The Canada Artificial Intelligence (AI) in Medical Imaging market size was valued at $120 Mn in 2022 and is estimated to expand at a compound annual growth rate (CAGR) of 35.4% from 2022 to 2030 and will reach $1356Mn. The market is segmented by AI technology, solution, modality, application, and end User. The Canada Artificial Intelligence (AI) in the Medical Imaging market will grow due to advances in AI and machine learning algorithms that are making it possible to develop more accurate and efficient medical imaging software. Some of the key players in this market are Imagia, Intelerad Medical Systems, Aifred Health, HeartForce Medical, Swift Medical, Resolution Health, Hooton AI (Vancouver, British Columbia) and others.
Market Executive Summary
The Canada Artificial Intelligence (AI) in Medical Imaging market size was valued at $120 Mn in 2022 and is estimated to expand at a compound annual growth rate (CAGR) of 35.4% from 2022 to 2030 and will reach $ 1356. According to the Canadian Institute for Health Information, healthcare spending in Canada reached $264 Bn in 2019, which represents approximately 11.6% of the country's GDP. Of this spending, the federal and provincial governments funded approximately 70%, with the remainder coming from private sources such as individuals and private insurance.
The Canadian government funds healthcare through a combination of federal and provincial/territorial programs, including the Canada Health Transfer (CHT), which provides funding to provinces and territories to support healthcare services. The federal government also provides funding for specific healthcare initiatives and programs, such as mental health and addiction services and home care. The use of artificial intelligence (AI) in healthcare, including medical imaging, has the potential to impact healthcare spending in Canada by improving efficiency and reducing the need for costly interventions.
AI has the potential to improve the efficiency and accuracy of medical imaging by assisting radiologists in analyzing and interpreting medical images. This can lead to faster and more accurate diagnoses, which can ultimately improve patient outcomes. Some examples of AI applications in medical imaging that have been studied and implemented in Canada such as, CAD software uses AI algorithms to analyze medical images and identify areas that may indicate disease. CAD has been used in mammography to help detect breast cancer, and in lung cancer screening to help identify suspicious nodules.
Additionally, Image segmentation refers to the process of separating an image into different regions or structures. AI algorithms can be used to segment medical images, which can help healthcare providers to identify and diagnose conditions such as tumors or lesions. Furthermore, Radiomics is a field of study that uses AI algorithms to extract quantitative features from medical images. Radiomics can be used to identify biomarkers and patterns in medical images that may be associated with certain diseases or conditions.
Overall, AI has the potential to transform medical imaging in Canada by improving efficiency and accuracy, leading to improved patient outcomes. As technology continues to evolve, it is likely that we will see even more AI-based solutions in medical imaging in the future. Hence Canada AI in the medical imaging market will grow in the coming years.
Market Growth Drivers
March 2021: The Canadian government announced an investment of $6.8 Mn to support the development and deployment of AI in healthcare, including medical imaging.
September 2020: Imagia, a Montreal-based company, announced the launch of its EVIDENS platform, an AI-powered medical imaging solution that can help identify and predict disease progression.
August 2020: The University Health Network in Toronto announced a partnership with Zebra Medical Vision, an Israeli company that has developed an AI-powered medical imaging analysis platform, to deploy its solution across the network's medical imaging operations.
June 2020: The University of Toronto's Department of Medical Imaging launched an AI research initiative, the Medical Imaging Artificial Intelligence (MI-AI) program, to accelerate the development and adoption of AI in medical imaging.
The use of artificial intelligence (AI) in medical imaging is regulated by Health Canada, which is the federal regulatory agency responsible for ensuring the safety and efficacy of medical devices and drugs in Canada. Health Canada oversees the approval and regulation of AI-based medical imaging software in Canada.
In 2019, Health Canada released draft guidance for the regulation of AI-based medical devices, including medical imaging software. The guidance outlines the regulatory requirements that manufacturers must meet to obtain approval for their AI-based medical devices, including requirements related to safety, performance, and effectiveness. Under Health Canada's regulatory framework, AI-based medical imaging software is classified as a Class III medical device, which means that it is subject to the highest level of regulatory scrutiny. Manufacturers of AI-based medical imaging software must submit evidence demonstrating the safety, effectiveness, and performance of their products before they can be approved for use in Canada.
