Artificial Intelligence (AI) in Medical Diagnostics Market Worth $3.7 billion | MarketsandMarkets

2023-10-19

CHICAGO, Oct. 19, 2023 /PRNewswire/ -- In the near future, Artificial Intelligence (AI) is poised to revolutionize the medical diagnostics industry, offering unprecedented accuracy and efficiency in disease detection and patient care. Through the integration of machine learning algorithms and advanced imaging technologies, AI-driven diagnostic systems will enable healthcare professionals to swiftly and accurately identify a wide range of medical conditions, from cancer and cardiovascular diseases to rare genetic disorders. This transformation promises faster and more cost-effective diagnoses, reduced human error, and ultimately, improved patient outcomes. As AI continues to advance, its role in medical diagnostics will not only enhance the capabilities of healthcare providers but also make healthcare more accessible and effective for people worldwide.

Artificial Intelligence (AI) in Medical Diagnostics Market in terms of revenue was estimated to be worth $1.3 billion in 2023 and is poised to reach $3.7 billion by 2028, growing at a CAGR of 23.2% from 2023 to 2028 according to a new report by MarketsandMarkets. Growth in this market is majorly driven by the accessibility of funding for AI-based startups, and the mounting number of cross-industry partnerships & collaborations.

However, Inadequate AI workforce and ambiguous regulatory guidelines for medical software are factors expected to restrain the market growth.

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Artificial Intelligence (AI) in Medical Diagnostics Market

Scope:

"Software segment is estimated to account for the largest share of the AI in Medical Diagnostics Market in 2023, by component"

On the basis of components, the AI in medical diagnostics market is segmented into software, hardware, and services. In 2023, the software segment is expected to hold the largest share of this market, while the software segment is estimated to grow at a higher CAGR from 2023 to 2028. Software solutions empower healthcare providers to maintain a competitive edge, even in the face of challenges such as staffing shortages and the growing volume of imaging scans.

"The In Vivo Diagnostics segment is estimated to account for the largest share of the AI in Medical Diagnostics Market in 2023, by application"

On the basis of application, AI in medical diagnostics market is divided into in vivo and in vitro diagnostics. In 2023, the in vivo diagnostics segment is expected to hold the largest share of this market. Factors such as rising adoption of AI solutions by practitioners, as these solutions aid lower human errors and advance treatment efficacy. However, the in vitro diagnostics segment is estimated to register highest CAGR during forecast period. In Vitro diagnostics is conducted mainly conducted in diagnostic laboratories, pathologies, microbiology centers, and immunology centers. However, in Vitro diagnostics has high growth potential,as it is largely untapped, especially in emerging markets.

"The Hospital segment is estimated to account for the largest share of the AI in Medical Diagnostics Market in 2023, by end user"

On the basis of end users, AI in medical diagnostics market is segmented into hospitals, diagnostic imaging centers, diagnostic laboratories, and other end users. In 2023, the hospitals segment is expected to hold the largest share of this market. Growth in this segment is driven by rising use of minimally invasive processes in hospitals to focus on quality of patient care, and the mounting adoption of advanced imaging modalities to improve workflow efficiency.

"North America to dominate the AI in medical diagnostics market in 2023"

On the basis of region, AI in medical diagnostics market has been segmented into North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa. In 2023, North America is projected to account for the largest market share of this market. However, the Asia Pacific market is projected to register the highest CAGR during the forecast period. The high growth rate of the Asia Pacific market can be due to expanding number of cancer patients in Asia Pacific countries and growth approaches companies implement in emerging markets.

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Artificial Intelligence (AI) in Medical Diagnostics Market

Dynamics:

Drivers:

Influx of big data

Growing number of cross-industry partnerships & collaborations

Increasing demand for AI-based solutions to reduce work pressure on radiologists

Rising government initiatives to drive AI-based technologies

Availability of funding for AI-based startups

Restraints:

Reluctance among medical practitioners to adopt AI-based technologies

Inadequate AI workforce and ambiguous regulatory guidelines for medical software

Opportunities:

Untapped emerging markets

Growing potential of AI in imaging diagnostics for COVID-19

Increasing focus on developing human-aware AI systems

Challenge:

