Dublin, Sept. 02, 2021 (GLOBE NEWSWIRE) -- The "Artificial Intelligence (AI) in Medical Diagnostics Market by Component (Software, Service), Application (In Vivo, Radiology, OBGY,MRI, CT, Ultrasound, IVD), End User (Hospital, Diagnostic Laboratory, Diagnostic Imaging Center)- Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
The global AI in medical diagnostics market is projected to reach USD 3,868 million by 2025 from USD 505 million in 2020, at a CAGR of 50.2% during the forecast period.
Growth in this market is primarily driven by government initiatives to increase the adoption of AI-based technologies, increasing demand for AI tools in the medical field, growing focus on reducing the workload of radiologists, influx of large and complex datasets, growth in funding for AI-based start-ups, and the growing number of cross-industry partnerships and collaborations.
Software segment is expected to grow at the highest CAGR
On the basis of component, the AI in medical diagnostics market is segmented into software and services. The services segment dominated this market in 2020, while the software segment is estimated to grow at a higher CAGR during the forecast period. Software solutions help healthcare providers gain a competitive edge despite the challenges of being short-staffed and facing increasing imaging scan volumes. This is a key factor driving the growth of the software segment.
Hospitals to establish the largest market size of AI in medical diagnostics market
Based on end user, the AI in medical diagnostics market is segmented into hospitals, diagnostic imaging centers, diagnostic laboratories, and other end users. The hospitals segment commanded the largest share of 64.1% of this market in 2019. The large share of this segment can be attributed to the rising number of diagnostic imaging procedures performed in hospitals, the growing inclination of hospitals toward the automation and digitization of radiology patient workflow, increasing adoption of minimally invasive procedures in hospitals to improve the quality of patient care, and the rising adoption of advanced imaging modalities to improve workflow efficiency.
North America To Witness Significant Growth From 2020 to 2025
The AI in medical diagnostics market has been segmented into four main regional segments, namely, North America, Europe, the Asia Pacific, and the Rest of the World. In 2019, North America accounted for the largest market share of 37.6%. However, the APAC market is projected to register the highest CAGR of 53.2% during the forecast period, primarily due to the growth strategies adopted by companies in emerging markets, improved medical diagnostic infrastructure, increasing geriatric population, rising prevalence of cancer, and the implementation of favorable government initiatives.
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
4.1 AI in Medical Diagnostics Market Overview
4.2 North America: AI in Medical Diagnostics Market, by Application and Country (2019)
4.3 AI in Medical Diagnostics Market Share, by Application, 2020 Vs. 2025
4.4 AI in Medical Diagnostics Market: Geographic Growth Opportunities
5 Market Overview
5.1 Introduction
5.1.1 Drivers
5.1.1.1 Influx of Large and Complex Datasets
5.1.1.2 Growing Number of Cross-Industry Partnerships and Collaborations
5.1.1.3 Increasing Demand for AI Tools in the Medical Imaging Field and Rising Focus on Reducing the Workload of Radiologists
5.1.1.4 Government Initiative to Increase the Adoption of AI-Based Technologies
5.1.1.5 Growth in Funding for AI-Based Start-Ups
5.1.2 Restraints
5.1.2.1 Reluctance Among Medical Practitioners to Adopt AI-Based Technologies
5.1.2.2 Lack of Skilled AI Workforce and Ambiguous Regulatory Guidelines for Medical Software
5.1.3 Opportunities
5.1.3.1 Untapped Emerging Markets
5.1.3.2 Growing Potential of AI-Technology in Imaging & Diagnostics to Fight COVID-19
5.1.3.3 Increasing Focus on Developing Human-Aware AI Systems
5.1.4 Challenges
5.1.4.1 Budgetary Constraints
5.1.4.2 Lack of Curated Healthcare Data
5.1.4.3 Concerns Regarding Data Privacy
5.1.4.4 Lack of Interoperability Between AI Solutions Offered by Different Vendors
5.2 Value Chain Analysis
5.3 Case Studies
5.3.1 Focus on Improving Workflow Efficacy and Reducing the Burden on Radiologists
5.3.1.1 Use Case 1: Reducing the Burden on Radiologists by Developing and Testing An AI Model to Read Large Ultrasound Data
5.3.2 Improved Triage
5.3.2.1 Use Case 2: Precision Driven Health Developed Ml Model to Help Improve Work Triage of Cardiologists (2019)
5.4 Impact of COVID-19 on the AI in Medical Diagnostics Market
5.5 Ecosystem Coverage
5.6 Technology Analysis
5.7 Regulations
