The global AI-enabled medical imaging solutions market was valued at $1,854.5 million in 2022 and is anticipated to reach $18,356.5 million by 2032, witnessing a CAGR of 25.76% during the forecast period 2022-2032. The growth in the global AI-enabled medical imaging solutions market is expected to be driven by the increasing awareness regarding the early detection of chronic disorders, the facilitation of better clinical decisions and increased accuracy with artificial intelligence, the shortage of healthcare workforce, technological advancements in artificial intelligence (AI)-enabled products and the increasing regulatory approvals for them, and the increasing therapeutic applications of AI-enabled devices.

Market Lifecycle Stage

The AI-enabled medical imaging solutions market is in the developing phase. AI-enabled medical imaging solutions in emerging countries, technological advancements in imaging devices, and the adoption of artificial intelligence and deep learning in imaging systems are some of the major opportunities in the global AI-enabled medical imaging solutions market. Furthermore, some of the key trends going on in the market are a significant number of collaborations among market players, the adoption of machine learning and deep learning in medical imaging, various new product offerings, and the expansion of companies into the global AI-enabled medical imaging solutions market.

Impact of COVID-19

Immediately after the outbreak of COVID-19, the focus of the healthcare systems switched to managing the pandemic and related crises. This led to hospital budgets shrinking and thus resulted in the slow growth of AI.

However, AI is being deployed in radiology departments across the globe to help fight COVID-19, and AI-based tools are playing an important role in fighting the COVID-19 pandemic. The adoption of AI in clinical settings increased during the pandemic owing to its numerous advantages in tackling COVID-19. According to a study published in September 2021 by the Frontiers, titled “Artificial Intelligence for COVID-19: A Systematic Review,” AI assisted in achieving high execution in diagnosis, prognosis evaluation, pandemic prediction, and drug discovery for COVID-19.

Thus, there was an appositive impact of COVID-19 on the adoption of AI in clinical settings and clinical decision-making.

Market Segmentation:

Segmentation 1: by Modality

• Computed Tomography (CT)
• Magnetic Resonance (MR)
• X-Ray
• Ultrasound
• Mammography
• Multimodality Imaging Systems
• Other Modalities

Based on modality, the global AI-enabled medical imaging solutions market is expected to be dominated by the computed tomography (CT) segment.

Segmentation 2: by Product

• Software
• Hardware

Based on product, the global AI-enabled medical imaging solutions market is dominated by the software segment.

Segmentation 3: by Deployment Model

• Cloud- and Web-Based Solutions
• On-Premises Solutions

Based on deployment model, the global AI-enabled medical imaging solutions market is dominated by the cloud- and web-based solutions segment.

Segmentation 4: by Workflow

• Image Acquisition
• Image Analysis
• Detection
• Diagnosis and Treatment Decision Support
• Predictive Analysis and Risk Assessment
• Triage
• Reporting and Communication

Based on workflow, the global AI-enabled medical imaging solutions market is dominated by the image analysis segment.

Segmentation 5: by Therapeutic Application

• Specialty Imaging
• General Imaging

Based on therapeutic application, the global AI-enabled medical imaging solutions market is dominated by the specialty imaging segment.

Segmentation 6: by Region

• North America – U.S., Canada
• Europe – Germany, France, U.K., Italy, Spain, Switzerland, Sweden, Netherlands, and Rest-of-Europe
• Asia-Pacific – Japan, China, India, Australia and New Zealand, South Korea, Singapore, and Rest-of-Asia-Pacific
• Rest-of-the-World – Israel, Brazil, Mexico, and Rest-of-Rest-of-the-World

Based on region, the global AI-enabled medical imaging solutions market is dominated by North America.

Recent Developments in the Global AI-Enabled Medical Imaging Solutions Market

• In November 2022, Aidoc received U.S. FDA approval for its CT-based AI solution for the diagnosis of aortic dissection (AD) and all vessel occlusions (VOs).
• In September 2022, Aidoc partnered with Sana Klinikum Lichtenberg, which is the largest German private hospital network of 55 facilities. Through this partnership, Aidoc’s AI solution for pulmonary embolism (PE) will be integrated into all the facilities of Sana Klinikum Lichtenberg.
• In June 2022, Blackford Analysis Limited partnered with Us2.ai to bring advanced echocardiography analysis tools to the Blackford Platform.
• In May 2022, Butterfly Network, Inc. partnered with the Medical University of South Carolina to work on transforming patient care, health education, and medical research.
• In August 2021, Blackford Analysis Limited partnered with Qlarity Imaging to bring QuantX Diagnostic AI to Radiologists via the Blackford Platform.
• In September 2021, Aidoc and Subtle Medical partnered to establish end-to-end AI solutions for medical imaging.
• In December 2020, Agfa HealthCare, a subsidiary of Agfa-Gavaert Group, launched a new product called RUBEE for AI, which facilitates hospitals to entrench the best artificial intelligence (AI) in their imaging network.
• In May 2020, Agfa HealthCare, a subsidiary of Agfa-Gavaert Group, partnered with Northwest Clinics to expand the imaging platform of clinics with the RUBEE for AI.
• In November 2021, Butterfly Network, Inc. formed a distribution partnership with Abdul Latif Jameel Health for the distribution of its Butterfly iQ+ ultrasound device to people across the Middle East, North Africa, Turkey, and India.
• In August 2021, Caption Health formed an exclusive partnership with Butterfly Network Inc. to facilitate earlier disease detection and management with AI-based guidance and diagnostics.

