Artificial Intelligence 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

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

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The Impact of COVID-19 on the AI in Medical Diagnostics 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:

• In April 2020, the Bolton NHS Foundation Trust (U.K.) partnered with Qure.ai (India), a healthcare AI start-up engaged in developing solutions for monitoring COVID-19 patients. The start-up developed the qXR, a diagnostic software used to detect the findings indicative of COVID-19 and quantify the volume of the infection. The qXR solution automates the interpretation of COVID-19 proliferation from chest X-rays, making it easier for healthcare professionals to monitor the extent and rate of progression of the viral infection.
• In April 2020, THIRONA (Netherlands) partnered with Smart Reporting GmbH (Germany) to launch CAD4COVID-CT, an artificial intelligence software for detecting COVID-19 cases through CT scans. The software enables quicker detection of COVID-19 cases.

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.

Key Findings of the Artificial Intelligence in Medical Diagnostics Market Study:

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

• Software
• Services

AI in Medical Diagnostics Market, by Specialty

• Brain & Neurological
• Oncology
• Cardiac & Vascular
• Chest & Lung
• Obstetrics & Gynecology (OB-GYN)
• Other Specialties
  (Note: Other specialties include ophthalmology, dermatology, surgical pathology, nephrology, dentistry, hepatology, orthopedics, and endocrinology.)

AI in Medical Diagnostics Market, by Modality

• MRI
• CT Scan
• X-ray
• Ultrasound
• Other Modalities
  (Note: Other modalities include ECG, PET scan, retinal optical imaging, and digital imaging)

AI in Medical Diagnostics Market, by End User

• Hospitals
• Diagnostic Imaging Centers
• Others End Users
  (Note: Other end users include clinics, ambulatory care centers, clinical research organizations, and academic research centers.)

AI in Medical Diagnostics Market, by Geography

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • France
  • U.K.
  • Italy
  • Spain
  • Rest of Europe (RoE)
• Asia-Pacific
  • China
  • Japan
  • India
  • Rest of APAC (RoAPAC)
• Latin America
• Middle East & Africa

Key questions answered in the report: