Artificial Intelligence In Ultrasound Imaging Market Size
|Base Year For Estimation||2022|
|Forecast Data Period||2023 - 2028|
|Fastest Growing Market||Asia-Pacific|
|Largest Market||North America|
*Disclaimer: Major Players sorted in no particular order
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Artificial Intelligence In Ultrasound Imaging Market Analysis
Artificial intelligence in the ultrasound imaging market is expected to register a CAGR of 9.6% over the forecast period.
The pandemic outbreak of the novel coronavirus disease highlighted the need to combine rapid, non-invasive, and widely accessible techniques with the lowest risk of patient cross-infection to enable successful early identification and surveillance of the sickness. The potential of lung ultrasound technology continues to develop in this area as it has proven beneficial in the differential diagnosis and follow-up of COVID-19 patients. For instance, as per the report published by the Journal of Imaging in March 2022, artificial intelligence (AI), particularly machine learning, was used as a critical tool that assists clinicians in lung ultrasound image reading and COVID-19 decision-making. This shows the key role of artificial intelligence in ultrasound imaging for the diagnosis of COVID-19, which had a significant impact on the market growth.
The major factors augmenting the growth of the market include a rise in chronic diseases and the geriatric population, a rising focus on reducing the workload of radiologists, and government initiatives to increase the adoption of AI-based technologies. One of the major driving factors is the rising burden of chronic diseases such as cardiovascular diseases and cancers. For instance, as per the updated report published by Macmillan Cancer Support in October 2022, around 3 million people were living with cancer in the United Kingdom in 2021, which is likely to rise to 3.5 million by 2025, 4 million by 2030, and 5.3 million by 2040. Thus, with the rise in the prevalence of cancer, the demand for diagnosis using artificial intelligence in ultrasound is likely to increase, which will help the market to grow over the forecast period.
Furthermore, the partnerships and collaborations of the major market players are also contributing to the market growth. For instance, in March 2022, Royal Philips and DiA Imaging Analysis Ltd., one of the leading providers of AI-powered applications for ultrasound, entered a strategic partnership to deliver automated solutions to clinicians at the point of care. Philips' ultrasound image quality combined with DiA's AI library of automated solutions helps to increase diagnostic confidence, operational efficiency, and access to care for point-of-care customers in and out of the hospital. These partnerships among the market players enable businesses to produce high-quality ultrasound images utilizing artificial intelligence. Thus, this is likely to create demand for the product, thereby contributing to the market growth over the forecast period.
However, high procurement costs and maintenance, along with reluctance among medical practitioners to adopt AI-based technologies, may restrain the growth of the market over the forecast period.
Artificial Intelligence In Ultrasound Imaging Market Trends
Cardiology Application is Expected to Record Highest CAGR Over the Forecast Period
Cardiac ultrasound, or echocardiography, is a noninvasive diagnostic modality that can provide detailed hemodynamic information in a short period at a patient's bedside. The application of artificial intelligence in cardiac ultrasound is expected to have a significant impact on the market due to the factors like the growing burden of cardiovascular diseases and new collaborations among the major market payers.
The use of artificial intelligence (AI) in echocardiography is currently the subject of extensive research, and this technology may be used to maximize the diagnostic utility of echocardiograms. According to the report published by the Cardiovascular Ultrasound journal in August 2021, it is possible to capture, recognize, and quantitatively evaluate echocardiograms with the help of AI robot technology. The pattern of echocardiography in the future will gradually change to offer useful auxiliary help for patients as AI technology advances which is expected to drive the market over the forecast period.
Furthermore, the new collaborations among the market players are expected to drive the growth of the market. For instance, in April 2022, DiA Imaging Analysis Ltd entered a collaboration with Intel to streamline artificial intelligence (AI) solutions used by echocardiography (Echo) labs. DiA's AI-based software, LVivo Seamless, automatically analyzes cardiac ultrasound images using the Intel Distribution of OpenVINO toolkit to optimize processing time by over 40% while maintaining accuracy. Hence, the collaborations increase the scope of artificial intelligence in cardiac ultrasound and improve the accuracy of imaging, and which is likely to create demand for the product, thereby contributing to the market growth over the study period.
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North America is Expected to Hold a Significant Share in the Market Over the Forecast Period
The growing adoption of cutting-edge technology in healthcare systems and the rising incidence of chronic diseases in the region are driving the application of artificial intelligence in ultrasound in North America. The growing prevalence of chronic diseases like cardiovascular diseases and cancer increases the scope for the usage of ultrasound with artificial intelligence, which makes it easy to diagnose diseases.
