Global Artificial Intelligence in Medical Diagnostics Market Report and Forecast 2024-2032

Artificial Intelligence in Medical Diagnostics Market Size

The global artificial intelligence in medical diagnostics market was valued at USD 1.22 billion in 2023 driven by increasing adoption of AI technology in healthcare across the globe. The market is expected to grow at a CAGR of 36.1% during the forecast period 2024-2032 and attain a market value of USD 19.55 billion by 2032.

Artificial Intelligence in Medical Diagnostics Market Outlook

• The World Health Organization report revealed that chronic diseases, result in around 41 million deaths annually, making up 74% of total global deaths. As a result, the demand for efficient diagnoses is on the rise.

• In September 2023, Mayo Clinic and GE HealthCare collaborated to boost innovation in medical imaging and theranostics, to enhance patient and clinician experiences in radiology and therapy delivery.

• In January 2023, Viz.ai introduced the Viz Vascular Suite powered by artificial intelligence (AI) enabling automatic identification of vascular issues. Such product launches are expected to boost the market value in the coming years.

Artificial Intelligence in Medical Diagnostics Market Overview

Artificial Intelligence (AI) is utilized in medical diagnostics through machine learning and data analytics to enhance the accuracy and efficiency of disease diagnosis. It examines medical data such as images and genetic information to detect patterns and abnormalities. It also aids in identifying conditions early, providing tailored care, and improving patient results. Applications such as imaging analysis for cancer, disease outbreak prediction, and decision support for clinical diagnosis are transforming healthcare by providing precision and speed.

AI is the replication of human intellect in machines to mimic the ability to think and acquiring knowledge. Precise diagnosis is essential for successful treatment and handling of diseases, necessitating teamwork among healthcare providers such as physicians, radiologists, pathologists, and technicians.

Artificial Intelligence in Medical Diagnostics Market Growth Drivers

Surge in Prevalence of Chronic Diseases Spurs Market Growth

A report by the World Health Organization revealed that chronic diseases result in around 41 million deaths annually, making up 74% of total global deaths. The increasing prevalence of chronic conditions such as diabetes, heart disease, cancer, and respiratory issues is fueling the expansion of artificial intelligence in medical diagnostics market. Artificial intelligence technologies are essential in recognizing patterns that may be overlooked by people, helping in the timely detection and effective handling of these situations by examining large quantities of data. These technologies improve the accuracy and effectiveness of diagnostic procedures, crucial for addressing chronic illnesses that require immediate care. The rise in chronic illnesses is leading healthcare systems to employ AI-driven diagnostic tools to enhance patient outcomes and reduce costs.

Increasing Partnerships and Collaborations to Meet Rising Artificial Intelligence in Medical Diagnostics Market Demand

In September 2023, Mayo Clinic and GE HealthCare collaborated to boost innovation in medical imaging and theranostics, with the goal of enhancing patient and clinician experiences in radiology and therapy delivery. The collaboration aimed at creating advanced technology for precise diagnosis and tailored treatment, implementing new methods in clinical settings. In December 2022, Digistain unveiled its groundbreaking AI-powered breast cancer diagnostic tool, which successfully completed clinical trials and received approval from the Medicines & Healthcare Regulatory Agency. This technology is faster, less expensive, and accurately detects patients who could safely skip chemotherapy with over 99% precision. New products and collaborations are expected to have a significant impact on the market value in the forecast period.

Artificial Intelligence in Medical Diagnostics Market Trends

The market is witnessing several trends and developments to improve the current scenario. Some of the notable trends are as follows:

AI in Early Disease Detection

AI is changing medical diagnosis by enhancing precision and efficiency in detecting diseases early. The incorporation of AI in diagnostics is especially successful in identifying cancer, heart disease, and neurological disorders, leading to improved patient outcomes in healthcare with accuracy and early intervention.

Remote Diagnostics and Telemedicine

The market is witnessing an increased application of AI in remote diagnostics and telemedicine. They enable healthcare professionals to remotely examine patient information, enhancing healthcare availability in regions with limited resources. AI in telemedicine provides immediate consultations and tracking, resulting in customized therapies and reduced expenses.

Growing Investment in AI Research

Major healthcare companies and tech giants are boosting the advancement of complex AI algorithms and tools in medical diagnostics through heightened investments in AI research. Partnerships between industries and academic institutions are speeding up innovation, resulting in state-of-the-art diagnostic systems that use machine learning and deep learning to enhance patient results and lower healthcare expenses.

Government Initiatives and Funding

Government efforts and support are essential for progressing AI technology in medical diagnostics. The government is promoting such innovations and their use in the healthcare industry. Governments seek to enhance diagnostic accuracy, efficiency, and accessibility by supporting AI integration through grants, subsidies, and partnerships, fostering collaboration among stakeholders.

