The Artificial Intelligence in Medical Diagnostics Market is expected to reach $9.38 billion by 2029, at a CAGR of 36.2% from 2022 to 2029. Artificial intelligence (AI) in medical diagnostics is a powerful tool that has the potential to make healthcare more accessible and affordable by assisting healthcare providers in making accurate and quick treatment decisions for their patients. The accurate diagnosis of a disease takes years of medical training and is a time-consuming process. The use of AI in medical diagnosis has proven to give accurate diagnoses, aid in clinical decisions, and enhance physicians' judgment.
AI in medical diagnostics includes AI solutions that aid physicians with medical decision-making. AI-based solutions can be used to diagnose cancer, triage critical findings in medical imaging, flag acute abnormalities, help radiologists prioritize life-threatening cases, diagnose cardiac arrhythmias, predict stroke outcomes, and help with the management of chronic diseases.
The growth of this market is driven by the growing need for the adoption of AI in medical diagnosis to reduce errors, the shortage of healthcare professionals, and the rising incidence rate of chronic diseases. In addition, the growth potential in emerging economies and the growing number of cross-industry partnerships & collaborations are expected to provide significant growth opportunities for this 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, factors such as regulatory barriers and privacy & security concerns are the major challenges to the growth of this market
The outbreak of the COVID-19 pandemic adversely affected the healthcare sector globally. The number of people infected with COVID-19 skyrocketed, causing a huge burden on the health system worldwide. COVID-19 mainly affects the lungs of the patients. Hence, cardiothoracic imaging in COVID-19 cases is a common diagnostic practice to identify the severity of the disease. The number of research studies using AI techniques to diagnose COVID-19 rapidly increased in 2020. Many studies focused on diagnosing COVID-19 from chest CT images using AI technology. Several studies showed AI models to be as accurate as experienced radiologists in diagnosing COVID-19.
Technology giants and healthcare companies worldwide began ramping up their efforts to develop AI systems and software to detect COVID-19 cases. The crisis accelerated the investments in collecting data and developing AI tools. The development of AI solutions for chest radiology and the adoption of technologies that support remote care, including AI-based technologies, increased significantly during the pandemic. For instance:
Thus, the role of AI technology in assisting the healthcare sector in fighting the COVID-19 pandemic is evident, and its adoption is expected to increase in the future, subsequently driving the growth of the AI in medical diagnostics market in the coming years.
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The Software Segment to Dominate Market in 2022
In 2022, the software segment is expected to account for the larger share of the AI in medical diagnostics market. The large market share of this segment is attributed to the rising demand for AI-based software in diagnostics to deliver an accurate diagnosis in a short time, the rapid development of new AI algorithms and new software approvals, and applications of AI-based software in various fields, including radiology, cardiology, neurology, gynecology, and ophthalmology among others.
The Brain & Neurological Segment to Dominate Market in 2022
In 2022, the brain & neurological segment is expected to account for the largest share of the AI in medical diagnostics market. The large share of this segment is attributed to the benefits of AI-based solutions in diagnosing various neurological diseases, such as aiding radiologists in interpreting medical images to make a quick and accurate diagnosis, reducing noise in medical images, and creating high-quality images from lower doses of radiation.
The CT scan Segment to Dominate Market in 2022
In 2022, the CT scan segment is expected to account for the largest share of the AI in medical diagnostics market. The large market share of this segment is attributed to factors such as the growing need for effective and early diagnosis and the rising prevalence of chronic diseases globally due to the aging population. Furthermore, the outbreak of the COVID-19 pandemic increased the demand for chest CT examinations in COVID-19 patients, contributing to the market growth of this segment.
The Hospitals Segment to Dominate Market in 2022
In 2022, the hospitals segment is expected to account for the largest share of the AI in medical diagnostics market. The large share of this segment is attributed to factors such as the advantages of adopting AI-based solutions to automate the diagnosis process and reduce the workload in hospitals, the increasing number of patients undertaking diagnostic procedures, the growing need for early disease detection, and the shortage of medical specialists.
