AI in Medical Diagnostics Market Size, Share, By Component (Software, Hardware, and Services), By Application (In Vitro Diagnostics, Diagnostic Imaging, and Others), By End- Use (Hospitals, Diagnostic Imaging Centers, Diagnostic Laboratories, and Others), and By Region (North America, Europe, Asia Pacific, Middle East and Africa, and South America) - Trends, Analysis and Forecast till 2034

Report Code: PMI530424 | Publish Date: June 2024 | No. of Pages: 175

Ai In Medical Diagnostics Market Overview

Medical diagnostics is assessing illnesses or diseases by looking at test findings, medical history, and symptoms. The objectives of medical diagnostics are to find the source of a medical issue and make an accurate diagnosis to administer appropriate treatment. In light of the recent AI revolution, medical diagnostics could undergo a revolution by increasing the diagnostic process's speed, efficiency, and forecast accuracy.

Artificial intelligence (AI) algorithms can analyze medical pictures, such as X-rays, MRIs, ultrasounds, CT scans, and DXAs, and help medical professionals diagnose and identify illnesses more rapidly and accurately. Medical 2D/3D imaging, bio-signals (such as ECG, EEG, EMG, and EHR), vital indicators (such as body temperature, pulse rate, respiration rate, and blood pressure), demographic data, medical history, and laboratory test results are just a few of the many patient data types that AI is capable of analyzing. This could aid in decision-making and yield precise forecast outcomes. This can assist medical professionals in making better-informed choices regarding patient care.

The potential for increased diagnostic efficiency, accuracy, and personalised treatment drives AI in the medical diagnostics market. The market is developing due to rising healthcare expenses and an increasing focus on early disease identification. Obstacles like legal restrictions may hamper adoption, data privacy concerns, and a strong healthcare infrastructure requirement. Possibilities include developing AI-powered point-of-care diagnostics, expanding healthcare demands in emerging areas, and ongoing improvements in AI technology. All things considered, artificial intelligence in medical diagnostics will significantly increase and change patient outcomes and healthcare delivery.

Key Market Insights:

  • 2024 Valuation: The market stood at USD 1.5 Billion.
  • CAGR: The expected growth rate from 2024 to 2034 is 25.1%.
  • Future Forecast: By 2034, the market will reach USD 11.5 Billion.

AI in Medical Diagnostics Market

Disclaimer: This data is only a representation. Actual data may vary and will be available in the report.

Ai In Medical Diagnostics Market Dynamics

Key Drivers of Target Market:

Improved effectiveness of diagnosis:

  • During the forecast period, the overall market growth is anticipated to be aided by the potential for improved diagnosis by integrating artificial intelligence into imaging devices. AI systems can quickly and accurately analyze medical imaging such as MRIs, CT scans, and X-rays. This speeds up diagnosis turnaround times by automating tasks that human radiologists may find laborious and time-consuming.

Increasing Spending on AI-Powered Medical Diagnostics:

  • Given that AI-based medical diagnostics offers fast analysis and excellent efficiency in accurately diagnosing diseases, public and private enterprises are heavily investing in this field in response to the growing demand for AI-based healthcare solutions, such as AI-based medical diagnostics appliances and tools. To create AI-driven diagnostic tools, publicly traded firms, including tech giants like Google, Microsoft, and IBM, are utilizing their financial stability, technological know-how, and a large allocation of resources, such as AI-based hardware and software.

Restrains:

Regulatory Obstacles and Data Privacy Issues:

  • The regulatory environment for artificial intelligence in medical diagnostics is continually developing. Specific solutions may not be able to reach the market since obtaining regulatory clearances for AI-powered technologies can be a time-consuming and complicated procedure. AI systems also depend on big databases of medical information. Medical data collection and use for AI development may face obstacles, from strict data privacy laws to patient data security concerns.

Opportunities:

Developing Markets:

  • For AI-powered diagnostics, developing nations with expanding healthcare requirements and rising healthcare costs offer a vast market opportunity. AI usage is anticipated to increase in these areas as their healthcare infrastructure advances. Furthermore, in environments with limited resources, AI-powered point-of-care diagnostic systems can bring diagnostic capabilities closer to patients. This can facilitate access to diagnostics, particularly in isolated locations with little access to facilities for specialized medical treatment.

