Artificial Intelligence (AI) in Medical Diagnostics Market size was valued at USD 1.31 billion in 2022 which is expected to reach USD 8.54 billion in 2030 with a CAGR of 26.4% for the forecast period between 2023 and 2030F. The AI in the Medical Diagnostics market has witnessed significant growth and evolution in recent years owing to increasing technological advancements in diagnostics, adoption of information technology and the growing use of AI in emerging economies, demand for automation and innovation in diagnostics. Overburdened healthcare systems due to the increasing prevalence of chronic diseases have led to the requirement for rapid and precise diagnostics. Precision diagnostics and handling larger diagnostics data are favoring the market. With the increasing adoption of Artificial Intelligence and information technology in diagnostics and healthcare, a large data is being produced at each step of caregiving which includes patient details, treatment history, diagnostic reports, and readings from medical devices. This data needs to be handled constructively and AI enters this space with its features of precision and reliability.
Moreover, recent developments in the AI in the Medical Diagnostics market have focused on enhancing reliability, precision, and ease of work. The market is expected to register a strong CAGR of xx% during the forecast period between 2023 and 2030F due to the evolving diagnostics market, adopting automation and AI. Market may witness tremendous growth due to promising efficiency and precision. Additionally, the rising investments and funding for AI-based start-ups are also boosting the AI in Medical Diagnostics market.
For instance, in August 2023, Radiology artificial intelligence (AI) training data provider Gradient Health received USD 2.5 million in a seed funding round. The company offers imaging datasets annotated by radiologists for use in training radiology AI algorithms.
Increasing Prevalence of Chronic Diseases
In the Global Artificial Intelligence in Medical Diagnosis Market, the increasing incidence of various diseases, including genetic, cardiovascular, and neurological conditions, substantially strains the healthcare system. The effective utilization of In Vitro Diagnostics (IVD) for early disease detection enables physicians to implement suitable treatments more efficiently. For Instance, based on a factsheet by the WHO in September 2022, Non-Communicable Diseases (NCDs) accounted for 41 million deaths, representing approximately 74% of all global fatalities.
The medical diagnostics industry demands automation owing to the increasing prevalence of chronic diseases which needs precision and early diagnosis. An article published in Frontiers, in January 2023, states that by 2035, 35.66% of the adult population 50 years and older will have at least one chronic condition, which is expected to increase to 47.81% by 2050. The increasing prevalence of chronic diseases is leading towards increasing demand for precise and rapid diagnostics, which AI can fulfil with higher proficiency. Diagnostics with AI can help in early disease detection and better treatment strategies. Hence, the increasing prevalence of chronic diseases is boosting the AI in medical diagnostics market.
Rising Fundings and Investment in AI based Startups
The Global Artificial Intelligence in Medical Diagnosis Market is witnessing an increasing investment trend in AI-based startups. Many market players are developing technologies and AI to boost the evolution of medical diagnostics. Stakeholders are dedicated to developing highly efficient AI-based diagnostic solutions to target shortcomings like overburdened healthcare systems, lack of precision and speed, etc. Startups are booming these days with highly targeted strategies and services, thus attracting a major chunk of funding. Such investments are coming from the public as well as the private sector and are highly promising in terms of growth and revenue for market players.
For instance, in March 2022, Qure.ai (Qure), a health-tech business raising USD 40 million in fundraising, employs artificial intelligence (AI) for medical imaging diagnostics. Hence, increasing funding and investments in AI-based startups is driving the market.
Government Initiatives
US FDA regulates artificial intelligence and machine learning-based healthcare products as medical devices and covers them as ‘Software as a Medical Device (SaMD). SaMD is software intended to be used for one or more medical purposes that perform purposes without being part of a hardware medical device. Regulatory bodies of all major countries are on their way to formulating regulations for analyzing the risks and benefits of using AI in medical diagnostics.
For instance, in September 2022, Food and Drug Administration (FDA) released new guidance stating that some artificial intelligence (AI) tools should be regulated as medical devices as part of the agency’s oversight of clinical decision support (CDS) software. Such regulations give significant value addition to the market.
Impact of COVID-19
The pandemic had a profound impact on the AI in Medical Diagnostics market globally. The pandemic exposed the shortcomings of the healthcare industry and enforced the adoption of AI and automation in diagnostics to reduce the burden on the healthcare system. With social distancing and other preventive protocols, the diagnostics system faced several adversities, and this enabled market players and startups to come up with innovative AI-powered solutions, thereby accelerating the adoption of AI in medical diagnostics. The demand for incorporating artificial intelligence in diagnostics is rising along with the demand for diagnostic imaging techniques, internationally. As per the article “Artificial Intelligence in the Diagnosis of COVID-19: challenges and perspectives,” published in April 2021, stated that artificial intelligence (AI) has been used at several levels of the healthcare system, including diagnosis, public health, clinical decision-making, and therapeutics. AI algorithms are vital for the fast diagnosis of COVID-19 patients, especially during the present pandemic.