Asia-Pacific: the Fastest-growing Regional Market
Asia-Pacific is slated to register the highest growth rate in the AI in medical diagnostics market during the forecast period. The high market growth in Asia-Pacific is attributed to the high growth opportunities due to the increasing prevalence of various chronic & infectious diseases, the increasing number of AI-based startups, especially in China and India, and the huge potential of AI in addressing the gap in the healthcare infrastructure in the region.
Key Players
The report includes a competitive landscape based on an extensive assessment of the market based on component, specialty, modality, end user, and geography, and the key growth strategies adopted by leading market players between 2019 and 2022.
The key players profiled in the AI in medical diagnostics market study are 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.).
Scope of the Report:
AI in Medical Diagnostics Market, by Component
AI in Medical Diagnostics Market, by Specialty
AI in Medical Diagnostics Market, by Modality
AI in Medical Diagnostics Market, by End User
AI in Medical Diagnostics Market, by Geography
Key questions answered in the report:
This report covers the market sizes & forecasts of the AI in medical diagnostics market based on component, specialty, modality, end user, and geography. This market study also involves the value analysis of various segments and subsegments of AI in medical diagnostics at the regional and country levels.
The AI in medical diagnostics market is projected to reach $9.38 billion by 2029, at a CAGR of 36.2% during the forecast period of 2022–2029.
The AI in medical diagnostics market is segmented into software and services. In 2022, the software segment is expected to account for the larger share of the AI in medical diagnostics market.
The AI in medical diagnostics market is segmented into brain & neurological, oncology, cardiac & vascular, chest & lung, obstetrics & gynecology (OB-GYN), and other specialties. In 2022, the brain & neurological segment is expected to account for the largest share of the AI in medical diagnostics market.
The AI in medical diagnostics market is segmented into MRI, CT scan, X-ray, ultrasound, and other modalities. In 2022, the CT scan segment is expected to account for the largest share of the AI in medical diagnostics market.
The AI in medical diagnostics market is segmented into hospitals, diagnostic imaging centers, and other end users. In 2022, the hospitals segment is expected to account for the largest share of the AI in medical diagnostics market.
The growth of this market is driven by the growing need for the adoption of AI in medical diagnosis to reduce errors, the shortage of healthcare professionals, and the rising incidence rate of chronic diseases. In addition, the growth potential offered by emerging economies and the increasing number of cross-industry partnerships & collaborations is expected to provide significant growth opportunities for this market.
Reluctance to adopt AI technologies due to a lack of trust is expected to restrain the growth of this market. In addition, factors such as regulatory barriers and privacy & security concerns are the major challenges to the growth of this market.
The key players operating in the AI in medical diagnostics market are 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.).
The market in Asia-Pacific is slated to register the highest growth rate during the forecast period and offer significant growth opportunities for the players operating in this market. The growth of this regional market is driven by the increasing awareness about the advantages of AI in medical diagnostics, the potential of AI-based solutions to bridge the gap in healthcare infrastructure, the shortage of healthcare professionals, and the increasing number of start-ups involved in AI technology.
This report provides pre & post COVID-19 market estimates.
