Artificial Intelligence (AI) in Medical Diagnostics Market

The report "Artificial Intelligence (AI) in Medical Diagnostics Market by Modality (MRI, CT, X-ray, Ultrasound), Applications (IVD, Radiology, Cardiology, Neurology, Obstetrics/GYN), End User (Hospitals, Imaging Centers, Diagnostic Labs) & Region - Global Forecast to 2029", is expected to grow and achieve a projected market size of USD 4.72 billion by 2029 from USD 1.71 billion in 2024, at a CAGR of 22.5% during the forecast period.

Browse 744 market data Tables and 61 Figures spread through 549 Pages and in-depth TOC on "Artificial Intelligence (AI) in Medical Diagnostics Market by Modality (MRI, CT, X-ray, Ultrasound), Applications (IVD, Radiology, Cardiology, Neurology, Obstetrics/GYN), End User (Hospitals, Imaging Centers, Diagnostic Labs) & Region - Global Forecast to 2029"
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Growth in the AI in Medical Diagnostics market is seen based on increased funds for AI-based startups and an increased number of cross-industry collaborations that foster innovation and broader adoption. Such factors enable the development of advanced diagnostic solutions that go on to enhance efficiency and accuracy levels in healthcare. Of course, the market has the following challenges: it has a shortage of skilled AI professionals and unclear guidelines on the regulation of medical software; such factors can suppress growth and slow the speed of technological integration in clinical settings.

“Software Segment to Dominate the AI in Medical Diagnostics Market by Component in 2023”

The AI in medical diagnostics market is segmented into software, hardware, and services based on components. In 2023, the software segment is expected to account for the largest share of the market and is expected to grow at the highest CAGR from 2024 to 2029. Software solutions are instrumental in enabling healthcare providers to tackle challenges like staffing shortages and the rising demand for imaging scans, ensuring them a competitive edge.

“In Vivo Diagnostics Segment to Lead AI in Medical Diagnostics Market by Application in 2023”

AI in the medical diagnostics market is classified by application into in vivo and in vitro diagnostics. In the year 2023, the in vivo diagnostics segment is expected to occupy the high market share with the adoption of AI solutions from healthcare professionals to minimize human errors and maximize treatment efficiency. On the contrary, in vitro diagnostics segment is estimated to grow at the highest CAGR during the forecasted period. In vitro diagnostics, mainly performed in diagnostic laboratories, pathology centers, microbiology labs, and immunology centers, is a high growth potential area, especially in unexplored emerging markets.

“Hospital Segment Expected to Lead AI in Medical Diagnostics Market by End User in 2023”

By end-user, the AI in medical diagnostics market is segmented into hospitals, diagnostic imaging centers, diagnostic laboratories, and others. In 2023, hospitals are likely to capture the highest share of the market. This is because minimally invasive procedures are being increasingly adopted to improve patient care quality, and advanced imaging technologies are being adopted by a large number of centers to streamline workflow and improve operational efficiency.

“North America to dominate the AI in medical diagnostics market in 2023”

The AI in medical diagnostics market is divided into regions, such as North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. In 2023, North America is likely to dominate the market with the largest share. On the other hand, the Asia Pacific region is expected to grow at the highest CAGR during the forecast period, mainly due to an increase in cancer cases and strategic growth moves by companies focusing on emerging markets in the region.

Key Players

Prominent players in this market are Microsoft (US), NVIDIA Corporation (US), Siemens Healthineers (Germany), Koninklijke Philips N.V. (Netherlands), Merative (US), Intel Corporation (US), Google (US), GE HealthCare (US), Digital Diagnostics Inc. (US), Advanced Micro Devices, Inc.  Quibim (Spain), (US), InformAI (US), HeartFlow, Inc. (US), Enlitic, Inc.  (US), icometrix (Belgium), Aidence (Netherlands), Butterfly Network, Inc. (US), Nano-X Imaging LTD. (Israel), Viz.ai, Inc (US), Qure.ai (India), Therapixel (France), Aidoc (US), Lunit, Inc. (South Korea), EchoNous, Inc. (US), and Brainomix (UK).

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