Artificial Intelligence (AI) in Medical Diagnostics Market to Reach $9.38 Billion by 2029 - Market Size, Share, Forecasts, & Trends Analysis Report with COVID-19 Impact by Meticulous Research®
Artificial intelligence (AI) in medical diagnostics enables medical specialists to quickly and accurately diagnose various diseases, triage critical findings in medical imaging, and flag acute abnormalities.
REDDING, Calif., Oct. 19, 2022 /PRNewswire/ -- According to a new market research report titled, 'AI in Medical Diagnostics Market by Component (Software, Services), Specialty (Radiology, Cardiology, Neurology, Obstetrics/Gynecology), Modality (MRI, CT, X-ray, Ultrasound), End User (Hospital, Diagnostic Center) - Global Forecast to 2029,' published by Meticulous Research®, the Artificial Intelligence in medical diagnostics market is expected to reach $9.38 billion by 2029 at a CAGR of 36.2% from 2022 to 2029.
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Artificial intelligence (AI) in medical diagnostics enables medical specialists to quickly and accurately diagnose various diseases, triage critical findings in medical imaging, and flag acute abnormalities. Innovative AI techniques such as machine learning and deep learning are used to analyze patient data. A wide range of research is being conducted to assess AI's accuracy and efficiency in making clinical decisions and enhancing physicians' judgment. Thus, AI in medical diagnostics is becoming a useful tool for reducing diagnostic errors.
The growth of the AI in medical diagnostics market is driven by the growing need for the adoption of AI in medical diagnosis due to the high rate of diagnostic errors, the rising prevalence of chronic diseases such as cardiovascular and neurological disorders, and the growing shortage of medical specialists. Furthermore, the growing number of cross-industry partnerships & collaborations and the high growth potential in emerging economies are expected to create market growth opportunities.
However, the reluctance of healthcare professionals to adopt AI technologies due to a lack of trust restrains the market's growth. Additionally, privacy & security concerns related to patient data and regulatory barriers are major challenges to the growth of this market.
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The AI in medical diagnostics market is segmented based on Component (Software and Services), Specialty (Brain & Neurological, Oncology, Cardiac & Vascular, Chest & Lung, Obstetrics & Gynecology, and Other Specialties), Modality (MRI, CT scan, X-ray, Ultrasound, and Other Modalities), End User (Hospitals, Diagnostic Imaging Centers, and Other End Users), and Geography. The study also evaluates industry competitors and analyzes their market shares at the global and regional levels.
Based on component, in 2022, the software segment is expected to account for the larger share of the market. The software segment includes AI-powered platforms or solutions that fetch, create, and operate data from the diagnostic equipment and process the data into AI systems to generate an intelligent response or report. The large market share of this segment is attributed to the benefits offered by software, such as aiding physicians in making medical diagnoses while ensuring accuracy and carrying out automated and interconnected medical diagnostic processes to ensure minimal chances of error in diagnostic results.
Based on specialty, in 2022, the brain & neurological segment is expected to account for the largest share of the market. This segment's large market share is attributed to the increasing number of new software products for enabling AI diagnostics for brain & neurology applications and the benefits offered by AI technology in diagnosis, such as aiding neurologists by flagging abnormal medical images and reducing noise in medical images. Furthermore, AI and ML are widely being used to process brain data to identify conditions such as Alzheimer's, dementia, schizophrenia, multiple sclerosis, cancer, and infectious and degenerative diseases.
Based on modality, in 2022, the CT scan segment is expected to account for the largest share of the market. The large share of this segment is attributed to the increasing number of patients undertaking chest CT scanning for diagnosing COVID-19, the advantages offered by AI in CT scannings, such as the ability to reduce noise in medical images and reduce radiation dose, and the increasing number of new product approvals for computed tomography.
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Based on end user, in 2022, the hospitals segment is expected to account for the largest share of the market. The large market share of this segment is attributed to the early adoption of AI solutions by large hospitals due to their high spending capabilities, the increased number of patients due to the COVID-19 pandemic, and overburdened and overworked medical specialists.
Based on geography, the AI in medical diagnostics market is segmented into five major regions: North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa, with a further analysis of major countries in these regions. In 2022, North America is expected to account for the largest share of the AI in medical diagnostics market, followed by Europe, Asia-Pacific, Latin America, and the Middle East & Africa. However, Asia-Pacific is expected to be the fastest-growing market over the forecast period.
The report includes a competitive landscape based on an extensive assessment of the geographic presence of major market players and the key growth strategies adopted by leading market players between 2019 and 2022. The AI in medical diagnostics market has witnessed several new product launches, approvals, partnerships & agreements, and acquisitions in recent years.
The key players operating in the Artificial Intelligence in medical diagnostics market include Siemens Healthineers AG (Germany), GE Healthcare (U.S.), Aidoc Medical Ltd. (Israel), International Business Machines Corporation (U.S.), AliveCor, Inc. (U.S.), VUNO Inc. (South Korea), Digital Diagnostics Inc. (U.S.), NovaSignal Corp. (U.S.), Riverain Technologies (U.S.), NANO-X IMAGING LTD (Israel), Imagen Technologies (U.S.), Koninklijke Philips N.V. (Netherlands), Agfa-Gevaert Group (Belgium), HeartFlow, Inc. (U.S.), and Arterys Inc. (U.S.).
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Scope of the Report:
Artificial Intelligence in Medical Diagnostics Market, by Component
- Software
- Services
Artificial Intelligence in Medical Diagnostics Market, by Specialty
- Brain & Neurological
- Oncology
- Cardiac & Vascular
- Chest & Lung
- Obstetrics & Gynecology (OB-GYN)
- Other Specialties
Note: Other specialties include ophthalmology, dermatology, surgical pathology, nephrology, dentistry, hepatology, orthopedics, and endocrinology.
Artificial Intelligence in Medical Diagnostics Market, by Modality
- MRI
- CT Scan
- X-ray
- Ultrasound
- Other Modalities
Note: Other modalities include ECG, PET scan, retinal optical imaging, and digital imaging
Artificial Intelligence in Medical Diagnostics Market, by End User
- Hospitals
- Diagnostic Imaging Centers
- Others End Users
Note: Other end users include clinics, ambulatory care centers, clinical research organizations, and academic research centers.
Artificial Intelligence in Medical Diagnostics Market, by Geography
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Rest of Europe (RoE)
- Asia-Pacific
- China
- Japan
- India
- Rest of APAC (RoAPAC)
- Latin America
- Middle East & Africa
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