List of Tables
Table 1 Global AI in Medical Diagnostics Market: Impact Analysis of Market Drivers (2022–2029)
Table 2 Shortfall of Healthcare Professionals, by Country/Region
Table 3 Number of Physicians Per 1,000 Population, by Country
Table 4 Global AI in Medical Diagnostics Market: Impact Analysis of Market Restraints (2022–2029)
Table 5 COVID-19 Cases and Deaths, by Region (As of 22nd July 2022)
Table 6 Global AI in Medical Diagnostics Market Size, by Component, 2020–2029 (USD Million)
Table 7 Global AI in Medical Diagnostics Software Market Size, by Country/Region, 2020–2029 (USD Million)
Table 8 Global AI in Medical Diagnostics Services Market Size, by Country/Region, 2020–2029 (USD Million)
Table 9 Global AI in Medical Diagnostics Market Size, by Specialty, 2020–2029 (USD Million)
Table 10 Some of the FDA-approved AI Diagnostic Solutions for Brain & Neurological Applications
Table 11 Global AI in Medical Diagnostics Market Size for Brain & Neurological, by Country/Region, 2020–2029 (USD Million)
Table 12 Some of the FDA-approved Diagnostic AI Solutions for Oncology Applications
Table 13 Global AI in Medical Diagnostics Market Size for Oncology, by Country/Region, 2020–2029 (USD Million)
Table 14 Some of the FDA-approved Diagnostic AI Solutions for Cardiac & Vascular Applications
Table 15 Global AI in Medical Diagnostics Market Size for Cardiac & Vascular, by Country/Region, 2020–2029 (USD Million)
Table 16 Some of the FDA-approved AI Diagnostic Solutions for Chest & Lung Applications
Table 17 Global AI in Medical Diagnostics Market Size for Chest & Lung, by Country/Region, 2020–2029 (USD Million)
Table 18 Number of Childbirths Per Year (2020 Vs. 2030)
Table 19 Global AI in Medical Diagnostics Market Size for Obstetrics & Gynecology (OB-GYN), by Country/Region, 2020–2029 (USD Million)
Table 20 Global AI in Medical Diagnostics Market Size for Other Specialties, by Country/Region, 2020–2029 (USD Million)
Table 21 Global AI in Medical Diagnostics Market Size, by Modality, 2020–2029 (USD Million)
Table 22 CT Scanners Per Million Inhabitants (2021 or the Latest Available)
Table 23 Recently FDA-approved CT Scan-based Diagnostic AI Solutions
Table 24 Global AI in Medical Diagnostics Market Size for CT Scan, by Country/Region, 2020–2029 (USD Million)
Table 25 MRI Units Per Million Inhabitants (2021 or the Latest Available)
Table 26 Recently FDA-approved MRI-Based Diagnostic AI Solutions
Table 27 Global AI in Medical Diagnostics Market Size for MRI, by Country/Region, 2020–2029 (USD Million)
Table 28 Recently FDA-approved Mammography-Based Diagnostic AI Solutions
Table 29 Recently FDA-approved X-Ray-Based Diagnostic AI Solutions
Table 30 Global AI in Medical Diagnostics Market Size for X-Ray, by Country/Region, 2020–2029 (USD Million)
Table 31 Applications of AI in Ultrasound
Table 32 Recently FDA-approved X-Ray-Based Diagnostic AI Solutions
Table 33 Global AI in Medical Diagnostics Market Size for Ultrasound, by Country/Region, 2020–2029 (USD Million)
Table 34 Global AI in Medical Diagnostics Market Size for Other Modalities, by Country/Region, 2020–2029 (USD Million)
Table 39 Global AI in Medical Diagnostics Market Size, by Country/Region, 2020–2029 (USD Million)
Table 40 North America: AI in Medical Diagnostics Market Size, by Country, 2020–2029 (USD Million)
Table 41 North America: AI in Medical Diagnostics Market Size, by Component, 2020–2029 (USD Million)