Furthermore, the FDA issued an action plan in January 2021 to address the issue of locked-in models in FDA-approved AI applications, which includes a predetermined change control plan that permits future modification to their original devices within a specified range of "what to change" and "how to learn" while retaining safety. Hence, new actions by the government on AI applications within medical devices are likely to contribute to the market growth over the forecast period.
Furthermore, the new patent and product approvals in the market are expected to boost the market growth. For instance, in March 2022, Ultrasound AI, Inc., an artificial intelligence company dedicated to improving women's health, was awarded its first patent on International Women's Day for the software powering their groundbreaking predictive diagnostic medical technology, Preterm AI (PAI). PAI combines the power of ultrasound with artificial intelligence to predict preterm birth. Similarly, in February 2022, Butterfly Network Introduced Butterfly Blueprint and FDA-cleared AI guidance & interpretation software to support the practical application of ultrasound information. Thus, such product launches are likely to contribute to market growth over the forecast period.
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Artificial Intelligence In Ultrasound Imaging Industry Overview
The artificial intelligence in the ultrasound imaging market is moderately consolidated and consists of several market players. The market players are focusing on partnerships and agreements for new technology advancements in ultrasound imaging. Some of the major players include Siemens Healthcare GmbH, Qure.ai, Ultrasound AI Inc., Samsung, General Electric Company, Koninklijke Philips N.V, DiA Imaging Analysis, Exo Imaging, Inc (Medo Inc), Butterfly Network, Inc., and Caption Health.
Artificial Intelligence In Ultrasound Imaging Market Leaders
Siemens Healthcare GmbH
General Electric Company
DiA Imaging Analysis
*Disclaimer: Major Players sorted in no particular order
Artificial Intelligence In Ultrasound Imaging Market News
- February 2023: GE HealthCare signed an agreement to acquire Caption Health, Inc. With Caption AI applications, ultrasound examinations can be easier and faster, enabling a broader set of healthcare professionals to conduct basic echocardiogram exams.
- February 2023: Clarius Mobile Health received 510(k) clearance for its new MSK AI model, which automatically identifies and measures tendons in the foot, ankle, and knee using artificial intelligence (AI). The new MSK AI model will be available soon with the Clarius L7 HD3 and Clarius L15 HD3 high-frequency wireless handheld ultrasound scanners.
Table of Contents
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Rise in Chronic Diseases and Geriatric Population
4.2.2 Rising Focus on Reducing the Workload of Radiologists
4.2.3 Government Initiative to Increase the Adoption of AI-Based Technologies
4.3 Market Restraints
4.3.1 High Procurement Costs and Maintenance
4.3.2 Reluctance Among Medical Practitioners to Adopt AI Based Technologies
4.4 Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size by Value - USD million)
5.1 By Solution
5.2 By Technology
5.2.1 Machine Learning
5.2.2 Natural Language Processing
5.2.3 Context Aware Computing
5.2.4 Computer Vision
5.2.5 Other Technologies
5.3 By Application
5.3.2 Obstetrics and Gynecology
5.3.4 Other Applications
5.4 By End Users
5.4.2 Diagnostic Centers
5.4.3 Other End Users
5.5.1 North America
126.96.36.199 United States
188.8.131.52 United Kingdom
184.108.40.206 Rest of Europe
220.127.116.11 South Korea
18.104.22.168 Rest of Asia-Pacific
5.5.4 Rest of the World
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Siemens Healthcare GmbH
6.1.3 Ultrasound AI Inc.
6.1.5 General Electric Company
6.1.6 Koninklijke Philips N.V
6.1.7 DiA Imaging Analysis
6.1.8 Exo Imaging, Inc (Medo Inc)
6.1.9 Butterfly Network, Inc.
6.1.10 Caption Health
6.1.12 EchoNous Inc
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Frequently Asked Questions
What is the current Artificial Intelligence In Ultrasound Imaging Market size?
The Artificial Intelligence In Ultrasound Imaging Market is projected to register a CAGR of 9.6% during the forecast period (2023-2028).
Who are the key players in Artificial Intelligence In Ultrasound Imaging Market?
Siemens Healthcare GmbH, Samsung, General Electric Company, DiA Imaging Analysis and Caption Health are the major companies operating in the Artificial Intelligence In Ultrasound Imaging Market.
Which is the fastest growing region in Artificial Intelligence In Ultrasound Imaging Market?
Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2023-2028).
Which region has the biggest share in Artificial Intelligence In Ultrasound Imaging Market?
In 2023, the North America accounts for the largest market share in the Artificial Intelligence In Ultrasound Imaging Market.
Artificial Intelligence In Ultrasound Imaging Industry Report
Statistics for the 2023 Artificial Intelligence In Ultrasound Imaging market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Artificial Intelligence In Ultrasound Imaging analysis includes a market forecast outlook to for 2023 to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.