Abstract
Summary
The global AI in medical diagnostics market is projected to reach USD 3.7 Billion by 2028 from USD 1.3 Billion in 2023, at a CAGR of 23.2% during the forecast period. The adoption of AI in medical diagnostics is rising at a fast pace owing to factors such as growth in various government initiatives to drive the uptake of AI-based technologies, AI solutions being more use by radiologists to decrease workload and the increasing number of cross-industry partnerships & collaborations.
However, the shortage of trained AI workforce, and unstable regulations are factors expected to restrain the market growth.
“Services segment is expected to grow at the highest rate from 2023 to 2028”
By component, AI in medical diagnostics market is divided into software,hardware, and services. The software segment accounted for the largest share of this market in 2022, while the services segment is estimated to grow at a higher CAGR from 2023 to 2028. Software solutions provide healthcare providers to gain a competitive edge despite the challenges of being short-staffed and facing mounting imaging scan volumes.
“In Vivo Diagnostics Segment is estimated to account for the largest share of the global AI in medical diagnostics market in 2023”
By application, AI in medical diagnostics market is divided into in vivo and in vitro diagnostics. In 2023, the in vivo diagnostics segment is projected to hold the largest share this market. Factors such as growing uptake of AI solutions by practitioners, as these solutions constantly help in decreasing human errors and enhance treatment efficacy.However,the in vitro diagnostics segment is projected to register highest growth during forecast period. The adoption of AI solutions is increasing for in vitro diagnostics applications as these solutions help reduce analysis and data interpretation time.
“The Hospitals segment is estimated to account for the largest share of the global AI in medical diagnostics market in 2023”
By end users, the AI in medical diagnostics market is divided into hospitals, diagnostic imaging centers, diagnostic laboratories, and other end users. In 2023, the hospitals segment is projected to hold the largest market share of this market. Factors such as the increase in the adoption of minimally invasive procedures in hospitals to enhance the quality of patient care, and the advance in the application of advanced imaging modalities to improve workflow.
“North America to dominate the AI in medical diagnostics market in 2023.”
By region, AI in medical diagnostics market has been segmented into five main regional segments: North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa. In 2023, North America estimated to account for the largest market share of this market. However, the Asia Pacific market is projected to register the highest CAGR from 2023 to 2028. Factors such as increasing prevalence of cancer, and the implementation of favorable government initiatives.
Breakdown of supply-side primary interviews, by company type, designation, and region:
• By Company Type: Tier 1 (40%), Tier 2 (30%), and Tier 3 (30%)
• By Designation: C-level (27%), Director-level (18%), and Others (55%)
• By Region: North America (40%), Europe (20%), Asia Pacific (30%), and RoW (10%)
The prominent players in this market are Microsoft (US), NVIDIA Corporation (US), Merative (US), Intel Corporation (US), Google (US), Siemens Healthineers (Germany), GE HealthCare (US), Digital Diagnostics Inc. (US), Advanced Micro Devices, Inc. (US), InformAI (US), HeartFlow, Inc. (US), Enlitic, Inc. (US), isometric (Belgium), Aidence (Netherlands), Butterfly Network, Inc. (US), Nano-X Imaging LTD. (Israel), Viz.ai, Inc (US), Quibim (Spain), Qure.ai (India), Therapixel (France), Aidoc (US), Koninklijke Philips N.V. (Netherlands), Lunit, Inc. (South Korea), EchoNous, Inc. (US), and Brainomix (UK).
Research Coverage
• The report studies the AI in medical diagnostics market based on component, application, end user, and region
• The report analyzes factors (such as drivers, restraints, opportunities, and challenges) affecting the market growth
• The report evaluates the opportunities and challenges in the market for stakeholders and provides details of the competitive landscape for market leaders
• The report studies micro-markets with respect to their growth trends, prospects, and contributions to the total AI in medical diagnostics market
• The report forecasts the revenue of market segments with respect to five major regions
Key Benefits of Buying the Report:
The report will help the leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall market and the sub-segments. This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the AI in medical diagnostics market and provides them information on key market drivers, restraints, challenges, and opportunities.
This report provides insights into the following pointers:
• Analysis of key drivers (influx of big data, growing cross-industry partnerships & collaborations, Increasing adoption of AI solutions to reduce work pressure on radiologists, rising government initiatives to drive AI-based technologies, availability of funding for AI-based startups), restraints (inadequate AI workforce and ambiguous regulatory guidelines for medical software), opportunities (untapped emerging markets, increasing focus on developing human-aware AI systems, challenges (reluctance to adopt AI-based technologies,budgetary constraints, unstructured healthcare data,data privacy concerns,limited interoperability)
• Market Penetration: Comprehensive information on product portfolios offered by the top players in the global AI in medical diagnostics Market. The report analyzes this market by component, application, end user.