Table 42 North America: AI in Medical Diagnostics Market Size, by Specialty, 2020–2029 (USD Million)
Table 43 North America: AI in Medical Diagnostics Market Size, by Modality, 2020–2029 (USD Million
Table 44 North America: AI in Medical Diagnostics Market Size, by End User, 2020–2029 (USD Million)
Table 45 U.S.: Key Macroindicators
Table 46 U.S.: AI in Medical Diagnostics Market Size, by Component, 2020–2029 (USD Million)
Table 47 U.S.: AI in Medical Diagnostics Market Size, by Specialty, 2020–2029 (USD Million)
Table 48 U.S.: AI in Medical Diagnostics Market Size, by Modality, 2020–2029 (USD Million)
Table 49 U.S.: AI in Medical Diagnostics Market Size, by End User, 2020–2029 (USD Million)
Table 50 Canada: Key Macroindicators
Table 51 Canada: AI in Medical Diagnostics Market Size, by Component, 2020–2029 (USD Million)
Table 52 Canada: AI in Medical Diagnostics Market Size, by Specialty, 2020–2029 (USD Million)
Table 53 Canada: AI in Medical Diagnostics Market Size, by Modality, 2020–2029 (USD Million)
Table 54 Canada: AI in Medical Diagnostics Market Size, by End User, 2020–2029 (USD Million)
Table 55 Europe: AI in Medical Diagnostics Market Size, by Country/Region, 2020–2029 (USD Million)
Table 56 Europe: AI in Medical Diagnostics Market Size, by Component, 2020–2029 (USD Million)
Table 57 Europe: AI in Medical Diagnostics Market Size, by Specialty, 2020–2029 (USD Million)
Table 58 Europe: AI in Medical Diagnostics Market Size, by Modality, 2020–2029 (USD Million)
Table 59 Europe: AI in Medical Diagnostics Market Size, by End User, 2020–2029 (USD Million)
Table 60 Germany: Key Macroindicators
Table 61 Germany: AI in Medical Diagnostics Market Size, by Component, 2020–2029 (USD Million)
Table 62 Germany: AI in Medical Diagnostics Market Size, by Specialty, 2020–2029 (USD Million)
Table 63 Germany: AI in Medical Diagnostics Market Size, by Modality, 2020–2029 (USD Million)
Table 64 Germany: AI in Medical Diagnostics Market Size, by End User, 2020–2029 (USD Million)
Table 65 U.K.: Current Prevalence as % of the Total Population
Table 66 U.K.: Key Macroindicators
Table 67 U.K.: AI in Medical Diagnostics Market Size, by Component, 2020–2029 (USD Million)
Table 68 U.K.: AI in Medical Diagnostics Market Size, by Specialty, 2020–2029 (USD Million)
Table 69 U.K.: AI in Medical Diagnostics Market Size, by Modality, 2020–2029 (USD Million)
Table 70 U.K.: AI in Medical Diagnostics Market Size, by End User, 2020–2029 (USD Million)
Table 71 France: Key Macroindicators
Table 72 France: AI in Medical Diagnostics Market Size, by Component, 2020–2029 (USD Million)
Table 73 France: AI in Medical Diagnostics Market Size, by Specialty, 2020–2029 (USD Million)
Table 74 France: AI in Medical Diagnostics Market Size, by Modality, 2020–2029 (USD Million)
Table 75 France: AI in Medical Diagnostics Market Size, by End User, 2020–2029 (USD Million)
Table 76 Italy: Leading Causes of Deaths (2020)
Table 77 Italy: Key Macroindicators
Table 78 Italy: AI in Medical Diagnostics Market Size, by Component, 2020–2029 (USD Million)
Table 79 Italy: AI in Medical Diagnostics Market Size, by Specialty, 2020–2029 (USD Million)
Table 80 Italy: AI in Medical Diagnostics Market Size, by Modality, 2020–2029 (USD Million)
Table 81 Italy: AI in Medical Diagnostics Market Size, by End User, 2020–2029 (USD Million)
Table 82 Spain: Start-ups operating in the AI in Medical Diagnostics
Table 83 Spain: Key Macroindicators
