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Artificial Intelligence (AI) in Medical Diagnostics Market – Trends Forecast Till 2030

Artificial Intelligence (AI) in Medical Diagnostics Market by Application, Technology (Machine Learning, Natural Language Processing (NLP), Computer Vision, Expert Systems), and region (North America, Europe, Asia-Pacific, Middle East, Africa, and South America).

  • Published Date : July 2023
  • Base Year Estimate : 2021
  • Report ID : D-HC-AIMDM-1416
  • Format :
  • Number of Pages : 580
  • Domain : Healthcare
  1. Healthcare
  2. Artificial Intelligence (AI) in Medical Diagnostics Market – Trends Forecast Till 2030
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REPORT SYNOPSIS
Market Snapshot Market Overview Delvens Industry Expert's Standpoint Market Portfolio Key Findings Regional Analysis Competitive Landscape Recent Developments Reasons to Acquire Report Scope
Table Of Content Frequently Asked Questions

Market Snapshot

Market Overview

The global Artificial Intelligence (AI) in Medical Diagnostics Market size is expected to reach USD 12.2 billion and is projected to reach a CAGR of 33.9% from 2023-2030.

The use of AI technologies and algorithms in the area of medical diagnostics is referred to as artificial intelligence (AI) in the medical diagnostics market. By facilitating more precise and effective medical image processing, data interpretation, and decision-making, AI has the potential to revolutionize medical diagnostics.

In recent years, the market for AI in medical diagnostics has grown significantly. Large medical datasets are becoming more widely available, medical imaging methods are being used more often, and AI algorithms are all contributing to this rise. AI may help medical personnel identify, diagnose, and keep track of a wide range of illnesses and problems, such as cancer, cardiovascular issues, neurological disorders, and more.

The market for artificial intelligence in medical diagnostics includes a number of imaging modalities, including radiology (X-rays, CT scans, MRI), pathology (digital pathology and histology), and other diagnostic methods. AI algorithms are able to analyze medical pictures and offer insights, aid in the early diagnosis of diseases, and aid in the creation of individualized treatment regimens. AI may also help with risk appraisal, prognosis prediction, and therapy response analysis.

The market is also fueled by factors such as the rising burden of chronic illnesses, the desire to improve healthcare outcomes while lowering costs, and the rising need for precise and efficient diagnostic solutions. Additionally, regulatory agencies and healthcare organizations are taking action to develop rules and frameworks to ensure AI's safe and successful incorporation into clinical practice as they see the promise of the technology in diagnostics.

The COVID-19 pandemic, which is still going on, revealed the flaws in the current healthcare system and sped up the use of digital technology, including AI in diagnostics, to precisely analyze complicated information and lessen the administrative and operational strain on physicians. The expansion of the market was helped by the creation of startups and increased recognition in the form of funding & investments. Healthcare firms adopted AI-powered technologies quickly, and they were rewarded with money from venture capitalists and favorable government backing. For instance, Arterys secured USD 28 million in Series C funding in May 2020 under the leadership of Benslie Investment Group and Temasek Holdings in order to broaden its product line.

Delvens Industry Expert's Standpoint

The AI in the Medical Diagnostics market is a vibrant and quickly developing sector of the economy. The market may be described as being both fragmented and consolidated. While there are many different participants, including startups, research institutes, and specialized AI solution providers, existing healthcare organizations and large technology firms also play a vital role. The rising availability of medical data, improvements in machine learning and deep learning techniques, and the expanding need for quicker and more accurate diagnosis are some of the reasons driving the market. The market dynamics might fluctuate across various applications, technologies, and geographical areas, despite the fact that several sectors, such as radiology and pathology, have demonstrated tremendous development and promise. It's vital to remember that the market for artificial intelligence in medical diagnostics is expected to keep altering due to continuous technological breakthroughs, regulatory concerns, and shifting healthcare requirements. For both established and up-and-coming competitors in this sector, keeping an eye on the most recent innovations, alliances, and market trends will be essential.

Market Portfolio

Key Findings

  • The application segment is further segmented into Radiology, pathology, cardiology, oncology, neurology, and others. The application of AI in radiology has gained substantial attention and investment. AI algorithms can analyze medical images and assist radiologists in detecting abnormalities, improving diagnostic accuracy, and enhancing workflow efficiency. This segment is likely to continue growing due to the increasing demand for automated image analysis and the potential to improve patient outcomes.
  • The technology segment is further fragmented into Machine Learning, Natural Language Processing (NLP), Computer Vision, and Expert Systems. Machine learning techniques, particularly deep learning, have shown tremendous potential in medical diagnostics. Deep learning algorithms can analyze large volumes of medical data and learn patterns and features to aid in diagnosis and decision-making. As the availability of medical data continues to increase and computing power advances, machine learning is expected to drive significant growth in AI in the Medical Diagnostics market.
     
  • The market is also divided into various regions such as North America, Europe, Asia-Pacific, South America, and Middle East and Africa. These regions have been at the forefront of AI adoption in medical diagnostics. Factors such as advanced healthcare infrastructure, significant investments in research and development, and early adoption of AI technologies contribute to the growth of these markets. The presence of leading AI companies, research institutions, and collaborations with healthcare providers further drive the dominance of these regions in the global market.

Regional Analysis

North America to Dominate the Market

  • The North American region is expected to be the largest region in the Artificial Intelligence (AI) in the Medical Diagnostics market during the forecast period.
     
  • The Asia Pacific region, including countries like China, India, and Japan, is also experiencing notable growth due to the increasing healthcare infrastructure, rising awareness about AI, and government initiatives promoting AI adoption in healthcare.

Competitive Landscape

  • IBM Corporation
  • Google LLC (Alphabet Inc.)
  • Microsoft Corporation
  • NVIDIA Corporation
  • General Electric Company (GE Healthcare)
  • Siemens Healthineers AG
  • Aidoc Medical Ltd.
  • Butterfly Network Inc.
  • Zebra Medical Vision Ltd.
  • AliveCor Inc.
  • Intel Corporation
  • Digital Diagnostics, Inc.
  • Xilinx
  • InformAI LLC
  • HeartFlow, Inc.
  • Enlitic, Inc.
  • Day Zero Diagnostics, Inc.
  • Aidence
  • Prognos Health
  • Nanox AI
  • Viz.ai, Inc.
  • Quibin
  • Qure.ai
  • Therapixel
  • Koninklijke Philips N.V.
  • Lunit. Inc.
  • EchoNous Inc.