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Bullish forecast for medical imaging AI market growth

In a new market forecast published by Signify Research, the adoption of AI in radiology is reported to be on the cusp of ‘crossing the chasm’ towards widespread use by the specialty. The impact of new product launches, including enhancements to existing AI solutions, and the expansion of product portfolios are driving the market momentum in radiology.

Global AI revenues were approximately $375M in 2020 and $400M and 2021. Signify Research expects radiology's AI market to grow dramatically to nearly $1.4B by 2026.

Driving forces propelling growth include ongoing venture capital investment, an increasing number of regulatory approvals (especially in China), and the emergence of new AI solutions from AI independent software vendors and imaging IT vendors. The integration of AI platforms into clinical practice is enabling growth of AI in radiology at scale. They report that the four main clinical segments (87% of market revenue in 2021) are cardiology, neuro, breast imaging and chest imaging. 

It's not surprising to see such optimistic forecasting of the future growth and success of AI in radiology. Signify Research believes the soon-to-be billion dollar AI market will usher in significant improvements in individual patient care and population health that will stand the test of time and sustain the long-term importance of this technology to radiologists.

Despite the optimism, the medical imaging AI market faces several barriers. One of the most significant barriers is the lack of reimbursement, especially beyond the US. However, the recent CPT codes announced by the CMS for quantitative imaging tools (for population solutions), which may become reimbursable in the US, indicates this will change. It may also lead to other regions investing in AI at scale.

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health care & life sciences, diagnostic radiology, ai

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