Table 84 Spain: AI in Medical Diagnostics Market Size, by Component, 2020–2029 (USD Million)
Table 85 Spain: AI in Medical Diagnostics Market Size, by Specialty, 2020–2029 (USD Million)
Table 86 Spain: AI in Medical Diagnostics Market Size, by Modality, 2020–2029 (USD Million)
Table 87 Spain: AI in Medical Diagnostics Market Size, by End User, 2020–2029 (USD Million)
Table 88 Estimated Number of New Cancer Cases From 2020 to 2030
Table 89 Rest of Europe: AI in Medical Diagnostics Market Size, by Component, 2020–2029 (USD Million)
Table 90 Rest of Europe: AI in Medical Diagnostics Market Size, by Specialty, 2020–2029 (USD Million)
Table 91 Rest of Europe: AI in Medical Diagnostics Market Size, by Modality, 2020–2029 (USD Million)
Table 92 Rest of Europe: AI in Medical Diagnostics Market Size, by End User, 2020–2029 (USD Million)
Table 93 Asia-Pacific: AI in Medical Diagnostics Market Size, by Country/Region, 2020–2029 (USD Million)
Table 94 Asia-Pacific: AI in Medical Diagnostics Market Size, by Component, 2020–2029 (USD Million)
Table 95 Asia-Pacific: AI in Medical Diagnostics Market Size, by Specialty, 2020–2029 (USD Million)
Table 96 Asia-Pacific: AI in Medical Diagnostics Market Size, by Modality, 2020–2029 (USD Million)
Table 97 Asia-Pacific: AI in Medical Diagnostics Market Size, by End User, 2020–2029 (USD Million)
Table 98 China: Key Macroindicators
Table 99 China: AI in Medical Diagnostics Market Size, by Component, 2020–2029 (USD Million)
Table 100 China: AI in Medical Diagnostics Market Size, by Specialty, 2020–2029 (USD Million)
Table 101 China: AI in Medical Diagnostics Market Size, by Modality, 2020–2029 (USD Million)
Table 102 China: AI in Medical Diagnostics Market Size, by End User, 2020–2029 (USD Million)
Table 103 Japan: Key Macroindicators
Table 104 Japan: AI in Medical Diagnostics Market Size, by Component, 2020–2029 (USD Million)
Table 105 Japan: AI in Medical Diagnostics Market Size, by Specialty, 2020–2029 (USD Million)
Table 106 Japan: AI in Medical Diagnostics Market Size, by Modality, 2020–2029 (USD Million)
Table 107 Japan: AI in Medical Diagnostics Market Size, by End User, 2020–2029 (USD Million)
Table 108 India: Key Macroindicators
Table 109 India: AI in Medical Diagnostics Market Size, by Component, 2020–2029 (USD Million)
Table 110 India: AI in Medical Diagnostics Market Size, by Specialty, 2020–2029 (USD Million)
Table 111 India: AI in Medical Diagnostics Market Size, by Modality, 2020–2029 (USD Million)
Table 112 India: AI in Medical Diagnostics Market Size, by End User, 2020–2029 (USD Million)
Table 113 Estimated Number of New Cancer Cases From 2020 to 2030
Table 114 Rest of Asia-Pacific: AI in Medical Diagnostics Market Size, by Component, 2020–2029 (USD Million)
Table 115 Rest of Asia-Pacific: AI in Medical Diagnostics Market Size, by Specialty, 2020–2029 (USD Million)
Table 116 Rest of Asia-Pacific: AI in Medical Diagnostics Market Size, by Modality, 2020–2029 (USD Million)
Table 117 Rest of Asia-Pacific: AI in Medical Diagnostics Market Size, by End User, 2020–2029 (USD Million)
Table 118 Latin America: AI in Medical Diagnostics Market Size, by Component, 2020–2029 (USD Million)
Table 119 Latin America: AI in Medical Diagnostics Market Size, by Specialty, 2020–2029 (USD Million)
Table 120 Latin America: AI in Medical Diagnostics Market Size, by Modality, 2020–2029 (USD Million)
