ARTIFICIAL INTELLIGENCE IN MRI MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

The high cost of AI-based MRI systems is one of the major factors restraining the growth of the global artificial intelligence in MRI market. Developing advanced AI algorithms and integrating them with complex MRI hardware requires huge investments in research and development. This pushes the overall costs of AI-enabled MRI machines significantly higher compared to traditional MRI systems with no AI integration. For example, according to estimates from the United Nations, the average cost of installing and commissioning a basic 1.5T MRI system ranges between US$1 and 2 million. However, an AI-enhanced MRI machine could cost upwards of US$ 3-4 million due to additional expenses related to AI algorithm development, advanced processing hardware requirements, specialized software design, and regulatory compliance. Such steep price points make AI-MRIs unaffordable for many small-scale hospitals and diagnostic centers globally, especially in developing regions. Moreover, continuous software and hardware upgrades needed to keep the AI models performing at optimal levels also contributes to high maintenance costs over the lifespan of these machines. For healthcare providers with constrained budgets, the high investment required for AI-MRIs acts as a deterrent against large-scale adoption. This adversely impacts the revenue generation for AI companies and limits the market expansion possibilities.

Market Opportunities: Development of novel and improved products

The development of novel and improved products provides a major opportunity for growth in the global ostomy care accessories market. As the global population ages and lifestyle-related diseases increase, more people are living with ostomies and rely on effective accessories for better quality of life. According to UN population data, the number of people aged 60 years or over is projected to double from 12% to 22% of the global population from 2015 to 2050. Longer lifespans mean more people will develop conditions requiring ostomy surgery such as cancer, IBD, and accidents or injuries. Currently available ostomy accessories have limitations and room for advancement. For example, existing adhesive products may not be suitable for all skin types and climates or provide adequate leakage protection. Many people also find the visible nature of accessories socially limiting. The creation of new materials, adhesive technologies, and discreet compact product designs could significantly improve people's experiences of living with an ostomy. The WHO estimates over 2.5 million new ostomy surgeries are conducted annually worldwide, representing a substantial user base seeking better solutions.