Artificial Intelligence in Medical Diagnostics Market By Component, Specialty, Modality, End User - Global Forecast to 2029

AI 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 AI in medical diagnostics market is expected to reach $9.38 billion by 2029, at a CAGR of 36.2% from 2022-2029.

Following a comprehensive primary and secondary study and an in-depth analysis of the market scenario, this report provides the key drivers, constraints, challenges, and opportunities for the AI in medical diagnostics market. The growth of this market is driven by the rising need for the adoption of AI in medical diagnosis due to the high rate of diagnostic errors, the growing shortage of medical specialists, and the increasing prevalence of chronic diseases.

In addition, factors such as high growth potential in emerging economies and the growing number of cross-industry partnerships and collaborations are expected to provide significant growth opportunities for this market. However, the reluctance of physicians to adopt AI technologies due to a lack of trust is expected to hamper the adoption of AI in medical diagnostics solutions and restrain the growth of this market. In addition, factors such as regulatory barriers and privacy and security concerns are the major challenges to the growth of this market.

Based on component, in 2022, the software 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 benefits offered by software, such as automating the diagnosis process & triaging patients at high risk and aiding medical specialists in making quick and accurate medical decisions.

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 increasing prevalence of neurological disorders and increasing product approvals are driving the growth of this segment.

Based on modality, in 2022, the CT scan segment is expected to account for the largest share of this market. The large market share of this segment is attributed to the increasing number of patients undertaking CT scan imaging for the diagnosis of COVID-19 and the advantages offered by AI in CT scanning, such as the ability to reduce noise in medical images and reduce radiation dose, making it safer for the patients.

Based on end user, in 2022, the hospital segment is expected to account for the largest share of this market. The large market share of this segment is attributed to the early adoption of AI solutions by hospitals due to their high spending capabilities, the increasing number of patients with chronic diseases, the outbreak of COVID-19 pandemic, and shortage of medical specialists.

An in-depth analysis of the geographical scenario of the AI in medical diagnostics market provides detailed qualitative and quantitative insights across five major geographies (North America, Europe, Asia-Pacific, the Middle East & Africa, and Latin America) along with the coverage of major countries in each region. In 2022, North America is poised to command the largest share of the AI in medical diagnostics market, followed by Europe, Asia-Pacific, Latin America, and the Middle East & Africa.

The key players operating in the AI in medical diagnostics market 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