Artificial Intelligence (AI) in Medical Diagnostics Market is Expected to Reach $5.5 billion | MarketsandMarkets.

SEZ Magarpatta City, INDIA

Chicago, June 08, 2023 (GLOBE NEWSWIRE) -- Artificial Intelligence (AI) is poised to bring significant advancements to the field of medical diagnostics in the near future. With its ability to analyze complex medical data and identify patterns, AI has the potential to revolutionize the accuracy and efficiency of diagnostic processes. By leveraging machine learning algorithms, AI can quickly process vast amounts of patient information, including medical records, imaging data, and genetic profiles, to aid healthcare professionals in making more precise and timely diagnoses.

Artificial Intelligence (AI) in Medical Diagnostics market in terms of revenue was estimated to be worth $1.0 billion in 2022 and is poised to reach $5.5 billion by 2027, growing at a CAGR of 39.9% from 2022 to 2027 according to a latest report published by MarketsandMarkets™. The application of AI in medical diagnostics is growing at a highest rate owing to factors such as rise in government initiatives to drive the adoption of AI-based technologies, high usage of AI solutions by radiologists to reduce work load, the  generation of big data, available funding for AI-based startups, and the growing number of cross-industry partnerships & collaborations.

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Artificial Intelligence (AI) in Medical Diagnostics Market Scope:

Report Coverage Details
Market Revenue in 2022 $1.0 billion
Estimated Value by 2027 $5.5 billion
Growth Rate Poised to grow at a CAGR of 39.9%
Market Size Available for 2020-2027
Forecast Period 2022–2027
Forecast Units Value (USD Billion)
Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered Component, Application, End User, And Region
Geographies Covered North America (US, and Canada), Europe (Germany, France, UK, Italy and the RoE), Asia Pacific (Japan, China, India, and RoAPAC), RoW
Report Highlights Updated financial information / product portfolio of players
Key Market Opportunities Budgetary constraints
Key Market Drivers Influx of big data

Major Artificial Intelligence (AI) in Medical Diagnostics market players covered in the report, such as:

  • Microsoft (US)
  • IBM (US)
  • Intel Corporation (US)
  • Google Inc. (Subsidiary of Alphabet
  • Inc) (US)
  • Siemens Healthineers (Germany)
  • GE Healthcare (US)
  • Digital Diagnostics Inc (US)
  • Xilinx (US)
  • InformAI LLC (US)
  • HeartFlow Inc (US)
  • Enlitic Inc (US)
  • Day Zero Diagnostics Inc (US)
  • Aidence (Netherlands)
  • Butterfly Network Inc. (US)
  • Prognos Health (US)
  • Nanox AI (Israel)
  • Inc (US)
  • Quibin (Spain)
  • (India)
  • Therapixel (France)
  • Aidoc (Israel)
  • Koninklijke Philips N.V. (Netherlands)
  • Lunit. Inc (South Korea)
  • EchoNous Inc. (US)
  • and Among Others

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The study categorizes the AI in medical diagnostics market into the following segments and subsegments:

By Component

  • Software
  • Services

By Application:

  • In Vivo diagnostics
    • By Specialty
      • Radiology
      • Cardiology
      • Neurology
      • Obstetrics/gynecology
      • Ophthalmology
      • Other specialties
    • By Modality
      • Computed tomography
      • X- Ray
      • Magnetic resonance imaging
      • Ultrasound
      • Other modalities
  • In Vitro diagnostics

By End User

  • Hospitals
  • Diagnostics Imaging Centers
  • Diagnostics Laboratories
  • Other End User

By Region

  • North America
    • US
    • Canada
  • Europe
    • Germany
    • UK
    • France
    • Italy
    • Rest of Europe (RoE)
  • Asia Pacific
    • Japan
    • China
    • India
    • Rest of APAC (RoAPAC)
  • RoW

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The key stakeholders in the Artificial Intelligence (AI) in Medical Diagnostics market include:

  • Healthcare Providers: Healthcare providers, including hospitals, clinics, and diagnostic centers, are key stakeholders in the AI in Medical Diagnostics market. They are responsible for implementing AI technologies and integrating them into their diagnostic workflows. Healthcare providers benefit from AI's ability to enhance diagnostic accuracy, streamline processes, and improve patient outcomes.
  • AI Solution Providers: Companies specializing in AI technology development and implementation play a crucial role in the AI in Medical Diagnostics market. These solution providers develop AI algorithms, software platforms, and tools specifically tailored for medical diagnostics. They collaborate with healthcare providers to integrate AI solutions into existing systems and provide ongoing technical support.
  • Medical Device Manufacturers: Medical device manufacturers are important stakeholders in the AI in Medical Diagnostics market. They develop and manufacture AI-enabled medical devices and equipment used in diagnostic procedures. These devices may include imaging systems, diagnostic software, wearable devices, and monitoring equipment that leverage AI algorithms for data analysis and interpretation.
  • Research Institutions and Academia: Research institutions and academic organizations contribute to the development and advancement of AI in Medical Diagnostics. They conduct research, studies, and clinical trials to validate the efficacy and safety of AI algorithms and technologies. Their findings and insights drive innovation in the field and help shape future developments in AI-driven diagnostics.
  • Regulatory Authorities: Regulatory authorities, such as the Food and Drug Administration (FDA) in the United States, play a critical role in overseeing the safety and efficacy of AI technologies in medical diagnostics. They establish guidelines and regulations to ensure that AI algorithms and devices meet stringent quality standards and are safe for use in clinical settings. Regulatory bodies collaborate with industry stakeholders to define regulatory frameworks that govern the development, testing, and commercialization of AI in medical diagnostics.
  • Patients and Healthcare Consumers: Patients and healthcare consumers are essential stakeholders in the AI in Medical Diagnostics market. They benefit from the improved accuracy and efficiency of diagnostic processes enabled by AI. AI-powered diagnostics can lead to early detection of diseases, personalized treatment plans, and better overall healthcare outcomes. Patients and healthcare consumers also play a role in driving the demand for AI-based diagnostic solutions, as they seek advanced technologies that can improve their healthcare experiences.
  • Health Insurance Providers: Health insurance providers have an interest in the AI in Medical Diagnostics market as it directly impacts the quality and cost of healthcare services. AI-driven diagnostics can lead to more accurate diagnoses, reducing the need for unnecessary tests and procedures. Health insurance providers can leverage AI to improve claims processing, identify fraud, and optimize reimbursement strategies based on accurate diagnoses.

Overall, these key stakeholders collaborate and contribute to the development, implementation, and regulation of AI in Medical Diagnostics, working towards the shared goal of improving diagnostic accuracy, patient outcomes, and the overall efficiency of healthcare delivery.

Artificial Intelligence (AI) in Medical Diagnostics Market Frequently Asked Questions (FAQs):

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The report will help the leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall market and the sub-segments. This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the AI in the medical diagnostics market and provides them information on key market drivers, restraints, challenges, and opportunities.

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