AI In Medical Diagnostics Global Market Report 2024

“AI In Medical Diagnostics Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses on ai in medical diagnostics market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

Reasons to Purchase

• Gain a truly global perspective with the most comprehensive report available on this market covering 50+ geographies.
• Understand how the market has been affected by the COVID-19 and how it is responding as the impact of the virus abates.
• Assess the Russia - Ukraine war's impact on agriculture, energy and mineral commodity supply and its direct and indirect impact on the market.
• Measure the impact of high global inflation on market growth.
• Create regional and country strategies on the basis of local data and analysis.
• Identify growth segments for investment.
• Outperform competitors using forecast data and the drivers and trends shaping the market.
• Understand customers based on the latest market shares.
• Benchmark performance against key competitors.
• Suitable for supporting your internal and external presentations with reliable high quality data and analysis
• Report will be updated with the latest data and delivered to you within 3-5 working days of order along with an Excel data sheet for easy data extraction and analysis.
• All data from the report will also be delivered in an excel dashboard format.

Where is the largest and fastest growing market for ai in medical diagnostics? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The ai in medical diagnostics market global report ” from The Business Research Company answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

• The market characteristics section of the report defines and explains the market.
• The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
• The forecasts are made after considering the major factors currently impacting the market. These include:

The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.

The impact of higher inflation in many countries and the resulting spike in interest rates.

The continued but declining impact of COVID-19 on supply chains and consumption patterns.

• Market segmentations break down the market into sub markets.
• The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
• The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
• The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.

Scope

Markets Covered:

• 1) By Component: Software; Services
• 2) By Technology: Natural Language Processing; Computer Vision; Machine Learning; Context-Aware Computing; Other Technologies
• 3) By Specialty: Brain And Neurological; Oncology; Cardiac And Vascular; Chest And Lung; Obstetrics And Gynecology; Other Specialties
• 4) By Application: Computer-Aided Detection; Computer-Aided Diagnosis; Quantitative Analysis Tools; Clinical Decision
• 5) By End User: Hospitals; Diagnostics Imaging Centers; Diagnostics Laboratories; Other End Users
• Companies Mentioned: International Business Machines Corporation; Siemens Healthineers AG; GE HealthCare Technologies Inc.; Digital Diagnostics Inc.; Heartflow Inc.
• Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
• Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
• Time series: Five years historic and ten years forecast.
• Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
• Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
• Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
• Delivery format: PDF, Word and Excel Data Dashboard.

Executive Summary

AI in medical diagnostics involves the application of artificial intelligence in the field of treatment and medical diagnostics. It is employed to analyze medical imaging data, including X-rays, MRIs, ultrasounds, CT scans, and DXAs, with the aim of assisting doctors in more precise and rapid disease discovery and diagnosis.

The primary components of AI in medical diagnostics encompass software and services. The software utilized in medical diagnostics can detect various indicators, such as the abnormal proliferation of molecules in cells that may signify a disease, through image processing. Technologies involved in this process include natural language processing, computer vision, machine learning, context-aware computing, and others. These technologies find applications in specialized diagnostic cases, such as brain and neurological, oncology, cardiac and vascular, chest and lung, obstetrics and gynecology, among others. They are applied through computer-aided detection, computer-aided diagnosis, quantitative analysis tools, and clinical decision support systems, and are utilized by hospitals, diagnostic imaging centers, diagnostic laboratories, and other healthcare entities.

The AI in medical diagnostics market research report is one of a series of new reports from The Business Research Company that provides AI in medical diagnostics market statistics, including the AI in medical diagnostics industry global market size, regional shares, competitors with an AI in medical diagnostics market share, detailed AI in medical diagnostics market segments, market trends, and opportunities, and any further data you may need to thrive in the AI in medical diagnostics industry. This AI in medical diagnostics market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The ai in medical diagnostics market size has grown exponentially in recent years. It will grow from $2.85 billion in 2023 to $4.07 billion in 2024 at a compound annual growth rate (CAGR) of 43.0%. The growth observed in the historical period can be credited to various factors, including the implementation of early machine learning algorithms, the surge in big data analytics, a heightened demand for precision medicine, supportive regulatory frameworks and approvals, as well as the early adoption of these technologies in radiology.

The ai in medical diagnostics market size is expected to see exponential growth in the next few years. It will grow to $16.94 billion in 2028 at a compound annual growth rate (CAGR) of 42.8%. The anticipated growth in the forecast period can be ascribed to several factors, including the adoption of a patient-centric approach, the continual increase in healthcare expenditure, ongoing regulatory support and adherence to standards, the advancement of enhanced clinical decision support systems, and the integration of AI in disease prediction and prevention. Noteworthy trends expected in the forecast period encompass augmented radiology and imaging, the implementation of AI-powered pathology, the integration of genomics and AI, the utilization of predictive analytics in healthcare, and the application of natural language processing (NLP).

