AI-Based Medical Imaging Market To Reach Above $11,921 Million by 2030

In 2021, size of the AI-based medical imaging market was around $1,093 million and will reach above $11,921 million by 2030, propelling at a mammoth CAGR of above 30% in the years to come. The main factors pushing the industry are the increasing occurrence of chronic illnesses, snowballing requirements for medical services for the elderly population, and increasing R&D expenditure in the healthcare industry.

CT had the largest demand of 30%, in 2021, and will continue to lead also in the years to come. This is because of the rising occurrence of many chronic diseases like cancer and CVD conditions, and the snowballing requirement for AI-integrated innovative imaging solutions. 

Furthermore, the industry growth is also propelled by the momentous investment precisely for the expansion of AI-enabled solutions, the enormous population suffering from cancer and further chronic diseases, and numerous small, and large companies that offer a wide variety of AI-based CT imaging solutions.

Hospitals had the largest demand for these diagnostic solutions in 2021, and they will advance with a growth rate of 30% in the years to come. This is credited to the omnipresence, easy availability, and preference of hospitals as compared to other medical facilities. Furthermore, reimbursement plans are among the main factors behind the industrial dominance of hospitals.

The growing awareness of the benefits of AI techniques and their broad application areas has resulted in the high implementation of AI in the medical diagnostic sector. Several companies are teaming up or collaborating for offering the most prominent technologies to consumers in healthcare. These AI-based medical technologies help medics in their decision-regarding analysis and treatment. Therefore, doctors adopt these lucrative, accurate, and safe solutions as compared to the traditional ones, which, in line, help the industry to grow.

APAC will witness the highest growth in the near future, proceeding with a striking growth rate of more than 30%. This exponential growth is because of the aging population, a surging requirement for healthcare services, and snowballing investments by numerous private and government companies.

 There has been an increasing development of the healthcare sector, and because of this, the demand for AI-based medical imaging solutions is on the rise.

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Rising Usage of the Digital Biomarkers for Effective Disease Management

Digital transformation in various industries has paced up operations with increased efficiency and revenue generation. A digital biomarker is such innovative technology in the healthcare sector. 

The digital biomarkers industry generates $1,850 million revenue in 2021, and it is projected to capture $21,986.2 million revenue in 2030, advancing at a rate of 31.6%. The rising prevalence of chronic diseases and technological advancements in digital healthcare systems drive the industry.

Digital biomarkers are the foundation for precision medicine as they provide strong evidence of patient outcomes. Moreover, the advancing healthcare system to deliver a value-based paradigm leads to the rising adoption of innovative solutions such as digital biomarkers. The major goal to attain such technological advancements is to enhance tailored care delivery for a better analysis of the healthcare information of the patients.

The data collection tool holds a significant share of the digital biomarkers industry accounting for 90%. These tools support data gathering and novel digital biomarkers extraction that are more precise, patient-centric, and clinically useful.

Under the data collection category, wearables which include smartwatches and fitness bands, hold a significant share of the digital biomarkers industry. Wearables by major brands such as ActiGraph, Garmin, Fitbit, and other others have proved successful in clinical studies in various fields of medicine. It includes cardiovascular diseases, rehabilitation, mental health, diabetes, and oncology for assessing the heart rate, sleep-related outcomes, sweating intensity, blood oxygen level, and step count.

Moreover, digital biomarkers can enable longitudinal insights into diseases that have progressed over time. Such novel insights cannot be tracked by current diagnostic tests for diseases such as Alzheimer’s disease, depression, and dementia. Furthermore, the rising engagement of patients has facilitated them to track their health and set their own goals for improved medication adherence and disease handling led by lifestyle interventions.

Wearable devices are increasingly being used for developing highly personalized and adaptable treatment plans. It allows prompt therapeutic intervention implementation based on minor changes in the health patterns.

The cardiovascular application of digital biomarkers contributes an extensive share to the industry revenue, accounting for 20%. It is led by the growing prevalence of cardiovascular disorders, which causes 32% of the global mortality, with an estimated death of 17.9 million people each year, according to a government source.

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