According to the new market research report "AI in Medical Diagnostics Market by Component (Software, Service), Application (In Vivo, Radiology, Neurology, CT, MRI, X - ray, IVD), End User (Hospital, Diagnostic Imaging Center, Diagnostic Laboratory) & Region - Global Forecast to 2027"
The global AI in Medical Diagnostics Market in terms of revenue was estimated to be worth $1.0 billion in 2022 and is poised to reach $5.5 billion by 2027, growing at a CAGR of 39.9% from 2022 to 2027.
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Driver: Influx of big data
With the increasing digitization and adoption of information systems in the healthcare industry, big data (large and complex data) is generated at various stages of the care delivery process. In the medical diagnostics industry, big data comprises information generated from clickstream and web & social media interactions; readings from medical devices, such as sensors, ECGs, X-rays, healthcare claims, and other billing records; and biometric data, among other sources. Big data and analytical solutions have grown exponentially in sophistication and adoption in the last decade with the growing adoption of EHRs, digitized laboratory slides, and high-resolution radiology images among healthcare providers. Healthcare is one of the top five big data industries, especially in the US. In the coming years, the volume of big data in medical diagnostics is expected to increase due to the use of bidirectional patient portals, which allow patients to upload data and images to their EMRs. The need to efficiently manage the ever-increasing volume of large and complex medical diagnostic data is compelling the healthcare industry to turn its focus toward various AI-based solutions
Some of the prominent players in this market are Microsoft (US), NVIDIA (US), IBM (US), Intel Corporation (US), Google, Inc.(Subsidiary of Alphabet, Inc) (US), Siemens Healthineers (Germany), GE Healthcare (US), Digital Diagnostics, Inc (US), Xilinx (US), InformAI LLC (US), HeartFlow, Inc (US), Enlitic, Inc (US), Day Zero Diagnostics, Inc(US), Aidence (Netherlands), Butterfly Network, Inc. (US), Prognos Health (US), Nanox AI (Israel), Viz.ai, Inc (US), Quibin (Spain), Qure.ai (India), Therapixel (France), Aidoc (Israel), Koninklijke Philips N.V. (Netherlands), Lunit. Inc (South Korea), EchoNous Inc. (US).
Report Objectives
- To provide detailed information regarding the major factors (such as drivers, restraints, opportunities, and challenges) influencing the market growth
- To strategically analyze micromarkets with respect to individual growth trends, prospects, and contributions to the overall market
- To analyze opportunities in the market for stakeholders and provide details of the competitive landscape for market leaders
- To strategically analyze the market structure and profile the key players of the market and comprehensively analyze their core competencies
- To forecast the size of the market segments with respect to four regions, namely, North America, Europe, Asia Pacific, and the Rest of the World (Latin America and the Middle East & Africa)
- To track and analyze competitive developments such as product launches, acquisitions, partnerships, agreements, and collaborations in the Fetal Monitoring during the forecast period
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