Health Canada also requires manufacturers to implement a quality management system (QMS) to ensure that their products meet the regulatory requirements and that they continue to be safe and effective over time. Manufacturers must also monitor their products for adverse events and report any issues to Health Canada. The regulation of AI in medical imaging in Canada is overseen by Health Canada, and manufacturers must meet strict regulatory requirements to obtain approval for their products. The regulatory framework is designed to ensure the safety, efficacy, and performance of AI-based medical imaging software, and to protect the health and well-being of Canadians.
1. Report Description of the Canada Artificial Intelligence (AI) in Medical Imaging Market
1.1 Research Scope and Assumption
1.2 Objective of the study
1.3 Research Methodology
1.4 Reason to buy the report
2. Canada Artificial Intelligence (AI) in Medical Imaging Market Executive Summary
2.1 Canada Artificial Intelligence (AI) in Medical Imaging Market – Market Overview
2.2 Market Size, Growth Prospects, and Key findings
3. Market Dynamics of the Canada Artificial Intelligence (AI) in Medical Imaging Market
3.1 Market Growth Drivers Analysis
3.2 Market Restraints Analysis
4. Canada Artificial Intelligence (AI) in Medical Imaging Market Segmentation
4.1 By AI Technology
4.1.1 Deep Learning
4.1.2 Natural Language Processing (NLP)
4.2 By Solution
4.2.1 Software Tools/ Platform
4.3 By Modality
4.3.1 CT scan
4.3.4 Ultrasound Imaging
4.3.5 Nuclear Imaging
4.4 By Application
4.4.1 Digital Pathology
4.4.5 Lung (Respiratory System)
4.4.6 Breast (Mammography)
4.4.7 Liver (GI)
4.4.8 Oral Diagnostics
4.5 By End Use
4.5.1 Hospital and Healthcare Providers
4.5.3 Pharmaceuticals and Biotechnology Companies
4.5.4 Healthcare Payers
5. Canada Artificial Intelligence (AI) in Medical Imaging Market Share
5.1 Market Analysis, Insights, and Forecast – By Revenue
6. Competitive Landscape
6.1 Major Top Market Players
7. Key Company Profiles
7.1 Company 1
7.1.2 Financial Performance
7.1.3 Product & Services
7.1.4 Strategic initiatives
7.2 Company 2
7.2.2 Financial Performance
7.2.3 Product & Services
7.2.4 Strategic initiatives
7.3 Company 3
7.3.2 Financial Performance
7.3.3 Product & Services
7.3.4 Strategic initiatives
7.4 Company 4
7.4.2 Financial Performance
7.4.3 Product & Services
7.4.4 Strategic initiatives
7.5 Company 5
7.5.2 Financial Performance
7.5.3 Product & Services
7.5.4 Strategic initiatives
8. Healthcare Policies and Regulatory Landscape
8.1 Healthcare Policies in the Canada
8.2 Regulatory Framework in the Canada
8.3 Pricing & Reimbursement Scenario in Canada Artificial Intelligence (AI) in Medical Imaging Market
9. Factors Driving Future Growth
9.1 New Trends and Development Canada Artificial Intelligence (AI) in Medical Imaging Market
9.2 Future Opportunities
10. Strategic Recommendations
By AI Technology
When compared to CT scans, magnetic resonance imaging can produce pictures that are free of imperfections. Due to its efficiency in obtaining details and better-quality pictures of soft tissues, the MRI is frequently seen as a superior alternative to X-rays. Utilizing optical coherence tomography, three-dimensional interactions between the retina and membranes are made possible in order to control the vitreoretinal disease.
The market is dominated by the digital pathology segment, which can be linked to pathologists' rising productivity. A validation tool for image analytics is provided by digital pathology, helping pathologists process more slides in less time. This facilitates early illness identification and quicker therapy initiation. AI and digital pathology also assist doctors in making patient-centered decisions. The oncology market is also expected to grow in popularity as more individuals become aware of cancer and its increased incidence in the public. Personalized therapy is made possible by artificial intelligence algorithms that identify and comprehend the nature of malignancies. The second section focUses on AI-driven diagnostic imaging for the heart, brain, breast, and mouth.
By End Use
The market is dominated by the healthcare sector. This is becaUse hospitals are widely dispersed and accessible; hence, many patients like hospitals. The market for medical imaging AI is also anticipated to benefit from favorable reimbursement regulations. During the anticipated time, diagnostic centers are anticipated to grow in popularity. This may be attributable to elements including rising patient awareness and a desire for diagnostic procedures and tests, all of which are fueling the market's expansion. Due to its ease in providing high-quality medical facilities in remote places, particularly rural ones, the ambulatory category is expected to develop at a quicker CAGR throughout the projection period. The availability of qualified surgeons and a surplAustralia of the necessary equipment are contributing to the expansion of the hospital market. Government assistance in emerging nations is likely to boost hospital infrastructure and technologies throughout the forecast period, which is anticipated to caUse the hospital segment to see growth.
