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Artificial Intelligence in Medical Diagnostics Market, by Component (Software, Hardware, and Services), Technology (Machine Learning, Natural Language Processing, Computer Vision, and Context-Aware Computing), Application (In Vivo Diagnostics {by Specialty [Cardiology, Neurology, Radiology, Ophthalmology, and Obstetrics/Gynecology] and Modality [CT scan, MRI, Ultrasound, X-rays, and Others]} and In Vitro Diagnostics), End User (Diagnostics Laboratories, Diagnostics Imaging Centers, Hospitals, and Others), and Region (North America, Europe, Asia Pacific, Middle East and Africa, and South America) — Industry Trends and Forecast to 2030

COVID-19 Impact : Our team has been closely monitoring the current developments to identify the potential impact of COVID-19 on stakeholders and business processes across the value chain of industries. A special section about COVID-19 will be covered with the report to help companies in defining sustainable strategies.

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

table1

Market Segmentation

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

fig 1

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

table 2

FIGURE 3: GLOBAL ARTIFICIAL INTELLIGENCE IN MEDICAL DIAGNOSTICS MARKET (USD MILLION), 2021–2030

fig 2

Recent Developments in the Global Artificial Intelligence in Medical Diagnostics Market

  • August 2021 –- E-Paarvai, an application based on artificial intelligence developed by Tamil Nadu e-Governance Agency (TNeGA), allows healthcare workers (HCWs) to detect cataracts on the spot with 91% accuracy.
  • August 2021 – Quest Diagnostics (DGX) acquired Florida-Based Nationwide Laboratory Service’s (NLS) select assets. Quest Diagnostics is expecting to broaden its spectrum in diagnostic innovation and insights by helping the company to offer better healthcare facilities to more communities in South Florida.
  • March 2021 – In Brazil the researcher’s team, built a computer program by various methods to detect Covid-19 in chest X-rays with 95.6 to 98.5% accuracy. To process the imaging X-rays and AI are combined both of which serve as a rapid diagnostic tool for Covid-19 detection.
  • November 2020 – Researchers at Northwestern University, have created DeepCOVID-XR, a replacement platform supported AI that detects Covid-19 by analyzing X-ray imaging of the lungs. The new technology has the power to identify Covid-19 in X-rays about 10 times faster and 1-6% more accurately.
  • 2020 – Redmond and Microsoft partnered to distribute a programming interface for helping in the treatment and detection of diseases and reading medical imaging data.

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.

Market Segmentation:

By Component:

  • Software
  • Hardware
  • Services

By Technology:

  • Machine Learning
  • Natural Language Processing
  • Magnetic Resonance Imaging
  • Computer Vision
  • Context-Aware Computing

By Application:

  • In Vivo Diagnostics
    • By Speciality
      • Cardiology
      • Neurology
      • Radiology
      • Ophthalmology
      • Obstretica/Gynaecology
    • By Modalities
      • CT scan
      • MRI
      • Ultrasound
      • X-rays
      • Others
    • In Vitro Diagnostics

By End User:

  • Diagnostics Laboratories
  • Diagnostics Imaging Centres
  • Hospitals
  • Others

By Region:

North America Artificial Intelligence in Medical Diagnostics Market

  • North America, by Country
    • U.S
    • Canada
    • Mexico
  • North America, by Component
  • North America, by Technology
  • North America, by Application
  • North America, by End User

Europe Artificial Intelligence in Medical Diagnostics Market

  • Europe, by Country
    • Germany
    • U.K
    • France
    • Italy
    • Spain
    • Russia
    • Rest of Europe 
  • Europe, by Component
  • Europe, by Technology
  • Europe, by Application
  • Europe, by End User

Asia Pacific Artificial Intelligence in Medical Diagnostics Market

  • Asia Pacific, by Country
    • China
    • India
    • Japan
    • South Korea
    • Australia
    • Rest of Asia-Pacific 
  • Asia Pacific, by Component
  • Asia Pacific, by Technology
  • Asia Pacific, by Application
  • Asia Pacific, by End User

Middle East and Africa Artificial Intelligence in Medical Diagnostics Market

  • Middle East and Africa, by Country 
    • UAE
    • Saudi Arabia
    • Qatar
    • South Africa
    • Rest of Middle East and Africa
  • Middle East and Africa, by Component
  • Middle East and Africa, by Technology
  • Middle East and Africa, by Application
  • Middle East and Africa, by End User

South America Artificial Intelligence in Medical Diagnostics Market

  • South America, by Country 
    • Brazil
    • Argentina
    • The Rest of South America
  • South America, by Component
  • South America, by Technology
  • South America, by Application
  • South America, by End User

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:

  • To estimate the market size for the artificial intelligence in medical diagnostics market on a regional and global basis.
  • To identify major segments in the artificial intelligence in medical diagnostics market and evaluate their market shares and demand.
  • To provide a competitive scenario for the artificial intelligence in medical diagnosticss market with major developments observed by the key companies in the historic years.
  • To evaluate key factors governing the dynamics of artificial intelligence in medical diagnostics market with their potential growth during the forecast period.
  • To evaluate the leading company-wise pricing analysis for the mentioned applications.

Key Questioned Answered in the Study:

  • What are major growth drivers and market trends that impacting on the global artificial intelligence in medical diagnostics market?
  • What the market size both in terms of value and volume for global artificial intelligence in medical diagnostics market?
  • Who are leading market players and who are the new market players that operate in the global artificial intelligence in medical diagnostics market with an estimated market share?
  • What are the future investment pockets and opportunity in the global artificial intelligence in medical diagnostics market?
  • Major list of customers and potential futuristic customer list along with an estimated buying volume
  • Impact of COVID-19 on global artificial intelligence in medical diagnostics market

Customization:

This study is customized to meet your specific requirements:

  • By sub-segment
  • By client-specific country, type, and application market analysis
  • Pricing analysis along with the potential list of customers
  • Product-specific competitive analysis

For more information, contact: [email protected]

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