Artificial Intelligence in Medical Diagnostics Market to Hit USD 4.72 Billion by 2029 with 22.5% CAGR | MarketsandMarkets™

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Dec 09, 2024, 10:30 ET

DELRAY BEACH, Fla. , Dec. 9, 2024 /PRNewswire/ -- The global AI in medical diagnostics market is likely to grow from USD 1.71 billion in 2024 to USD 4.72 billion by 2029, at a CAGR of 22.5% during the forecast period. Factors like: The rising availability of big data drive AI breakthroughs, while cross-industry alliances and collaborations among tech companies, healthcare providers, and the government give resources and experience that can be applied to AI applications. For example, in 2024, Microsoft deepened its collaboration with NVIDIA by merging Azure with NVIDIA's DGX Cloud and Clara suite to advance clinical research, drug discovery, and medical imaging. Similarly, in 2023, Microsoft collaborated with Paige AI to produce the biggest image-based AI models for cancer diagnosis and treatment. It has also teamed up with Nuance. However, a lack of trained AI professionals and uncertain regulatory standards for medical software, which delay down development and implementation, are among the primary issues projected to limit market growth.

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Based on components, AI in the medical diagnostics market is divided into software, services, and hardware. In 2023, the software segment dominated the market, while the services segment is estimated to grow at a higher CAGR from 2023-2029. The software segment dominates AI in medical diagnostics due to its ability to process vast medical data, integrate seamlessly with clinical workflows, and offer customization across fields like radiology and pathology. The software allows continuous updates, ensuring AI tools remain accurate and current, and cloud-based solutions enable remote access and data sharing, enhancing efficiency and outcomes. This flexibility, scalability, and ease of integration make software essential for advancing AI in diagnostics.

Based on application, AI in medical diagnostics market is divided into in vivo and in vitro diagnostics. In 2023, the in vivo diagnostics segment accounted for the largest share of this market. The large share of this segment can be attributed to the increasing adoption of AI solutions, as these solutions help decrease human errors and improve treatment efficacy effectiveness. AI's ability to analyse complex imaging data—like MRIs, CT scans, and ultrasounds—improves accuracy and speed, making it invaluable for diagnosing and managing conditions within the body. This demand for AI in in vivo imaging applications drives its larger market share.

Based on end user, the AI in medical diagnostics market is segmented by end users into hospitals, diagnostic imaging centers, diagnostic laboratories, and other healthcare providers. Hospitals held the largest market share in 2023, largely due to the rising demand for diagnostic imaging procedures, especially for conditions like cancer, cardiovascular diseases, and neurological disorders. Additionally, hospitals are increasingly adopting automation and digitized workflows in radiology, enhancing efficiency and accuracy, which further drives AI adoption.

Based on region, the market is divided into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. In 2023, North America dominated the market, benefiting from advanced healthcare infrastructure, strong AI investment, and early adoption of AI technologies. However, the Asia Pacific region is anticipated to experience the highest CAGR over the forecast period. This growth is drove by rapid advancements in healthcare infrastructure, a growing elderly population, and proactive initiatives by government in countries like China and India, aimed at boosting AI adoption in medical diagnostics. Emerging markets in Asia Pacific present significant opportunities for AI solutions as healthcare providers look to expand diagnostic capabilities and address increasing demand.

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The competitive landscape for the medical diagnostics industry is dominated by a few large multinational corporations that have carved out a significant market share. However, certain SMEs and regional businesses have a significant market share. The medical diagnostics market is dominated by Microsoft (US), Merative (US), NVIDIA Corporation (US), Intel Corporation (US), GE HealthCare (US), Siemens Healthineers (Germany), Google (US), Digital Diagnostics Inc. (US), InformAl (US), HeartFlow, Inc. (US), Advanced Micro Devices, Inc. (US), Enlitic, Inc. (US), icometrix (Belgium), Aidence (Netherlands), and Butterfly Network.

Microsoft (US):

Microsoft is a major player in the medical diagnostics space. The company spends heavily in R&D, which has expanded its product portfolio and position in the AI industry. The company's key focus areas in the AI market include machine learning, deep learning, natural language processing, and speech recognition. Besides, the company showed its good organic growth capabilities in its new Azure Machine Learning (AML). In 2024, Microsoft and NVIDIA will expand their relationship to combine Azure's cloud and AI capabilities with NVIDIA's DGX Cloud and Clara suite. The partnership will help accelerate clinical research, medication discovery, and medical imaging diagnostics that lead to better patient care. In 2023, Microsoft and Paige AI, Inc. will work together to develop the world's largest image-based AI models for digital pathology and oncology. This collaboration is foreseen to revolutionize cancer diagnosis and patient care by tapping into extensive AI capabilities.

NVIDIA CORPORATION (US):

NVIDIA Corporation takes the second position in the AI medical diagnostics market mainly as a supplier of a vast array of GPUs for training and execution of ML and AI algorithms. The company has a powerful presence in different geographies and operates with large OEMs/ODMs all over the world. It continues its actions on creating new products for the AI/DL market. For instance, in September 2022, the company released the announcement for the NVIDIA IGX platform. NVIDIA IGX will assist businesses in creating next generation software-defined industrial and medical devices that can be safe, along with humans, to work in the same environment. This NVIDIA IGX platform is a large package for hardware and software including the smart, powerful, small, and energy-efficient AI supercomputer named the NVIDIA IGX Orin, designed particularly for autonomous industrial equipment and medical devices. The company platforms such as DGX AI and a family of GPUs speed up the use of deep neural and machine learning in healthcare. The company has more than 50 offices across the Americas, Asia, and Europe. The company's global presence and adoption of inorganic growth strategies have improved it to acquire a strong position in this market.

GOOGLE (US):

Google has led the way in utilizing artificial intelligence (AI) in medical diagnosis. The Google AI in medical diagnostics solution, Automated Retinal Disease Assessment, or ARDA, uses AI to aid healthcare workers in the diagnosis of diabetic retinopathy, and AI algorithms are potentially on their way to enabling doctors to diagnose many more diseases. This is already implemented for the identification of diabetic retinopathy in the European Union and India and treatment have undergoing clinical trials in the US and Thailand. Google is creating a tool that will enable people to investigate and detect their skin, hair, and nail diseases by leveraging the computer vision and image search expertise it has created. The tool aids in hundreds of diseases, including more than 80% of those seen in clinics and over 90% of the most searched conditions.

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