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AI radiology market to reach $3b by 2027

The global artificial intelligence radiology market will be worth more than $3.5 billion by 2027, according to a new report by Absolute Markets Insights.

The document, which provides a qualitative and quantitative analysis of artificial intelligence (AI) radiology applications worldwide, stated that the growth would mark a 16.5% increase on the $1.87 billion value in 2018.

This would be due to a variety of factors, the report claimed, but in particular to the fact that advancements in image-recognition using deep learning algorithms have surpassed humans in task-specific applications.

AI is used in radiology, for example, to detect the first stages of certain diseases as early as possible, thus enabling to plan their treatment for long term needs. 

Recently, AI for neuroradiology has been used in particular to diagnose abnormalities in head, brain, spine and neck-related diseases, the report explained.

Different applications of this technology such as machine learning, deep learning, cloud computing, analytics and others are being used by hospitals and clinics to improve treatment’s efficiency and accuracy.

According to the report, the detection of diseases in real time will eventually cause a shift in treatment methods across the world.

For example, doctors will have an extra edge to decide at which stage of the disease the treatment should occur. Computer-aided detection will also use artificial intelligence in detecting lesions and reduce the time of image interpretation, which in turn will help the radiologists to improve diagnosis.

In terms of geographic localisation, the report claims the North American region will witness the highest growth of AI in the radiology market over the forecast period due to technological innovation connected with new infrastructure facilities for computed tomography, magnetic resonance imaging and positron emission tomography.

Among the most prominent players in the artificial intelligence radiology market would be Behold.ai, Enlitic, EnvoyAI, Freenome, Gleamer LTD and IBM Corporation.

You can request a sample of the report or buy it in full on the Absolute Markets Insights website here.

Image via Pixabay and Flyerdiaries.

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