AI IN MEDICAL IMAGING MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

Regional Analysis

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North America has established itself as the dominant region for AI in medical imaging market with an estimated market share of 40.3% in 2024, due to region's strong economic conditions and high healthcare expenditure that enables widespread adoption of new medical technologies. The U.S. has a large number of leading AI companies and startups focusing on medical imaging applications. For example, several major tech giants like IBM, Microsoft and Intel have made sizeable investments in developing AI-powered imaging solutions.

The region also has a supportive regulatory environment that encourages innovation. The U.S. FDA has streamlined its clearance process for certain AI medical devices to help new products to market faster. This provides incentives for local businesses to develop AI imaging tools. North American hospitals and healthcare providers are increasingly open to integrating such advanced technologies into their clinical workflows. This early integration helps build experience that further drives the development and refinement of AI imaging tools.

Asia Pacific has emerged as the fastest growing regional market for AI in medical imaging. China is accelerating at a rapid pace due to strong government support for the healthcare AI sector. The Chinese government has identified medical AI as a strategic priority and offers funding and tax incentives to develop domestic expertise and commercialize new products. This is reflected in rising number of Chinese AI companies entering the medical imaging space. Large patient population and growing medical infrastructure spending creates a massive potential market for AI tools.

Other Asian countries like Japan, South Korea and India are also contributing to the regional growth. For example, both Japan and South Korea have universal healthcare systems and a demand for solutions that help overcome challenges like physician shortages in rural areas. This has prompted aggressive funding of AI initiatives by public and private entities. Significant investments are being made in areas such as radiology, pathology and ophthalmology. The region's strong IT expertise and low manufacturing costs further enhance its competitiveness in supplying the global AI in medical imaging market.