Artificial Intelligence in Medical Diagnostics Market by Component (Hardware, Services, Software), Technology (Computer Vision, Machine Learning Platforms, Natural Language Processing), Application, End-User - Global Forecast 2024-2030
The Artificial Intelligence in Medical Diagnostics Market size was estimated at USD 1.00 billion in 2023 and expected to reach USD 1.16 billion in 2024, at a CAGR 17.23% to reach USD 3.04 billion by 2030.
Artificial intelligence (AI) in the medical diagnostics market encompasses the development, implementation, and application of AI-based technologies and systems to analyze clinical data, identify patterns, and derive insights for improved diagnostic accuracy and patient care. The increasing prevalence of chronic disease conditions has surged the need for enhanced imaging analysis in diagnostic applications. Rising government initiatives to promote the integration of AI/ML technologies in precision medicine and wearable devices have enhanced product development, significantly contributing to market growth. However, increasing incidences of product failures and the difficulty of AI integration with existing diagnostic systems may limit the market adoption of AI-enabled diagnostic solutions. Data privacy and security breach issues have emerged as concerning factors for market growth. Moreover, the introduction of diagnostic robotics and advanced AI technologies for medical diagnosis has created attractive opportunities for market growth. The advancing start-up ecosystem and expansion of smart hospitals are expected to leverage AI technology in medical diagnostics to bolster the growth of the market.
Regional Insights
Significant investments in AI for healthcare in the United States have led to groundbreaking research and advancements in medical diagnostics. Major countries such as the United States and Canada have the strong presence of key players equipped with technological capabilities to revolutionize medical diagnostics services through artificial intelligence integration. Europe has witnessed the emergence of several startups and established companies producing AI-driven solutions for research & development in medical diagnostics. Ongoing collaboration activities between governments, researchers, and industry players across the EMEA region are playing a crucial role to drive innovation market growth in the medical diagnostics sector. Significant countries in the APAC region, including China, Japan, and India, support regional players to leverage their expertise in robotics and advanced technologies to develop AI-driven diagnostic tools. Artificial Intelligence (AI) in medical diagnostics in the APAC has witnessed significant growth owing to its large population base, evolving healthcare infrastructure, and increasing adoption of advanced technologies.
Market Insights
- Market Dynamics
The market dynamics represent an ever-changing landscape of the Artificial Intelligence in Medical Diagnostics Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.- Market Drivers
- Prevalence of chronic diseases and need for enhanced imaging analysis
- Government initiatives to promote the integration of AI/ML technologies in healthcare
- Adoption of AI technologies in precision medicine and wearable devices
- Market Restraints
- Chances of failures and difficulty of integration with existing systems
- Market Opportunities
- Introduction of diagnostic robotics and advanced AI technologies for medical diagnosis
- Advancing start-up ecosystem and expansion of smart hospitals
- Market Challenges
- Concerns regarding data privacy and security breaches
- Market Segmentation Analysis
- Component: Availability of a diverse range of software components to offer enhanced diagnostics decision
- Technology: Extensive advancements in computer vision technologies for improved image analysis
- Application: Adoption of AI in cardiology segment to enhance diagnostic accuracy
- End-User: Utilization of AI for large data set diagnosis in hospitals and clinics
- Market Disruption Analysis
- Porter’s Five Forces Analysis
- Value Chain & Critical Path Analysis
- Pricing Analysis
- Technology Analysis
- Patent Analysis
- Trade Analysis
- Regulatory Framework Analysis
The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Artificial Intelligence in Medical Diagnostics Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).
Market Share Analysis
The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Artificial Intelligence in Medical Diagnostics Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.
Recent Developments- XtalPi and CK Extend Partnership to Develop AI Cancer Diagnostic Models
XtalPi and CK Life Sciences extended their partnership to develop AI-powered models for postoperative molecular diagnosis of cancer patients. With their renewed partnership, XtalPi and CK Life Sciences aim to leverage the power of artificial intelligence in medical diagnostics. This partnership signifies a significant step forward in medical diagnostics, harnessing the potential of AI to revolutionize cancer care.
VUNO Secures FDA 510(k) Clearance for VUNO Med-DeepBrain
VUNO Inc. obtained 510(k) FDA clearance for its AI-powered brain quantification device known as VUNO Med-DeepBrain. This advanced device automates identifying, labeling, and quantifying segmentable brain structures from MRI images. It efficiently provides volumetric data on more than 100 brain regions through brain parcellation, cortical thickness, and white matter hyperintensity (WMH). The device also compares atrophy data with a normal population and presents it with percentile measurements. Clinicians can generate a customizable report that combines high-quality and quantifiable brain data, which can be extremely valuable in diagnosing dementia.