The anticipated growth of the AI in medical diagnostics market is closely tied to the increasing investment in healthcare. Health expenditure, which represents the portion of total revenue allocated by both the public and private sectors for healthcare services, serves as a driving force behind this trend. This investment not only provides employment opportunities for healthcare professionals but also enhances earnings for healthcare employees, expands municipal tax revenues, and stimulates demand for related goods and services that support the application of AI technology in healthcare. For instance, in February 2023, the American Medical Association reported that health spending in the United States increased by 2.7% from 2020 to 2021, reaching $4.3 trillion, or $12,914 per person. Consequently, the escalating investment in healthcare is a key factor propelling the growth of the AI in medical diagnostics market.

The surge in telehealth and telemedicine is expected to further drive the growth of the AI in medical diagnostics market. Telehealth involves leveraging telecommunications technology to provide various healthcare services and information remotely, while telemedicine specifically encompasses remote clinical consultations and healthcare delivery. AI plays a crucial role in facilitating efficient diagnostics in telehealth settings through remote patient monitoring, virtual consultations, and digital imaging analysis. It contributes significantly to tasks such as image interpretation, pathology analysis, and triage, ensuring accurate and timely assessments. The incorporation of predictive analytics, integration with wearable devices, and scalable data management further enhance the capabilities of AI, promoting accessibility and improving patient outcomes, especially in remote or underserved populations. For example, the Centers for Disease Control and Prevention reported in October 2022 that 37.0% of adults utilized telemedicine within the preceding 12 months in 2021. Hence, the increasing adoption of telehealth and telemedicine is a significant driver behind the growth of the AI in medical diagnostics market.

The AI in medical diagnostics market is witnessing a significant trend characterized by product innovations, with major companies actively introducing new solutions to maintain their market positions. In March 2023, Qritive, a Singapore-based software company, launched the 'Qai Prostate,' an AI-powered tool specifically designed for prostate cancer diagnosis. This innovative product is capable of distinguishing between benign and malignant tumors, precisely identifying the locations of prostatic cancer, and identifying prostatic adenocarcinoma. Notably, the Qai Prostate tool enhances laboratory productivity by allowing pathologists to select, prioritize, and focus on cases that are most beneficial to them.

Major companies in the AI in medical diagnostics market are strategically developing medical imaging suites to gain a competitive advantage. Medical imaging involves techniques and processes that create visual representations of the interior of the body for clinical analysis and medical intervention. In October 2022, Google LLC, a US-based technology company, introduced the Medical Imaging Suite, an industry solution aimed at improving accessibility, interoperability, and usability of healthcare imaging data. The suite leverages AI for imaging to support faster and more accurate diagnosis, enhance productivity for healthcare workers, and improve patient care outcomes. It includes AI-assisted annotation tools, advanced analytics through tools such as BigQuery and Looker, accelerated AI pipeline development with Vertex AI, and flexible deployment options for cloud, on-premises, or edge settings. This comprehensive and adaptable solution addresses the evolving needs of healthcare organizations.

In April 2021, Siemens Healthineers, a Germany-based medical devices company, acquired Varian Medical Systems, a US-based oncology treatment and software maker, for an undisclosed amount. This strategic acquisition positions Siemens Healthineers at the forefront of advancing cancer treatment and influencing the healthcare system. Varian Medical Systems specializes in AI-powered personalized cancer care delivery systems in radiation oncology, aligning with Siemens Healthineers' commitment to innovation in medical diagnostics. This acquisition underscores the importance of incorporating AI into personalized cancer care and reflects the dynamic landscape of the AI in medical diagnostics market.

Major companies operating in the ai in medical diagnostics market report are International Business Machines Corporation, Siemens Healthineers AG, GE HealthCare Technologies Inc., Digital Diagnostics Inc., Heartflow Inc., Aidoc Medical Ltd., Koninklijke Philips N.V., Nanox Imaging Ltd., Microsoft Corporation, Nvidia Corporation, Intel Corporation, Xilinx Inc., Enlitic Inc., Aidence B.V., Butterfly Network Inc., Day Zero Diagnostics Inc., MicroHealth LLC, Arterys Inc., PathAI Inc., Zebra Medical Vision Inc., Tempus Labs Inc., Caption Health Inc., Proscia Inc., AliveCor Corporation, ResApp Health Limited, Volpara Health Technologies Limited, Koios Medical Inc., Ultromics Limited, MaxQ AI Ltd., Paige.AI Inc.

North America was the largest region in the AI in medical diagnostics market in 2023. Asia-Pacific is expected to be the fastest-growing region in the global AI in medical diagnostics market report during the forecast period. The regions covered in the ai in medical diagnostics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The countries covered in the ai in medical diagnostics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain

The AI in medical diagnostics market consists of revenues earned by entities by providing services such as magnetic resonance imaging (MRI), ultrasound, and computed tomography scans, robotic process automation, machine learning, natural language processing, and rule-based expert systems. The market value includes the value of related goods sold by the service provider or included within the service offering. AI in the medical diagnostics market also includes sales of dental devices, diabetes care devices, nephrology and urology devices, neurology devices, and physical robots which are used in providing AI in medical diagnostics services. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.