Meticulous Research®—leading global market research company published a research report titled, ‘AI in Medical Diagnostics Market By Component (Software, Services), Specialty (Radiology, Cardiology, Neurology, Obstetrics/Gynecology, Ophthalmology), Modality (MRI, CT, X-ray, Ultrasound), End User (Hospital, Diagnostic Center) - Global Forecast to 2029.’
According to this latest publication from Meticulous Research®, the AI in medical diagnostics market is expected to grow at a CAGR of 36.2% from 2022 to reach $9.38 billion by 2029. The growth of this market is attributed to factors such as the growing need for the adoption of AI in medical diagnosis, the shortage of healthcare professionals, and rising incidences of chronic diseases. In addition, growth potential in emerging economies and the growing number of cross-industry partnerships and collaborations provide significant opportunities for players operating in the market.
However, reluctance to adopt AI technologies due to lack of trust is expected to restrain the growth of this market to a notable extent. In addition, regulatory barriers and privacy & security concerns are the major challenges to the growth of this market.
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AI in Medical Diagnostics Market: Future Outlook
The AI in medical diagnostics market is segmented based on component, specialty, modality, end user, and geography. The study also evaluates industry competitors and analyzes the market at the country level.
Based on component, in 2022, the software segment is estimated to account for the largest share of this market. The large share of this segment is attributed to the growing demand for AI-powered solutions in diagnostics to deliver accurate diagnoses in a stipulated time frame, launches of new software, the increasing number of patients with a wide array of acute and chronic diseases and the growing shortage of medical specialists.
Based on specialty, in 2022, the radiology segment is estimated to account for the largest share of this market. The large share of this segment is attributed to factors such as the increasing geriatric population and rising prevalence of chronic diseases, rising preference and need for minimally invasive procedures, and rising number of new software products for AI in radiology.
Based on modality, in 2022, the CT scan segment is estimated to account for the largest share of this market. The large share of this segment is attributed to the large patient pool undergoing computed tomography scans, increased demand for chest CT scanning during the COVID-19 pandemic, and growing demand for early disease diagnosis.
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In 2022, based on end user, the hospitals segment is estimated to account for the largest share of the market. The large share of this segment is attributed to the rising number of diagnostic imaging procedures performed in hospitals, increasing adoption of AI-based solutions by doctors, and increased patient pool due to the COVID-19 outbreak.
This research report analyzes major geographies and provides a comprehensive analysis of North America (U.S., Canada), Europe (Germany, France, U.K., Italy, Spain, and RoE), Asia-Pacific (Japan, China, India, and RoAPAC), Latin America, and the Middle East & Africa.
In 2022, North America is estimated to account for the largest share of the AI in medical diagnostics market, followed by Europe and Asia-Pacific. North America’s major market is attributed to the rapid adoption of AI-based solutions, growing product developments and FDA approvals, and the early introduction of AI-driven platforms in several hospitals and diagnostics centers.
Key Players:
The key players operating in the AI in medical diagnostics market are Siemens Healthineers AG (Germany), GE Healthcare (U.S.), Aidoc Medical Ltd. (Israel), International Business Machines Corporation (U.S.), AliveCor, Inc. (U.S.), VUNO Inc. (South Korea), Digital Diagnostics Inc. (U.S.), NovaSignal Corp. (U.S.), Riverain Technologies (U.S.), NANO-X IMAGING LTD (Israel), Imagen Technologies (U.S.), Koninklijke Philips N.V. (Netherlands), Agfa-Gevaert Group (Belgium), HeartFlow, Inc. (U.S.), and Arterys Inc. (U.S.), among others.
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Scope of the Report:
AI in Medical Diagnostics Market, by Component
• Software
• Services
AI in Medical Diagnostics Market, by Specialty
• Radiology
• Cardiology
• Neurology
• Obstetrics/Gynecology
• Ophthalmology
• Other Specialties
(Other Specialties include oncology, dermatology, surgical pathology, nephrology, dentistry, etc.)
AI in Medical Diagnostics Market, by Modality
• MRI
• CT-scan
• X-ray
• Ultrasound
• Other Modalities
(Other modalities include ECG, PET scan, mammogram, etc.)
AI in Medical Diagnostics Market, by End User
• Hospitals
• Diagnostic Centers
• Others End Users
(Other end users include clinics, patients, and research centers)
AI in Medical Diagnostics Market, by Geography
• North America
o U.S.
o Canada
• Europe
o Germany
o France
o U.K.
o Italy
o Spain
o Rest of Europe (RoE)
• Asia Pacific
o China
o Japan
o India
o Rest of APAC (RoAPAC)
• Latin America
• Middle East & Africa