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Artificial Intelligence (AI) in Medical Diagnostics Market: Industry Growth, Competitive Analysis, Future Prospects and Forecast 2027
Artificial Intelligence (AI) in Medical Diagnostics Market
Artificial Intelligence (AI) in Medical Diagnostics market in terms of revenue was estimated to be worth $1.0 billion in 2022 and is poised to reach $5.5 billion by 2027, growing at a CAGR of 39.9% from 2022 to 2027 according to a latest report published by MarketsandMarkets™. The application of AI in medical diagnostics is growing at a highest rate owing to factors such as rise in government initiatives to drive the adoption of AI-based technologies, high usage of AI solutions by radiologists to reduce work load, the generation of big data, available funding for AI-based startups, and the growing number of cross-industry partnerships & collaborations.
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Major Artificial Intelligence (AI) in Medical Diagnostics market players covered in the report, such as:
Microsoft (US)
NVIDIA (US)
IBM (US)
Intel Corporation (US)
Google Inc. (Subsidiary of Alphabet
Inc) (US)
Siemens Healthineers (Germany)
GE Healthcare (US)
Digital Diagnostics Inc (US)
Xilinx (US)
InformAI LLC (US)
HeartFlow Inc (US)
Enlitic Inc (US)
Day Zero Diagnostics Inc (US)
Aidence (Netherlands)
Butterfly Network Inc. (US)
Prognos Health (US)
Nanox AI (Israel)
Viz.ai Inc (US)
Quibin (Spain)
Qure.ai (India)
Therapixel (France)
Aidoc (Israel)
Koninklijke Philips N.V. (Netherlands)
Lunit. Inc (South Korea)
EchoNous Inc. (US)
and Among Others
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The study categorizes the AI in medical diagnostics market into the following segments and subsegments:
By Component
Software
Services
By Application:
In Vivo diagnostics
By Specialty
Radiology
Cardiology
Neurology
Obstetrics/gynecology
Ophthalmology
Other specialties
By Modality
Computed tomography
X- Ray
Magnetic resonance imaging
Ultrasound
Other modalities
In Vitro diagnostics
By End User
Hospitals
Diagnostics Imaging Centers
Diagnostics Laboratories
Other End User
By Region
North America
US
Canada
Europe
Germany
UK
France
Italy
Rest of Europe (RoE)
Asia Pacific
Japan
China
India
Rest of APAC (RoAPAC)
RoW
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The key stakeholders in the Artificial Intelligence (AI) in Medical Diagnostics market include:
Healthcare Providers: Healthcare providers, including hospitals, clinics, and diagnostic centers, are key stakeholders in the AI in Medical Diagnostics market. They are responsible for implementing AI technologies and integrating them into their diagnostic workflows. Healthcare providers benefit from AI's ability to enhance diagnostic accuracy, streamline processes, and improve patient outcomes.
AI Solution Providers: Companies specializing in AI technology development and implementation play a crucial role in the AI in Medical Diagnostics market. These solution providers develop AI algorithms, software platforms, and tools specifically tailored for medical diagnostics. They collaborate with healthcare providers to integrate AI solutions into existing systems and provide ongoing technical support.
Medical Device Manufacturers: Medical device manufacturers are important stakeholders in the AI in Medical Diagnostics market. They develop and manufacture AI-enabled medical devices and equipment used in diagnostic procedures. These devices may include imaging systems, diagnostic software, wearable devices, and monitoring equipment that leverage AI algorithms for data analysis and interpretation.
Research Institutions and Academia: Research institutions and academic organizations contribute to the development and advancement of AI in Medical Diagnostics. They conduct research, studies, and clinical trials to validate the efficacy and safety of AI algorithms and technologies. Their findings and insights drive innovation in the field and help shape future developments in AI-driven diagnostics.
Regulatory Authorities: Regulatory authorities, such as the Food and Drug Administration (FDA) in the United States, play a critical role in overseeing the safety and efficacy of AI technologies in medical diagnostics. They establish guidelines and regulations to ensure that AI algorithms and devices meet stringent quality standards and are safe for use in clinical settings. Regulatory bodies collaborate with industry stakeholders to define regulatory frameworks that govern the development, testing, and commercialization of AI in medical diagnostics.
Patients and Healthcare Consumers: Patients and healthcare consumers are essential stakeholders in the AI in Medical Diagnostics market. They benefit from the improved accuracy and efficiency of diagnostic processes enabled by AI. AI-powered diagnostics can lead to early detection of diseases, personalized treatment plans, and better overall healthcare outcomes. Patients and healthcare consumers also play a role in driving the demand for AI-based diagnostic solutions, as they seek advanced technologies that can improve their healthcare experiences.
Health Insurance Providers: Health insurance providers have an interest in the AI in Medical Diagnostics market as it directly impacts the quality and cost of healthcare services. AI-driven diagnostics can lead to more accurate diagnoses, reducing the need for unnecessary tests and procedures. Health insurance providers can leverage AI to improve claims processing, identify fraud, and optimize reimbursement strategies based on accurate diagnoses.
Overall, these key stakeholders collaborate and contribute to the development, implementation, and regulation of AI in Medical Diagnostics, working towards the shared goal of improving diagnostic accuracy, patient outcomes, and the overall efficiency of healthcare delivery.
Artificial Intelligence (AI) in Medical Diagnostics Market Frequently Asked Questions (FAQs):
Q1. What is the total market value of Artificial Intelligence (AI) in Medical Diagnostics Market report?
Q2. Which are the top companies holding the market share in Artificial Intelligence (AI) in Medical Diagnostics Market?
Q3. Which are the largest regions for this Market?
Q4. What is the leading technology of Artificial Intelligence (AI) in Medical Diagnostics Market?
Q5. What are the major drivers for this specific Market?
Q6. What are the upcoming key trends in the Artificial Intelligence (AI) in Medical Diagnostics Market report?
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