AI In Medical Diagnostics Market
How are the key drivers contributing to the expansion of the ai in medical diagnostics market?
The growth of the AI in medical diagnostics market is predicted to be fueled by the rising investment in healthcare. Health expenditure, which constitutes a part of the overall revenue spent by public and private sectors on healthcare services, not only provides jobs for healthcare professionals but also increases earnings for healthcare workers, enlarges city tax revenues, and fuels demand for goods and services linked to AI technology’s use in healthcare. For instance, the Canadian Institute for Health Information, a non-profit organization in Canada, stated in November 2023 that the total health expenditure is likely to hit $344 billion in 2023, showing a slight increase of 2.8% from the previous year. Hence, the escalating investment in healthcare is contributing to the expansion of the AI in medical diagnostics market.
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What growth opportunities are expected to drive the ai in medical diagnostics market’s CAGR through 2034?
The market size of AI in medical diagnostics has seen remarkable growth in the recent past. It is projected to rise from $1.92 billion in 2024 to $2.66 billion in 2025, demonstrating a compound annual growth rate (CAGR) of 38.6%. The significant growth during the historic period can be traced back to factors such as health awareness, rising prevalence of chronic illnesses, growth of the elderly population, surge in demand for organic products, and expansion of functional foods and beverages sector.
In the coming years, the market size for AI in medical diagnostics is predicted to experience phenomenal growth, reaching an estimated $10.9 billion in 2029 with a compound annual growth rate (CAGR) of 42.2%. This significant increase during the forecasted period can be associated with various factors such as the increased emphasis on immune health, the escalating demand for products derived from plants, the growth of the beauty and cosmetics sectors, expansion in the nutraceuticals and functional supplements markets, and the widespread adoption of sustainable and ethical practices on a global scale. Key trends defining this forecasted period will include heightened consumer consciousness and a growing demand for functional food items, the broadening application scope of nutraceuticals and dietary supplements, a shift of focus towards natural and plant-derived sources, enhancements in extraction and processing technologies, and the wide acceptance of health and wellness as a lifestyle choice.
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What are the emerging trends shaping the future of the ai in medical diagnostics market?
A primary trend gaining momentum in the AI in medical diagnostics arena is product innovation. Prominent companies in this area are creating new and novel products to maintain their competitive edge. For example, Qritive, a Singaporean software brand, unveiled an AI-based tool named ‘QAI Prostate’ for diagnosing prostate cancer in March 2023. The tool is adept at separating benign from malignant tumors, accurately identifying prostatic cancer locations, and spotting prostatic adenocarcinoma. It also enhances lab efficiency by letting pathologists choose and prioritize valuable cases.
Which growth-oriented segments of the ai in medical diagnostics market are leading the industry’s development?
The AI in medical diagnostics market covered in this report is segmented –
1) By Component: Software, Services
2) By Technology: Natural Language Processing, Computer Vision, Machine Learning, Context-Aware Computing, Other Technologies
3) By Specialty: Brain And Neurological, Oncology, Cardiac And Vascular, Chest And Lung, Obstetrics And Gynecology, Other Specialties
4) By Application: Computer-Aided Detection, Computer-Aided Diagnosis, Quantitative Analysis Tools, Clinical Decision
5) By End User: Hospitals, Diagnostics Imaging Centers, Diagnostics Laboratories, Other End Users
Subsegments:
1) By Software: Diagnostic Imaging Software, Disease Identification Software, Predictive Analytics Software, Data Management Software, Clinical Decision Support Software
2) By Services: Consulting Services, Implementation Services, Training Services, Maintenance And Support Services, Managed Services
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What regions are leading the charge in the ai in medical diagnostics market?
North America was the largest region in the AI in medical diagnostics market in 2024.Asia-Pacific is expected to be the fastest-growing region in the global AI in medical diagnostics market report during the forecast period. The regions covered in the AI in medical diagnostics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
What companies are at the forefront of innovation in the ai in medical diagnostics market?
Major companies operating in the AI in medical diagnostics market include International Business Machines Corporation, Siemens Healthineers AG, GE HealthCare Technologies Inc., Digital Diagnostics Inc., Heartflow Inc., Aidoc Medical Ltd., Koninklijke Philips N.V., Nanox Imaging Ltd., Microsoft Corporation, Nvidia Corporation, Intel Corporation, Xilinx Inc., Enlitic Inc., Aidence B.V., Butterfly Network Inc., Day Zero Diagnostics Inc., MicroHealth LLC, Arterys Inc., PathAI Inc., Zebra Medical Vision Inc., Tempus Labs Inc., Caption Health Inc., Proscia Inc., AliveCor Corporation, ResApp Health Limited, Volpara Health Technologies Limited, Koios Medical Inc., Ultromics Limited, MaxQ AI Ltd., Paige.AI Inc.
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What Is Covered In The AI In Medical Diagnostics Global Market Report?
• Market Size Forecast: Examine the ai in medical diagnostics market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the ai in medical diagnostics market for a structured understanding.
• Key Players Overview: Analyze major players in the ai in medical diagnostics market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the ai in medical diagnostics market.
• Segment Contributions: Evaluate how different segments drive overall growth in the ai in medical diagnostics market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the ai in medical diagnostics market.
• Industry Challenges: Identify potential risks and obstacles affecting the ai in medical diagnostics market.
• Competitive Landscape: Review strategic developments in the ai in medical diagnostics market, including expansions, agreements, and new product launches.
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