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Artificial Intelligence In Magnetic Resonance Imaging (MRI) Industry Expansion: How the Market Size Has Grown Over the Last 5 Years?
The market size of artificial intelligence in magnetic resonance imaging (MRI) has seen considerable growth over recent years. It is expected to increase from $5.98 billion in 2024 to $6.35 billion in 2025, showing a compound annual growth rate (CAGR) of 6.2%.
The expansion of data volume, the clinical necessity for accuracy, the emergence of deep learning algorithms, investments in research and development, and innovations in diagnostic imaging can be credited for the growth in the historic period.
The market size of artificial intelligence in magnetic resonance imaging (MRI) is predicted to experience significant expansion in the near future. The growth is expected to reach $8.78 billion in 2029 with an 8.4% compound annual growth rate (CAGR).
The projected growth during this period is due to AI-augmented image reconstruction, personalized MRI imaging, AI’s role in lesion detection and classification, heightened automation in MRI, and AI-directed MRI protocols. Notable trends expected during this time include quantitative imaging utilizing AI, incorporation of AI in functional MRI (fMRI), the integration of explicit AI in diagnostics interpretation, AI-assisted real-time analysis, and enhancements in imaging made possible by AI.
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What Growth Drivers Are Responsible for Accelerating Artificial Intelligence In Magnetic Resonance Imaging (MRI) Market Growth?
The rise in the number of diagnostic procedures is predicted to boost the artificial intelligence in magnetic resonance imaging (MRI) market’s growth. These procedures, covering medical tests, examinations, or methods implemented to ascertain, assess, or verify the existence of a disease, health condition, or irregularity in a patient, often use artificial intelligence.
This technology enhances accuracy and efficiency in uncovering and distinguishing anomalies, enabling more precise and prompt diagnoses for improved patient results in less time.
For example, the National Health Service (NHS), a publicly funded healthcare system in England, reported that about 1,628,300 patients were waiting for critical diagnostic tests in England, indicating a rise of 59,400 patients from March 2022 to March 2023.
Furthermore, in March 2023, a total of 2,302,400 diagnostic tests were completed, that’s 223,100 more than were carried out in March 2022. Hence, the growing volume of diagnostic procedures is propelling the expansion of the artificial intelligence in the MRI market.
Performance of Leading Segments in the Artificial Intelligence In Magnetic Resonance Imaging (MRI) Global Market
The artificial intelligence in magnetic resonance imaging (mri)market covered in this report is segmented –
1) By Offering: Hardware, Software, Services
2) By Technology: Deep Learning, Machine Learning, Computer Vision, NLP (Natural Language Processing), Speech Recognition, Querying Method, Other Technologies
3) By Deployment Type: On-Premise, Cloud
4) By Clinical Applications: Musculoskeletal, Colon, Prostate, Liver, Cardiovascular, Neurology, Lung, Breast, Other Clinical Applications
5) By End-User: Clinics, Research And Laboratories, Other End Users
Subsegments:
1) By Hardware: AI-Enabled MRI Scanners, Image Processing Units, Data Storage Devices
2) By Software: Image Analysis Software, Diagnostic Software, Workflow Optimization Tools
3) By Services: AI Integration Services, Maintenance And Support Services, Training And Consulting Services
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What are the upcoming Trends Poised to Transform the Future of the Artificial Intelligence In Magnetic Resonance Imaging (MRI) Market?
Advancements in technology are becoming a prevalent trend in the artificial intelligence in magnetic resonance imaging (MRI) market. Firms active in this market are concentrating on refining AI technology to meet unique needs and maintain their competitive advantage.
For example, GE HealthCare Technologies Inc., a company based in the United States, unveiled the Sonic DL in June 2023. This FDA-approved AI deep learning technology for MRI accelerates image capture.
It can produce high-resolution magnetic resonance images at a speed 12 times faster than traditional methods, allowing for cardiac imaging within a single heartbeat. It also accommodates patients suffering from arrhythmias and those who face difficulty in holding their breath, promising quicker, more reliable, and comfortable scans with a reduction of scan time by as much as 83% for swift and high-grade MRI.
What Are the Regional Hotspots for Artificial Intelligence In Magnetic Resonance Imaging (MRI) Market Growth?
North America was the largest region in the artificial intelligence in magnetic resonance imaging (MRI) market in 2024. The regions covered in the artificial intelligence in magnetic resonance imaging (MRI) market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Which Companies Hold the Largest Market Share in the Artificial Intelligence In Magnetic Resonance Imaging (MRI) Industry?
Major companies operating in the artificial intelligence in magnetic resonance imaging (MRI) market include Intel Corporation, International Business Machines Corporation, Bayer AG, Toshiba Corporation, NVIDIA Corporation, Siemens Healthcare GmbH, Fujifilm Holdings Corporation, Koninklijke Philips N.V., GE HealthCare Technologies Inc., Nuance Communications Inc., Esaote SPA, Paige AI Inc., Orcam Inc., Aidoc Medical, Lunit Inc., Viz.ai Inc., Digital Diagnostics Inc., Owkin Inc., Aurora Imaging Technologies Inc., Quibim SL, Mirada Medical Ltd., Arterys Inc., Imbio LLC, QMENTA, Voxel Technology, Sanrad Medical Systems Pvt ltd, EchoNous Inc., Enlitic Inc., InformAI LLC, Nano X Imaging Ltd.
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Category: Industry Reports & Market Analysis Profile: The Business Research Company is a leading market research and consulting services provider. It offers over 9,500 market reports across 27 industries in 60+ geographies, providing detailed insights and forecasts. Its customised research solutions support companies in making critical decisions, while its continuous research service enhances organizational capabilities. The flagship Global Market Model database provides comprehensive market intelligence with 1,500,000 datasets covering 8,000+ mark …
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