Growing Prevalence of Chronic Diseases to Boost the Global AI in Medical Diagnostics Market Through 2031

According to Markets and Data Research report, “Global AI in Medical Diagnostics Market Assessment, By Region, Opportunities and Forecast, 2017-2031F”, the Global AI in Medical Diagnostics Market was valued at USD 1,642.02 million in 2023 and is expected to register CAGR of 26.40% during the forecast period.

The global AI in the medical diagnostics market has been rapidly expanding in recent years due to the increasing demand for automation in diagnostics techniques. Artificial intelligence (AI) helps healthcare professionals perform early and precise detection of diseases and smoothens the workflow. AI finds place in multiple phases of caregiving, including diagnostics where faster results with precision are required. The market is expected to continue growing as demand for rapid and precise diagnostics increases due to the increasing population and the rising prevalence of diseases. The adoption of automation in medical diagnostics is driving innovation in the market. Stakeholders are specifically investing in AI-powered startups working on solutions associated with healthcare and caregiving, which is leading to the development of more advanced and sophisticated diagnostics systems, further enabling healthcare professionals to work much more efficiently. Additionally, the growing demand for personalized medicine and point-of-care testing for improving patient compliance are supporting the market growth. In line with this, regulatory emphasis for the development and approval of innovative AI-based medical diagnostics products is acting as another important aspect that drives market growth. However, the lack of AI-skilled personnel and the cost associated with the inclusion of AI-based infrastructure are anticipated to hinder market growth in the forecasted period.

Spread through 406 pages, the "Global AI in Medical Diagnostics Market" report includes an in-depth TOC, over 81 market data figures, the latest market developments, key drivers and opportunities, and a thorough study of major company profiles. Moreover, the report offers strategic recommendations, pricing analysis, market share analysis, and value chain analysis in detail.

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Key Takeaways:

Growing prevalence of chronic diseases across the globe due to changing lifestyles, low-nutrition diets, and increasing stress is anticipated to contribute to the growth of the market.

Rising support and funding for AI-based startups, which are involved in producing innovative solutions for medical imaging, are anticipated to drive the market.

Software segment is expected to dominate the market due to recurring revenue from subscriptions and increasing AI-integration in diagnostic devices, providing an opportunity for market expansion.

The growing prevalence of cancer cases across the globe and subsequently increasing demand for medical imaging for cancer diagnosis are causing the domination of ‘oncology’ segment in the application category.

The Global AI in Medical Diagnostics Market is Segmented in the Following Categories:

By Component Type: Software, Services, Hardware

By Diagnosis Type: Diagnostic Imaging, In-vitro Diagnostics, Others

By Application: Oncology, Neurology, Cardiology, Radiology, Pulmonology, Obstetrics/Gynecology, Others

By Technology: Natural Language Processing, Machine Learning, Context-Aware Computing, Computer Vision

By End-user: Hospitals, Diagnostic Imaging Centers, Diagnostic Laboratories, Others

By Region: North America, Europe, South America, Asia-Pacific, Middle East and Africa

Asia Pacific emerged as the fastest-growing region with a CAGR of 27.73%. This region exhibits significant growth potential within the medical diagnostics industry due to the presence of some of the world's fastest-growing economies, notably China and India. The growing prevalence of chronic diseases like cancer and hypertension in the region is expected to further drive the demand for AI in medical diagnostics. China and India, both major players in the Asian economy, are among the leading countries with high disease burden. These countries are aggressively adopting technological advancements in their healthcare systems, thereby contributing to the segment's growth throughout the forecast period.

The oncology segment is anticipated to undergo expansion. Notable increase in cancer cases through the years across the globe have raised health concerns. Several studies by cancer research organizations are pointing toward the alarming growth of cancer cases in upcoming years. For better preparedness, AI-enabled diagnostics can be beneficial in the synthesis of new biomarkers, further enabling the development of new personalized drugs. The value share of the oncology segment is expected to keep growing during the forecast period.

Major Companies Operating in the Global AI in Medical Diagnostics Market Include:

·         Alphabet Inc.

·         NVIDIA Corporation

·         International Business Machines Corporation (IBM)

·         Siemens Healthineers AG

·         Microsoft Corporation

·         Koninklijke Philips N.V.

·         GE HealthCare Technologies Inc

·         Canon Medical Systems Corporation

·         PathAI, Inc.

·         Fujifilm Holdings Corporation

·         InformAI Inc.

·         Aidoc Medical Ltd.

·         Nano-X Imaging Ltd

·         Riverain Technologies

Companies operating in the global AI in medical diagnostics market are actively engaged in research and development (R&D) to drive innovation, enhance existing technologies, and develop new solutions. The market is home to several startups that provide AI-based diagnostic solutions and are contributing through a strong pipeline of products. Key market players include Alphabet Inc., NVIDIA Corporation, International Business Machines Corporation (IBM), Siemens Healthineers AG, Microsoft Corporation, Koninklijke Philips N.V., and many more. These players are actively involved in market tactics like mergers, acquisition, collaboration strategic product launches, and partnerships for strengthening their market position.

In August 2023, JLK unveiled its AI-powered imaging diagnosis solution for the detection of stroke. The platform is compatible with all medical imaging devices, including CT, MRI, CTA, and MRA, essential for brain-related diagnosis. This AI algorithm exhibits real-time diagnostic capabilities, which makes it unique from other solutions available in the market.

“Global AI in Medical Diagnostics Market Assessment, 2017-2031F”, evaluates the future growth potential of global AI in medical diagnostics market and provides statistics and information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision-makers to take investment decisions for their organizations more strategically. Moreover, the report identifies and examines the emerging trends along with key drivers, challenges, and opportunities in the global AI in medical diagnostics market.

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