• Service Enhancement/Innovation: Detailed insights on upcoming trends in the global AI in medical diagnostics Market
• Market Development: Comprehensive information on the lucrative emerging markets by component, application, end user.
• Market Diversification: Exhaustive information about new services or service enhancements, growing geographies, recent developments, and investments in the global AI in medical diagnostics Market
• Competitive Assessment: In-depth assessment of market shares, growth strategies, product offerings, company evaluation quadrant, and capabilities of leading players in the global AI in medical diagnostics Market.
Table of Contents
1 INTRODUCTION 45
1.1 STUDY OBJECTIVES 45
1.2 MARKET DEFINITION 45
1.2.1 INCLUSIONS AND EXCLUSIONS 45
1.3 MARKET SCOPE 46
1.3.1 MARKETS COVERED 46
1.3.2 YEARS CONSIDERED 46
1.3.3 CURRENCY CONSIDERED 47
1.4 STAKEHOLDERS 47
1.5 SUMMARY OF CHANGES 47
1.6 RECESSION IMPACT 48
2 RESEARCH METHODOLOGY 49
2.1 RESEARCH DATA 49
2.1.1 SECONDARY DATA 50
- 2.1.1.1 Key data from secondary sources 50
2.1.2 PRIMARY DATA 51
- 2.1.2.1 Key data from primary sources 53
- 2.1.2.2 Key industry insights 53
2.2 MARKET SIZE ESTIMATION 54
2.3 MARKET DATA ESTIMATION AND TRIANGULATION 59
2.4 ASSUMPTIONS 60
2.5 LIMITATIONS 60
2.5.1 SCOPE-RELATED LIMITATIONS 60
2.5.2 METHODOLOGY-RELATED LIMITATIONS 60
2.6 RISK ASSESSMENT 61
2.7 AI IN MEDICAL DIAGNOSTICS MARKET: RECESSION IMPACT ANALYSIS 61
3 EXECUTIVE SUMMARY 62
4 PREMIUM INSIGHTS 65
4.1 AI IN MEDICAL DIAGNOSTICS MARKET OVERVIEW 65
4.2 NORTH AMERICA: AI IN MEDICAL DIAGNOSTICS MARKET, BY APPLICATION AND COUNTRY (2022) 66
4.3 AI IN MEDICAL DIAGNOSTICS MARKET: GEOGRAPHIC GROWTH OPPORTUNITIES 66
4.4 AI IN MEDICAL DIAGNOSTICS MARKET: REGIONAL MIX 67
4.5 AI IN MEDICAL DIAGNOSTICS MARKET: DEVELOPED MARKETS VS. EMERGING ECONOMIES 67
5 MARKET OVERVIEW 68
5.1 INTRODUCTION 68
5.1.1 DRIVERS 69
- 5.1.1.1 Influx of big data 69
- 5.1.1.2 Growing cross-industry partnerships & collaborations 69
- 5.1.1.3 Increasing demand for AI-based solutions to reduce work pressure on radiologists 70
- 5.1.1.4 Rising government initiatives to support AI-based technologies 70
- 5.1.1.5 Availability of funding for AI-based startups 71
5.1.2 RESTRAINTS 72
- 5.1.2.1 Inadequate AI workforce and ambiguous regulatory guidelines for medical software 72
5.1.3 OPPORTUNITIES 72
- 5.1.3.1 Untapped emerging markets 72
- 5.1.3.2 Increasing focus on developing human-aware AI systems 73
5.1.4 CHALLENGES 73
- 5.1.4.1 Reluctance to adopt AI-based technologies 73
- 5.1.4.2 Budgetary constraints 74
- 5.1.4.3 Unstructured healthcare data 74
- 5.1.4.4 Data privacy concerns 74
- 5.1.4.5 Limited interoperability 75
5.2 TRENDS/DISRUPTIONS IMPACTING CUSTOMERS’ BUSINESS 75
5.3 VALUE CHAIN ANALYSIS 75
5.3.1 UPSTREAM 76
5.3.2 MID-STREAM 77
5.3.3 DOWNSTREAM 77
5.4 ECOSYSTEM MAPPING 77
5.4.1 ROLE IN ECOSYSTEM 78
5.5 CASE STUDIES 79
