Artificial Intelligence (AI) in medical diagnostics refers to the application of advanced computational algorithms and machine learning techniques to assist in the identification, analysis and interpretation of medical data for diagnosing diseases and conditions.
The AI in medical diagnostics market consists of sales of AI in medical diagnostics products and related services by entities (organizations, sole proprietors and partnerships) that use AI technologies to assist the analysis and interpretation of medical data for diagnostic purposes. AI in medical diagnostics leverages machine learning algorithms, natural language processing, computer vision and other advanced computational techniques to enhance the accuracy and efficiency of diagnosing diseases and medical conditions. This technology is utilized by healthcare professionals, including radiologists, pathologists and clinicians, to support clinical decision-making and improve patient outcomes.
The global AI in medical diagnostics market was valued at $451.83 million in 2019 which grew till 2024 at a compound annual growth rate (CAGR) of more than 33.00%.
Increase In Demand For Personalized Medicine
An increase in demand for personalized medicine propelled the growth of AI in medical diagnostics market. Personalized medicine, or precision medicine is an approach to medical care that aims to tailor treatments and interventions to the specific characteristics of each patient. AI-driven diagnostic tools excel in precise, personalized disease detection by analyzing complex data sets, including genetic, molecular and clinical information. This enhances accuracy and improves therapeutic outcomes in personalized medicine. In February 2023, the Personalized Medicine Coalition, a US-based organization that represents scientists, patients and providers, promoting the understanding and adoption of personalized medicine to benefit patients and the healthcare system, in 2022, according to the Personalized Medicine Coalition (PMC), a US-based company that advocates for personalized medicine, personalized medicines will account for 34% of new drug approvals by the US Food and Drug Administration in 2022 and have accounted for at least 25% of approvals in each of the previous eight years. Moreover, in 2022, approving 12 new personalized medicines accounted, marking a significant increase compared to previous years. Therefore, the increase in demand for personalized medicine supported the growth of the AI in medical diagnostics market during the historic period.
Utilizing AI To Streamline Medical Operations And Optimize Care Journeys Across the Healthcare System
Leading companies in the AI medical diagnostic market are optimizing operations and elevate patient care by improving diagnostic precision and automating routine tasks, AI tools enhance real-time decision-making and treatment effectiveness. These advancements reduce inefficiencies, minimize errors and promote more streamlined healthcare delivery, ultimately enhancing patient outcomes and maximizing resource utilization across the system. For example, in November 2024, GE HealthCare, a US-based medical technology company, launched an AI Innovation Lab to advance early-stage AI solutions as part of its broader digital strategy. The focus includes integrating AI into medical devices, enhancing decision-making across care journeys and improving outcomes and operational efficiency. Supported by cloud technology investments, the lab aims to scale AI development and deliver system-wide benefits.
The global AI in medical diagnostics market is highly concentrated, with large players operating in the market. The top ten competitors in the market made up to 60.90% of the total market in 2023.
AI In Medical Diagnostics Global Market Opportunities And Strategies To 2034 from The Business Research Company provides the strategists; marketers and senior management with the critical information they need to assess the global AI in medical diagnostics market as it emerges from the COVID-19 shut down.
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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 history and forecasts market growth by geography. It places the market within the context of the wider AI in medical diagnostics market; and compares it with other markets.
The report covers the following chapters
- Introduction and Market Characteristics- Brief introduction to the segmentations covered in the market, definitions and explanations about the segment by component, by application, by end user, by technology and by specialty.
- Key Trends- Highlights the major trends shaping the global market. This section also highlights likely future developments in the market.
- Macro-Economic Scenario- The report provides an analysis of the impact of the COVID-19 pandemic, impact of the Russia-Ukraine war and impact of rising inflation on global and regional markets, providing strategic insights for businesses in the AI in medical diagnostics market.
- Global Market Size And Growth- Global historic (2019-2024) and forecast (2024-2029, 2034F) market values and drivers and restraints that support and control the growth of the market in the historic and forecast periods.
- Regional And Country Analysis- Historic (2019-2024) and forecast (2024-2029, 2034F) market values and growth and market share comparison by region and country.
- Market Segmentation- Contains the market values (2019-2024) (2024-2029, 2034F) and analysis for each segment by component, by application, by end user, by technology and by specialty in the market. Historic (2019-2024) and forecast (2024-2029) and (2029-2034) market values and growth and market share comparison by region market.
- Regional Market Size and Growth- Regional market size (2024), historic (2019-2024) and forecast (2024-2029, 2034F) market values and growth and market share comparison of countries within the region. This report includes information on all the regions Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa and major countries within each region.
- Competitive Landscape- Details on the competitive landscape of the market, estimated market shares and company profiles of the leading players.
- Other Major And Innovative Companies Details on the company profiles of other major and innovative companies in the market.
- Competitive Benchmarking- Briefs on the financials comparison between major players in the market.
- Competitive Dashboard- Briefs on competitive dashboard of major players.
- Key Mergers and Acquisitions- Information on recent mergers and acquisitions in the market is covered in the report. This section gives key financial details of mergers and acquisitions which have shaped the market in recent years.
- Market Opportunities And Strategies- Describes market opportunities and strategies based on findings of the research, with information on growth opportunities across countries, segments and strategies to be followed in those markets.
- Conclusions And Recommendations- This section includes recommendations for AI in medical diagnostics providers in terms of product/service offerings geographic expansion, marketing strategies and target groups.
- Appendix- This section includes details on the NAICS codes covered, abbreviations and currencies codes used in this report.
Markets Covered:
- 1) By Component: Software; Hardware; Services
- 2) By Application: Computer-Aided Detection; Computer-Aided Diagnosis; Quantitative Analysis Tools; Clinical Decision
- 3) By End User: Hospitals; Diagnostics Imaging Centers; Diagnostics Laboratories; Other End Users
- 4) By Technology: Natural Language Processing; Computer Vision; Machine Learning; Context-Aware Computing
- 5) By Specialty: Cardiology; Oncology; Pathology; Radiology; Chest And Lung; Neurology; Other Specialties
- Companies Mentioned: Siemens Healthineers AG; Merative L.P.; Tempus Labs Inc.; Enlitic Inc.; GE Healthcare Technologies Inc.
- Countries: China; Australia; India; Indonesia; Japan; South Korea; USA; Canada; Brazil; France; Germany; UK; Italy; Spain; Russia
- 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; AI in medical diagnostics indicators comparison.
- 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.