Global Artificial Intelligence in Medical Diagnostics Market

Artificial Intelligence In Medical Diagnostics Market Size, Share, Growth Analysis, By Component(Software, Services), By End user(Hospitals, Diagnostic Centers) - Industry Forecast 2024-2031


Report ID: SQSG35G2033 | Region: Global | Published Date: February, 2024
Pages: 157 | Tables: 62 | Figures: 75

Artificial Intelligence In Medical Diagnostics Market Insights

Global Artificial Intelligence In Medical Diagnostics Market size was valued at USD 641,965,634.77. million in 2019 and is poised to grow from USD 800 million in 2023 to USD 5400 million by 2031, growing at a CAGR of 24.6% in the forecast period (2024-2031).

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.

US Artificial Intelligence In Medical Diagnostics Market is poised to grow at a sustainable CAGR for the next forecast year.

Market snapshot - 2024-2031

Global Market Size

USD 641,965,634.77. million

Largest Segment

Software

Fastest Growth

Software

Growth Rate

24.6% CAGR

Global Artificial intelligence in medical diagnostics market , 2021-2028 ($ Bn)
Country Share for North America Region- 2021 (%)
Global Artificial intelligence in medical diagnostics market Size By Component, 2021-2028 ($ Bn)
Global Artificial intelligence in medical diagnostics market Size By Component, 2021-2028 (%)

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Artificial Intelligence In Medical Diagnostics Market Segmental Analysis

Global Artificial Intelligence in Medical Diagnostics Market is segmented based on the Component, End User, and region. Based on Component, the Artificial Intelligence in Medical Diagnostics Market is segmented into Software and Services. Based on End User, the Artificial Intelligence in Medical Diagnostics Market is segmented into Hospitals, Diagnostic Centers, and Others. Based on Region, Artificial Intelligence in Medical Diagnostics Market is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.

Artificial Intelligence in Medical Diagnostics Market 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.

Artificial Intelligence in Medical Diagnostics Market 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.

Global Artificial intelligence in medical diagnostics market By Component, 2021 (%), 2019 (%)

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Artificial Intelligence In Medical Diagnostics Market Regional Insights

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.

Global Artificial intelligence in medical diagnostics market By Geography 2021-2028, 2024-2031
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  • Fastest

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Artificial Intelligence In Medical Diagnostics Market Dynamics

Artificial Intelligence in Medical Diagnostics Market Driver

  • Introduction of Big Data to Drive Market Growth

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.

Artificial Intelligence in Medical Diagnostics Market Restraint

  • AI Accuracy is Questionable by Medical Professionals

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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Artificial Intelligence In Medical Diagnostics Market Competitive Landscape

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.

Artificial Intelligence in Medical Diagnostics Market Top Player's Company Profiles

  • IBM Watson Health
  • Intel Corporation
  • NVIDIA Corporation
  • Google LLC
  • GE Healthcare
  • Siemens Healthineers
  • Philips Healthcare
  • Hologic Inc.
  • Arterys Inc.
  • Medtronic Inc.
  • Freenome Holdings Inc.
  • PathAI Inc.
  • Enlitic Inc.
  • Zebra Medical Vision Ltd.
  • Viz.ai Inc.
  • Gauss Surgical Inc.
  • Aidoc Medical Ltd.
  • Paige.AI Inc.
  • Freenome Holdings Inc.
  • Owkin Inc.

Artificial Intelligence in Medical Diagnostics Market Recent Developments

  • In July 2022, Siemens Healthineers Partners with RAD-AID to Support Radiology Education Across African Countries.
  • In October 2022, GE Healthcare and Accuray Incorporated announced that it signed a global commercial collaboration agreement designed to provide solutions that make it possible for more healthcare teams around the world to tailor patients’ care at every stage of their treatment journey

Artificial Intelligence In Medical Diagnostics Key Market Trends

  • The actual goals during the development of Al technologies were to make them human-aware, or to create models that resembled how people think. Al machine developers continue to face difficulties in building interactive and scalable machines. Additionally, the increase in human interference with machine learning techniques and interest in learning more about the process has created new research difficulties, such as those related to interpretation and presentation, issues with automating components, and the intelligent management of crowdsourcing. Al machines have trouble understanding particular instructions from humans as well as knowledge from other sources. The delivery of the output and feedback methods from the Al system are among the presentation challenges. Thus, the greatest opportunity for Al developers is to continue to develop human-aware Al systems.

Artificial Intelligence In Medical Diagnostics Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.

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.

Report Metric Details
Market size value in 2019 USD 641,965,634.77. million
Market size value in 2031 USD 5400 million
Growth Rate 24.6%
Base year 2023
Forecast period 2024-2031
Forecast Unit (Value) USD Million
Segments covered
  • Component
    • Software, Services
  • End user
    • Hospitals, Diagnostic Centers, Others End Users
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)
Companies covered
  • IBM Watson Health
  • Intel Corporation
  • NVIDIA Corporation
  • Google LLC
  • GE Healthcare
  • Siemens Healthineers
  • Philips Healthcare
  • Hologic Inc.
  • Arterys Inc.
  • Medtronic Inc.
  • Freenome Holdings Inc.
  • PathAI Inc.
  • Enlitic Inc.
  • Zebra Medical Vision Ltd.
  • Viz.ai Inc.
  • Gauss Surgical Inc.
  • Aidoc Medical Ltd.
  • Paige.AI Inc.
  • Freenome Holdings Inc.
  • Owkin Inc.
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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Artificial Intelligence In Medical Diagnostics Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Artificial Intelligence In Medical Diagnostics Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the 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 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.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Artificial Intelligence In Medical Diagnostics Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Artificial Intelligence In Medical Diagnostics Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

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FAQs

Artificial Intelligence In Medical Diagnostics Market size was valued at USD 641,965,634.77. million in 2019 and is poised to grow from USD 800 million in 2023 to USD 5400 million by 2031, growing at a CAGR of 24.6% in the forecast period (2024-2031).

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. 'IBM Watson Health', 'Intel Corporation', 'NVIDIA Corporation', 'Google LLC', 'GE Healthcare', 'Siemens Healthineers', 'Philips Healthcare', 'Hologic Inc.', 'Arterys Inc.', 'Medtronic Inc.', 'Freenome Holdings Inc.', 'PathAI Inc.', 'Enlitic Inc.', 'Zebra Medical Vision Ltd.', 'Viz.ai Inc.', 'Gauss Surgical Inc.', 'Aidoc Medical Ltd.', 'Paige.AI Inc.', 'Freenome Holdings Inc.', 'Owkin Inc.'

Introduction of Big Data to Drive Market Growth

The actual goals during the development of Al technologies were to make them human-aware, or to create models that resembled how people think. Al machine developers continue to face difficulties in building interactive and scalable machines. Additionally, the increase in human interference with machine learning techniques and interest in learning more about the process has created new research difficulties, such as those related to interpretation and presentation, issues with automating components, and the intelligent management of crowdsourcing. Al machines have trouble understanding particular instructions from humans as well as knowledge from other sources. The delivery of the output and feedback methods from the Al system are among the presentation challenges. Thus, the greatest opportunity for Al developers is to continue to develop human-aware Al systems.

North America will hold the largest 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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