5.5.1 MAYO CLINIC INTEGRATES AI-ENABLED DIGITAL DIAGNOSTICS AND BOOSTS MEDICAL RESEARCH WITH GOOGLE CLOUD PLATFORM 79
5.5.2 RESOLVING CHALLENGES OF UNDERSTAFFED WORKFORCE AND BACKLOG WITH VEYE LUNG NODULES 79
5.5.3 NVIDIA AI ENTERPRISE SOFTWARE AND GPUS HELP IMPROVE PERFORMANCE AND PRECISION OF TUMOR TARGETING 79
5.5.4 ZHEJIANG UNIVERSITY AND ZHEJIANG DE IMAGE SOLUTIONS USE INTEL AI SOLUTION TO PROCESS ULTRASOUND 80
5.5.5 WAITEMATA DISTRICT HEALTH BOARD PROJECT UTILIZES PRECISION-DRIVEN HEALTH SOLUTIONS 80
5.6 TECHNOLOGY ANALYSIS 81
5.6.1 MACHINE LEARNING 81
5.6.2 NATURAL LANGUAGE PROCESSING 81
5.6.3 COMPUTER VISION 81
5.7 PORTER’S FIVE FORCES ANALYSIS 82
5.7.1 THREAT OF NEW ENTRANTS 83
5.7.2 THREAT OF SUBSTITUTES 83
5.7.3 BARGAINING POWER OF SUPPLIERS 83
5.7.4 BARGAINING POWER OF BUYERS 83
5.7.5 INTENSITY OF COMPETITIVE RIVALRY 84
5.8 INDUSTRY TRENDS 84
5.8.1 ARTIFICIAL INTELLIGENCE IN HEALTHCARE 84
- 5.8.1.1 Key to AI in Healthcare: Data 84
- 5.8.1.2 AR and MR in Healthcare Settings 84
- 5.8.1.3 Healthcare Privacy and Security in 2022 84
- 5.8.1.4 Growing demand for AI among companies offering at-home IVD testing services 85
5.9 TRADE ANALYSIS 85
5.10 TARIFF AND REGULATORY ANALYSIS 86
5.10.1 TARIFF FOR AI IN MEDICAL DIAGNOSTICS HARDWARE 86
5.10.2 REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 87
5.10.3 NORTH AMERICA 90
- 5.10.3.1 Health Insurance Portability and Accountability Act of 1996 (HIPAA) 91
- 5.10.3.2 Health Information Technology for Economic and Clinical Health Act of 2009 (HITECH) 91
- 5.10.3.3 Consumer Privacy Protection Act of 2017 91
- 5.10.3.4 National Cybersecurity Protection Advancement Act of 2015 91
- 5.10.3.5 Future of Life Institute’s Asilomar AI Principles 92
5.10.4 EUROPE 92
- 5.10.4.1 European Medical Devices Regulation (EU) 2017/745 and In-vitro Diagnostic Medical Devices Regulation (EU) 2017/746, in combination with General Data Protection Regulation 2016/679 92
- 5.10.4.2 AI Act (Artificial Intelligence Act) 92
5.10.5 ASIA PACIFIC 93
- 5.10.5.1 Cybersecurity Law of the People’s Republic of China 93
5.10.6 REST OF THE WORLD 93
- 5.10.6.1 Protection of Personal Information Act 93
5.11 PRICING ANALYSIS 94
5.11.1 AVERAGE SELLING PRICE TREND 95
5.12 PATENT ANALYSIS 95
5.12.1 PATENT PUBLICATION TRENDS FOR ARTIFICIAL INTELLIGENCE IN MEDICAL DIAGNOSTICS 95
5.12.2 INSIGHTS: JURISDICTION AND TOP APPLICANT ANALYSIS 95
5.13 KEY CONFERENCES AND EVENTS (2023-2024) 98
5.14 KEY STAKEHOLDERS AND BUYING CRITERIA 99
5.14.1 KEY STAKEHOLDERS IN BUYING PROCESS 99
5.14.2 BUYING CRITERIA 100
5.15 UNMET NEEDS: AI IN MEDICAL DIAGNOSTICS MARKET 101
5.16 END-USER EXPECTATIONS 102
5.17 REIMBURSEMENT SCENARIO 103
5.17.1 REIMBURSEMENT FOR AI SOFTWARE IN RADIOLOGY 105
6 ARTIFICIAL INTELLIGENCE IN MEDICAL DIAGNOSTICS MARKET, BY COMPONENT 106
6.1 INTRODUCTION 107
6.2 SOFTWARE 107
6.2.1 USE OF AI PLATFORMS IN SOFTWARE TO ENHANCE DECISION-MAKING AND SIMPLIFY WORKFLOWS 107
6.3 SERVICES 109
