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The Global Artificial Intelligence In Medical Diagnostics Market is estimated to reach USD XX.X million in 2021 and is expected to grow at a CAGR of XX.X% during the forecast period. Artificial intelligence in medical diagnostics describes the use of machine learning algorithms and software or artificial intelligence (AI) to mimic human cognition in the presentation, analysis. They are programmed to accurately spot signs of certain diseases in medical images like x-rays, magnetic resonance imaging (MRI), computed tomography (CT) scans, and many others.
Factors driving the market are rising demands for reasonable diagnosis technologies, and quick data generation, and consolidation. In addition, growing demand in diagnosis due to reduction of cost along with effective data and presentation which suggest quick treatments, advancement in AI-based tools across the countries are the factors driving the global artificial intelligence in medical diagnostics market.
With advanced technological diagnostics imaging in the healthcare sector needs to be handled with proper care. However, there is observed reluctance among the doctors for adopting new technologies due to lack of knowledge is restraining the market growth of artificial intelligence in the medical diagnostics market.
Moreover, an increasing number of start-ups in healthcare operating in artificial intelligence-based diagnosis with increasing investments by venture capitals for developing innovative medical diagnostic imaging technologies are creating new opportunities during the forecast period.
With the application of artificial intelligence in medical diagnostics, it is observed that healthcare professionals are collecting multiple types of data. The multiple data, which is creating confusion about which one to follow for solving medical problems by looking only at images, is challenging the artificial intelligence in medical diagnostics market growth.
COVID-19 Impact on Global Artificial Intelligence in Medical Diagnostics Market
Artificial intelligence in the medical diagnostics market has played an important role during the Covid-19 pandemic and had favorably affected the healthcare sectors. The increasing Covid-19 patients need medical imaging diagnosis for their treatment that needs artificial intelligence such as MRI, CT scans, or ultrasound technologies for detecting virus strains, which as a result increased in demand in this pandemic situation.
Additionally, the adoption of AI-based imaging by healthcare professionals during the pandemic is further boosting the overall market scenario.
TABLE 1: GLOBAL ARTIFICIAL INTELLIGENCE IN MEDICAL DIAGNOSTICS MARKET OVERALL SNAPSHOT
The global artificial intelligence in medical diagnostics market report has been segmented by component, by technology, by application, by end user, and region.
FIGURE 2: GLOBAL ARTIFICIAL INTELLIGENCE IN MEDICAL DIAGNOSTICS MARKET SEGMENTATION
Global Artificial Intelligence in Medical Diagnostics Market, by Component
Based on component, the global artificial intelligence in medical diagnostics market is segmented into software, hardware, and services. Among these, the software segment captures the largest market share for artificial intelligence in medical diagnosis in 2021 and is anticipated to remain largest during the forecast period. Due to the development in AI-based tools in software, the adoption rate also increases in the healthcare sectors for diagnostics imaging.
In addition, the rising demand for artificial intelligence and cloud-based technologies by the healthcare segment to detect health disorders in patients through MRI, CT scans or ultrasounds are propelling the growth of the market.
Global Artificial Intelligence in Medical Diagnostics Market, by Technology
Based on technology, the market is segmented into machine learning, natural language processing, computer vision, and context-aware computing. Among all of the segments machine learning segment is the fastest growing in medical diagnostics in 2021 and is anticipated to remain fastest during the forecast period. Because machine learning can detect infections, conditions, and diseases accurately with innovative technological software and suggest proper treatments before life risk occurs.
Machine learning technology is now being explored and leveraged to shorten the diagnosis process of many diseases like cancer. Machine learning has become widespread in healthcare for its ability to help with the early- diagnosis of diseases, relatively quickly and with accuracy are the factors driving the growth of artificial intelligence in the medical diagnostics market.
Global Artificial Intelligence in Medical Diagnostics Market, by Application
Based on application, the market is segmented into in vivo diagnostics and in vitro diagnostics. Further in vivo diagnostics is segmented into by specialty and by modality. Further by specialty is segmented into cardiology, neurology, radiology, ophthalmology, and obstetrics/gynecology. Further by modality is segmented into CT scan, MRI, ultrasound, x-ray, and others.
Among all of the segments, Vivo diagnostics captures the largest market share in 2021 and is anticipated to remain the largest during the forecast period. As Vivo diagnostics include imaging tests performed directly on patients, like MRI, ultrasound scanning, and positron emission tomography, are boosting the overall market growth of Vivo diagnostics.
Global Artificial Intelligence in Medical Diagnostics Market, by End User
Based on end user, the market is segmented into diagnostics centers, hospitals, research & academia, and ambulatory care centers. The Hospital segment captures the largest market share for AI-based medical diagnostics in 2021 and is anticipated to remain largest till the forecast period.
Factors attributing to the growth of the hospital segment is because the rising number of diagnostic imaging procedures performed in hospitals through innovative AI-based tools and software.
Additionally, the high adoption of advanced imaging technologies to improve patient care efficiently in hospitals as well as increasing adoption of minimally invasive procedures in hospitals are driving the hospital segment's growth.
Global Artificial Intelligence in Medical Diagnostics Market, by Region
Based on region, the market is segmented into North America, Europe, Asia Pacific, the Middle East and Africa, and South America. North America is the fastest growing market for artificial intelligence in medical diagnostics in 2021 and is anticipated to remain the fastest during the forecast period. Due to well-established healthcare sectors and growing adoption of AI-based medical imaging for treating patients are the factors driving the market.
Innovative medical equipment with advanced software in the healthcare sectors along with the presence of leading players in artificial intelligence in the medical diagnostics market are such as Microsoft Corporation, NVIDIA, GE Healthcare, and others are contributing their revenues which is boosting the North American market.
Additionally, Asia Pacific is also shown significant growth in artificial intelligence in the medical diagnostics market. The growth is attributed to increasing government initiatives for the development of healthcare sectors by encouraging healthcare professionals to adopt innovative medical imaging technologies for the treatment of patients. The treatment of patients is mainly by reducing cost, improving clinical services, and adopting digital platforms in medical diagnosis to boost the market growth in this region.
TABLE 2: GLOBAL ARTIFICIAL INTELLIGENCE IN MEDICAL DIAGNOSTICS MARKET OVERVIEW
FIGURE 3: GLOBAL ARTIFICIAL INTELLIGENCE IN MEDICAL DIAGNOSTICS MARKET (USD MILLION), 2021–2030
Recent Developments in the Global Artificial Intelligence in Medical Diagnostics Market
What Does This Report Provide?
This report provides a detailed understanding of the global artificial intelligence in medical diagnostics market from qualitative and quantitative perspectives during the forecast period. The report also provides dynamic indicators with potential impact on the market during the forecast period and an in-depth analysis of the leading companies operating in the market. The major market drivers, challenges, and opportunities for the global artificial intelligence in medical diagnostics market have been covered in the report. This report further includes the market shares of the leading companies operating in the global market, along with their production capacities and the growth strategies adopted by them.
By End User:
North America Artificial Intelligence in Medical Diagnostics Market
Europe Artificial Intelligence in Medical Diagnostics Market
Asia Pacific Artificial Intelligence in Medical Diagnostics Market
Middle East and Africa Artificial Intelligence in Medical Diagnostics Market
South America Artificial Intelligence in Medical Diagnostics Market
Major Companies: In this report, the major companies studied are: Microsoft Corporation, Intel, Day Zero Diagnostics, Butterfly Network, Inc., Zebra Medical Vision, GE Healthcare, Digital Diagnostics, NVIDIA, InformAI, IBM, and Others.
Objectives of this Report:
Key Questioned Answered in the Study:
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