Artificial Intelligence (AI) in Medical Diagnostics Market by Modality (CT, X-Ray, MRI, Ultrasound), Application (IVD, Radiology, CNS, CVS, Ob/Gyn), User (Hospital, Labs), Unmet Need, Key Stakeholders & Buying Criteria - Global Forecast to 2028

Artificial Intelligence (AI) in Medical Diagnostics Market by Modality (CT, X-Ray, MRI, Ultrasound), Application (IVD, Radiology, CNS, CVS, Ob/Gyn), User (Hospital, Labs), Unmet Need, Key Stakeholders & Buying Criteria - Global Forecast to 2028

The global AI in medical diagnostics market is projected to reach USD 3.7 Billion by 2028 from USD 1.3 Billion in 2023, at a CAGR of 23.2% during the forecast period. The adoption of AI in medical diagnostics is rising at a fast pace owing to factors such as growth in various government initiatives to drive the uptake of AI-based technologies, AI solutions being more use by radiologists to decrease workload and the increasing number of cross-industry partnerships & collaborations.

However, the shortage of trained AI workforce, and unstable regulations are factors expected to restrain the market growth.

“Services segment is expected to grow at the highest rate from 2023 to 2028”

By component, AI in medical diagnostics market is divided into software,hardware, and services. The software segment accounted for the largest share of this market in 2022, while the services segment is estimated to grow at a higher CAGR from 2023 to 2028. Software solutions provide healthcare providers to gain a competitive edge despite the challenges of being short-staffed and facing mounting imaging scan volumes.

“In Vivo Diagnostics Segment is estimated to account for the largest share of the global AI in medical diagnostics market in 2023”

By application, AI in medical diagnostics market is divided into in vivo and in vitro diagnostics. In 2023, the in vivo diagnostics segment is projected to hold the largest share this market. Factors such as growing uptake of AI solutions by practitioners, as these solutions constantly help in decreasing human errors and enhance treatment efficacy.However,the in vitro diagnostics segment is projected to register highest growth during forecast period. The adoption of AI solutions is increasing for in vitro diagnostics applications as these solutions help reduce analysis and data interpretation time.

“The Hospitals segment is estimated to account for the largest share of the global AI in medical diagnostics market in 2023”

By end users, the AI in medical diagnostics market is divided into hospitals, diagnostic imaging centers, diagnostic laboratories, and other end users. In 2023, the hospitals segment is projected to hold the largest market share of this market. Factors such as the increase in the adoption of minimally invasive procedures in hospitals to enhance the quality of patient care, and the advance in the application of advanced imaging modalities to improve workflow.

“North America to dominate the AI in medical diagnostics market in 2023.”

By region, AI in medical diagnostics market has been segmented into five main regional segments: North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa. In 2023, North America estimated to account for the largest market share of this market. However, the Asia Pacific market is projected to register the highest CAGR from 2023 to 2028. Factors such as increasing prevalence of cancer, and the implementation of favorable government initiatives.

Breakdown of supply-side primary interviews, by company type, designation, and region:

By Company Type: Tier 1 (40%), Tier 2 (30%), and Tier 3 (30%)

By Designation: C-level (27%), Director-level (18%), and Others (55%)

By Region: North America (40%), Europe (20%), Asia Pacific (30%), and RoW (10%)

The prominent players in this market are Microsoft (US), NVIDIA Corporation (US), Merative (US), Intel Corporation (US), Google (US), Siemens Healthineers (Germany), GE HealthCare (US), Digital Diagnostics Inc. (US), Advanced Micro Devices, Inc. (US), InformAI (US), HeartFlow, Inc. (US), Enlitic, Inc. (US), isometric (Belgium), Aidence (Netherlands), Butterfly Network, Inc. (US), Nano-X Imaging LTD. (Israel), Viz.ai, Inc (US), Quibim (Spain), Qure.ai (India), Therapixel (France), Aidoc (US), Koninklijke Philips N.V. (Netherlands), Lunit, Inc. (South Korea), EchoNous, Inc. (US), and Brainomix (UK).

Research Coverage

The report studies the AI in medical diagnostics market based on component, application, end user, and region

The report analyzes factors (such as drivers, restraints, opportunities, and challenges) affecting the market growth

The report evaluates the opportunities and challenges in the market for stakeholders and provides details of the competitive landscape for market leaders

The report studies micro-markets with respect to their growth trends, prospects, and contributions to the total AI in medical diagnostics market

The report forecasts the revenue of market segments with respect to five major regions

Key Benefits of Buying the Report:

The report will help the leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall market and the sub-segments. This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the AI in medical diagnostics market and provides them information on key market drivers, restraints, challenges, and opportunities.

This report provides insights into the following pointers:

Analysis of key drivers (influx of big data, growing cross-industry partnerships & collaborations, Increasing adoption of AI solutions to reduce work pressure on radiologists, rising government initiatives to drive AI-based technologies, availability of funding for AI-based startups), restraints (inadequate AI workforce and ambiguous regulatory guidelines for medical software), opportunities (untapped emerging markets, increasing focus on developing human-aware AI systems, challenges (reluctance to adopt AI-based technologies,budgetary constraints, unstructured healthcare data,data privacy concerns,limited interoperability)

Market Penetration: Comprehensive information on product portfolios offered by the top players in the global AI in medical diagnostics Market. The report analyzes this market by component, application, end user.

Service Enhancement/Innovation: Detailed insights on upcoming trends in the global AI in medical diagnostics Market

Market Development: Comprehensive information on the lucrative emerging markets by component, application, end user.

Market Diversification: Exhaustive information about new services or service enhancements, growing geographies, recent developments, and investments in the global AI in medical diagnostics Market

Competitive Assessment: In-depth assessment of market shares, growth strategies, product offerings, company evaluation quadrant, and capabilities of leading players in the global AI in medical diagnostics Market.