The value and growth of the global medical imaging industry have attracted global investors and technical teams into artificial intelligence solutions for medical imaging.
According to the Global Medical Imaging Trends research report released by ITN Online in 2017, the total number of global medical images will increase at a compound annual growth rate of 5.1% from year 2016 to 2021.
In addition, Market Research Engine’s market research report also pointed out the estimated production value of medical imaging will grow from $2.2 billion in 2015 to more than $3 billion in 2021, with a compound annual growth rate of 8.0%.
Looking into the dynamics of international investment and M&A activities in the field of AI medical image analysis, investment and M&A deals have increased significantly in the past six years, with a total of 59 deals during years 2012 to 2018, value over 631 million US dollars.
Global Medical Imaging Market Overview / Source: ITN Online, PitchBook
While the medical imaging market looks promising, there are several barriers to growth that need to be overcome before AI becomes mainstream in medical imaging. Partnership is a key theme for the sector, technology companies are partnering with innovative AI start-ups, as well as hospitals and academic institutions to develop novel solutions. Thus, it is critical for a medical image analysis company to have a competitive advantage through strategic collaborations and partnerships.
Take MeVis as an example, being a provider of computer support for image-based medical diagnosis and therapy, MeVis collaborated with medical imaging device manufacturers to expand its distribution channels, and also partnered with other medical image analysis companies for system integration to create stable revenue streams. In addition, through acquisitions and investments of other medical image analysis companies, MeVis further acquired technology solutions in various areas to maintain its products’ performance advantages.