Global Artificial intelligence (AI) in Medical Diagnostics Market is Expected to Foresee Significant Growth

Global AI in Medical Diagnostics Market is expected to grow significantly by 2027 expanding at a reasonable CAGR of around 28% during the forecast period (2021-2027F). Artificial intelligence (AI) uses computer programs that analyze very large amounts of information to learn how to help make decisions or predictions. AI has revolutionized the healthcare sector due to its faster and more accurate decision-making.

With the utilization of artificial intelligence in diagnosis, disease diagnosis becomes more efficient and lesser time-consuming. The increasing prevalence of chronic diseases overburdens the medical staff which acts as the propelling force for AI-based medical diagnostics. As per NCBI research 2020, the burnout rate in physicians is 43% in 2019. Furthermore, around 54% of urologists, 49% of nephrologists, and 34% of orthopedics were witnessing burnout in 2019. The rapidly rising geriatric population coupled with the frequent product launches coupled with the mergers and acquisitions attributed to the growth of artificial intelligence (AI) in the medical diagnostics market.

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Based on components, the market is categorized into software and services. The software segment is predicted to witness lucrative market growth during the forecast period. This is mainly due to the increasing demand for AI-based solutions that can help practitioners in the decision-making of a large number of cases and diagnoses of different diseases. Furthermore, continuous developments of AI-based software by the major players are responsible for the segmental growth in the market. For instance, in March 2022, the Paige launched software, Paige Breast Lymph Node, an AI medical device software that helps pathologists detect breast cancer.

Based on application, the market is segmented into in vivo diagnostics and in vitro diagnostics. The in-vivo diagnostics is expected to witness significant market growth during the forecast period. The increasing prevalence of self-developed diseases such as neurological disorders is responsible for the growth of the segment during the forecast period. For instance, as per PAHO, a total of 533,172 global deaths were reported due to neurological disorders till 2019.

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Additionally, the report provides detailed report also provides insights into the global artificial intelligence in medical diagnostics market according to the regions such as North America (United States, Canada, and the Rest of North America), Europe (Germany, France, Italy, Spain, United Kingdom, and Rest of Europe), Asia-Pacific (China, India, Australia, Japan, and Rest of APAC), Rest of World has been conducted. North America constitutes a significant market for artificial intelligence (AI) in medical diagnostics industry due to the presence of better healthcare and diagnostic infrastructure along with higher healthcare investments. For instance, the per capita healthcare expenditure of Canada was US$ 5,048 in 2019. Furthermore, the presence of well-established market players and frequent product launches in the region is also a contributing factor to the growth of artificial intelligence (AI) in the medical diagnostics market.

Siemens Healthineers, Zebra Medical Vision, Inc., Riverain Technologies, Vuno, Inc., Aidoc, Neural Analytics, Imagen Technologies, Digital Diagnostics, Inc., GE Healthcare, and AliveCor Inc., are some of the key players operating in the global market. Several M&As along with partnerships have been undertaken by these players to develop various types of Artificial intelligence (AI) in Medical Diagnostics devices.

Global Artificial Intelligence (AI) in Medical Diagnostics Market Segmentation

Market Insight, by Component

• Software
• Services

Market Insight, by Application

• In Vivo Diagnostics
• In Vitro Diagnostics

Market Insight, by End-users

• Hospitals
• Diagnostic Laboratories & Centers
• Others

Market Insight, by Region