Artificial Intelligence in Medical Diagnostics Market Segmentation

Market Breakup by Type

• Software

• Hardware

• Services

Market Breakup by Modality

• Ultrasound

• Computed Tomography

• X-ray

• Magnetic Resonance Imaging

• Others

Market Breakup by Application

• Neurology

• Oncology

• Radiology

• Others

Market Breakup by End User

• Hospitals

• Diagnostic Imaging Centers

• Others

Market Breakup by Region

• North America

• Europe

• Asia Pacific

• Latin America

• Middle East and Africa

Artificial Intelligence in Medical Diagnostics Market Share

Market Share Based on Components to Witness Significant Growth

The market segmentation based on components includes software, hardware, and services. Out of these, software is expected to lead the market due to its immediate influence on the functionality and efficiency of diagnostic tools and systems.

AI software has a strong presence in the medical diagnostics sector because of its advanced data analysis, precise diagnostic capabilities, automation, efficiency, scalability, continuous learning, and ability to integrate with current systems. In January 2023, Viz.ai introduced the Viz Vascular Suite, powered by artificial intelligence (AI), enabling automatic identification of vascular issues using CT, ECG, and various imaging methods, to enhance timely teamwork among different disciplines. It excels in analyzing extensive medical data, improving diagnostic accuracy, automating tasks, scaling in various healthcare settings, learning from new data, and integrating with current technologies.

Artificial Intelligence in Medical Diagnostics Market Analysis by Region

Based on region, the market report covers North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa.

North America is expected to dominate the market with its high healthcare spending, advanced infrastructure, and tech investments. Tech companies and healthcare facilities in the United States play a significant role as they leverage AI tools for early disease detection, providing personalized medical care, and improving accuracy by being integrated with electronic health records and telemedicine.

Europe is also poised to have a significant market share due to the increasing elderly population, emphasis on precision medicine, advancements in healthcare technology, and regulatory backing. Investments in healthcare infrastructure, a significant patient population, and a need for advanced solutions are fueling rapid growth in the Asia-Pacific. China, India, and Japan are incorporating cost-efficient healthcare, enhanced accessibility, and AI-driven improvements in diagnostic precision.

Leading Players in the Artificial Intelligence in Medical Diagnostics Market

The key features of the market report include patent analysis, grant analysis, funding, and investment analysis as well as strategic initiatives including recent partnerships and collaborations by the leading players. The major companies in the market are as follows:

NVIDIA Corporation

Nvidia, a top tech company that focuses on AI computing and GPU manufacturing, backs the advancement of cutting-edge AI models in medical diagnosis to enhance healthcare solutions with quicker and more accurate analysis. In March 2023, NVIDIA and Medtronic collaborated to develop an artificial intelligence platform for healthcare devices. The partnership uses NVIDIA's Holoscan and IGX platform to help create and implement AI models for Medtronic's GI Genius AI Access™ Platform.

 
GE HealthCare 

GE HealthCare, located in Chicago, Illinois, collaborated with Amazon Web Services to create AI technology for medical use. This partnership seeks to develop advanced AI models and tools that can analyze complex medical data effectively.

Digital Diagnostics Inc.

Digital Diagnostics develops artificial intelligence systems that use image analysis for diagnosing diseases. Their focus is on designing and creating healthcare software that includes an AI diagnostic tool for detecting diseases in medical images.

HeartFlow, Inc.

HeartFlow, Inc. is revolutionizing the diagnosis and treatment of heart disease. In May 2024, the publication of the REVEALPLAQUE study in the European Heart Journal Cardiovascular Imaging was announced. The research demonstrated the effectiveness of HeartFlow's non-invasive technology for analyzing plaque in coronary arteries, aiding in the identification, characterization, and segmentation of plaque. This technology enables accurate medical treatment choices, potentially changing patients' lives.

Other players in the market are Advanced Micro Devices, Inc., Alphabet Inc., Butterfly Network, Inc., Enlitic, Inc., InformAI, LLC, Koninklijke Philips N.V., Merative L.P., Microsoft Corporation, and Siemens Healthineers AG.

Key Highlights of the Report

Key Questions Answered in the Artificial Intelligence in Medical Diagnostics Market Report

• What was the global artificial intelligence in medical diagnostics market value in 2023? 
• What is the global artificial intelligence in medical diagnostics market forecast outlook for 2024-2032? 
• What are the regional markets covered in the EMR report?
• What is market segmentation based on type? 
• What is market segmentation based on modality? 
• What is market breakup based on application? 
• Who are the major end users of the market? 
• What are the major factors aiding the global artificial intelligence in medical diagnostics market demand? 
• How has the market performed so far and how is it anticipated to perform in the coming years? 
• What are the major drivers, opportunities, and restraints in the market?  
• What are the major trends influencing the market?  
• Which regional market is expected to dominate the market share in the forecast period?  
• Which country is likely to experience elevated growth during the forecast period?  
• Who are the key players involved in global artificial intelligence in medical diagnostics market? 
• What are the current unmet needs and challenges in the market? 
• How are partnerships, collaborations, mergers, and acquisitions among the key market players shaping the market dynamics?