Breast Cancer is Expected to Grow at the Fastest Rate
The breast screening segment is expected to experience the most rapid growth during the forecast period, driven by factors such as the increasing incidence of breast cancer and patient demand for early-stage diagnosis to facilitate precise treatment. Additionally, supportive government initiatives to aid clinical interpretation and improved access to breast cancer screening technologies are anticipated to further fuel market expansion.
Researchers from Northwestern University have developed an AI tool that can predict the course of invasive breast cancer by using cell patterns, which may help breast cancer patients avoid unnecessary chemotherapy treatments.
AI in Medical Diagnostics Market: Report Scope
AI in Medical Diagnostics Market Assessment, Opportunities and Forecast, 2016–2030F”, is a comprehensive report by Markets and Data, providing in-depth analysis and qualitative and quantitative assessment of the current state of the AI in Medical Diagnostics market globally, industry dynamics and challenges. The report includes market size, segmental shares, growth trends, COVID-19 and Russia-Ukraine war impact, opportunities and forecast between 2023 and 2030F. Additionally, the report profiles the leading players in the industry mentioning their respective market share, business model, competitive intelligence, etc.
Report Attribute
Details
Base Year of the Analysis
2022
Historical Period
2016–2021
Forecast Period
2023–2030F
Projected Growth Rate
CAGR of 26.4% between 2023 and 2030F
Revenue Forecast in 2030
USD 8.54 billion
Units
Revenue in USD billion
Segments Covered
Component Type, By Diagnosis Type, By Application, By End-user
Regions Covered
North America, Europe, South America, Asia-Pacific, Middle East and Africa
Key Companies Profiled
Siemens Healthineers, Zebra Medical Vision, Inc., Riverain Technologies, Inform AI LLC, Aidoc Medical Ltd., IBM Corporation, Imagen Technologies, Digital Diagnostics Inc., GE Healthcare, AliveCor Inc.
Customization Scope
15% free report customization with purchase
Pricing and Purchase Options
Avail the customized purchase options to fulfil your precise research needs
Delivery Format
PDF and Excel through email (subject to the license purchased)
In this report, AI in Medical Diagnostics Market has been segmented into the following categories:
1. By Component Type
1.1. Hardware
1.2. Services
1.3. Software
2. By Diagnosis Type
2.1. In-Vitro Diagnostics
2.2. Imaging Diagnostics
2.3. Others
3. By Application
3.1. Oncology
3.2. Neurology
3.3. Cardiology
3.4. Radiology
3.5. Gynaecology
3.6. Others
4. By Technology
4.1. Natural Language Processing
4.2. Machine Learning
4.3. Context Aware Computing
4.4. Computer Vision
5. By End-user
5.1. Hospitals
5.2. Diagnostic Imaging Centres
5.3. Diagnostic Laboratories
5.4. Others
6. By Region
6.1. North America
6.2. Europe
6.3. South America
6.4. Asia-Pacific
6.5. Middle East and Africa
Key Players Landscape and Outlook
The AI in the Medical Diagnostics market is highly competitive, with a few major players dominating the market. These players are IBM, Microsoft, Intel and GE Healthcare. These companies have a strong brand presence, a vast distribution network, and a focus on innovation. They are constantly investing in research and development to develop new technologies and products that meet the needs of their customers. The AI in the Medical Diagnostics market is expected to grow, driven by the increasing prevalence of chronic disease, rising funding and investments in AI-powered startups, and the demand for automation in medical diagnostics.
In April 2023, Metropolis Healthcare Limited announced the launch of a novel testing platform based on Component Resolved Diagnostics (CRD) to support diagnosing various forms of allergies among the Indian population. This launch is a promising step towards AI-based diagnostic platform development for allergy detections, which will further boost the market.
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Key Players Operating in AI in Medical Diagnostics Market
· Siemens Healthineers
· Zebra Medical Vision, Inc.
· Riverain Technologies
· Inform AI LLC
· Aidoc Medical Ltd.
· IBM Corporation
· Imagen Technologies
· Digital Diagnostics Inc.
· GE Healthcare
· AliveCor Inc.
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