Artificial intelligence (AI) in Medical Diagnostics Market size was over USD 1.26 billion in 2023 and is projected to exceed USD 19.59 billion by 2036, witnessing over 23.5% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of artificial intelligence in medical diagnostics is assessed at USD 1.5 billion. The growth of the market can be attributed to the increasing use of machine-algorithm and software to mimic human analysis and interpretation of complex medical data. With the rise in human population, the medical and healthcare data is also increasing enormously, which has generated a demand for machine-learning and artificial intelligence in the healthcare sector to accurately analyze relationship between prevention and treatment techniques with respect to patient outcomes. Along with this, the increasing adoption of AI amongst various end-user industries is estimated to boost the market growth. For instance, it has been observed that by 2019, more than 35% of the organizations globally, were using artificial intelligence.
Moreover, growing patient pool at various hospitals, backed by rising prevalence of lifestyle diseases, such as, diabetes, hypertension, cardiovascular diseases, and others, is further estimated to drive the market growth. In addition to this, the increasing health awareness amongst people has also led to the surge in demand for early diagnosis of diseases, which is projected to promote the market growth. Furthermore, the growing technological advancement in the healthcare sector, backed by rising healthcare expenditure, is forecasted to boost the market growth. According to the data by the World Bank, USD 1,111.082 was spent per capita on healthcare in 2018.
Growth Drivers
Challenges
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2023 |
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Forecast Year |
2024–2036 |
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CAGR |
23.5% |
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Base Year Market Size (2023) |
USD 1.26 billion |
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Forecast Year Market Size (2036) |
USD 19.59 billion |
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Regional Scope |
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The market is segmented by application into radiology, OBGY, ultrasound, in vitro diagnostic, and others, out of which, the ultrasound segment is anticipated to hold the notable share in the global artificial intelligence (AI) in medical diagnostics market over the forecast period. The segment growth can be attributed to the growing demand for ultrasound imaging tests for various diseases and conditions, along with requirement of accuracy in ultrasound, which can be achieved through AI.
Our in-depth analysis of the global market includes the following segments:
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By Component |
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By Application |
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End-User |
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On the basis of geographical analysis, the global artificial intelligence (AI) in medical diagnostics market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in Asia Pacific industry is predicted to dominate majority revenue share by 2036, due to increasing incidences of lifestyle diseases amongst the growing population of the region, along technological advancements in countries, such as, Japan, and South Korea. Moreover, increasing investment in healthcare sector amongst countries, such as, China and India, is anticipated to boost the market growth. For instance, the per capita healthcare expenditure in China increased from USD 437.257 in 2017 to USD 501.059 in 2018, as per the data by the World Bank. The market in the North America region is anticipated to gain the largest market share throughout the forecast period owing to the rising adoption of advanced technology in the healthcare sector, backed by high government and private investment in healthcare.
April, 2021: National Institute for Health and Care Excellence (NICE) has renewed the support for AI-powered Heart Disease Diagnosis by HeartFlow, Inc.
March, 2018: Butterfly Network, Inc. launched an augmented-reality capability to remotely guide Butterfly iQ ultrasound scanners.
Author Credits: Radhika Pawar
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