USD 0.79 billion
Report ID: SQSG35G2033 | Region: Global | Published Date: December, 2022 | Pages: 157
Global Artificial Intelligence in Medical Diagnostics Market size was valued at USD 0.79 billion in 2021 and it is expected to reach USD 6.87 billion by 2028, at a CAGR of 36.2 % over a forecast period (2022-2028).
Artificial intelligence (AI) in medical diagnostics consists of AI software and services that assist healthcare practitioners in diagnosing various disorders. AI-based software solutions can analyse the data from a diagnostic process and either aid the healthcare professional make a proper diagnosis or triage patients by detecting any questionable medical images. Deep learning, data insights, and algorithms are combined with AI in medical diagnostics to identify important and life-threatening disorders. It automates the diagnosing procedure and lightens the load on medical staff. The high rate of diagnostic errors, the lack of qualified medical personnel, and the rising incidence of chronic diseases are the primary reasons propelling artificial intelligence in medical diagnostics market. Furthermore, this market is anticipated to experience considerable growth prospects due to the high growth potential of emerging economies and the rising number of cross-industry partnerships and collaborations.
The market growth is driven by the growing need for the adoption of AI in medical diagnosis to lessen errors, shortage of healthcare professionals, and increasing incidence rate of chronic diseases. Moreover, the growth potential in growing economies and the increasing number of cross-industry partnerships & collaborations are expected to provide significant growth opportunities for the market.
Global Market Size
USD 0.79 billion
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Global Artificial Intelligence in Medical Diagnostics Market is segmented based on the Component, End User, and region. Based on Component, the market is segmented into Software and Services. Based on End User, the market is segmented into Hospitals, Diagnostic Centers, and Others. Based on Region, it is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Analysis by Component
Based on Component, the software sector will hold the biggest market share for artificial intelligence in medical diagnostics. The increased need for AI-based software solutions to provide a swift and precise medical diagnosis, rising number of new software approvals & launches, and lack of specialists are all factors contributing to the segment's significant market share.
Analysis by End User
Based on End User, the AI in medical diagnostics market is dominated by the hospital sector. The huge proportion of this market is related to the rise in patients undergoing diagnostic procedures in hospitals, large hospitals' strong financial capacities to purchase expensive AI-based software & services, and the developing physician shortage.
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North America will hold the largest global artificial intelligence in medical diagnostics market share, followed by Europe and Asia-Pacific. Technological advancements, increase in the number of new product approvals, high adoption rate of AI in healthcare, presence of key market players, and an established IT infrastructure in the healthcare industry are some of the key factors propelling the growth of the North American AI in medical diagnostics market. The market is expected to grow at the largest rate in Asia-Pacific during the projected period. The rising prevalence of various chronic & infectious diseases, rising number of AI-based startups, particularly in China and India, increase in funding, and significant potential of AI in filling the gap in the region's healthcare infrastructure are all factors contributing to the high market growth in Asia-Pacific.
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Large and complex data are produced at various stages of the care delivery process as a result of the growing digitization and adoption of information systems in the healthcare sector. Big data in the field of medical diagnostics includes information generated from clickstream, web and social media interactions, readings from medical devices like sensors, ECGs, and X-rays, as well as medical claims, other billing records, and biometric data. Big data and analytical solutions have grown significantly in complexity and adoption over the last decade, thanks to the increasing adoption of EHRs, digitized laboratory slides, and high-resolution radiology images among healthcare providers. Healthcare is one of the top five big data industries. During the forecast period, the use of bidirectional patient portals which allow patients to upload data and images to their EMRs is expected to boost the volume of big data in medical diagnostics. The need to efficiently manage the ever-increasing volume of large and complex medical diagnostic data is driving the healthcare industry to focus on various Al-based solutions.
The rapid development of digital health has made it possible for medical professionals to support patients using different therapeutic modalities. All modern technology gives doctors resources to aid in patient diagnosis and treatment. Doctors, however, have been noted to be reluctant to adopt new technologies. For instance, doctors mistakenly believe Al will take the position of doctors in the near future. Technology cannot entirely replace the presence of a doctor since, according to radiologists and doctors, abilities like empathy and persuasion are human abilities. The fear is that patients may be overly reliant on this technology and forgo critical in-person treatments, which could complicate longer doctor-patient relationships. The accuracy of Al's ability to diagnose patient ailments is questioned by a number of medical professionals. Consequently, it is difficult to persuade providers that Al-based solutions are economical, effective, and secure options that give doctors convenience and improve patient care. However, medical professionals are more and more accepting the potential advantages of Al-based stations and the variety of applications they can be used for. Therefore, it's possible that doctors and radiologists will be more receptive to using Al-based technology in healthcare in the years to come.
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Global Artificial Intelligence in Medical Diagnostics Market is highly competitive and somewhat fragmented. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive market. In order to provide industries with the most effective and economical solutions, the major market players are also continually concentrating on R&D.
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According to our Global Artificial Intelligence in Medical Diagnostics Market analysis, in terms of component, the software segment held a larger market share owing to high preference by users. And in terms of end user, the hospital segment dominates the market due to rising in the number of patients. Moreover, increasing digitization and adoption of information systems in the healthcare industry drives the market growth. Whereas, reluctance among medical practitioners to adopt Al-based technologies can hamper the market growth during the forecast period.
|Market size value in Medical||USD 0.79 billion|
|Market size value in 2028||USD 6.87 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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For the Global Artificial Intelligence In Medical Diagnostics Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Artificial Intelligence In Medical Diagnostics Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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