Dublin, Oct. 28, 2022 (GLOBE NEWSWIRE) -- The "Global 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) - Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The global AI in medical diagnostics market 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 adoption of AI in medical diagnostics is growing at a fast pace owing to factors such as rise in various government initiatives to drive the uptake of AI-based technologies, AI solutions being more use by radiologists to reduce workload, the influx of big data, fundings made available for AI-based startups, and the growing number of cross-industry partnerships & collaborations.
However, the lack of trained AI workforce, unstable regulations, and the reluctance among medical practitioners to adopt these solutions are factors expected to restrain the market growth.
Software segment is expected to grow at the highest rate during the forecast period
On the basis components, AI in medical diagnostics market is segmented into software and services. In 2021, the services segment dominated the market, while the software segment is estimated to grow at a higher CAGR during the forecast period. Software solutions help healthcare providers gain a competitive edge despite the challenges of being short-staffed and facing increasing imaging scan volumes.
In Vivo Diagnostics Segment accounted for the largest share of the global AI in the medical diagnostics market
On the basis of application, 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 this market in 2021. The large share of this segment can be attributed to the rise in uptake of AI solutions by practitioners, as these solutions consistently help in reducing human errors and improve treatment efficacy.
The Hospitals segment is expected to grow with the highest CAGR during the forecast period
On the basis of end users, the AI in the medical diagnostics market is segmented into hospitals, diagnostic imaging centers, diagnostic laboratories, and other end users. The hospitals segment commanded the largest share of this market in 2021. The large share of this segment can be attributed to the growth in number of diagnostic imaging treatment procedures performed in hospitals, the hospitals inclining toward the automation and digitization of radiology patient workflow, rise in the adoption of minimally invasive procedures in hospitals to improve the quality of patient care, and the growth in the application of advanced imaging modalities to improve workflow.
North America to dominate the AI in the medical diagnostics market in 2021
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 of 42.6% during the forecast period. The high growth rate of the Asia Pacific market can primarily be attributed to the growth strategies companies are adopting in emerging markets, high facility medical diagnostics infrastructure, rising geriatric population, rise in prevalence of cancer, and the implementation of favorable government initiatives.
Market Dynamics
Drivers
- Intensifying Need to Handle Increasingly Large and Complex Dataset
- Evolving Industrial IoT and Automation Technologies
- Improving Computing Power of AI Chipsets
- Increasing Venture Capital Investments in Manufacturing Ai Space
Restraints
- Reluctance Among Manufacturers to Adopt Ai-Based Technologies
Opportunities
- Growing Focus on Boosting Operational Efficiency of Manufacturing Plants
- Application of AI for Intelligent Business Processes
- Adoption of Automation Technologies to Mitigate Effects of COVID-19
Challenges
- Limited Availability of Skilled Workforce, Especially in Developing Countries
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Artificial Intelligence (AI) in Manufacturing Market, by Offering
7 Artificial Intelligence (AI) in Manufacturing Market, by Technology
8 Artificial Intelligence (AI) in Manufacturing Market, by Application
9 Artificial Intelligence (AI) in Manufacturing Market, by Industry
11 Competitive Landscape
12 Company Profile
13 Appendix
Companies Mentioned
- Aibrain
- Amazon Web Services (Aws)
- Aquant
- Bright Machines
- Cisco Systems
- Flutura
- General Electric (Ge) Company
- General Vision
- Ibm
- Intel
- Micron Technology
- Microsoft Corporation
- Mitsubishi Electric
- Nvidia
- Oracle
- Progress Software Corporation (Datarpm)
- Rethink Robotics GmbH
- Rockwell Automation
- Sap
- Siemens
- Sight Machine
- Sparkcognition
- Ubtech Robotics
- Vicarious
For more information about this report visit https://www.researchandmarkets.com/r/uxnul4
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