Insights10 will provide you with the reports within 10 key parameters which are:
Based on our many years of experience, we believe that these are the parameters that are critical to decision-making for business stakeholders. Our focused approach to developing reports focused on 10 key parameters, enabled us to arrive at the name “Insights10”.
Stage I: Market Data Collection
Primary Interviews: We have developed a network of experts, freelancers, and researchers across countries through which we engage with local experts to gather key data points and assumptions about each market. We also engage regularly with some of the best market research agencies such as Atheneum, GuidePoint, GLG, etc. to conduct surveys and interviews, and build intelligence. We have language translators as a part of our team, who between them can cover 30+ languages allowing us to extract better local insights.
Secondary Data Collection: We have developed strong expertise and experience in secondary data collection methods for developing unique data sets and research material. We gather data from multiple reliable sources to maintain a high level of accuracy and consistency. The market data is analyzed and forecasted using appropriate statistical and coherent models. The report offers an overall analysis of the market size, growth, and market share as well as a segment-level analysis of the specific market. Our report includes precise, to-the-point information related to the overall market, competition, growth drivers, challenges, regulatory updates, and competition.
Data Sources: We have access to multiple highly reliable free and subscription data sources. We have many years of experience to understand which sources are more dependable for what and which to prefer for the reliable and latest information. The key sources of information include the following, but are not limited to:
Stage II: Market Data Analysis and Statistical Model
Market Trends: We generally look at macro parameters and micro indicators. The macro parameters include changes in government policies, demand and supply of the market, government intervention programs, and major market share. The micro indicators are GDP growth, market size, market volume, etc. We also understand nuances specific to each country like the US, Canada, India, Germany, etc., and have worked across 60+ countries and hence not only understand global trends but how these differ by country, how payment models, market structure, cultural parameters, etc. differ in each country.
Market Sizing and Analysis: Our expert data analytics team has created various market forecast models by employing the top-down approach i.e. starting with the large overall market and segmenting different areas and the bottom-up approach i.e. starting with population and epidemiology and rolling up based on spend, etc., estimating the size of the market, and distributing among the geographic and/or product segments.
The top-down approach is mainly used for new product forecasting and the bottom-up approach is used for demand estimation of any product for different countries summed up to form the total market. We are able to round off insights and build stronger forecasts because we always do both these methods and triangulate the final numbers.
The study on the market covers the analysis of the leading geographies such as Asia-Pacific, Africa, Europe, Middle East, North America, and Latin America for the period of 2022 to 2030. The qualitative analysis covers the industry landscape and trends, market opportunities, competitive landscape, and policy and regulatory scenario, and the quantitative analysis covers different market estimates and forecasts.
Data Triangulation & Validation:
Data triangulation of various sources and results of the research are carried out by benchmarking with reliable sources such as industry statistics, statistical databases, and company-level averages, etc.
We make sure to finalize the numbers in alignment with the market research. Firstly, our internal experts ensure thorough validation and checking to ensure accurate and precise analysis and then validation is also done using a multiple-data analysis model. Two-level validation is done and entails the finalization of the report scope and the way of representation pattern.
Stage III: Interpretation and Presentation
Analysis & Interpretation: The information gathered is then analyzed and synthesized. The second series of interviews are done if necessary to check and validate. The future opportunities are analyzed by understanding product commercialization and many other factors. It also comprises the analysis of data discrepancies observed across various data sources. Information procured from secondary and primary results is then, interpreted by considering the following parameters: (a partial list)
Insights: Our reports deliver actionable insights backed with supporting facts and figures to assist you in achieving exemplary growth. Our in-depth analyses are interspersed with relevant insights and statistics to oﬀer an executive-level view of a given market. The description helps in correlating many minor factors affecting the market and their impact on the different segments within the market.
Data curated from the analysis and interpretation are drawn to portray all in one consolidated report.
Presentation & Reporting: The market research report is presented in different forms such as charts by using a scientific approach for easy understanding. Historic, current, and future analysis is provided for each market in terms of both value and volume. The size of the market is interpreted in the US Dollar value and the respective unit, based on the product, for volume consumption.
The foreign exchange rates are calculated on the respective dates and for the respective regions covered in the study.
We value your inquiry and offer free customization with every report to fulfil your exact research needs.
This report addresses