Artificial Intelligence (AI) in Medical Diagnostics Market (2022-2027) Industry Insights, SWOT Analysis, Market Size, Share, Growth Factors
The global AI in Medical Diagnostics Market in terms of revenue was estimated to be worth $1.0 billion in 2022 and is poised to reach $5.5 billion by 2027, growing at a CAGR of 39.9% from 2022 to 2027. The new research study consists of an industry trend analysis of the market.
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128 – Tables
37 – Figures
178 – Pages
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The application of AI in medical diagnostics is growing at a highest rate owing to factors such as rise in government initiatives to drive the adoption of AI-based technologies, high usage of AI solutions by radiologists to reduce workload, the generation of big data, available funding for AI-based start-ups, and the growing number of cross-industry partnerships & collaborations.
However, the lack of trained AI workforce, ambiguity in regulations, and the reluctance among medical practitioners to adopt these solutions are factors expected to restrain the market growth.
On the basis components, AI in medical diagnostics market is segmented into software and services. The services segment dominated the market in 2021, while the software segment is estimated to grow at a higher CAGR during the forecast period. Software solutions provide medical practitioners a chance to gain a competitive edge despite the challenges of being short-staffed and facing increasing imaging scan volumes.
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Based on application, AI in the medical diagnostics market is segmented into in vivo and in vitro diagnostics. The in vivo diagnostics segment commanded the largest share of this market in 2021. The large share of this segment can be attributed to the increase in use of AI solutions by practitioners, as these solutions help reduce human errors and improve treatment efficacy.
Based on end users, the AI in the medical diagnostics market is segmented into hospitals, diagnostic imaging centers, diagnostic laboratories, and other end users. The hospitals segment commanded the largest share of this market in 2021. The large share of this segment can be attributed to the rising number of diagnostic imaging treatments in hospitals, the inclination of hospitals toward the automation and digitization of radiology treatment workflow, adoption of minimally invasive procedures in hospitals to improve the quality of patient care, and the growth in use of advanced imaging modalities to improve workflow efficiency.
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Geographical Growth Scenario:
The AI in medical diagnostics market has been segmented into four main regional segments: North America, Europe, the Asia Pacific, and the Rest of the World. In 2021, North America accounted for the largest market share of this market. However, the Asia Pacific market is projected to register the highest CAGR of 42.6% during the forecast period. The high growth rate of the Asia Pacific market can primarily be attributed to the growth strategies adopted by key players in emerging markets, better medical diagnostics infrastructure, rising geriatric population, increasing prevalence of cancer, and the implementation of favourable government initiatives to adopt the AI technology.
Key Players:
Prominent players in this market are Microsoft (US), NVIDIA (US), IBM (US), Intel Corporation (US), Google, Inc.(Subsidiary of Alphabet, Inc) (US), Siemens Healthineers (Germany), GE Healthcare (US), Digital Diagnostics, Inc (US), Xilinx (US), InformAI LLC (US), HeartFlow, Inc (US), Enlitic, Inc (US), Day Zero Diagnostics, Inc(US), Aidence (Netherlands), Butterfly Network, Inc. (US), Prognos Health (US), Nanox AI (Israel), Viz.ai, Inc (US), Quibin (Spain), Qure.ai (India), Therapixel (France), Aidoc (Israel), Koninklijke Philips N.V. (Netherlands), Lunit. Inc (South Korea), EchoNous Inc. (US)
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