Aidoc Expands its Partnership with GLEAMER to Enhance its Chest Imaging AI Suite
Aidoc, a healthcare AI solutions provider, expanded its partnership with GLEAMER, a renowned European MedTech company specializing in AI technology for radiology. Under this partnership, Aidoc exclusively served as the preferred platform for chest imaging, covering both X-ray and CT scans. By combining the expertise of Aidoc and GLEAMER, this partnership aimed to revolutionize medical diagnostics by enhancing accuracy, efficiency, and patient care through the power of AI technology.
The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Artificial Intelligence in Medical Diagnostics Market. This critical assessment involves a thorough analysis of the organization’s resources, capabilities, and overall performance to identify its core strengths and areas for improvement.
Key Company Profiles
The report delves into recent significant developments in the Artificial Intelligence in Medical Diagnostics Market, highlighting leading vendors and their innovative profiles. These include 3M Company, AiCure, LLC, Aidoc Medical Ltd., Butterfly Network, Inc., Cera Care Limited, Cisco Systems, Inc., Corti - AI, Digital Diagnostics Inc., Edifecs, Inc., Enlitic, Inc., Epredia by PHC Holdings Corporation, Freenome Holdings, Inc., GE HealthCare Technologies, Inc., General Vision, Inc., Google LLC by Alphabet Inc., Hewlett Packard Enterprise Development LP, Imagen Technologies, Inc., Intel Corporation, International Business Machines Corporation, Johnson & Johnson Services, Inc., Kantify, Koninklijke Philips N.V., Medtronic PLC, Microsoft Corporation, Nano-X Imaging Ltd., NEC Corporation, NVIDIA Corporation, Persistent Systems Limited, Qure.ai Technologies Private limited, Siemens Healthineers AG, SigTuple Technologies Private Limited, Stryker Corporation, Tempus Labs, Inc., and VUNO Inc..
Market Segmentation & Coverage
This research report categorizes the Artificial Intelligence in Medical Diagnostics Market to forecast the revenues and analyze trends in each of the following sub-markets:- Component
- Hardware
- Services
- Tele Monitoring
- Tele-Consultation
- Software
- Technology
- Computer Vision
- Machine Learning Platforms
- Natural Language Processing
- Robotic Processes Automation
- Application
- Cardiology
- Neurology
- Oncology
- Ophthalmology
- Pathology
- Pulmonology
- End-User
- Academic Institutions & Research Center
- Diagnostic Center
- Hospitals
- Region
- Americas
- Argentina
- Brazil
- Canada
- Mexico
- United States
- California
- Florida
- Illinois
- New York
- Ohio
- Pennsylvania
- Texas
- Asia-Pacific
- Australia
- China
- India
- Indonesia
- Japan
- Malaysia
- Philippines
- Singapore
- South Korea
- Taiwan
- Thailand
- Vietnam
- Europe, Middle East & Africa
- Denmark
- Egypt
- Finland
- France
- Germany
- Israel
- Italy
- Netherlands
- Nigeria
- Norway
- Poland
- Qatar
- Russia
- Saudi Arabia
- South Africa
- Spain
- Sweden
- Switzerland
- Turkey
- United Arab Emirates
- United Kingdom
Please Note: PDF & Excel + Online Access - 1 Year
- Americas
- Market Drivers
- 1. Preface
- 1.1. Objectives of the Study
- 1.2. Market Segmentation & Coverage
- 1.3. Years Considered for the Study
- 1.4. Currency & Pricing
- 1.5. Language
- 1.6. Stakeholders
- 2. Research Methodology
- 2.1. Define: Research Objective
- 2.2. Determine: Research Design
- 2.3. Prepare: Research Instrument
- 2.4. Collect: Data Source
- 2.5. Analyze: Data Interpretation
- 2.6. Formulate: Data Verification
- 2.7. Publish: Research Report
- 2.8. Repeat: Report Update
- 3. Executive Summary
- 4. Market Overview
- 5. Market Insights
- 5.1. Market Dynamics
- 5.1.1. Drivers
- 5.1.1.1. Prevalence of chronic diseases and need for enhanced imaging analysis
- 5.1.1.2. Government initiatives to promote the integration of AI/ML technologies in healthcare
- 5.1.1.3. Adoption of AI technologies in precision medicine and wearable devices
- 5.1.2. Restraints
- 5.1.2.1. Chances of failures and difficulty of integration with existing systems
- 5.1.3. Opportunities
- 5.1.3.1. Introduction of diagnostic robotics and advanced AI technologies for medical diagnosis
- 5.1.3.2. Advancing start-up ecosystem and expansion of smart hospitals
- 5.1.4. Challenges
- 5.1.4.1. Concerns regarding data privacy and security breaches
- 5.2. Market Segmentation Analysis
