The analysis of medical images using computers has evolved over the past few decades. The analysis can be further enhanced by the development of Artificial Intelligence (AI). AI technology can process images faster than past computer-assisted analysis and humans. AI cannot only improve an image but also segment and detect different parts of the medical image that are related to a medical diagnosis and prognosis. This review discusses new advancements in AI technology and the benefits for medical image analysis, addresses challenges within the field, and examines the future of AI. The aforementioned tasks of AI are examined using different models, such as deep learning and large language models, when it comes to imaging. Data issues are also included, as providers need to understand the outputs using this medical imaging data. The findings show that AI can improve upon medical image data and determine more complex prognoses than simpler ones in the past. However, there needs to be improvements in clinical translation so providers can understand the analysis. The authors state that AI can be a beneficial tool in medical imaging, but that there is an evident need for standardized evaluation protocols when using AI in medical imaging.