June 2023, Sonic DL (GE HealthCare), a deep learning program that may alter scan time expectations and perhaps increase the number of patients who are eligible for cardiac magnetic resonance imaging (MRI), received 510(k) approval from the Food and Drug Administration (FDA).
  • In July 2022, the FDA approved Philips SmartSpeed AI-based software, allowing it to provide industry-first high-speed, high-resolution MR imaging.

Artificial Intelligence (AI) In MRI Market Scope:

 

Report Metric Details
Market Size Value in 2022 US$0.237 billion
Market Size Value in 2029 US$2.160 billion
Growth Rate CAGR of 37.14% from 2022 to 2029
Study Period
2019 to 2029
Historical Data
2019 to 2022
Base Year 2023
Forecast Period 2024 – 2029
Forecast Unit (Value) USD Billion
Segments Covered
  • Solution
  • End-User
  • Geography
Companies Covered
Regions Covered North America, South America, Europe, Middle East and Africa, Asia Pacific
Customization Scope Free report customization with purchase

 

Segmentation:

  • By Solution
    • Software
    • Services
  • By End-User
    • Hospitals
    • Clinics
    • Diagnostic Centers
  • By Geography
    • North America
      • United States
      • Canada
      • Mexico
    • South America
      • Brazil
      • Argentina
      • Others
    • Europe
      • United Kingdom
      • Germany
      • France
      • Italy
      • Spain
      • Others
    • Middle East and Africa
      • Saudi Arabia
      • UAE
      • Others
    • Asia Pacific
      • China
      • Japan
      • India
      • South Korea
      • Australia
      • Singapore
      • Indonesia
      • Others

Frequently Asked Questions (FAQs)

The global artificial intelligence (AI) in MRI market is projected to grow at a CAGR of 37.14% during the forecast period.
The artificial intelligence (AI) in MRI market is projected to reach a market size of US$2.160 billion by 2029.
Artificial Intelligence (AI) In MRI Market was valued at US$0.237 billion in 2021.
North America accounts for major shares of artificial intelligence in MRI market.
Rising demand for medical imaging services has stimulated the AI in MRI market growth.

