Dublin, Nov. 28, 2023 (GLOBE NEWSWIRE) -- The "Artificial Intelligence (AI) in Medical Diagnostics Market by Modality (CT, X-Ray, MRI, Ultrasound), Application (IVD, Radiology, CNS, CVS, Ob/Gyn), User, Unmet Need, Key Stakeholders & Buying Criteria - Global Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
The global AI in medical diagnostics market is projected to reach USD 3.7 Billion by 2028 from USD 1.3 Billion in 2023, at a CAGR of 23.2% during the forecast period. The adoption of AI in medical diagnostics is rising at a fast pace owing to factors such as growth in various government initiatives to drive the uptake of AI-based technologies, AI solutions being more used by radiologists to decrease workload and the increasing number of cross-industry partnerships & collaborations. However, the shortage of trained AI workforce and unstable regulations are factors expected to restrain the market growth.
The services segment is expected to grow at the highest rate from 2023 to 2028.
By component, AI in the medical diagnostics market is divided into software, hardware, and services. The software segment accounted for the largest share of this market in 2022, while the services segment is estimated to grow at a higher CAGR from 2023 to 2028. Software solutions provide healthcare providers with a competitive edge despite the challenges of being short-staffed and facing mounting imaging scan volumes.
In Vivo Diagnostics Segment is estimated to account for the largest share of the global AI in the medical diagnostics market in 2023.
By application, AI in the medical diagnostics market is divided into in vivo and in vitro diagnostics. In 2023, the in vivo diagnostics segment is projected to hold the largest share this market. Factors such as growing uptake of AI solutions by practitioners, as these solutions constantly help in decreasing human errors and enhance treatment efficacy. However, the in vitro diagnostics segment is projected to register highest growth during forecast period. The adoption of AI solutions is increasing for in vitro diagnostics applications as these solutions help reduce analysis and data interpretation time.
The Hospitals segment is estimated to account for the largest share of the global AI in the medical diagnostics market in 2023.
By end users, the AI in the medical diagnostics market is divided into hospitals, diagnostic imaging centers, diagnostic laboratories, and other end users. In 2023, the hospitals segment is projected to hold the largest market share of this market. Factors such as the increase in the adoption of minimally invasive procedures in hospitals to enhance the quality of patient care, and the advance in the application of advanced imaging modalities to improve workflow.
North America to dominate the AI in the medical diagnostics market in 2023.
By region, AI in the 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 2023, North America estimated to account for the largest market share of this market. However, the Asia Pacific market is projected to register the highest CAGR from 2023 to 2028. Factors such as increasing prevalence of cancer, and the implementation of favorable government initiatives.
Market Overview
Drivers
- Influx of Big Data
- Growing Cross-Industry Partnerships & Collaborations
- Increasing Demand for AI-based Solutions to Reduce Work Pressure on Radiologists
- Rising Government Initiatives to Support AI-based Technologies
- Availability of Funding for AI-based Startups
Restraints
- Inadequate AI Workforce and Ambiguous Regulatory Guidelines for Medical Software
Opportunities
- Untapped Emerging Markets
- Increasing Focus on Developing Human-Aware AI Systems
Challenges
- Reluctance to Adopt Ai-Based Technologies
- Budgetary Constraints
- Unstructured Healthcare Data
- Data Privacy Concerns
- Limited Interoperability
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 327 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value (USD) in 2023 | $1.3 Billion |
| Forecasted Market Value (USD) by 2028 | $3.7 Billion |
| Compound Annual Growth Rate | 23.2% |
| Regions Covered | Global |
Key Topics Covered:
Executive Summary
- AI in Medical Diagnostics Market, by Component, 2023 Vs. 2028 (USD Million)
- AI in Medical Diagnostics Market, by Application, 2023 Vs. 2028 (USD Million)
- AI in Medical Diagnostics Market, by End-user, 2023 Vs. 2028 (USD Million)
- Geographical Snapshot of AI in Medical Diagnostics Market
Premium Insights
- AI in Medical Diagnostics Market Overview - Rising Volume of Diagnostic Imaging Procedures and Influx of Big Data to Drive Market
- North America: AI in Medical Diagnostics Market, by Application and Country (2022) - in Vivo Diagnostics Accounted for Largest Share of North America in 2022
- AI in Medical Diagnostics Market: Geographic Growth Opportunities - Asia-Pacific Countries to Register Highest Growth Rate
- AI in Medical Diagnostics Market: Regional Mix - Asia-Pacific Market to Grow at Highest CAGR During Forecast Period
- AI in Medical Diagnostics Market: Developed Markets Vs. Emerging Economies - Emerging Economies to Register Higher Growth Rate During Forecast Period
Case Studies
- Mayo Clinic Integrates Ai-Enabled Digital Diagnostics and Boosts Medical Research with Google Cloud Platform
- Resolving Challenges of Understaffed Workforce and Backlog with Veye Lung Nodules
- Nvidia AI Enterprise Software and GPUs Help Improve Performance and Precision of Tumor Targeting
- Zhejiang University and Zhejiang De Image Solutions Use Intel AI Solution to Process Ultrasound
- Waitemata District Health Board Project Utilizes Precision-Driven Health Solutions
Company Profiles
- Advanced Micro Devices
- Aidence
- Aidoc
- Brainomix
- Butterfly Network
- Digital Diagnostics
- Echonous
- Enlitic
- GE Healthcare
- Heartflow
- Icometrix
- Informai
- Intel Corporation
- Koninklijke Philips
- Lunit
- Merative
- Microsoft
- Nano X Imaging
- Nvidia
- Quibim
- Qure.AI
- Siemens Healthineers
- Therapixel
- Viz.AI
For more information about this report visit https://www.researchandmarkets.com/r/rqmz29
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