The Global Artificial Intelligence (AI) in Medical Diagnostics Market size is expected to reach $7.3 billion by 2028, rising at a market growth of 39.6% CAGR during the forecast period.
Artificial intelligence in medical diagnosis is a novel approach, which integrates the expansive capabilities of artificial intelligence into medical diagnosis devices in order to obtain more efficient as well as faster results. A range of patient care as well as intelligent health systems can be supported by artificial intelligence. For disease diagnosis, drug discovery, and patient risk assessment, artificial intelligence methods ranging from machine learning to deep learning are widely used in healthcare.
Numerous medical data sources, such as magnetic resonance imaging, ultrasound, mammography, genomics, computed tomography scan, etc., are necessary to accurately identify diseases using artificial intelligence technology, such as MRI, mammography, genomics, CT scan, etc. Additionally, artificial intelligence primarily improved the infirmary experience and accelerated patients' preparation to continue their recovery at home.
Moreover, the application of artificial intelligence approaches also includes detecting a variety of diseases, including Alzheimer's, cancer, diabetes, tuberculosis, chronic heart disease, stroke and cerebrovascular disease, hypertension, skin disease, and liver disease.AI in medical diagnostics includes AI services and software that aid healthcare practitioners in diagnosing various disorders.
AI-based software systems can assess diagnostic process data and either assist with patient triage by identifying aberrant medical images or offer a suitable diagnosis to the healthcare practitioner. Deep learning, algorithms, and data insights are utilized by AI in medical diagnostics to diagnose life-threatening and crucial disorders. It automates the diagnostic process and reduces healthcare practitioners' workload.
The COVID-19 pandemic significantly impacted a number of economies all over the world. Various businesses were demolished as a result of lockdowns imposed by governments all over the world. However, the AI in medical diagnosis market was positively impacted due to the emergence of the pandemic. The COVID-19 disease mostly affects sufferers' lungs. Consequently, cardiothoracic imaging is a typical diagnostic procedure for determining the severity of the disease in COVID-19 patients. In 2020, the number of research projects employing AI approaches to diagnose COVID-19 increased dramatically. Numerous studies focused on summarizing the COVID-19 diagnosis from chest CT scans via AI technology. Multiple studies have demonstrated that AI models may be as precise as professional radiologists in diagnosing COVID-19.
The ultimate goals that were aimed during the formation of AI technologies were to make them more human-aware, which means constructing models with the features and characteristics of human cognition. In other words, the objective was to develop human-like AI. Additionally, a rise in human interference with AI techniques and an interest in discovering the process of machine learning has introduced new research challenges. These challenges include interpretation and presentation challenges, such as problems with automating components and intelligent control of crowdsourcing.
Big data, which refers to data that is both enormous and complicated, is generated at different points in the process of providing medical treatment as a result of the rising digitization and use of information technologies in the healthcare business. Big data in the field of medical diagnostics include, among other types of information and sources, readings from medical devices including sensors, healthcare claims, ECGs, X-rays, and other billing records; biometric data; and information generated from the web and social media interactions.
The leading players in the market are competing with diverse innovative offerings to remain competitive in the market. The below illustration shows the percentage of revenue shared by some of the leading companies in the market. The leading players of the market are adopting various strategies in order to cater demand coming from the different industries. The key developmental strategies in the market are Product Launches.
Extensive progress in digital health has made it possible for healthcare providers to aid patients with novel treatment methods. AI technologies provide practitioners with tools that improve their ability to diagnose and successfully treat patients. However, doctors have been demonstrated to be resistant to adopting new technologies. For instance, medical professionals believe that AI would replace physicians in the coming years. Doctors and radiologists feel that talents, like empathy or persuasion, are uniquely human; hence, technologies cannot eliminate the requirement for a doctor entirely.
By Application, the Artificial Intelligence in Medical Diagnostics Market is divided into In Vivo diagnostics (Specialty and Modality) and In Vitro diagnostics. In 2021, the in vivo diagnostics segment witnessed the biggest revenue share of the AI in medical diagnosis market. The rapidly rising growth of this segment can be ascribed to the increasing adoption of AI solutions by the healthcare and medical industries as these solutions aid to reduce human errors and enhance treatment efficacy.
