Global Artificial Intelligence in Medical Diagnostics Market

Artificial Intelligence In Medical Diagnostics Market Size, Share, Growth Analysis, By Component(Software, Services), By End user(Hospitals, Diagnostic Centers, Others End Users), By Region - Industry Forecast 2025-2032


Report ID: SQSG35G2033 | Region: Global | Published Date: February, 2024
Pages: 157 | Tables: 62 | Figures: 75

Artificial Intelligence In Medical Diagnostics Market Dynamics

Artificial Intelligence in Medical Diagnostics Market Driver

  • Introduction of Big Data to Drive Market Growth

Large and complex data are produced at various stages of the care delivery process as a result of the growing digitization and adoption of information systems in the healthcare sector. Big data in the field of medical diagnostics includes information generated from clickstream, web and social media interactions, readings from medical devices like sensors, ECGs, and X-rays, as well as medical claims, other billing records, and biometric data. Big data and analytical solutions have grown significantly in complexity and adoption over the last decade, thanks to the increasing adoption of EHRs, digitized laboratory slides, and high-resolution radiology images among healthcare providers. Healthcare is one of the top five big data industries. During the forecast period, the use of bidirectional patient portals which allow patients to upload data and images to their EMRs is expected to boost the volume of big data in medical diagnostics. The need to efficiently manage the ever-increasing volume of large and complex medical diagnostic data is driving the healthcare industry to focus on various Al-based solutions.

Artificial Intelligence in Medical Diagnostics Market Restraint

  • AI Accuracy is Questionable by Medical Professionals

The rapid development of digital health has made it possible for medical professionals to support patients using different therapeutic modalities. All modern technology gives doctors resources to aid in patient diagnosis and treatment. Doctors, however, have been noted to be reluctant to adopt new technologies. For instance, doctors mistakenly believe Al will take the position of doctors in the near future. Technology cannot entirely replace the presence of a doctor since, according to radiologists and doctors, abilities like empathy and persuasion are human abilities. The fear is that patients may be overly reliant on this technology and forgo critical in-person treatments, which could complicate longer doctor-patient relationships. The accuracy of Al's ability to diagnose patient ailments is questioned by a number of medical professionals. Consequently, it is difficult to persuade providers that Al-based solutions are economical, effective, and secure options that give doctors convenience and improve patient care. However, medical professionals are more and more accepting the potential advantages of Al-based stations and the variety of applications they can be used for. Therefore, it's possible that doctors and radiologists will be more receptive to using Al-based technology in healthcare in the years to come.

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Artificial Intelligence In Medical Diagnostics Market size was valued at USD 641,965,634.77. million in 2019 and is poised to grow from USD 800 million in 2023 to USD 5400 million by 2031, growing at a CAGR of 24.6% in the forecast period (2024-2031).

Artificial Intelligence in Medical Diagnostics Market is highly competitive and somewhat fragmented. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive market. In order to provide industries with the most effective and economical solutions, the major market players are also continually concentrating on R&D. 'IBM Watson Health', 'Intel Corporation', 'NVIDIA Corporation', 'Google LLC', 'GE Healthcare', 'Siemens Healthineers', 'Philips Healthcare', 'Hologic Inc.', 'Arterys Inc.', 'Medtronic Inc.', 'Freenome Holdings Inc.', 'PathAI Inc.', 'Enlitic Inc.', 'Zebra Medical Vision Ltd.', 'Viz.ai Inc.', 'Gauss Surgical Inc.', 'Aidoc Medical Ltd.', 'Paige.AI Inc.', 'Freenome Holdings Inc.', 'Owkin Inc.'

Introduction of Big Data to Drive Market Growth

The actual goals during the development of Al technologies were to make them human-aware, or to create models that resembled how people think. Al machine developers continue to face difficulties in building interactive and scalable machines. Additionally, the increase in human interference with machine learning techniques and interest in learning more about the process has created new research difficulties, such as those related to interpretation and presentation, issues with automating components, and the intelligent management of crowdsourcing. Al machines have trouble understanding particular instructions from humans as well as knowledge from other sources. The delivery of the output and feedback methods from the Al system are among the presentation challenges. Thus, the greatest opportunity for Al developers is to continue to develop human-aware Al systems.

North America will hold the largest artificial intelligence in medical diagnostics market share, followed by Europe and Asia-Pacific. Technological advancements, increase in the number of new product approvals, high adoption rate of AI in healthcare, presence of key market players, and an established IT infrastructure in the healthcare industry are some of the key factors propelling the growth of the North American AI in medical diagnostics market. The market is expected to grow at the largest rate in Asia-Pacific during the projected period. The rising prevalence of various chronic & infectious diseases, rising number of AI-based startups, particularly in China and India, increase in funding, and significant potential of AI in filling the gap in the region's healthcare infrastructure are all factors contributing to the high market growth in Asia-Pacific.

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Global Artificial Intelligence in Medical Diagnostics Market

Report ID: SQSG35G2033

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