- 5.2.1. Component: Availability of a diverse range of software components to offer enhanced diagnostics decision
- 5.2.2. Technology: Extensive advancements in computer vision technologies for improved image analysis
- 5.2.3. Application: Adoption of AI in cardiology segment to enhance diagnostic accuracy
- 5.2.4. End-User: Utilization of AI for large data set diagnosis in hospitals and clinics
- 5.3. Market Trend Analysis
- 5.3.1. Increasing adoption of AI-based medical diagnosis tools in the Americas region due to supportive government policies and strong market presence
- 5.3.2. Favorable government initiatives and evolving healthcare infrastructure show immense opportunity for AI in healthcare diagnostics in APAC
- 5.3.3. Strong public-private investment scenario for AI in medical diagnostics across EMEA, backed by substantial R&D activities by emerging and established startups in the region
- 5.4. Cumulative Impact of High Inflation
- 5.5. Porter’s Five Forces Analysis
- 5.5.1. Threat of New Entrants
- 5.5.2. Threat of Substitutes
- 5.5.3. Bargaining Power of Customers
- 5.5.4. Bargaining Power of Suppliers
- 5.5.5. Industry Rivalry
- 5.6. Value Chain & Critical Path Analysis
- 5.7. Regulatory Framework Analysis
- 6. Artificial Intelligence in Medical Diagnostics Market, by Component
- 6.1. Introduction
- 6.2. Hardware
- 6.3. Services
- 6.4. Software
- 7. Artificial Intelligence in Medical Diagnostics Market, by Technology
- 7.1. Introduction
- 7.2. Computer Vision
- 7.3. Machine Learning Platforms
- 7.4. Natural Language Processing
- 7.5. Robotic Processes Automation
- 8. Artificial Intelligence in Medical Diagnostics Market, by Application
- 8.1. Introduction
- 8.2. Cardiology
- 8.3. Neurology
- 8.4. Oncology
- 8.5. Ophthalmology
- 8.6. Pathology
- 8.7. Pulmonology
- 9. Artificial Intelligence in Medical Diagnostics Market, by End-User
- 9.1. Introduction
- 9.2. Academic Institutions & Research Center
- 9.3. Diagnostic Center
- 9.4. Hospitals
- 10. Americas Artificial Intelligence in Medical Diagnostics Market
- 10.1. Introduction
- 10.2. Argentina
- 10.3. Brazil
- 10.4. Canada
- 10.5. Mexico
- 10.6. United States
- 11. Asia-Pacific Artificial Intelligence in Medical Diagnostics Market
- 11.1. Introduction
- 11.2. Australia
- 11.3. China
- 11.4. India
- 11.5. Indonesia
- 11.6. Japan
- 11.7. Malaysia
- 11.8. Philippines
- 11.9. Singapore
- 11.10. South Korea
- 11.11. Taiwan
- 11.12. Thailand
- 11.13. Vietnam
- 12. Europe, Middle East & Africa Artificial Intelligence in Medical Diagnostics Market
- 12.1. Introduction
- 12.2. Denmark
- 12.3. Egypt
- 12.4. Finland
- 12.5. France
- 12.6. Germany
- 12.7. Israel
- 12.8. Italy
- 12.9. Netherlands
- 12.10. Nigeria
- 12.11. Norway
- 12.12. Poland
- 12.13. Qatar
- 12.14. Russia
- 12.15. Saudi Arabia
- 12.16. South Africa
- 12.17. Spain
- 12.18. Sweden
- 12.19. Switzerland
- 12.20. Turkey
- 12.21. United Arab Emirates
- 12.22. United Kingdom
- 13. Competitive Landscape
- 13.1. Market Share Analysis, 2023
- 13.2. FPNV Positioning Matrix, 2023
- 13.3. Competitive Scenario Analysis
- 13.3.1. XtalPi and CK Extend Partnership to Develop AI Cancer Diagnostic Models
- 13.3.2. VUNO Secures FDA 510(k) Clearance for VUNO Med-DeepBrain
- 13.3.3. Aidoc Expands its Partnership with GLEAMER to Enhance its Chest Imaging AI Suite
- 13.3.4. Enlitic and Blackford Join Forces to Revolutionize Medical Imaging Data Standardization
- 13.3.5. GE HealthCare Signs USD 44 Million Contract with BARDA to Develop Artificial Intelligence-Augmented Ultrasound Technology to Aid Clinicians in Diagnosing and Treating Traumatic Injury
- 13.3.6. Nanox Announces Strategic Manufacturing Agreement with Varex Imaging Corporation to Advance the Nanox.ARC Medical Imaging System
- 13.3.7. Corti’s AI-Powered Healthcare Solution Attracts USD 60 Million Investment
- 13.3.8. Aidoc Launches AI-based Full Brain Solution for Stroke Detection
- 13.3.9. Butterfly Network Announces New FDA-Cleared AI-Enabled Lung Tool
- 13.3.10. SigTuple Raises USD 4.3 Million in Series C Round
- 13.3.11. GE HealthCare to Acquire Caption Health, Expanding Ultrasound to Support New Users Through FDA-Cleared, AI-Powered Image Guidance
- 13.3.12. Microsoft Strikes Partnership with Paige to Advance Cancer Diagnostics and Treatment
- 14. Competitive Portfolio
- 14.1. Key Company Profiles
- 14.2. Key Product Portfolio
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