Demand – Drivers and Limitations

Following are the drivers for the global AI-enabled medical imaging solutions market:

• Increasing Awareness Regarding Early Detection of Chronic Disorders
• Facilitation of Better Clinical Decision-Making and Increased Accuracy with Artificial Intelligence
• Increasing Therapeutic Applications of AI-Enabled Devices
• Technologically Advancements in AI-Enabled Products and the Increasing Regulatory Approvals for them

The market is expected to face some limitations as well due to the following restraints:

• Legal Implications of AI Systems
• Increasing Security Breaches Leading to Privacy and Security Concerns for Healthcare Data

How can this report add value to an organization?

Product/Innovation Strategy: The product segment helps the reader understand the different types of AI-enabled medical imaging solutions available for use in hospitals and diagnostic centers. Moreover, the study provides the reader with a detailed understanding of the different AI-enabled medical imaging solutions based on modality (computed tomography (CT), magnetic resonance (MR), X-ray, ultrasound, mammography, multimodality imaging systems, and other modalities), product (software and hardware), deployment model (cloud- and web-based solutions and on-premises solutions), workflow (image acquisition, image analysis, detection, diagnosis and treatment decision support, predictive analysis and risk assessment, triage, and reporting and communication), and therapeutic application (specialty imaging and general imaging).

Growth/Marketing Strategy: The global AI-enabled medical imaging solutions market has seen major development by key players operating in the market, such as business expansions, partnerships, collaborations, mergers and acquisitions, product launches, and funding activities. Partnerships, alliances, and business expansions accounted for the maximum number of key developments, i.e., nearly half of the total developments in the global AI-enabled medical imaging solutions market, followed by regulatory and legal activities and new offerings.

Competitive Strategy: Key players in the global AI-enabled medical imaging solutions market analyzed and profiled in the study involve players that offer AI-enabled medical imaging solutions. Moreover, a detailed product benchmarking based on workflow, modality, and therapeutic application of the players operating in the global AI-enabled medical imaging solutions market has been done to help the reader understand how players stack against each other, presenting a clear market landscape. Additionally, comprehensive competitive strategies such as partnerships, agreements, collaborations, product launches and approvals, and funding scenarios will aid the reader in understanding the untapped revenue pockets in the market.

Key Market Players and Competition Synopsis

The companies that are profiled have been selected based on inputs gathered from primary experts and analyzing the company’s coverage, product portfolio, and market penetration.

Key Companies Profiled

• Agfa-Gevaert Group
• Aidoc
• Blackford Analysis Limited
• Butterfly Network, Inc.
• Canon Inc.
• Caption Health
• Carestream Health Inc.
• FUJIFILM Holdings Corporation
• General Electric Company
• Hologic, Inc.
• iCAD, Inc.
• Koninklijke Philips N.V.
• NVIDIA Corporation
• Siemens Healthineers AG
• VUNO, Inc.

The post AI-Enabled Medical Imaging Solutions Market – A Global and Regional Analysis: Focus on Modality, Product, Deployment Model, Workflow, Therapeutic Application, and Country – Analysis and Forecast, 2022-2032 first appeared on CRI Report.

Market Segmentation

• Product (Consumables, Standalone Automation Instruments, Automated Workstation, Accessories and Components)
• Workflow (Library Preparation, Target Enrichment, Sample Extraction/Isolation, Fragmentation, Sample Quantification, Library Quantification, Quality Control (QC), and Pooling)
• Therapeutic Area (Oncology, Infectious Diseases, Human Genetics/Population Genetics, and Others)
• Application (DNA Sequencing, Whole Genome Sequencing, RNA Sequencing, Methylation Sequencing, and Others)
• End User (Hospitals and Clinics, Academic and Research Institutions, Pharmaceutical and Biotechnology Companies, and Others)

Regional Segmentation

• North America: U.S., Canada
• Europe: Germany, France, U.K., Italy, Spain, Netherlands, Denmark, Belgium, Switzerland, and Rest-of-Europe
• Asia-Pacific: China, Japan, India, South Korea, Australia, Singapore, and Rest-of-Asia-Pacific
• Latin America: Brazil, Mexico, and Rest-of-Latin America
• Rest-of-the-World

Market Growth Drivers

• Increasing Use of NGS for Genetic Disorders
• Technological Advancements in NGS Sample Preparation Methods
• Rising Research Funding in the Field of Genomics

Market Challenges

• High Cost of Automated NGS Sample Preparation Instruments
• Dearth of Skilled Professionals and Lack of Infrastructure in Emerging Countries
• Stringent Regulatory Standards

Market Opportunities

• Adoption of Automated NGS Sample Preparation in the Emerging Markets
• Rising Direct-to-Consumer Testing

Key Companies Profiled

Agilent Technologies, Inc., Aurora Biomed Inc., Danaher, Bio-Rad Laboratories, Inc., Eppendorf SE, Opentrons, BGI Group, Promega Corporation, Oxford Nanopore Technologies plc., F. Hoffmann-La Roche Ltd, Tecan Trading AG, Hamilton Company, PerkinElmer Inc., Illumina, Inc., Thermo Fisher Scientific Inc., New England Biolabs, QIAGEN, Pacific Biosciences of California, Inc.