Budgetary constraints

Unstructured healthcare data

Data privacy concerns

Limited interoperability for AI solutions

Key Market Players of

Artificial Intelligence (AI) in Medical Diagnostics Industry

Prominent players in AI in Medical Diagnostics market are Microsoft (US), NVIDIA Corporation (US), Merative (US), Intel Corporation (US), Google (US), Siemens Healthineers (Germany), GE HealthCare (US), Digital Diagnostics Inc. (US), Advanced Micro Devices, Inc. (US), InformAI (US), HeartFlow, Inc. (US), Enlitic, Inc. (US), icometrix (Belgium), Aidence (Netherlands), Butterfly Network, Inc. (US), Nano-X Imaging LTD. (Israel), Viz.ai, Inc (US), Quibim (Spain), Qure.ai (India), Therapixel (France), Aidoc (US), Koninklijke Philips N.V. (Netherlands), Lunit, Inc. (South Korea), EchoNous, Inc. (US), and Brainomix (UK).

Recent Developments:

In September 2023, Mayo Clinic (US) and GE HealthCare (US) collaborated on research and product development programs to better equip clinicians and help diagnose and treat medical conditions.

In January 2023, Intel Corporation (US) launched 4th Gen Intel Xeon Scalable processors (code-named Sapphire Rapids), the Intel Xeon CPU Max Series (code-named Sapphire Rapids HBM) and the Intel Data Center GPU Max Series (code-named Ponte Vecchio), delivering a leap in data center performance, efficiency, security and new capabilities for AI, the cloud, the network and edge, and the world's most powerful supercomputers.

In October 2022, Google Cloud (US) launched Medical Imaging Suite, a new industry solution that makes imaging healthcare data more accessible, interoperable, and useful. Google Cloud enables the development of AI for imaging to support faster, more precise diagnosis of images, increased productivity for healthcare workers, and improved care access and patient outcomes.

In January 2022, Siemens Healthineers (Germany) and Ohio State Wexner Medical Center (US) partnered to provide cutting-edge imaging and treatment technology to Ohio State patient care, research institutions, and the surrounding regions. The alliance offers cutting-edge radiation oncology and advanced imaging modalities on the Outpatient Care West Campus.

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Artificial Intelligence (AI) in Medical Diagnostics Market Advantages:

Improved Accuracy: AI systems can analyze vast amounts of medical data with precision, reducing the likelihood of human errors in diagnosis and increasing the accuracy of results.

Early Disease Detection: AI can detect diseases at an earlier stage when treatment is often more effective, potentially saving lives and reducing healthcare costs.

Efficiency: AI streamlines the diagnostic process, providing rapid results and reducing the time patients spend waiting for diagnoses, which can lead to quicker treatment and better outcomes.

Cost Reduction: AI can reduce the cost of medical diagnostics by automating tasks and increasing the efficiency of healthcare professionals, making healthcare more accessible and affordable.

Personalized Medicine: AI can analyze patient data to tailor treatment plans, taking into account individual genetic, lifestyle, and environmental factors, thus enhancing the effectiveness of treatment.

Remote Diagnostics: AI enables remote diagnostics and telemedicine, improving access to healthcare in remote or underserved areas, and during global health crises like pandemics.

Data Analysis: AI can process vast amounts of data from various sources, such as medical records, images, and patient histories, to assist in complex diagnostic processes and research.

Continuous Monitoring: AI can provide real-time monitoring of patients, alerting healthcare providers to changes in health status and enabling timely interventions.

Enhanced Imaging: AI can enhance the quality of medical imaging, such as MRI and CT scans, allowing for more accurate and detailed diagnoses.

Research and Drug Discovery: AI aids in drug discovery, identifying potential compounds and accelerating the development of new treatments, ultimately advancing medical science.

Reduced Physician Workload: AI can handle routine, time-consuming tasks, allowing physicians to focus more on patient care and complex cases.

Consistency: AI systems provide consistent results, eliminating variations that can occur due to human factors and making diagnostic and treatment processes more reliable.

These advantages highlight the transformative potential of AI in the medical diagnostics market, improving patient care, increasing efficiency, and advancing the capabilities of healthcare professionals.

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