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

Chicago, Nov. 24, 2023 (GLOBE NEWSWIRE) -- 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 latest report published by MarketsandMarkets™. The application of AI in medical diagnostics is increasing at a maximum rate owing to factors such as the production of big data, available funding for AI-based startups, and the rising number of cross-industry partnerships & collaborations. However, the scarcity of a skilled AI workforce, and ambiguity in regulations are factors expected to restrain market growth.

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AI in Medical Diagnostics Market Scope:

Report Coverage Details
Market Revenue in 2023 $1.3 billion
Estimated Value by 2028 $3.7 billion
Growth Rate Poised to grow at a CAGR of 23.2%
Market Size Available for 2017-2028
Forecast Period 2023–2028
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, Spain and the RoE), Asia Pacific (Japan, China, India, and RoAPAC), Latin America, Middle East & Africa.
Report Highlights Updated financial information / product portfolio of players
Key Market Opportunity Untapped emerging markets
Key Market Driver Increasing demand for AI-based solutions to reduce work pressure on radiologists

Based on components, AI in medical diagnostics market is divided into software, services and hardware. In 2022, the software segment dominated the market, while the services segment is estimated to grow at a higher CAGR from 2023-2028. Software solutions aid healthcare providers gain a competitive edge although the challenges of being short-staffed and meeting encouraging imaging scan volumes.

Based on application, AI in medical diagnostics market is divided into in vivo and in vitro diagnostics. In 2022, the in vivo diagnostics segment accounted for the largest share of this market. The large share of this segment can be attributed to the increasing adoption of AI solutions, as these solutions help decrease human errors and improve treatment efficacy effectiveness.
Based on end users, the AI in medical diagnostics market is divided into hospitals, diagnostic imaging centers, diagnostic laboratories, and other end users. In 2022, the hospitals segment hold the largest share of this market. Factors such as increasing quantity of diagnostic imaging procedures performed in hospitals, and the rising implementation of automation and digitization of radiology patient workflow.

Based on region, AI in medical diagnostics market has been segmented into five main regional segments: North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa. In 2022, North America hold the largest market share of this market. However, the Asia Pacific market is estimated to indicate the highest CAGR during the forecast period. The high growth rate of the Asia Pacific market can be due to the growth strategies companies accept in emerging markets, expanded medical diagnostics infrastructure, expanding geriatric population, and implementation of favorable government initiatives.

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AI in Medical Diagnostics market major players covered in the report, such as:

  • 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),
  •, Inc (US),
  • Quibim (Spain),
  • (India),
  • Therapixel (France),
  • Aidoc (US),
  • Koninklijke Philips N.V. (Netherlands),
  • Lunit, Inc. (South Korea),
  • EchoNous, Inc. (US),
  • Brainomix (UK)
  • 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
  • Hardware
    • Processors
      • MPU
      • GPU
      • FPGA
      • ASIC
    • Memory
    • Networks
      • Adapters
      • Switches
      • Interconnects

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
    • Spain
    • Rest of Europe (RoE)
  • Asia Pacific
    • Japan
    • China
    • India
    • Rest of APAC (RoAPAC)
  • Latin America
  • Middle East & Africa

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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.

Key Stakeholders:

  • Hospitals
  • Diagnostic care centers
  • Diagnostic laboratories
  • Radiologists and radiology clinics
  • Diagnostic imaging AI device manufacturers and suppliers
  • Medical research laboratories
  • Academic medical centers and universities

Report Objectives:

  • To define, describe, and forecast artificial intelligence in the medical diagnostics market based on component, application, end user, and region
  • To provide detailed information regarding the major factors influencing the market growth (such as drivers, restraints, opportunities, and challenges)
  • To strategically analyze micromarkets concerning individual growth trends, prospects, and contributions to the overall market
  • To analyze the opportunities in the market for stakeholders and provide details of the competitive landscape for market leaders
  • To forecast the size of the market segments concerning four main regions—North America, Europe, the Asia Pacific, and the Rest of the World (RoW)
  • To profile the key players and comprehensively analyze their market shares and core competencies
  • To track and analyze competitive developments such as acquisitions, product launches/enhancements, expansions, agreements, collaborations, partnerships, and approvals in AI medical diagnostics market

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