Artificial Intelligence (AI) in Medical Diagnostics Market worth $5.5 billion by 2027 - Exclusive Report by MarketsandMarkets™
According to a new market research report, "Artificial Intelligence (AI) in Medical Diagnostics Market by Component (Software, Service), Application (In Vivo, Radiology, Neurology, CT, MRI, X - ray, IVD), End User (Hospital, Diagnostic Imaging Center, Diagnostic Laboratory) - Global Forecast to 2027", is projected to reach USD 5.5 billion by 2027 from USD 1.0 billion in 2022, at a CAGR of 39.9% during the forecast period.
The application of AI in medical diagnostics is growing at a fast pace owing to factors such as growing government initiatives to drive the adoption of AI-based technologies, rise in adoption of AI solutions by radiologists to reduce work load, the influx of big data, availability of funding for AI-based startups, and the growing number of cross-industry partnerships & collaborations.
However, the lack of a skilled AI workforce, ambiguity in regulations, and the reluctance among medical practitioners to adopt these solutions are factors expected to restrain the market growth.
With the increasing digitization and adoption of information systems in the healthcare industry, big data (large and complex data) is generated at various stages of the care delivery process.
In the medical diagnostics industry, big data comprises information generated from clickstream and web & social media interactions; readings from medical devices, such as sensors, ECGs, X-rays, healthcare claims, and other billing records; and biometric data, among other sources. Big data and analytical solutions have grown exponentially in sophistication and adoption in the last decade with the growing adoption of EHRs, digitized laboratory slides, and high-resolution radiology images among healthcare providers. Healthcare is one of the top five big data industries, especially in the US.
In the coming years, the volume of big data in medical diagnostics is expected to increase due to the use of bidirectional patient portals, which allow patients to upload data and images to their EMRs. The need to efficiently manage the ever-increasing volume of large and complex medical diagnostic data is compelling the healthcare industry to turn its focus toward various AI-based solutions.
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"The Nurse Call system segment is estimated to account for the largest share of the global market in 2022"
The application market in AI in the medical diagnostics market is segmented into in vivo and in vitro diagnostics. The in vivo diagnostics segment commanded the largest share of 96.8% of this market in 2021. The large share of this segment can be attributed to the growing adoption of AI solutions by practitioners, as these solutions help reduce human errors and improve treatment efficacy.
"The Hospital segment is estimated to account for the largest share of the AI in medical diagnostics market."
Based on end users, 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 2021. The large share of hospital segment can be attributed to the rising number of diagnostic imaging procedures suggested as treatment options in hospitals, the inclination of hospitals toward the digitization of radiology patient workflow and automation of treatment procedures, rise in use of minimally invasive procedures in hospitals to focus on quality of patient care, and the rising adoption of advanced imaging modalities to improve workflow efficiency.
"North America to dominate the AI in medical diagnostics market in 2022"
The AI in medical diagnostics market has been segmented into four main regional segments: North America, Europe, the Asia Pacific, and the Rest of the World. In 2021, North America accounted for the largest market share of this market.
However, the Asia Pacific market is projected to register the highest CAGR during the forecast period. The high growth rate of the Asia Pacific market can primarily be attributed to the growth strategies companies adopt in emerging markets, improved medical diagnostics infrastructure, rising geriatric population, increasing prevalence of cancer, and the implementation of favorable government initiatives.
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Prominent players in this artificial intelligence in medical diagnostics market are Microsoft (US), NVIDIA (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), Viz.ai, Inc (US), Quibin (Spain), Qure.ai (India), Therapixel (France), Aidoc (Israel), Koninklijke Philips N.V. (Netherlands), Lunit. Inc (South Korea), EchoNous Inc. (US).
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