The research study involves four major activities in estimating the size of the AI in medical diagnostics market. Exhaustive secondary research was done to collect information on the market, peer market, and parent market. The next step was to validate these findings, assumptions, and sizing with industry experts across value chains through primary research. The bottom-up approach was employed to estimate the overall market size. After that, market breakdown and data triangulation were used to estimate the market size of segments and sub-segments.
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Major Market Growth Drivers:
Growth in Artificial Intelligence (Ai) in Medical Diagnostics Market is primarily driven by government initiatives to increase the adoption of AI-based technologies, increasing demand for AI tools in the medical field, growing focus on reducing the workload of radiologists, influx of large and complex datasets, growth in funding for AI-based start-ups, and the growing number of cross-industry partnerships and collaborations.
Revenue Growth Analysis:[172 Pages Report] The global AI in medical diagnostics market is projected to reach USD 3,868 million by 2025 from USD 505 million in 2020, at a CAGR of 50.2% during the forecast period.
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Software segment is expected to grow at the highest CAGR
On the basis of component, the AI in medical diagnostics market is segmented into software and services. The services segment dominated this market in 2020, while the software segment is estimated to grow at a higher CAGR during the forecast period. Software solutions help healthcare providers gain a competitive edge despite the challenges of being short-staffed and facing increasing imaging scan volumes. This is a key factor driving the growth of the software segment.
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Hospitals to establish the largest market size of AI in medical diagnostics market
Based on end user, the AI in medical diagnostics market is segmented into hospitals, diagnostic imaging centers, diagnostic laboratories, and other end users. The hospitals segment commanded the largest share of 64.1% of this market in 2019. The large share of this segment can be attributed to the rising number of diagnostic imaging procedures performed in hospitals, the growing inclination of hospitals toward the automation and digitization of radiology patient workflow, increasing adoption of minimally invasive procedures in hospitals to improve the quality of patient care, and the rising adoption of advanced imaging modalities to improve workflow efficiency.
North America to Witness Significant Growth from 2020 To 2025
The Artificial Intelligence (Ai) in Medical Diagnostics Market has been segmented into four main regional segments, namely, North America, Europe, the Asia Pacific, and the Rest of the World. In 2019, North America accounted for the largest market share of 37.6%. However, the APAC market is projected to register the highest CAGR of 53.2% during the forecast period, primarily due to the growth strategies adopted by companies in emerging markets, improved medical diagnostic infrastructure, increasing geriatric population, rising prevalence of cancer, and the implementation of favorable government initiatives.
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Key Market Players:
The key players operating in the global AI in Medical Diagnosis Market are T Microsoft Corporation (US), NVIDIA (US), IBM (US), Intel (US), Siemens Healthineers (Germany), GE Healthcare (US), Digital Diagnostics (US), Xilinx (US), InformAI (US), Enlitic (US), Day Zero Diagnostics (US), Aidence (Netherlands), Butterfly Network, Inc. (US), Prognos (US), Zebra Medical Vision (Israel), Viz.ai (US), Quibin (Spain), Qure.ai (India), Therapixel (France), and HeartFlow (US).