6.3.1 RISING NEED TO DEPLOY AND INTEGRATE AI SYSTEMS TO SUPPORT MARKET GROWTH 109
6.4 HARDWARE 111
6.4.1 FREQUENT UPGRADES FOR OPTIMAL USE TO SUPPORT MARKET GROWTH 111
6.4.2 PROCESSORS 113
- 6.4.2.1 MPU 115
- 6.4.2.1.1 MPUs to hold largest share of processors market 115
- 6.4.2.2 GPU 116
- 6.4.2.2.1 GPUs play crucial role in enhancing accuracy and efficacy of imaging 116
- 6.4.2.3 FPGA 118
- 6.4.2.3.1 Wide usage potential to drive demand 118
- 6.4.2.4 ASIC 119
- 6.4.2.4.1 Rapid operations to support end-user demand 119
- 6.4.2.1 MPU 115
6.4.3 MEMORY 121
- 6.4.3.1 Development of high-bandwidth memory for AI applications to drive market 121
6.4.4 NETWORKS 122
- 6.4.4.1 Adapters 124
- 6.4.4.1.1 Adapters to hold largest share of networks market 124
- 6.4.4.2 Switches 126
- 6.4.4.3 Interconnects 127
- 6.4.4.3.1 Need for efficient data transmission to drive market 127
- 6.4.4.1 Adapters 124
7 ARTIFICIAL INTELLIGENCE IN MEDICAL DIAGNOSTICS MARKET, BY APPLICATION 129
7.1 INTRODUCTION 130
7.2 IN VIVO DIAGNOSTICS 131
7.2.1 IN VIVO DIAGNOSTICS MARKET, BY SPECIALTY 131
- 7.2.1.1 Radiology 133
- 7.2.1.1.1 AI-based diagnostic tools to reduce work pressure on radiologists 133
- 7.2.1.2 Cardiology 134
- 7.2.1.2.1 Rising complexities associated with CVD to drive market 134
- 7.2.1.3 Neurology 136
- 7.2.1.3.1 Increasing prevalence of critical brain disorders to drive market 136
- 7.2.1.4 Obstetrics/Gynecology 138
- 7.2.1.4.1 Rising use of minimally invasive techniques in gynecology procedures to drive market 138
- 7.2.1.5 Ophthalmology 139
- 7.2.1.5.1 Rising need for early detection & prevention of eye diseases to drive market 139
- 7.2.1.6 Other specialties 141
- 7.2.1.1 Radiology 133
7.2.2 IN VIVO DIAGNOSTICS MARKET, BY MODALITY 142
- 7.2.2.1 CT 144
- 7.2.2.1.1 Rising availability of cardiac CT devices with AI solutions to drive market 144
- 7.2.2.2 X-ray 146
- 7.2.2.2.1 Innovative AI solutions for x-ray imaging by key players to drive market 146
- 7.2.2.3 MRI 147
- 7.2.2.3.1 Rising technological advancements to drive adoption of AI in MRI 147
- 7.2.2.4 Ultrasound 149
- 7.2.2.4.1 Increasing prevalence of ovarian cancer to boost demand 149
- 7.2.2.5 Other modalities 150
- 7.2.2.1 CT 144
7.3 IN VITRO DIAGNOSTICS 152
7.3.1 INCREASING ADOPTION OF POC TESTING IN EMERGING ECONOMIES TO SUPPORT MARKET GROWTH 152
8 ARTIFICIAL INTELLIGENCE IN MEDICAL DIAGNOSTICS MARKET, BY END USER 154
8.1 INTRODUCTION 155
8.2 HOSPITALS 156
8.2.1 INSTALLATION OF ADVANCED AI DIAGNOSTIC IMAGING SOLUTIONS TO DRIVE MARKET 156
8.3 DIAGNOSTIC IMAGING CENTERS 157
8.3.1 GROWING NUMBER OF PRIVATE IMAGING CENTERS TO DRIVE MARKET 157
8.4 DIAGNOSTIC LABORATORIES 159
8.4.1 RISING SPECIMEN TEST VOLUMES TO DRIVE MARKET 159
8.5 OTHER END USERS 160
9 ARTIFICIAL INTELLIGENCE IN MEDICAL DIAGNOSTICS MARKET, BY REGION 162
9.1 INTRODUCTION 163
9.2 NORTH AMERICA 164
9.2.1 NORTH AMERICA: RECESSION IMPACT 164
9.2.2 US 172
- 9.2.2.1 Increasing volume of imaging procedures to drive market 172
