Artificial Intelligence (AI) in Medical Diagnostics Market Forecasts to 2028 – Global Analysis By Technology (In Vivo, IVD), Application (Data Mining, Image Acquisition), End User (Imaging Center, Hospital) and By Geography
According to Stratistics MRC, the Global Artificial Intelligence (AI) in Medical Diagnostics Market is accounted for $505.00 million in 2020 and is expected to reach $14,541.47 million by 2028 growing at a CAGR of 52.2% during the forecast period. Increasing demand for AI tools in the medical field, growing focus on reducing the workload of radiologists, influx of large and complex datasets are driving the market growth. However, reluctance among medical practitioners is hampering the growth of the market.
Since AIs can now recognize patterns better than human eyes, it paves the way for the emergence of a new generation of medical diagnostic devices capable of surpassing the detection skills of the best medical practitioners. Owing to the fact that artificial intelligence can be replicated the expertise of these systems can enhance accessibility to a large number of patients. Furthermore, AI has numerous and diverse applications in medical diagnostics, such as image analysis for tumor detection, video detection for gait disorders and fall prediction, biochemical tests such as for diabetes or speech analysis of emotional state and psychiatric disorders.
Based on the component, the software segment is going to have lucrative growth during the forecast period as software solutions help healthcare providers gain a competitive edge despite the challenges of being short-staffed and facing increasing imaging scan volumes which is the main factor driving the growth of the software segment. By geography, Asia Pacific is going to have high growth during the forecast period due to improved medical diagnostic infrastructure in the region. The growth strategies adopted by companies in emerging markets, rising geriatric population and rising prevalence of cancer and the implementation of favorable government initiatives are factors anticipated to increase the market growth around the region.
Some of the key players profiled in the Artificial Intelligence (AI) in Medical Diagnostics Market include Intel, Enlitic, Inc., Digital Diagnostics, Siemens Healthineers, IBM, NVIDIA, Microsoft Corporation, GE Healthcare Inc., Johnson & Johnson, Medtronic PLC, Google Inc., Imagen Technologies, Inc., Butterfly Network and Day Zero Diagnostics.
Estimated Market Size in 2020:
USD 505.00 million
Compound Annual Growth Rate (CAGR) from 2020 to 2028:
Predicted 2028 Value:
USD 14,541.47 million
Tables, Graphs& Figures
Technology, Component, Application, End User and Region
Core Drivers and Opportunities:
Restraining Factors & Market Threats:
• In Vivo Diagnostics
• In Vitro Diagnostics (IVD)
• Follow-Up Plan
• Data Mining
• Image Acquisition
• Data Storage
• Processing to Aided Reporting
End Users Covered:
• Diagnostic Laboratory & Imaging Center
• North America
o Rest of Europe
• Asia Pacific
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2019, 2020, 2021, 2025 and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
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• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Key Questions Answered In The Report
The Global Artificial Intelligence (AI) in Medical Diagnostics Market is majorly driven by increasing demand for AI tools in the medical field, influx of large and complex datasets and the adoption of AI-based technologies.
The software segment is growing at a highest CAGR as software solutions help healthcare providers gain a competitive edge.
North America dominated with a significant market share due to the factors such as rowing adoption of healthcare IT solutions in medical diagnosis, presence of well-established healthcare sector, and high funding for development of AI-based diagnosis software in the region.
Asia Pacific market is growing at a highest CAGR due to improved medical diagnostic infrastructure and growth strategies adopted by companies in the region.
Key players in Artificial Intelligence (AI) in Medical Diagnostics Market include Intel, Enlitic, Inc., Digital Diagnostics, Siemens Healthineers, IBM, NVIDIA, Microsoft Corporation, GE Healthcare Inc., Johnson & Johnson, Medtronic PLC, Google Inc., Imagen Technologies, Inc., Butterfly Network and Day Zero Diagnostics.
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