Artificial Intelligence in Medical Diagnostics Market Forecasts to 2028 – Global Analysis By Component (Services and Software), Modality (CT Scan, Ultrasound, MRI and Other Modalities), Specialty (Obstetrics & Gynecology (OB-GYN), Oncology, Brain & Neurol

Artificial Intelligence in Medical Diagnostics Market Forecasts to 2028 – Global Analysis By Component (Services and Software), Modality (CT Scan, Ultrasound, MRI and Other Modalities), Specialty (Obstetrics & Gynecology (OB-GYN), Oncology, Brain & Neurological and Other Specialties), End User and By Geography

According to Stratistics MRC, the Global Artificial Intelligence in Medical Diagnostics Market is accounted for $1.0 billion in 2022 and is expected to reach $8.1 billion by 2028 growing at a CAGR of 41.9% during the forecast period. Artificial intelligence (AI) in medical diagnostics is a strong tool that has the potential to make healthcare more accessible and inexpensive by supporting healthcare providers in making correct and timely treatment decisions for their patients. Accurate disease diagnosis is a time-consuming process that requires years of medical expertise. The application of AI in medical diagnosis has been shown to provide correct diagnoses, aid in clinical decisions, and improve physicians' judgement.

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Market Dynamics:

Driver:

Influx of big data

With the increased digitization and use of information technology in the healthcare business, big data is generated at many phases of the care delivery process. Healthcare is one of the top five big data industries in the world, particularly in the United States. The usage of bidirectional patient portals, which allow patients to submit data and photos to their EMRs, is predicted to expand the volume of big data in medical diagnostics during the next several years. The need to successfully manage the ever-increasing number of massive and complicated medical diagnostic data is forcing the healthcare industry to turn its attention to various AI-based solutions.

Restraint:

Reluctance among medical practitioners to adopt AI-based technologies

Acceptance of new technologies is resisted by doctors. For example, medical professionals believe that AI will replace doctors in the next years. Doctors and radiologists feel that empathy and persuasion are human qualities, and that technologies cannot entirely eliminate the need for a doctor. Several healthcare practitioners express reservations regarding AI's ability to effectively diagnose patient problems. As a result, convincing providers that AI-based solutions are cost-effective, efficient, and safe solutions that offer doctors convenience and better patient care is difficult.

Opportunity:

Increasing focus on developing human-aware AI systems

The actual projections aimed at the emergence of AI technologies were to make them human-aware, i.e., generating models with human-thinking features. However, constructing interactive and scalable machines continues to be a problem for AI machine engineers. Interpretation challenges include the difficulties AI computers face in understanding human input, such as knowledge and particular commands. Presentation challenges include issues with conveying the AI system's output and feedback systems. As a result, developing human-aware AI systems continues to be the most promising opportunity for AI engineers.

Threat:

Budgetary constraints

Overcoming financial restraints is the most difficult barrier for healthcare organisations, particularly in emerging economies where it is usually difficult to secure resources for IT over medical equipment. The high cost of imaging equipment, as well as the implementation and licencing costs of AI software, are important obstacles limiting market growth, particularly in countries where reimbursement is inadequate. In addition, deployment and subscription/licensing fees place a significant financial burden on end users. Small healthcare facilities cannot afford these solutions because of budget limits. This, in turn, is predicted to have a negative impact on the growth of AI in the medical diagnostics market.

Covid-19 Impact

The COVID-19 pandemic had a negative impact on the global healthcare system. The number of people infected with COVID-19 has risen dramatically, putting a significant strain on the global health system. COVID-19 primarily affects the lungs of individuals. As a result, cardiothoracic imaging is a typical diagnostic practise in COVID-19 instances in order to determine the severity of the disease. In 2020, the number of research projects employing AI approaches to diagnose COVID-19 is expected to skyrocket. Many studies focused on applying AI technology to diagnose COVID-19 using chest CT images. Several studies have shown that AI models are as accurate as professional radiologists in diagnosing COVID-19.

The software segment is expected to be the largest during the forecast period

The software segment is estimated to have a lucrative growth, because of the increasing demand for AI-based software in diagnostics to provide an accurate diagnosis in a short period of time, the rapid development of new AI algorithms and new software approvals, and applications of AI-based software in various fields such as radiology, cardiology, neurology, gynaecology, and ophthalmology, among others. Despite the constraints of being understaffed and dealing with increased imaging scan volumes, software solutions give healthcare providers a competitive advantage over rivals.

The hospitals segment is expected to have the highest CAGR during the forecast period

The hospitals segment is anticipated to witness the highest CAGR growth during the forecast period, due to the rising number of diagnostic imaging treatments performed in hospitals. The rising inclination of hospitals toward the automation and digitization of radiology patient workflow further drives the segment growth. In addition, increasing adoption of minimally invasive procedures in hospitals and healthcare facilities to improve the quality of patient care and focus on patient centric care influences the market growth.

Region with highest share:

North America is projected to hold the largest market share during the forecast period. The primary drivers of the region's expanding dominant share are improved adaption to modern cloud-based technology and the region's high healthcare spending. Rising investment in the advanced AI diagnostics sector, as well as a greater concentration of businesses in these nations, are also contributing to regional growth.

Region with highest CAGR:

Asia Pacific is projected to have the highest CAGR over the forecast period, because of enhanced medical diagnostic facilities and technology developments in countries such as Japan and South Korea. Furthermore, regional market development is determined by the availability of equity investments and start-up incubation. The region's increased prevalence of acute and chronic illnesses, as well as the growing older population, are expected to drive market expansion.

Key players in the market

Some of the key players profiled in the Artificial Intelligence in Medical Diagnostics Market include NVIDIA, Koninklijke Philips N.V., Intel Corporation, Nanox AI, Butterfly Network, Inc., Lunit. Inc, Day Zero Diagnostics, Inc, GE Healthcare, Digital Diagnostics, Inc, Siemens Healthineers, Google, Inc., IBM, Therapixel, Microsoft and Quibin.

Key Developments:

In Sept 2021, Microsoft partnered with Truveta that will apply the power of Microsoft Azure and AI to help Truveta achieve its vision of saving lives with data.

In Feb 2021, IBM collaborated with Humana Inc. Humana deploys IBM’s Watson Assistant for Health Benefits; this is an AI-enabled virtual agent built in the IBM Watson Health Cloud.

In December 2019, Google's DeepMind division (US) is working with the Moorfields Eye Hospital in the UK. This development aims to improve prior eye disease research and assist eye doctors in assessing the risk of a patient’s eye problem and directing them to medical care based on the urgency of the condition.

Components Covered:
• Services
• Software

Modalities Covered:
• CT Scan
• Ultrasound
• MRI
• X-ray
• Other Modalities

Specialties Covered:
• Obstetrics & Gynecology (OB-GYN)
• Oncology
• Brain & Neurological
• Chest & Lung
• Cardiac & Vascular
• Other Specialties

End Users Covered:
• Hospitals
• Diagnostic Imaging Centers
• Others End Users

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements