AI in medical diagnostics aid medical specialists in making a quick and accurate diagnosis and helps triage patients by flagging abnormal medical images. It provides valuable insights that can be used in diagnosing a wide range of diseases, including cancer and various chronic diseases. It also helps specialists prioritize life-threatening cases, diagnose cardiac arrhythmias, predict stroke outcomes, and help with the management of chronic diseases.
Meticulous Research®, in its latest publication on the AI in medical diagnostics market, states that the market is expected to reach $9.38 billion, at a CAGR of 36.2% from 2022 to 2029.
The growth of this market is driven by the growing need for the adoption of AI technology in medical diagnosis, the rising incidence rate of chronic diseases, and the growing shortage of healthcare professionals. In addition, the growth potential in emerging economies and the increasing number of cross-industry partnerships and 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 hamper the adoption by medical professionals and 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.
To provide efficient analysis, Meticulous Research® has segmented this market 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 market share of this segment is attributed to the growing number of new software developments for various specialties, the advantages of AI-based software in ensuring minimal chances of errors in diagnostic results, and the increasing number of patients with a wide array of acute and chronic diseases.
Based on specialty, 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 high demand for brain imaging due to the rising incidence rate of various neurological diseases.
Based on modality, 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 the increasing number of patients requiring CT scans, a large number of product launches specifically for computed tomography, and the benefits provided by integrating AI technology in CT scans, such as reduced noise in medical images and reduced patient backlogs and wait times.
Based on end user, in 2022, the hospitals 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 the increasing adoption of AI in hospitals due to the benefits offered, such as reduced patient wait times, increased diagnostic accuracy, and reduced workload. Furthermore, the rising number of patients in hospitals undergoing diagnostic procedures and the outbreak of the COVID-19 pandemic contribute to the market growth of this segment.
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. The presence of well-established healthcare IT infrastructure, the increasing number of startups in AI technologies, favorable government initiatives, and the presence of key market players in the region are some of the major factors contributing to the growth of this regional market.
The report provides competitive intelligence such as financial and key growth strategies adopted by leading market participants and insights into the market based on component, specialty, modality, end user, and geographical presence of the key players operating in this market, including 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.).
To gain more insights into the market with a detailed table of content and figures, click here: https://www.meticulousresearch.com/product/artificial-intelligence-in-medical-diagnostics-market-5312
Mr. Khushal Bombe
Meticulous Market Research Inc.
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