Luton, Bedfordshire, United Kingdom, Feb. 14, 2023 (GLOBE NEWSWIRE) -- Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the Artificial Intelligence (AI) In Diagnostics market.
Artificial Intelligence (AI) In Diagnostics Market size was valued at USD 632.48 Million in 2022 and is projected to reach USD 6773.69 Million by 2029, growing at a CAGR of 34.5% from 2023 to 2029.
AI in medical diagnostics is the integration of deep learning, data insights, and algorithms for the early detection of life-threatening and critical diseases to ensure preventive treatment and quality analysis. AI in medical diagnostics enable healthcare facilities to automate the diagnosis process and reduce the workload by providing effective support while dealing with large data and imaging.
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Partnerships, Collaborations and Mergers:
- Sep-2022: Microsoft entered into a partnership with Novo Nordisk, a leading global healthcare company. Following this partnership, the companies aimed to accelerate the discovery as well as the development of medication and drugs through the capabilities of AI and big data.
- May-2022: GE Healthcare signed an agreement with Alliance Medical, a radiology services company. Under this agreement, the companies aimed to develop a digital health solution by employing advanced AI and data analytics. In addition, this agreement would also incorporate tools that facilitate daily management while also offering problem-solving.
- Mar-2022: Digital Diagnostics partnered with Baxter International, an American multinational healthcare company. Following this partnership, the companies aimed to integrate Digital Diagnostics’ AI technology into Baxter devices in order to aid front-line care workers in providing high-quality care with enhanced care outcomes to patients.
Product Launches and Product Expansions:
- Oct-2022: Google Cloud launched Medical Imaging Suite, a technology to help with the interoperability and accessibility of radiology. This product aimed to deliver flexible choices for cloud, edge, or on-premise deployment in order to enable businesses to comply with the diverse sovereignty, privacy, and security demands of customers.
- Sep-2022: GE Healthcare launched Optima IGS 320, an AI-powered Cath lab. With this launch, the company aimed to further boost cardiac care throughout India in order to propel intelligent imaging with the aim to support cardiologists as well as personalized treatment therapies and protocols. Furthermore, this launch would also accelerate the access of Indian patients to healthcare.
- Sep-2022: NVIDIA released the NVIDIA IGX, an industrial-grade edge AI platform. This solution aimed to offer highly secure and low-latency AI inference to help in fulfilling the demand for instant insights from a range of devices and sensors for medical applications.
North America to dominate the AI in the medical diagnostics market in 2022.
In 2022, North America accounted for the largest market share of this market. However, the Asia Pacific market is projected to register the highest CAGR of 35% 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.
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 2022, 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 2022. 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.
Artificial Intelligence (AI) In Diagnostics Market Report Scope
| Report Attribute | Details |
| Market size value in 2022 | USD 632.48 Million in 2022 |
| Revenue forecast in 2029 | USD 6773.69 Million by 2029 |
| Growth rate | CAGR of 34.5% from 2023 to 2029 |
| Base year for estimation | 2022 |
| Historical data | 2018 - 2022 |
| Forecast period | 2023 - 2029 |
| Quantitative units | Volume in kilo tons, revenue in USD million and CAGR from 2023 to 2029 |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments covered | Product, application, region |
| Regional scope | North America; Europe; China; Asia; Pacific; Central & South America; MEA |
| Country scope | U.S.; Canada; Mexico; Germany; U.K.; France; Italy; Poland; Spain; India; Japan; Thailand; Malaysia; Indonesia; Vietnam; Singapore; Philippines; Brazil; Argentina; Saudi Arabia; UAE; Oman |
| Key companies profiled | General Electric Co. (GE Healthcare), Siemens AG, Aidoc Medical Ltd., AliveCor Inc., Imagen Technologies Inc., VUNO Inc., IDx Technologies Inc., NovaSignal Corporation, Riverain Technologies LLC, and Zebra Medical Vision Ltd |
| Key Market Opportunities | Growing awareness in the healthcare industry about the crucial benefits of deep learning and advanced analytics for drug prescription along with preventive health measures is further anticipated to boost the market across the globe. |
| Key Market Drivers | The growing demand for value-based care, rising need for accurate diagnosis at the earliest, and shortage of healthcare personnel have driven the adoption of AI-based diagnostics |
| Customization scope | To serve the growing demand for AI-based solutions, key players are devising their partnerships, mergers & acquisitions, technological collaborations, and product development strategies to broaden their product portfolios and expand their business footprint |
| Pricing and purchase options | The entire organization can use the report. It can be printed and shared. Delivery in PDF and Excel. |
Artificial Intelligence in Medical Diagnostics Market Players
The major key players in the market are General Electric Co. (GE Healthcare), Siemens AG, Aidoc Medical Ltd., AliveCor Inc., Imagen Technologies Inc., VUNO Inc., IDx Technologies Inc., NovaSignal Corporation, Riverain Technologies LLC, and Zebra Medical Vision Ltd.
Many corporations are designing software solutions for different healthcare applications which in turn encouraging the development of the software segment. Budding acceptance of AI-driven healthcare operational support and healthcare informatics solutions by means of healthcare service suppliers and hospitals is projected to enhance the growth of services during years to come.
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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
AI in Medical Diagnostic Market: Key Drivers
Increasing demand for time-saving diagnosis processes in developed economies is anticipated to fuel the growth of the AI in medical diagnostic market during the forecast period.
Government investment in healthcare infrastructure to provide advance medical treatment, growing concerns about work pressure on medical staff, and integration of data-centric treatment due to easily accessible information is projected to boost the AI in medical diagnostic market over the forecast period.
Growing awareness in the healthcare industry about the crucial benefits of deep learning and advanced analytics for drug prescription along with preventive health measures is further anticipated to boost the market across the globe.
However, the rising potential of data breach and concerns regarding protection of critical information from cyber-attacks is a major challenge which is anticipated to hamper the growth of the AI in medical diagnostic market during the forecast period.
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