1. INTRODUCTION

1.1. Market Overview

1.2. Market Definition

1.3. Scope of the Study

1.4. Market Segmentation

1.5. Currency

1.6. Assumptions

1.7. Base, and Forecast Years Timeline

1.8. Key Benefits for the stakeholder

2. RESEARCH METHODOLOGY  

2.1. Research Design

2.2. Research Processes

3. EXECUTIVE SUMMARY

3.1. Key Findings

3.2. Analyst View

4. MARKET DYNAMICS

4.1. Market Drivers

4.2. Market Restraints

4.3. Porter’s Five Forces Analysis

4.3.1. Bargaining Power of Suppliers

4.3.2. Bargaining Power of Buyers

4.3.3. Threat of New Entrants

4.3.4. Threat of Substitutes

4.3.5. Competitive Rivalry in the Industry

4.4. Industry Value Chain Analysis

4.5. Analyst View

5. ARTIFICIAL INTELLIGENCE (AI) IN MRI MARKET BY SOLUTION

5.1. Introduction

5.2. Software

5.2.1. Market Trends and Opportunities

5.2.2. Growth Prospects

5.3. Services

5.3.1. Market Trends and Opportunities

5.3.2. Growth Prospects

6. ARTIFICIAL INTELLIGENCE (AI) IN MRI MARKET BY END-USER

6.1. Introduction

6.2. Hospitals

6.2.1. Market Trends and Opportunities

6.2.2. Growth Prospects

6.3. Clinics

6.3.1. Market Trends and Opportunities

6.3.2. Growth Prospects

6.4. Diagnostic Centers

6.4.1. Market Trends and Opportunities

6.4.2. Growth Prospects

7. ARTIFICIAL INTELLIGENCE (AI) IN MRI MARKET BY GEOGRAPHY

7.1. Introduction

7.2. North America

7.2.1. By Solution

7.2.2. By End-User

7.2.3. By Country

7.2.3.1. USA

7.2.3.1.1. Market Trends and Opportunities

7.2.3.1.2. Growth Prospects

7.2.3.2. Canada  

7.2.3.2.1. Market Trends and Opportunities

7.2.3.2.2. Growth Prospects

7.2.3.3. Mexico

7.2.3.3.1. Market Trends and Opportunities

7.2.3.3.2. Growth Prospects

7.3. South America

7.3.1. By Solution 

7.3.2. By End-User

7.3.3. By Country

7.3.3.1. Brazil

7.3.3.1.1. Market Trends and Opportunities

7.3.3.1.2. Growth Prospects

7.3.3.2. Argentina

7.3.3.2.1. Market Trends and Opportunities

7.3.3.2.2. Growth Prospects

7.3.3.3. Others

7.3.3.3.1. Market Trends and Opportunities

7.3.3.3.2. Growth Prospects

7.4. Europe

7.4.1. By Solution

7.4.2. By End-User

7.4.3. By Country

7.4.3.1. United Kingdom

7.4.3.1.1. Market Trends and Opportunities

7.4.3.1.2. Growth Prospects

7.4.3.2. Germany

7.4.3.2.1. Market Trends and Opportunities

7.4.3.2.2. Growth Prospects

7.4.3.3. France

7.4.3.3.1. Market Trends and Opportunities

7.4.3.3.2. Growth Prospects

7.4.3.4. Italy

7.4.3.4.1. Market Trends and Opportunities

7.4.3.4.2. Growth Prospects

7.4.3.5. Spain

7.4.3.5.1. Market Trends and Opportunities

7.4.3.5.2. Growth Prospects

7.4.3.6. Others

7.4.3.6.1. Market Trends and Opportunities

7.4.3.6.2. Growth Prospects

7.5. Middle East and Africa

7.5.1. By Solution

7.5.2. By End-User

7.5.3. By Country

7.5.3.1. Saudi Arabia

7.5.3.1.1. Market Trends and Opportunities

7.5.3.1.2. Growth Prospects

7.5.3.2. UAE

7.5.3.2.1. Market Trends and Opportunities

7.5.3.2.2. Growth Prospects

7.5.3.3. Others

7.5.3.3.1. Market Trends and Opportunities

7.5.3.3.2. Growth Prospects

7.6. Asia Pacific

7.6.1. By Solution

7.6.2. By End-User

7.6.3. By Country

7.6.3.1. China

7.6.3.1.1. Market Trends and Opportunities

7.6.3.1.2. Growth Prospects

7.6.3.2. Japan

7.6.3.2.1. Market Trends and Opportunities

7.6.3.2.2. Growth Prospects

7.6.3.3. India

7.6.3.3.1. Market Trends and Opportunities

7.6.3.3.2. Growth Prospects

7.6.3.4. South Korea

7.6.3.4.1. Market Trends and Opportunities

7.6.3.4.2. Growth Prospects

7.6.3.5. Australia

7.6.3.5.1. Market Trends and Opportunities

7.6.3.5.2. Growth Prospects

7.6.3.6. Singapore

7.6.3.6.1. Market Trends and Opportunities

7.6.3.6.2. Growth Prospects

7.6.3.7. Indonesia

7.6.3.7.1. Market Trends and Opportunities

7.6.3.7.2. Growth Prospects

7.6.3.8. Others

7.6.3.8.1. Market Trends and Opportunities

7.6.3.8.2. Growth Prospects

8. COMPETITIVE ENVIRONMENT AND ANALYSIS

8.1. Major Players and Strategy Analysis

8.2. Market Share Analysis

8.3. Mergers, Acquisitions, Agreements, and Collaborations

8.4. Competitive Dashboard

9. COMPANY PROFILES

9.1. Siemens Healthineers AG

9.2. GE HealthCare

9.3. IBM

9.4. Philips Healthcare

9.5. NVIDIA Corporation

9.6. Oxipit.ai

9.7. Quibim


Siemens Healthineers AG

GE HealthCare

IBM

Philips Healthcare

NVIDIA Corporation

Oxipit.ai

Quibim