Artificial intelligence in Medical Diagnostics Market Size

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.