Artificial Intelligence in Medical Diagnostics Market Projected to Surpass $9.38 Billion by 2029

[Redding, California, February 27, 2024] - Meticulous Research®, a premier global market research firm, has unveiled its latest research report titled, 'AI in Medical Diagnostics Market By Component (Software, Services), Specialty (Radiology, Cardiology, Neurology, Obstetrics/Gynecology, Oncology), Modality (MRI, CT, X-ray, Ultrasound), End User (Hospital, Diagnostic Center) - Global Forecast to 2029.'

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According to Meticulous Research®, the AI in medical diagnostics market is poised to achieve a valuation of $9.38 billion by 2029, registering an impressive CAGR of 36.2% from 2022 to 2029. The burgeoning adoption of AI in medical diagnosis, coupled with the shortage of healthcare professionals and the escalating incidence of chronic diseases, propels the market's growth trajectory. Furthermore, burgeoning opportunities in emerging economies and a surge in cross-industry partnerships augur well for market players.

Nonetheless, apprehensions surrounding AI technology adoption due to trust deficits are anticipated to impede market expansion. Regulatory hurdles and concerns regarding privacy and security also pose significant challenges to market growth.

Future Outlook of AI in Medical Diagnostics Market
The AI in medical diagnostics market is meticulously segmented based on components, specialties, modalities, end users, and geographical regions. The report provides an in-depth analysis of industry competitors and scrutinizes market dynamics at the country level.

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Based on component, in 2022, the software segment is projected to dominate the AI in medical diagnostics market. The segment's ascendancy is underpinned by surging demand for AI-powered diagnostic solutions, propelled by the imperative for accurate diagnoses within stipulated timeframes, alongside the introduction of new software solutions and the escalating caseload of acute and chronic illnesses amid a backdrop of dwindling medical specialists.

Based on specialty, the brain & neurological segment is anticipated to command the largest market share in 2022, propelled by the escalating incidence of neurological disorders attributed to aging populations and the proliferation of new software facilitating AI diagnostics for neurological applications.

Based on modality, the CT scan segment is forecasted to seize the lion's share of the market in 2022. The segment's dominance is attributed to a spike in patients undergoing computed tomography scans, elevated demand for chest CT scanning amidst the COVID-19 pandemic, and an escalating need for early disease detection.

Based on end user, hospitals are projected to dominate the market in 2022, driven by a surge in diagnostic imaging procedures conducted within hospital settings, the growing adoption of AI-based solutions by medical practitioners, and a surge in patient volumes amid the COVID-19 outbreak.

Geographical Analysis:
The report provides a comprehensive analysis of major geographies, encompassing North America (U.S., Canada), Europe (Germany, France, U.K., Italy, Spain, and the rest of Europe), Asia-Pacific (Japan, China, India, and the rest of Asia-Pacific), Latin America, and the Middle East & Africa.
In 2022, North America is anticipated to command the largest market share, followed by Europe and Asia-Pacific. North America's market dominance is fueled by the rapid uptake of AI-based solutions, a proliferation of product developments and FDA approvals, and early adoption of AI-driven platforms across numerous hospitals and diagnostic centers.

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Key Players:
Key players in the AI in medical diagnostics market include Siemens Healthineers AG (Germany), GE Healthcare (U.S.), Aidoc Medical Ltd. (Israel), International Business Machines Corporation (U.S.), AliveCor, Inc. (U.S.), VUNO Inc. (South Korea), Digital Diagnostics Inc. (U.S.), NovaSignal Corp. (U.S.), Riverain Technologies (U.S.), NANO-X IMAGING LTD (Israel), Imagen Technologies (U.S.), Koninklijke Philips N.V. (Netherlands), Agfa-Gevaert Group (Belgium), HeartFlow, Inc. (U.S.), and Arterys Inc. (U.S.).

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This release was published on openPR.