Ai In Medical Diagnostics Market Segmentation

The market is segmented based on Component, Application, End-use, and Region.

Component Insight:

  • Software: The market leader and most outstanding revenue share belonged to the software component category, whose expansion may be attributed to the growing need for AI-enabled diagnostic solutions that can provide accurate diagnoses as soon as possible. The world's population is being diagnosed with a wide range of acute and chronic ailments at an accelerating rate, which is predicted to fuel demand for cutting-edge AI-enabled solutions.
  • Hardware: The hardware market provides the specialized processing power required to execute intricate AI algorithms. It has strong computers or cloud-based systems that can effectively process big datasets and medical photos.
  • Services: The services division offers a range of services to help with the application and use of AI in medical diagnostics. It comprises services for developing AI models and customizing them to fit the demands of certain healthcare organizations.

Application Insight:

  • In Vitro Diagnostics: The In-Vitro Diagnostics (IVD) section centers on interpreting data from laboratory, genetic, and blood tests using artificial intelligence. Artificial intelligence (AI) can analyse complicated lab data and find relationships and patterns that human analysis would overlook.
  • Diagnostic Imaging: The market for cloud-based, AI-powered solutions that enhance diagnostic accuracy when analyzing patient images is expanding, driving growth in the diagnostic imaging. AI integration is comparatively more prominent in imaging because AI algorithms are better suited to analyze image data produced by diagnostic imaging equipment, such as MRI and CT scans. However, the use of AI-based solutions for in-vitro diagnostics is growing over time.
  • Others: Applications in the others section can include dermatology, ophthalmology, and electrocardiogram (ECG) analysis, among other fields of medical diagnostics where AI is being investigated.

End-Use Insight:

  • Hospitals: Hospitals are predicted to hold the highest market share. The increasing use of advanced imaging modalities to enhance workflow efficiency and the growing use of minimally invasive procedures in hospitals to prioritize patient care quality are the main drivers of this segment's growth.
  • Diagnostic Imaging Centers: Diagnostic imaging centers use artificial intelligence (AI) to analyse images more quickly and accurately, which helps with diagnosis and improves patient outcomes.
  • Diagnostic Laboratories: AI is used in diagnostic laboratories to help pathologists analyse tissue samples, improving workflow and resulting in more accurate diagnoses.
  • Others: The "others" section includes telemedicine providers, clinics, and ambulatory care facilities. These organizations are progressively utilizing AI-powered diagnostics to improve their diagnostic capacities and provide effective care.

Regional Insights

  • North America: With a majority market share, the North American region led the global market and is expected to continue leading it during the projection period. Several factors, including the widespread presence of well-established healthcare IT infrastructure, ongoing technological advancements, the emergence of several new advanced healthcare-based startups, high levels of digital literacy, and numerous beneficial government initiatives primarily drive the region's demand and market growth.
  • Asia Pacific: Due to an increasing number of private and public initiatives aimed at the adoption of AI-based medical diagnostic solutions, as well as growing recognition and funding in nations such as China, India, and Malaysia, the Asia Pacific region is expected to grow at the fastest rate with a healthy compound annual growth rate (CAGR) in the years to come.
  • Europe: Europe is the second-biggest market for artificial intelligence in medical diagnostics, with growth spearheaded by nations like France, Germany, and the United Kingdom. The primary drivers of the European market are the growing number of government initiatives to encourage the deployment of AI-based technologies and the growing public awareness of AI's advantages in healthcare.
  • Latin America: Though comparatively smaller than other regions, the Latin American market for AI in medical diagnostics is expected to rise rapidly in the upcoming years.
  • Middle East and Africa: Due to increased investments in healthcare infrastructure and growing awareness of the advantages of AI-based solutions, the Middle East and Africa region offers the medical diagnostics AI market tremendous potential opportunities.

