Artificial Intelligence (AI) in MRI Market is estimated to reach a market size of US$1,539.622 million by 2028
The artificial intelligence (AI) in MRI market was valued at US$181.720 million in 2021 and is anticipated to grow at a CAGR of 35.7% over the forecasted period to reach a market size of US$1,539.622 million in 2028.
The AI in the MRI market is influenced by factors such as the increased need for medical imaging services and the rising prevalence of Alzheimer’s disease are contributing factors.
The artificial intelligence sector within the MRI market is expected to experience consistent growth throughout the projected period. This growth is driven by various factors, including a rise in collaborative efforts and partnerships across different industries, government initiatives supporting the adoption of AI technologies, the integration of artificial intelligence tools in the medical field, and heightened financial support for AI-focused startups from private entities. In recent times, there has been a notable surge in interest in medical devices with machine-learning capabilities. The FDA has reviewed and approved an increasing number of devices that incorporate machine learning, anticipating a continuation of this trend. For example, based on OECD data, the number of magnetic resonance imaging (MRI) units per million inhabitants was 33.16 in Finland and 31.33 in Norway in 2022. As the utilization of MRIs continues to rise, the integration of AI into these devices is witnessing significant growth.
Based on the solution, the market can be segmented into software and services. The continuous improvement in connectivity, enhanced data transmission facilitated by cloud systems, efficient work management, and consistent performance improvements across various sectors are contributing to the continual growth of the Internet of Things (IoT). This has led to an expansion of the market.
Based on end users, the market can be segmented into hospitals, clinics, and diagnostic centres. Increased advanced technologies and developments with increased features and increased chronic disorders have exceeded the market growth with increased demands from health care for developed artificial intelligence in MRI. Hospitals with the increased market rate with an increased rate of hospitalization with serious disorders help with imaging and scanning with fast treatment and increased developments and software systems integrated into the medical devices utilized for scanning and in the computers which fuels the market to grow.
The growth of artificial intelligence in the MRI market in the United States is attributed to the expanding medical infrastructure and the adoption of advanced medical technologies. Increased healthcare spending per capita by the U.S. population is also a contributing factor. For example, the U.S. Centers for Medicare & Medicaid Services (CMS) reported a per capita healthcare spending of US$12,914 per person in 2021. Artificial intelligence is becoming more widely utilized in various aspects of Magnetic Resonance Imaging (MRI) scans, aiming to improve image quality, streamline processes, and aid in the diagnosis of medical conditions. The application of AI in MRI can enhance image quality by reducing noise and artifacts, enabling the generation of higher-resolution images from lower-resolution scans, thereby improving the accuracy of diagnoses.
Magnetic Resonance Imaging (MRI) plays a crucial role in diagnosing conditions that primarily impact soft tissues, including cancerous tumors. According to data from the National Centre for Health Statistics, the United States recorded 1,958,310 new cancer cases and an estimated 609,820 cancer-related deaths in the year 2023. The escalating incidence of cancer cases in the United States underscores the growing demand for advanced diagnostic technologies. This heightened demand is particularly fuelling the utilization of artificial intelligence (AI) in the medical field. As the prevalence of cancer continues to rise, there is an increasing need for precision and accuracy in diagnosis. Artificial intelligence emerges as a transformative solution in this context, offering capabilities to enhance the diagnostic process, improve the interpretation of MRI scans, and aid healthcare professionals in making more informed and precise decisions. The integration of AI technologies in the field of medical imaging, especially in the context of cancer diagnosis through MRI, is anticipated to play a pivotal role in the healthcare landscape. The demand for advanced technologies, driven by the imperative need for more accurate diagnostic tools, is expected to propel the growth and adoption of AI in the medical sector, contributing to better outcomes for patients and furthering the advancements in healthcare technology.
In the healthcare technology sector, prominent companies include Siemens Healthineers AG, GE HealthCare, IBM, Philips Healthcare, NVIDIA Corporation, Oxipit.ai, and Quibim. In June 2023, Sonic DL, a deep learning program developed by GE HealthCare, obtained 510(k) clearance from the Food and Drug Administration (FDA). This approval suggests the potential to impact scan time expectations and potentially expand the pool of patients eligible for cardiac magnetic resonance imaging (MRI).
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This analytics report segments the AI in the MRI market on the following basis:
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
- North America