Key Questions Answered in this Report:

• How is NGS sample preparation revolutionizing oncology?
• What are the major market drivers, challenges, and opportunities in the global NGS sample preparation market?
• What are the underlying structures resulting in the emerging trends within the global NGS sample preparation market?
• How is the COVID-19 pandemic impacting the global NGS sample preparation ecosystem?
• What are the key development strategies that are being implemented by the major players in order to sustain themselves in the competitive market?
• What are the key regulatory implications in developed and developing regions pertaining to the use of NGS sample preparation products?
• What are the potential entry barriers expected to be faced by the companies willing to enter a particular region?
• How is each segment of the market expected to grow during the forecast period 2021-2026, and what is the anticipated revenue to be generated by each of the segments? Following are the segments:
o Product (Consumables, Standalone Automation Instruments, Automated Workstation, Accessories and Components)
o Workflow (Library Preparation, Target Enrichment, Sample Extraction/Isolation, Fragmentation, Sample Quantification, Library Quantification, Quality Control (QC), and Pooling)
o Application (DNA Sequencing, Whole Genome Sequencing, RNA Sequencing, Methylation Sequencing, and Others)
o Therapeutic Area (Oncology, Infectious Diseases, Human Genetics/Population Genetics, and Others)
o End User (Hospitals and Clinics, Academic and Research Institutions, Pharmaceutical and Biotechnology Companies, and Others)
o Region (North America, Europe, Asia-Pacific, Latin America, and Rest-of-the-World)
• What are the growth opportunities for the NGS sample preparation companies in the region of their operation?
• Who are the leading players with significant offerings in the global NGS sample preparation market?
• Which companies are anticipated to be highly disruptive in the future, and why?

Market Overview

The growth of the NGS sample preparation market is expected to be driven by the widespread use of NGS in diagnostic laboratories, which has enhanced the accuracy of genetic diagnostics with high consistency. Advanced genetic diagnostic techniques are being used for predictive genetic testing and prenatal diagnosis. As the number of people suffering from genetic disorders is increasing, the efficiency and consistency of the diagnostic screening tests are becoming more crucial. Faster results with minimum errors are required to effectively screen a genetic disorder. The automated NGS sample preparation enhances the consistency and throughput of sample preparation for genetic sequencing. The current market for NGS sample preparation is majorly dominated by manufacturers and service providers such as Thermo Fisher Scientific Inc, Illumina, Inc., BGI Group, Agilent Technologies, Inc., Aurora Biomed, Inc., F. Hoffmann-La Roche Ltd, OPENTRONS, Promega Corporation, Qiagen N.V., Bio-Rad Laboratories, Inc., Eppendorf AG, Oxford Nanopore Technologies plc., Tecan Trading AG , Hamilton Company, New England Biolabs (NEB), Danaher Corporation, and PerkinElmer, Inc.

The global NGS sample preparation market is projected to reach $3,279.3 million by 2026, growing from $1,468.9 million in 2020, at a CAGR of 14.24% during the forecast period 2021-2026.

Improvements in diagnostic methods for the diagnosis of genetic and chronic diseases are highly prioritized all across the globe. There are lots of advancements pertaining to the effective diagnosis of genetic diseases; however, there remains a lack of adoption of technologically advanced equipment in emerging economies. Most of the developing economies in the world still opt for manual instruments in the field of research and diagnostics on account of financial feasibility.

Competitive Landscape

The growth of the NGS sample preparation market can be majorly attributed to major manufacturers of NGS sample preparation products, along with the service providers, who are actively involved in undertaking significant business strategies to translate success in research and development into the commercial clinical setting. Enterprises, led by the market juggernauts, are frequently updating and developing their respective product and service portfolios with innovative solutions to sustain the high competition in the market. Additionally, competitors’ activities also include several partnerships, collaborations, and joint ventures to expand individual product and service portfolios along with the global footprint. Based on region, North America holds the largest share in the market owing to the technological advancements in NGS sample preparation methods, improved healthcare infrastructure, rise in per capita income, and improvised reimbursement policies in the region. However, the Asia-Pacific region is anticipated to grow at the fastest CAGR during the forecast period 2021-2026.

Related Reports: Global NGS Library Preparation Market (2018-2023)

The post NGS Sample Preparation Market – A Global and Regional Analysis: Focus on Product, Workflow, Therapeutic Area, Application, End User, and Region – Analysis and Forecast, 2021-2026 first appeared on CRI Report.