The global AI in medical diagnostics market 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.

The growth in the AI in medical diagnostics market is largely driven by two key factors - the increasing availability of funding for startups developing AI-based medical diagnostic solutions, and the rising number of partnerships and collaborations between companies across different industries to advance AI technology for healthcare applications.

DOWNLOAD PDF BROCHURE: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=22519734

The software solutions segment is projected to account for the largest portion of the global AI in medical diagnostics market in 2023 when looking at the breakdown by components. The market is divided into software, hardware, and services segments. Software is estimated to make up the dominant share of the overall market this year. Moreover, among the components, the software segment is expected to register the fastest compound annual growth rate (CAGR) over the forecast period from 2023 to 2028.

There are a few key reasons why software is poised to see high adoption and rapid growth in the AI medical diagnostics space. Firstly, software-based AI solutions enable healthcare institutions and radiology centers to optimize workflows, improve diagnostic accuracy, and maintain a competitive edge amidst challenges like staff shortages and ever-increasing volumes of imaging scans. The software tools incorporate cutting-edge AI algorithms to automate analysis of complex medical images, detect anomalies, suggest diagnoses, and highlight insights that may be missed by the human eye. Unlike hardware, software solutions can be more readily integrated into existing clinical IT systems and diagnostic infrastructure at relatively lower costs. Additionally, cloud-based software solutions offer greater accessibility, scalability, and more frequent feature upgrades over time. With advanced analytical capabilities and minimal disruption to workflows, AI diagnostic software solutions empower providers to boost productivity and enhance patient outcomes. As a result, the market share and growth potential for the AI software segment outweighs hardware and services segments within the medical diagnostics industry.

The in vivo diagnostics segment is forecasted to comprise the largest portion of the artificial intelligence (AI) in medical diagnostics market in 2023, when categorized by application. The market is segmented into in vivo and in vitro diagnostics applications. The in vivo segment is projected to hold the dominant share this year due to rising adoption of AI solutions by healthcare professionals. AI tools can help reduce human errors and improve treatment efficacy. However, the in vitro diagnostics segment is estimated to exhibit the highest compound annual growth rate (CAGR) over the forecast period. In vitro diagnostics are primarily conducted in diagnostic laboratories, pathology centers, microbiology labs, and immunology labs. This segment demonstrates significant growth potential since it remains largely untapped, especially across emerging markets. In vitro tests allow earlier detection of diseases and can monitor patient health status, driving adoption. Overall, while in vivo dominates the current market, in vitro diagnostics presents high expansion opportunities.

Hospitals are expected to be the largest end user segment of the AI medical diagnostics market in 2023. Hospitals are using more minimally invasive processes to improve patient care quality. They are also adopting advanced imaging technologies more to make workflows more efficient. These factors are driving growth in the hospital segment. Diagnostic imaging centers, diagnostic labs, and other end users make up the rest of the market segments. But hospitals will remain the biggest user of AI medical diagnostics through 2023.

North America is expected to dominate the AI medical diagnostics market in 2023. The regions covered are North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The Asia Pacific market is projected to grow at the fastest rate during the forecast period

To speak to our analyst for a discussion on the above findings

Key Players

Prominent players in this 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).

About MarketsandMarkets™

MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report.

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

Earlier this year, we made a formal transformation into one of America’s best management consulting firms as per a survey conducted by Forbes.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines — TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the ‘GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies — helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.

No posts.
No posts.
Subscribe to: Posts (Atom)