Table 121 Latin America: AI in Medical Diagnostics Market Size, by End User, 2020–2029 (USD Million)
Table 122 Middle East & Africa: AI in Medical Diagnostics Market Size, by Component, 2020–2029 (USD Million)
Table 123 Middle East & Africa: AI in Medical Diagnostics Market Size, by Specialty, 2020–2029 (USD Million)
Table 124 Middle East & Africa: AI in Medical Diagnostics Market Size, by Modality, 2020–2029 (USD Million)
Table 125 Middle East & Africa: AI in Medical Diagnostics Market Size, by End User, 2020–2029 (USD Million)
Table 126 Recent Developments, by Company (2019–2022)
List of Figures
Figure 1 Research Process
Figure 2 Key Secondary Sources
Figure 3 Primary Research Techniques
Figure 4 Key Executives Interviewed
Figure 5 Breakdown of Primary Interviews (Supply-side & Demand-side)
Figure 6 Market Size Estimation
Figure 7 Global AI in Medical Diagnostics Market Size, by Component, 2022 Vs. 2029 (USD Million)
Figure 8 Global AI in Medical Diagnostics Market Size, by Specialty, 2022 Vs. 2029 (USD Million)
Figure 9 Global AI in Medical Diagnostics Market Size, by Modality, 2022 Vs. 2029 (USD Million)
Figure 10 Global AI in Medical Diagnostics Market Size, by End User, 2022 Vs. 2029 (USD Million)
Figure 11 Global AI in Medical Diagnostics Market Size, by Geography
Figure 12 Market Dynamics
Figure 13 Estimated Number of New Cancer Cases, 2020–2040 (in Million)
Figure 14 Global AI in Medical Diagnostics Market Size, by Component, 2022–2029 (USD Million)
Figure 15 Global AI in Medical Diagnostics Market Size, by Specialty, 2022–2029 (USD Million)
Figure 16 Estimated Number of New Cancer Cases (2020–2040)
Figure 17 Global AI in Medical Diagnostics Market Size, by Modality, 2022–2029 (USD Million)
Figure 18 Global AI in Medical Diagnostics Market Size, by End User, 2022 Vs. 2029 (USD Million)
Figure 19 Global AI in Medical Diagnostics Market Size, by Geography, 2022–2029 (USD Million)
Figure 20 North America: AI in Medical Diagnostics Market Snapshot
Figure 21 U.S.: Number of People with Chronic Medical Conditions (Million) (2015–2030)
Figure 22 Canada: Geriatric Population (2019–2050)
Figure 23 Estimated Number of New Cancer Cases (2020–2040)
Figure 24 Europe: AI in Medical Diagnostics Market Snapshot
Figure 25 Estimated Number of New Breast Cancer Cases (2020–2040)
Figure 26 Asia-Pacific: AI in Medical Diagnostics Market Snapshot
Figure 27 China: Estimated Number of New Cancer Cases (2020–2040)
Figure 28 Japan: Percentage of Population Aged 65 and Above (2010-2030)
Figure 29 India: Estimated Number of New Breast Cancer Cases (2020–2040)
Figure 30 Latin America: Number of New Cancer Cases (2020–2040)
Figure 31 Key Growth Strategies Adopted by Leading Players (2019–2022)
Figure 32 AI in Medical Diagnostics Market: Competitive Benchmarking, by Modality
Figure 33 AI in Medical Diagnostics Market: Competitive Benchmarking, by Geography
Figure 34 Siemens Healthineers AG: Financial Overview (2021)
Figure 35 General Electric Company: Financial Overview (2021)
Figure 36 International Business Machines Corporation: Financial Overview (2021)
Figure 37 NANO-X IMAGING LTD: Financial Overview (2021)
Figure 38 Koninklijke Philips N.V.: Financial Overview (2021)
Figure 39 Agfa-Gevaert Group: Financial Overview (2021)
This report provides pre & post COVID-19 market estimates.
This report provides pre & post COVID-19 market estimates.
Published Date: Aug-2023
Published Date: May-2023
Published Date: Sep-2022
