Artificial Intelligence (AI) in Medical Diagnostics Market Size Worth $30.76 Billion By 2032 | CAGR: 39.7%

The global artificial intelligence (AI) in medical diagnostics market size is expected to reach USD 30.76 Billion by 2032, according to a new study by Polaris Market Research. The report “Artificial Intelligence (AI) in Medical Diagnostics Market Share, Size, Trends, Industry Analysis Report, By Component (Software, Hardware, and Services); By Application; By End User; By Region; Segment Forecast, 2023 - 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.

Growing applications of AI in medical diagnostics due to numerous factors including increasing government initiatives to fuel the adoption of AI-based technologies, rising adoption by radiologists to reduce the work pressure, the surging influence of big data, and funding for new AI-based startups are major prominent factors driving the global market growth.

With the emerging need to efficiently manage the rising volume of complex and large medical diagnostic data and enhance treatment procedures, the key players are becoming more focused towards developing innovative solutions that is positively impacting the market. For instance, in September 2022, Wipro & GE Healthcare, introduced its 1^st Indian made AI-based cath-lab named ‘Optima IGS 320’. This lab, company aims to support cardiologists & the patients with specific treatment therapies and protocols.

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The researchers all over the world have used various types of AI-based techniques such as deep learning and machine learning models to detect the diseases including liver, skin, heart, Alzheimer, and many others that requires early diagnosis. Hence, the techniques like Boltzmann machine, support vector machine, decision tree, logistic regression, artificial neural network, and K nearest neighbor have gained traction to be presented with high accuracies.

In the coming years, AI algorithms will effectively recognize not just one but large range of conditions from single image or data set. Detecting multiple pathologies from same images that requires radiologists to provide the detailed annotations for each possible abnormality in a single photo, which results in higher incorporation of advanced AI solutions in medical diagnostics.

Artificial Intelligence (AI) in Medical Diagnostics Market Report Highlights

• Software segment accounted for highest market share in 2022, on account of its growing adoption to diagnose large number of chronic and acute diseases to reduce human errors and lack of care providers
• In vivo diagnostics segment held the maximum market revenue share in 2022, which is mainly driven by its growing popularity and prevalence among large healthcare providers to enhance the treatment efficacy
• Hospitals segment is projected to grow at healthy CAGR during the forecast period, mainly due to rise in the number of surgical procedures being performed in hospitals
• North America region dominated the global market with highest share in 2022, owing to quick adoption of advanced technologies and availability to well-developed healthcare infrastructure
• The global key market players include Microsoft Corporation, Imagen Technologies, International Business Machines Corporation, Zebra Medical Vision, and Riverian Technologies

Polaris Market Research has segmented the artificial intelligence (AI) in medical diagnostics market report based on component, application, end user, and region:

Artificial Intelligence (AI) in Medical Diagnostics, Component Outlook (Revenue - USD Billion, 2019 - 2032)

• Software
• Hardware
• Services

Artificial Intelligence (AI) in Medical Diagnostics, Application Outlook (Revenue - USD Billion, 2019 - 2032)

• In Vivo Diagnostics
• In Vitro Diagnostics

Artificial Intelligence (AI) in Medical Diagnostics, End User Outlook (Revenue - USD Billion, 2019 - 2032)

• Hospitals
• Diagnostic Imaging Centers
• Diagnostic Laboratories
• Others

Artificial Intelligence (AI) in Medical Diagnostics, Regional Outlook (Revenue - USD Billion, 2019 - 2032)

• North America

• U.S.
• Canada

• Europe

• Germany
• UK
• France
• Italy
• Spain
• Russia
• Netherlands

• Asia Pacific

• China
• India
• Japan
• South Korea
• Indonesia
• Malaysia

• Latin America

• Argentina
• Brazil
• Mexico

• Middle East & Africa

• UAE
• Saudi Arabia
• Israel
• South Africa

Artificial Intelligence (AI) in Medical Diagnostics Market Report Scope