AI in Medical Diagnostics Market To Generate $5,541.7 Million Revenue by 2030
- Published: October 2023
The AI in medical diagnostics market size is expected to advance at a CAGR of 23.1% during 2024–2030, to reach USD 5,541.7 million by 2030. This can be ascribed to the rising usage of machine algorithms and information technology software to imitate human analysis and understand complex medical data. Also, medical data is rising enormously with the growing population, creating a high need for machine learning and AI in the healthcare sector. This fulfills the need to analyze the connection between treatment procedures and prevention precisely, keeping in mind improved patient outcomes.
Additionally, the necessity for improving patient care and lowering the expense of primary care is further leading to the growth of the market. Moreover, there is a rise in the popularity of artificial intelligence in clinical imaging, as it supports quicker results with minimum error. In addition, stimulated intelligence provides abundant features such as CT scans of the chest and malignancy screening in most diagnostics cases.
The market is also expected to be driven by the surging patient pool in hospitals, supported by the increasing prevalence of lifestyle diseases, such as hypertension, diabetes, and cardiovascular diseases; the rising healthcare awareness among the population leading to early diagnosis of illnesses; and the technological advancements in the medical area. For instance, in April 2020, Thirona in partnership with Smart Reporting GmbH launched an AI-powered solution, CAD4COVID-CT for quicker COVID-19 analysis on CT scans.
Rising Adoption of AI in Medical Care Sector Drives the Market
In order to boost and gain a larger AI market share in medical diagnosis, the utilization of AI in various healthcare applications such as diagnostics is increasing to overcome the shortage of healthcare workers. This is prompting the adoption of AI technologies. As a consequence, AI algorithms can be instructed to examine patient health data, offering healthcare providers in rapid diagnosis of the condition and designing an effective treatment plan.
Moreover, the market for medical diagnostics using artificial intelligence is expected to develop, due to the increasing use of AI in fields including drug discovery, genomics, precision medicine, and medical imaging, coupled with cumulative custom-made therapies designed to meet the needs of certain patients. Thus, the necessity for artificial intelligence technology to do data mining and speed up healthcare delivery services and the emergence of creative and promising uses for illness detection and monitoring are fueling the market expansion globally.
On a geographical basis, North America accounts for the largest market share, as a result of well-established healthcare infrastructure and advanced medical facilities, the availability of the latest diagnostic software solutions, the growing healthcare sector, and the rising popularity of AI-guided surgeries as well as minimally invasive surgical procedures in the region.
In the coming years, the Asia-Pacific market is projected to exhibit the highest CAGR, of around 23.5%, during the forecast period. This can be attributed to the growth strategies adopted by key players, the growing geriatric population, the digitalization of medical diagnostics infrastructure, and the increasing adoption of AI technologies with the implementation of favorable government initiatives, in the region.
The most-significant AI in medical diagnostics market players are Siemens Healthineers, IBM Corporation, GE HealthCare Technologies Inc., Aidoc Medical Ltd., Digital Diagnostics Inc., Prognos Health Inc., Butterfly Network Inc., EchoNous Inc., and NovaSignal Corp.