The Artificial Intelligence (AI) in Medical Diagnostics Market size was USD 1.1 Billion in 2022 and it is anticipated to grow over USD 9.3 Billion by 2032, at a CAGR of over 22.3% during the forecast period.
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Artificial Intelligence (AI) in Medical Diagnostics is the application of artificial intelligence to the field of medicine for the purpose of medical diagnosis. Medical diagnosis is the process of determining the cause of a medical condition by looking at the symptoms and medical history of a patient. AI in medical diagnostics can be used to help doctors make better decisions about diagnosis and treatment by providing them with more information about a patient’s condition.
Key Drivers & Trends
There are a few key drivers of Artificial Intelligence (AI) in the Medical Diagnostics market.
- Firstly, the increasing accuracy of AI algorithms is driving the adoption of AI in medical diagnostics.
- Secondly, the increasing availability of data is another key driver. With the increasing use of electronic health records (EHRs), there is a growing pool of data that can be used to train AI algorithms.
- Thirdly, the increasing number of regulatory approvals is also driving the adoption of Ai in medical diagnostics. In 2018, the FDA approved the use of an AI algorithm for the detection of diabetic retinopathy.
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Key Restraints & Challenges
There are a few key restraints and challenges in Artificial Intelligence (AI) in the Medical Diagnostics market.
- Firstly, the development of Artificial Intelligence (AI) in Medical Diagnostics is still in its early stages, which means that there is a lack of reliable and robust data to train the algorithms.
- Secondly, the high cost of development and deployment of Artificial Intelligence (AI) in Medical Diagnostics is a major restraint for adoption.
- Finally, the ethical and legal implications of Artificial Intelligence (AI) in Medical Diagnostics need to be considered before its widespread adoption.
Market Segments
The Artificial Intelligence (AI) in Medical Diagnostics market has been segmented into Component, Application, End User, and Region. Based on the Component, the Artificial Intelligence (AI) in Medical Diagnostics market is bifurcated into Software and Services. On the basis of Application, the market is bifurcated into In Vivo Diagnostics and In Vitro Diagnostics. Based on End User, the market is segmented into Hospitals, Diagnostics Imaging Centers, Diagnostics Laboratories, and Others. Region-wise, the market is analyzed across North America, Europe, Asia Pacific, and the Rest of the World.
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Key Players
The global artificial intelligence in medical diagnostics market includes players such as Advanced Micro Devices, Inc. (Xilinx, Inc.) (US), Aidence (Netherlands), Enlitic, Inc. (US), General Electric Company (US), HeartFlow, Inc. (US), IBM Corporation (US), Intel Corporation (US), Microsoft Corporation (US), NVIDIA Corporation (US), and Siemens (Germany).
Market Segmentation
By Component
- Software
- Services
By Application
- In Vivo Diagnostics
- Specialty
- Radiology
- Cardiology
- Neurology
- Obstetrics/Gynecology
- Ophthalmology
- Others
- Modality
- Computed Tomography
- X-Ray
- Magnetic Resonance Imaging (MRI)
- Ultrasound
- Others
- In Vitro Diagnostics
- Specialty
By End User
- Hospitals
- Diagnostics Imaging Centers
- Diagnostics Laboratories
- Others
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