5.7.1 Health Insurance Portability and Accountability Act of 1996 (Hipaa)
5.7.2 Health Information Technology for Economic and Clinical Health Act of 2009 (Hitech)
5.7.3 Consumer Privacy Protection Act of 2017
5.7.4 National Cybersecurity Protection Advancement Act of 2015
5.7.5 Future of Life Institute's Asilomar AI Principles
5.7.6 the European Medical Devices Regulation (Eu) 2017/745 and In-Vitro Diagnostic Medical Devices Regulation (Eu) 2017/746 in Combination with the General Data Protection Regulation 2016/679
5.7.7 the Cybersecurity Law of the People's Republic of China
5.8 Pricing Analysis
6 Artificial Intelligence in Medical Diagnostics Market, by Component
6.1 Introduction
6.1.1 Software
6.1.1.1 Software Segment to Witness Higher Growth During the Forecast Period
6.1.2 Services
6.1.2.1 Services Segment to Account for a Larger Share of the Market During the Forecast Period
7 Artificial Intelligence in Medical Diagnostics Market, by Application
7.1 Introduction
7.2 in Vivo Diagnostics
7.2.1 in Vivo Diagnostic Applications Market, by Specialty
7.2.1.1 Radiology
7.2.1.1.1 AI-Based Diagnostic Tools Help Ease the Workflow of Radiologists
7.2.1.2 Cardiology
7.2.1.2.1 Increased Complexity of Sudden Cardiac Diseases to Drive Market Growth
7.2.1.3 Neurology
7.2.1.3.1 Increased Start-Up Funding to Drive Market Growth
7.2.1.4 Obstetrics/Gynecology
7.2.1.4.1 Rising Use of Minimally Invasive Techniques in Gynecology Procedures to Drive Market Growth
7.2.1.5 Ophthalmology
7.2.1.5.1 Need for Early Detection and Prevention of Eye Diseases Driving the Adoption of AI-Based Diagnostic Tools
7.2.1.6 Other Specialties
7.2.2 in Vivo Diagnostic Applications Market, by Modality
7.2.2.1 Computed Tomography
7.2.2.1.1 Need for Efficient Diagnosis Will Drive the Adoption of AI in Computed Tomography
7.2.2.2 X-Ray
7.2.2.2.1 Companies Such as Nvidia, Intel, and Xilinx Are Developing AI-Based Tools Exclusively in this Space
7.2.2.3 Magnetic Resonance Imaging
7.2.2.3.1 Increasing Burden of Brain-Related Disorders to Drive the Adoption of AI in Magnetic Resonance Imaging
7.2.2.4 Ultrasound
7.2.2.4.1 Increasing Prevalence of Ovarian Cancer and the Need for Its Early Diagnosis Will Drive Market Growth
7.2.2.5 Other Modalities
7.3 in Vitro Diagnostics
8 Artificial Intelligence in Medical Diagnostics Market, by End-user
8.1 Introduction
8.2 Hospitals
8.2.1 Large Hospitals Have Been the Early Adopters of AI Solutions for Diagnostic Imaging
8.3 Diagnostic Imaging Centers
8.3.1 Increasing Number of Private Imaging Centers is Contributing to Market Growth
8.4 Diagnostic Laboratories
8.4.1 Increasing Specimen Test Volumes and Workload of Pathologists Has Boosted the Market Growth
8.5 Other End-users
9 Artificial Intelligence in Medical Diagnostics Market, by Region
9.1 Introduction
9.2 North America
9.2.1 US
9.2.1.1 Increasing Volume of Imaging Procedures to Drive Market Growth in the US
9.2.2 Canada
9.2.2.1 Research Grants and Improved Academics in the Field of Radiology to Boost Market Growth in Canada
9.3 Europe
9.3.1 Germany
9.3.1.1 Government Initiatives to Expedite AI Development in Germany
9.3.2 UK
9.3.2.1 Increasing Number of Radiography Procedures to Drive Market Growth in the UK
9.3.3 France
9.3.3.1 Availability of Funding for Companies to Enhance AI Research in Medical Imaging
9.3.4 Rest of Europe
9.4 Asia-Pacific
9.4.1 China
9.4.1.1 China Dominated the APAC Market in 2019
9.4.2 Japan
9.4.2.1 Presence of a Strong Infrastructure to Drive the Adoption of AI in Japan
9.4.3 India
9.4.3.1 Favorable Government Initiatives to Boost Market Growth in India
9.4.4 Rest of Asia-Pacific
9.5 Rest of the World
10 Competitive Landscape
10.1 Overview
10.2 Key Player Strategies
10.3 Ranking of Players, 2019
10.4 Competitive Leadership Mapping
10.4.1 Stars
10.4.2 Emerging Leaders
10.4.3 Pervasive Players
10.4.4 Participants
10.5 Competitive Leadership Mapping (Start-Ups)
10.5.1 Progressive Companies
10.5.2 Dynamic Companies
10.5.3 Responsive Companies
10.5.4 Starting Blocks
10.6 Company Product Footprint
10.7 Competitive Scenario
11 Company Profiles
11.1 Major Players
11.1.1 Microsoft Corporation
11.1.2 Nvidia
11.1.3 Ibm
11.1.4 Intel
11.1.5 Google (Subsidiary of Alphabet, Inc.)
11.1.6 Siemens Healthineers
11.1.7 GE Healthcare
11.2 Other Players
11.2.1 Digital Diagnostics (Formerly Known as Idx)
11.2.2 Xilinx
11.2.3 Informai
11.2.4 Heartflow
11.2.5 Enlitic
11.2.6 Day Zero Diagnostics
11.2.6.2 Products Offered
11.2.7 Aidence
11.2.8 Butterfly Network, Inc.
11.2.9 Prognos
11.2.10 Zebra Medical Vision
11.2.11 Viz.AI
11.2.12 Quibim
11.2.13 Qure.AI
11.2.14 Therapixel
12 Appendix
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