Meticulous Research®—leading global market research company published a research report titled, ‘AI in Medical Diagnostics Market By Component (Software, Services), Specialty (Radiology, Cardiology, Neurology, Obstetrics/Gynecology, Oncology), Modality (MRI, CT, X-ray, Ultrasound), End User (Hospital, Diagnostic Center) - Global Forecast to 2029.’
According to this latest publication from Meticulous Research®, the AI in medical diagnostics market is expected to reach $9.38 billion by 2029, at a CAGR of 36.2% from 2022 to 2029. This market's growth is driven by the growing need for the adoption of AI in medical diagnosis, the shortage of healthcare professionals, and the rising incidence rate of chronic diseases. In addition, growth potential in emerging economies and the growing number of cross-industry partnerships and collaborations provide significant growth opportunities for players operating in the market.
However, the reluctance to adopt AI technologies due to a lack of trust is expected to restrain the growth of this market. In addition, regulatory barriers and privacy & security concerns are the major challenges to the growth of this market.
AI in Medical Diagnostics Market: Future Outlook
The AI in medical diagnostics market is segmented based on component, specialty, modality, end user, and geography. The study also evaluates industry competitors and analyzes the market at the country level.
Based on component, in 2022, the software segment is expected to account for the larger share of the AI in medical diagnostics market. The large share of this segment is attributed to the growing demand for AI-powered solutions in diagnostics to deliver accurate diagnoses in a stipulated time frame, launches of new software, the increasing number of patients with a wide array of acute and chronic diseases and the growing shortage of medical specialists.
Based on specialty, in 2022, the brain & neurological segment is expected to account for the largest share of this market. The large market share of this segment is attributed to the rising incidence rate of neurological disorders due to the aging population and the increasing number of new software products for enabling AI diagnostics for brain & neurology applications.
Based on modality, in 2022, the CT scan segment is expected to account for the largest share of this market. The large market share of this segment is attributed to the rising number of patients undergoing computed tomography scans, the increased demand for chest CT scanning during the COVID-19 pandemic, and the growing need for early disease diagnosis.
Based on end user, in 2022, the hospitals segment is expected to account for the largest share of the market. The large market share of this segment is attributed to the high number of diagnostic imaging procedures performed in hospitals, the increasing adoption of AI-based solutions by doctors, and the increase in the number of patients due to the COVID-19 outbreak.
This research report analyzes major geographies and provides a comprehensive analysis of North America (U.S., Canada), Europe (Germany, France, U.K., Italy, Spain, and the rest of Europe), Asia-Pacific (Japan, China, India, and the rest of Asia-Pacific), Latin America, and the Middle East & Africa.
In 2022, North America is expected to account for the largest share of the AI in medical diagnostics market, followed by Europe and Asia-Pacific. North America’s major market share is attributed to the rapid adoption of AI-based solutions, the increasing number of product development and FDA approvals, and the early introduction of AI-driven platforms in several hospitals and diagnostics centers.
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The key players operating in the AI in medical diagnostics market include Siemens Healthineers AG (Germany), GE Healthcare (U.S.), Aidoc Medical Ltd. (Israel), International Business Machines Corporation (U.S.), AliveCor, Inc. (U.S.), VUNO Inc. (South Korea), Digital Diagnostics Inc. (U.S.), NovaSignal Corp. (U.S.), Riverain Technologies (U.S.), NANO-X IMAGING LTD (Israel), Imagen Technologies (U.S.), Koninklijke Philips N.V. (Netherlands), Agfa-Gevaert Group (Belgium), HeartFlow, Inc. (U.S.), and Arterys Inc. (U.S.).
Key questions answered in the report-
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