AI in Medical Diagnostics Market Report Scope:

Attribute

Details

Market Size 2024

USD 1.5 Billion

Projected Market Size 2034

USD 11.5 Billion

CAGR Growth Rate

25.1 %

Base year for estimation

2023

Forecast period

2024 – 2034

Market representation

Revenue in USD Billion & CAGR from 2024 to 2034

Market Segmentation

By Component- Software, Hardware, and Services

By Application- In Vitro Diagnostics, Diagnostic Imaging, and Others

By End- Use - Hospitals, Diagnostic Imaging Centers, Diagnostic Laboratories, and Others

Regional scope

North America - U.S., Canada

Europe - UK, Germany, Spain, France, Italy, Russia, Rest of Europe

Asia Pacific - Japan, India, China, South Korea, Australia, Rest of Asia-Pacific

Latin America - Brazil, Mexico, Argentina, Rest of Latin America

Middle East & Africa - South Africa, Saudi Arabia, UAE, Rest of Middle East & Africa

Report coverage

Revenue forecast, company share, competitive landscape, growth factors, and trends

Segments Covered in the Report:

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2024 to 2034. For the purpose of this study segmented the target market report based on Component, Application, End- Use, and Region:

By Component:

  • Software
  • Hardware
  • Services

By Application:

  • In Vitro Diagnostics
  • Diagnostic Imaging
  • Others

By End-Use:

  • Hospitals
  • Diagnostic Imaging Centers
  • Diagnostic Laboratories
  • Others

By Region:

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • UK
    • France
    • Russia
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • Israel
    • South Africa
    • Rest of Middle East & Africa

Ai In Medical Diagnostics Market Key Players

The key players operating the AI in the Medical Diagnostics Market include Siemens Healthineers, Zebra Medical Vision, Inc., Riverain Technologies, Vuno, Inc., Aidoc, Neural Analytics, Imagen Technologies, Digital Diagnostics, Inc., GE Healthcare, AliveCor Inc., Microsoft, NVIDIA Corporation, and Merative.

AI in Medical Diagnostics Market Size

Disclaimer: This data is only a representation. Actual data may vary and will be available in the report.

Ai In Medical Diagnostics Market Key Issues Addressed

  • In April 2024, Happiest Minds Technologies Limited and MindSculpt Analytics announced their collaboration. Emphasizing personal health and wellness, the new partnership seeks to provide cutting-edge medical diagnostic solutions by utilising artificial intelligence and machine learning technology.
  • In December 2023, Principal data analytics company Enlitic declared that it is signing contracts with Endex, a worldwide enterprise imaging partner. The goal of the new partnership is to enhance medical imaging data standardisation. As a result of the new agreement, Enlitic's data standardisation programme Endex will be integrated with Infinitt PACS.
  • In June 2022, Bayer introduced Calantic digital solutions to address issues facing the radiology sector. Apps for lesion detection, patient management, and task management are available on the new platform for radiologists. Bayer increased its radiology business's digital capabilities.

Ai In Medical Diagnostics Market Company Profile

  • Siemens Healthineers
  • Zebra Medical Vision, Inc.
  • Riverain Technologies
  • Vuno, Inc.
  • Aidoc
  • Neural Analytics
  • Imagen Technologies
  • Digital Diagnostics, Inc.
  • GE Healthcare
  • AliveCor Inc.
  • Microsoft
  • NVIDIA Corporation
  • Merative

FAQs

AI in Medical Diagnostics Market Size was valued at USD 1.5 billion in 2024 and is expected to grow at a CAGR of 25.1% to reach USD 11.5 billion by 2034

The AI in the Medical Diagnostics Market is segmented into Components, Applications, Uses, and Regions.

Factors driving the market include improved effectiveness of diagnosis and increasing spending on AI-powered medical diagnostics.

Regulative obstacles and data privacy issues are market restraining factors in the AI in the medical diagnostics market.

The AI in the medical diagnostics market is segmented by region into North America, Asia Pacific, Europe, Latin America, the Middle East, and Africa. North America is expected to dominate the Market.

The key players operating in the AI market in the Medical Diagnostics Market include Siemens Healthineers, Zebra Medical Vision, Inc., Riverain Technologies, Vuno, Inc., Aidoc, Neural Analytics, Imagen Technologies, Digital Diagnostics, Inc., GE Healthcare, AliveCor Inc., Microsoft, NVIDIA Corporation, and Merative.