Artificial Intelligence (AI) in Medical Diagnostics Market by Component (Software, Service), Application (In Vivo, Radiology, Neurology, CT, MRI, X - ray, IVD), End User (Hospital, Diagnostic Imaging Center, Diagnostic Laboratory) - Global Forecast to 202

Artificial Intelligence (AI) in Medical Diagnostics Market by Component (Software, Service), Application (In Vivo, Radiology, Neurology, CT, MRI, X - ray, IVD), End User (Hospital, Diagnostic Imaging Center, Diagnostic Laboratory) - Global Forecast to 2027

The global AI in medical diagnostics market is projected to reach USD 5.5 Billion by 2027 from USD 1.0 Billion in 2022, at a CAGR of 39.9% during the forecast period. The adoption of AI in medical diagnostics is growing at a fast pace owing to factors such as rise in various government initiatives to drive the uptake of AI-based technologies, AI solutions being more use by radiologists to reduce workload, the influx of big data, fundings made available for AI-based startups, and the growing number of cross-industry partnerships & collaborations.

However, the lack of trained AI workforce, unstable regulations, and the reluctance among medical practitioners to adopt these solutions are factors expected to restrain the market growth.

“Software segment is expected to grow at the highest rate during the forecast period”

On the basis components, AI in medical diagnostics market is segmented into software and services. In 2021, the services segment dominated the market, while the software segment is estimated to grow at a higher CAGR during the forecast period. Software solutions help healthcare providers gain a competitive edge despite the challenges of being short-staffed and facing increasing imaging scan volumes.

“In Vivo Diagnostics Segment accounted for the largest share of the global AI in the medical diagnostics market”

On the basis of application, AI in the medical diagnostics market is segmented into in vivo and in vitro diagnostics. The in vivo diagnostics segment commanded the largest share of this market in 2021. The large share of this segment can be attributed to the rise in uptake of AI solutions by practitioners, as these solutions consistently help in reducing human errors and improve treatment efficacy.

“The Hospitals segment is expected to grow with the highest CAGR during the forecast period”

On the basis of end users, the AI in the medical diagnostics market is segmented into hospitals, diagnostic imaging centers, diagnostic laboratories, and other end users. The hospitals segment commanded the largest share of this market in 2021. The large share of this segment can be attributed to the growth in number of diagnostic imaging treatment procedures performed in hospitals, the hospitals inclining toward the automation and digitization of radiology patient workflow, rise in the adoption of minimally invasive procedures in hospitals to improve the quality of patient care, and the growth in the application of advanced imaging modalities to improve workflow.

“North America to dominate the AI in the medical diagnostics market in 2021.”

In 2021, North America accounted for the largest market share of this market. However, the Asia Pacific market is projected to register the highest CAGR of 42.6% during the forecast period. The high growth rate of the Asia Pacific market can primarily be attributed to the growth strategies companies are adopting in emerging markets, high facility medical diagnostics infrastructure, rising geriatric population, rise in prevalence of cancer, and the implementation of favorable government initiatives.

Breakdown of supply-side primary interviews, by company type, designation, and region:

By Company Type: Tier 1 (40%), Tier 2 (30%), and Tier 3 (30%)

By Designation: C-level (27%), Director-level (18%), and Others (55%)

By Region: North America (40%), Europe (20%), Asia Pacific (30%), and RoW (10%)

The prominent players in this market are Microsoft (US), NVIDIA (US), IBM (US), Intel Corporation (US), Google, Inc.(Subsidiary of Alphabet, Inc) (US), Siemens Healthineers (Germany), GE Healthcare (US), Digital Diagnostics, Inc (US), Xilinx (US), InformAI LLC (US), HeartFlow, Inc (US), Enlitic, Inc (US), Day Zero Diagnostics, Inc(US), Aidence (Netherlands), Butterfly Network, Inc. (US), Prognos Health (US), Nanox AI (Israel), Viz.ai, Inc (US), Quibin (Spain), Qure.ai (India), Therapixel (France), Aidoc (Israel), Koninklijke Philips N.V. (Netherlands), Lunit. Inc (South Korea), EchoNous Inc. (US)

Research Coverage

The report studies the AI in the medical diagnostics market based on component, application, end user, and region

The report analyzes factors (such as drivers, restraints, opportunities, and challenges) affecting the market growth

The report evaluates the opportunities and challenges in the market for stakeholders and provides details of the competitive landscape for market leaders

The report studies micro-markets with respect to their growth trends, prospects, and contributions to the total AI in the medical diagnostics market

The report forecasts the revenue of market segments with respect to five major regions

Key Benefits of Buying the Report:

The report will help the leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall market and the sub-segments. This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the AI in the medical diagnostics market and provides them information on key market drivers, restraints, challenges, and opportunities.