9.2.3 CANADA 178
- 9.2.3.1 Research grants and improved academics in radiology to drive market 178
9.3 EUROPE 184
9.3.1 EUROPE: RECESSION IMPACT 184
9.3.2 GERMANY 191
- 9.3.2.1 Rising government support to drive adoption of AI in medical diagnostics 191
9.3.3 FRANCE 197
- 9.3.3.1 Availability of funding for companies to enhance AI research in medical imaging 197
9.3.4 UK 203
- 9.3.4.1 Increasing radiography procedures to drive market 203
9.3.5 ITALY 209
- 9.3.5.1 Increasing volume of EHRs and EMRs due to rising geriatric population to drive demand for AI solutions 209
9.3.6 SPAIN 215
- 9.3.6.1 Growing awareness of AI in Spain to favor market growth 215
9.3.7 REST OF EUROPE 221
9.4 ASIA PACIFIC 227
9.4.1 ASIA PACIFIC: RECESSION IMPACT 227
9.4.2 CHINA 235
- 9.4.2.1 Rising use of AI in clinical decision-making to drive market 235
9.4.3 JAPAN 241
- 9.4.3.1 Strong healthcare infrastructure to drive uptake of advanced AI solutions 241
9.4.4 INDIA 246
- 9.4.4.1 Favorable government initiatives for R&D investments to drive market 246
9.4.5 REST OF ASIA PACIFIC 253
9.5 LATIN AMERICA 259
9.5.1 RISING INITIATIVES TO STABILIZE HEALTHCARE SYSTEMS TO DRIVE UPTAKE OF AI-BASED TOOLS 259
9.5.2 LATIN AMERICA: RECESSION IMPACT 259
9.6 MIDDLE EAST & AFRICA 265
9.6.1 GROWING HEALTHCARE EXPENDITURE FOSTER GROWTH OF AI 265
9.6.2 MIDDLE EAST & AFRICA: RECESSION IMPACT 265
10 COMPETITIVE LANDSCAPE 271
10.1 OVERVIEW 271
10.2 KEY PLAYER STRATEGIES/RIGHT TO WIN 271
10.3 REVENUE ANALYSIS 272
10.4 MARKET SHARE ANALYSIS 273
10.5 COMPANY EVALUATION MATRIX 275
10.5.1 STARS 275
10.5.2 EMERGING LEADERS 275
10.5.3 PERVASIVE PLAYERS 275
10.5.4 PARTICIPANTS 276
10.5.5 COMPANY FOOTPRINT ANALYSIS 276
10.6 START-UP/SME EVALUATION MATRIX 278
10.6.1 PROGRESSIVE COMPANIES 278
10.6.2 DYNAMIC COMPANIES 278
10.6.3 RESPONSIVE COMPANIES 278
10.6.4 STARTING BLOCKS 278
10.6.5 COMPETITIVE BENCHMARKING 279
10.7 COMPETITIVE SCENARIO 281
10.7.1 PRODUCT LAUNCHES & ENHANCEMENTS 281
10.7.2 DEALS 282
10.7.3 OTHER DEVELOPMENTS 283
11 COMPANY PROFILES 284
11.1 KEY PLAYERS 284
11.1.1 MICROSOFT 284
11.1.2 NVIDIA CORPORATION 289
11.1.3 MERATIVE 294
11.1.4 GOOGLE (ALPHABET, INC.) 298
11.1.5 INTEL CORPORATION 302
11.1.6 SIEMENS HEALTHINEERS 307
11.1.7 GE HEALTHCARE 311
11.1.8 ADVANCED MICRO DEVICES, INC 316
11.1.9 KONINKLIJKE PHILIPS N.V 319
11.1.10 DIGITAL DIAGNOSTICS, INC 323
11.1.11 INFORMAI 326
11.2 OTHER PLAYERS 328
11.2.1 HEARTFLOW, INC 328
11.2.2 ENLITIC, INC 328
11.2.3 AIDENCE 329
11.2.4 BUTTERFLY NETWORK, INC 329
11.2.5 NANO X IMAGING LTD 330
11.2.6 VIZ.AI, INC 330
11.2.7 QUIBIM 331
11.2.8 QURE.AI 331
11.2.9 THERAPIXEL 332
11.2.10 AIDOC 332
11.2.11 LUNIT, INC 333
11.2.12 ECHONOUS, INC 333
11.2.13 ICOMETRIX 334
11.2.14 BRAINOMIX 334
12 APPENDIX 335
12.1 DISCUSSION GUIDE 335
12.2 KNOWLEDGESTORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL 338
12.3 CUSTOMIZATION OPTIONS 340
12.4 RELATED REPORTS 340
12.5 AUTHOR DETAILS 341