On the basis of End-User, the is segregated into Hospitals, Diagnostics Imaging Centers, Diagnostics Laboratories, and Others. In 2021, the diagnostic centers segment recorded a significant revenue share of the AI in the medical diagnosis market. In patients with infectious diseases and immunological disorders, laboratory tests are very helpful for verifying a diagnosis, estimating disease severity, and tracking disease progression. In disease management, timely diagnostic assessment and execution of trustworthy testing are crucial.
Based on Component, the Artificial Intelligence in Medical Diagnostics Market is bifurcated into Software and Services. In 2021, the services segment acquired the largest revenue share of artificial intelligence in medical diagnosis. The high growth of the segment is attributed to the fact that the burden on healthcare practitioners is increasing at a very rapid pace, owing to which, they are increasingly outsourcing various services.
| Report Attribute | Details |
|---|---|
| Market size value in 2021 | USD 751.2 Million |
| Market size forecast in 2028 | USD 7.3 Billion |
| Base Year | 2021 |
| Historical Period | 2018 to 2020 |
| Forecast Period | 2022 to 2028 |
| Revenue Growth Rate | CAGR of 39.6% from 2022 to 2028 |
| Number of Pages | 362 |
| Number of Tables | 564 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Market Share Analysis, Competitive Landscape, Companies Strategic Developments, Company Profiling |
| Segments covered | Application, Component, End User, Region |
| Country scope | US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria |
| Growth Drivers |
|
| Restraints |
|
Region-Wise, the Artificial Intelligence in Medical Diagnostics Market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. In 2021, North America accounted for the highest revenue share of the AI in medical diagnosis market. The growth of North American AI in the medical diagnostics market is primarily driven by technological advancements, an increasing number of fresh product approvals, an increasing adoption rate of artificial intelligence in healthcare, the presence of key market players, and an established IT infrastructure within the healthcare sector.
Free Valuable Insights: Global Artificial Intelligence (AI) in Medical Diagnostics Market size to reach USD 7.3 Billion by 2028
The major strategies followed by the market participants are Product Launches. Based on the Analysis presented in the Cardinal matrix; Microsoft Corporation and Google LLC are the forerunners in the Artificial Intelligence (AI) in Medical Diagnostics Market. Companies such as Intel Corporation, Siemens Healthineers AG (Siemens AG), General Electric (GE) Co. (GE Healthcare) are some of the key innovators in Artificial Intelligence (AI) in Medical Diagnostics Market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Microsoft Corporation, Nvidia Corporation, IBM Corporation, Intel Corporation, Google LLC, Siemens Healthineers AG (Siemens AG), General Electric (GE) Co. (GE Healthcare), Xilinx, Inc., Digital Diagnostics, Inc. and InformAI, LLC.
By Application
By End User
By Component
By Geography
The global Artificial Intelligence (AI) in Medical Diagnostics Market size is expected to reach $7.3 billion by 2028.
Increasing efforts of manufacturers on the development of human-aware AI technology are driving the market in coming years, however, Medical practitioners' reluctance to utilize AI-based technology restraints the growth of the market.
Microsoft Corporation, Nvidia Corporation, IBM Corporation, Intel Corporation, Google LLC, Siemens Healthineers AG (Siemens AG), General Electric (GE) Co. (GE Healthcare), Xilinx, Inc., Digital Diagnostics, Inc. and InformAI, LLC.
The expected CAGR of the Artificial Intelligence (AI) in Medical Diagnostics Market is 39.6% from 2022 to 2028.
The Hospitals market is leading the segment in the Global Artificial Intelligence (AI) in Medical Diagnostics Market by End User in 2021; thereby, achieving a market value of $3.2 billion by 2028.
The North America market dominated the Global Artificial Intelligence (AI) in Medical Diagnostics Market by Region in 2021; thereby, achieving a market value of $2.7 billion by 2028.
Our team of dedicated experts can provide you with attractive expansion opportunities for your business.
Unique Offerings 