The Artificial Intelligence (Ai) in Medical Diagnostics Market is expected to grow from USD 693.57 million in 2020 to USD 1,676.66 million by 2026 at a CAGR of 15.84% from 2020 to 2026.
Artificial intelligence (AI) is defined as a creation of distinctive systems with the help of algorithms and software which can perform few tasks without any human intervention and instructions. Artificial intelligence includes the integration of various technologies such as natural language processing, machine learning, reasoning and perception. Artificial intelligence is used in diagnostic for approximation of human perception and analysis of compound medical and diagnostic imaging data. Artificial intelligence is majorly used in healthcare to analyze the connection between treatment techniques and patient outcomes. The increasing number of government initiatives to promote healthcare providers and other healthcare organizations to deploy AI-based diagnostic technologies and growing investments by nonprofit organizations and private companies to obtain better information exchange improved clinical outcomes and cost minimization are some of the primary factors projected to propel the growth of the market for AI in diagnostics over the forecast period. Furthermore, the huge demand for e-diagnostic services in the healthcare sector as a result of significant government spending on healthcare is driving the market growth. Moreover, the rising demand for minimized diagnostic costs, enhanced patient care, and curbing machine downtime is one of the key factors fueling the usage of artificial intelligence in diagnostics. Additionally, the surging demand for low-cost diagnostic techniques, effective and efficient report analysis and fast diagnostic data generation are some other factors estimated to propel the market for AI in medical diagnostics. AI-enabled devices are used in emergency medical procedures which are leading to reduced time delay between trauma and diagnosis, thereby resulting in rapid interventions and enhanced patient outcomes. On the other hand, the factors such as privacy concerns, cybersecurity, data integrity concerns, data ownership are likely to limit the market growth.
Furthermore, the emerging markets such as China, India and Brazil are projected to provide major growth opportunities for players operating in the AI in medical diagnostics market. This can significantly be ascribed to the increasing patient population in these countries. In addition, the healthcare sectors in developing economies, such as India and China, are rapidly increasing, resulting in the launching of new medical technologies with a special emphasis on advanced imaging equipment. All these factors, along with the rising population in these countries, are expected to increase the medical imaging data volumes in their respective healthcare systems. This offers a huge untapped development opportunity for AI-based solutions in developing countries.
The global Artificial Intelligence (Ai) in Medical Diagnostics Market is segregated on the basis of Component as Software, Hardware and Services. Based on Diagnosis Type the global Artificial Intelligence (Ai) in Medical Diagnostics Market is segmented in Cardiology, Oncology, Pathology, Radiology, Chest and Lung, Neurology and Others.
The global Artificial Intelligence (Ai) in Medical Diagnostics Market report provides geographic analysis covering regions, such as Europe, North America, Asia Pacific, and Rest of The World. The Artificial Intelligence (Ai) in Medical Diagnostics Market for each region is further segmented for major countries including the U.S., Canada, Germany, the U.K., France, Italy, China, India, Japan, Brazil, South Africa, and others.
Competitive Analysis
Aidoc Medical Ltd., Arterys Inc., Butterfly Network Inc., Caption Health, Inc., Enlitic, Inc. and others are among the major players in the global Artificial Intelligence (Ai) in Medical Diagnostics Market. The companies studied in terms of product strategy and various n several growth and expansion strategies to gain a competitive edge in the market. The major players not only follow value chain integration with business operations in multiple stages of the value chain.
The global Artificial Intelligence (Ai) in Medical Diagnostics Market has been segmented as below:
Artificial Intelligence (Ai) in Medical Diagnostics Market, By Component
Artificial Intelligence (Ai) in Medical Diagnostics Market, By Diagnosis Type
Artificial Intelligence (Ai) in Medical Diagnostics Market, By Region
Artificial Intelligence (Ai) in Medical Diagnostics Market, By Company
The report covers the below scope:
The years considered for the study are as follows:
Report Scope:
The global Artificial Intelligence (Ai) in Medical Diagnostics Market report scope includes detailed study covering underlying factors influencing the industry trends. The report covers analysis on regional and country level market dynamics. The scope also covers competitive overview providing company market shares along with company profiles for major revenue contributing companies. The report scope includes detailed competitive outlook covering market shares and profiles key participants in the global Artificial Intelligence (Ai) in Medical Diagnostics Market share. Major industry players with significant revenue share include Aidoc Medical Ltd., Arterys Inc., Butterfly Network Inc., Caption Health, Inc., Enlitic, Inc. and others.
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1. Introduction
1.1. Key Points
1.2. Report Description
1.3. Markets Covered
1.4. Stakeholders
2. Research Methodology
2.1. Research Scope
2.2. Research Methodology
2.2.1. Market Research Process
2.2.2. Research Methodology
2.2.2.1. Secondary Research
2.2.2.2. Primary Research
2.2.2.3. Models for Estimation
2.3. Market Size Estimation
2.3.1. Bottom-Up Approach
2.3.2. Top-Down Approach
3. Executive Summary
4. Market Overview
4.1. Introduction
4.2. Drivers
4.3. Restraints
4.4. Opportunities
4.5. Challenges
5. Artificial Intelligence (Ai) in Medical Diagnostics Market, By Component
5.1. Key Points
5.2. Software
5.3. Hardware
5.4. Services
6. Artificial Intelligence (Ai) in Medical Diagnostics Market, By Diagnosis Type
6.1. Key Points
6.2. Cardiology
6.3. Oncology
6.4. Pathology
6.5. Radiology
6.6. Chest and Lung
6.7. Neurology
6.8. Others
7. Artificial Intelligence (Ai) in Medical Diagnostics Market, By Industry Vertical
7.1. Key Points
7.2. Automotive
7.3. Semiconductor & Electronics
7.4. Chemicals & Pharmaceuticals
7.5. Food & Beverages
7.6. Oil & Gas
7.7. Aerospace & Defense
7.8. Medical Devices
7.9. Others
8. Competitive Landscape
8.1. Introduction
8.2. Start-up companies- Artificial Intelligence (Ai) in Medical Diagnostics Market
8.3. Recent Developments
8.3.1. Mergers & Acquisitions
8.3.2. New Product Developments
8.3.3. Portfolio/Production Capacity Expansions
8.3.4. Joint Ventures, Collaborations, Partnerships & Agreements
8.3.5. Others
9. Company Profile
9.1. Aidoc Medical Ltd.
9.2. Arterys Inc.
9.3. Butterfly Network Inc.
9.4. Caption Health, Inc.
9.5. Enlitic, Inc.
9.6. Freenome Holdings, Inc.
9.7. Gauss Surgical Inc.
9.8. GE Healthcare Inc.
9.9. General Vision, Inc.
9.10. Google Inc.
9.11. Health Fidelity, Inc.
9.12. IDx Technologies Inc.
9.13. Imagen Technologies, Inc.
9.14. Intel Corporation
9.15. Johnson & Johnson Services, Inc.
9.16. MaxQ AI, Ltd
9.17. Medtronic PLC
9.18. Microsoft Corporation
Artificial Intelligence (Ai) in Medical Diagnostics Market, By Component
Artificial Intelligence (Ai) in Medical Diagnostics Market, By Diagnosis Type
Artificial Intelligence (Ai) in Medical Diagnostics Market, By Company