Artificial intelligence (AI) in Medical Diagnostics Market Size & Share, by Component (Software, Service); Application (Radiology, OBGY, Ultrasound, In Vitro Diagnostic); End-user (Hospital, Diagnostic Center, Research Laboratory) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2024-2036

  • Report ID: 3731
  • Published Date: Aug 26, 2024
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2024-2036

Artificial intelligence (AI) in Medical Diagnostics Market size was over USD 1.26 billion in 2023 and is projected to exceed USD 19.59 billion by 2036, witnessing over 23.5% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of artificial intelligence in medical diagnostics is assessed at USD 1.5 billion. The growth of the market can be attributed to the increasing use of machine-algorithm and software to mimic human analysis and interpretation of complex medical data. With the rise in human population, the medical and healthcare data is also increasing enormously, which has generated a demand for machine-learning and artificial intelligence in the healthcare sector to accurately analyze relationship between prevention and treatment techniques with respect to patient outcomes. Along with this, the increasing adoption of AI amongst various end-user industries is estimated to boost the market growth. For instance, it has been observed that by 2019, more than 35% of the organizations globally, were using artificial intelligence.

Moreover, growing patient pool at various hospitals, backed by rising prevalence of lifestyle diseases, such as, diabetes, hypertension, cardiovascular diseases, and others, is further estimated to drive the market growth. In addition to this, the increasing health awareness amongst people has also led to the surge in demand for early diagnosis of diseases, which is projected to promote the market growth. Furthermore, the growing technological advancement in the healthcare sector, backed by rising healthcare expenditure, is forecasted to boost the market growth. According to the data by the World Bank, USD 1,111.082 was spent per capita on healthcare in 2018.


Artificial intelligence (AI) in Medical Diagnostics Market
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Artificial intelligence (AI) in Medical Diagnostics Sector: Growth Drivers and Challenges

Growth Drivers

  • Increasing Adoption of Artificial Intelligence in Healthcare Sector
  • Growing Investment in Healthcare Sector

Challenges

  • Rising Economic Burden on Medical Facilities
  • Requirement of High Initial Investment

Artificial intelligence (AI) in Medical Diagnostics Market: Key Insights

Base Year

2023

Forecast Year

2024–2036

CAGR

23.5%

Base Year Market Size (2023)

USD 1.26 billion

Forecast Year Market Size (2036)

USD 19.59 billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
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Artificial intelligence (AI) in Medical Diagnostics Segmentation

The market is segmented by application into radiology, OBGY, ultrasound, in vitro diagnostic, and others, out of which, the ultrasound segment is anticipated to hold the notable share in the global artificial intelligence (AI) in medical diagnostics market over the forecast period. The segment growth can be attributed to the growing demand for ultrasound imaging tests for various diseases and conditions, along with requirement of accuracy in ultrasound, which can be achieved through AI. 

Our in-depth analysis of the global market includes the following segments:

           By Component

  • Software
  • Service

             By Application

  • Radiology
  • OBGY
  • Ultrasound
  • In Vitro Diagnostic
  • Others

            End-User

  • Hospital
  • Diagnostic Center
  • Research Laboratory
  • Others

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Artificial intelligence (AI) in Medical Diagnostics Industry - Regional Synopsis

On the basis of geographical analysis, the global artificial intelligence (AI) in medical diagnostics market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in Asia Pacific industry is predicted to dominate majority revenue share by 2036, due to increasing incidences of lifestyle diseases amongst the growing population of the region, along technological advancements in countries, such as, Japan, and South Korea. Moreover, increasing investment in healthcare sector amongst countries, such as, China and India, is anticipated to boost the market growth. For instance, the per capita healthcare expenditure in China increased from USD 437.257 in 2017 to USD 501.059 in 2018, as per the data by the World Bank. The market in the North America region is anticipated to gain the largest market share throughout the forecast period owing to the rising adoption of advanced technology in the healthcare sector, backed by high government and private investment in healthcare.

Research Nester
Artificial-Intelligence-in-Medical-Diagnostics-Market-Share
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Companies Dominating the Artificial intelligence (AI) in Medical Diagnostics Landscape

    • HeartFlow, Inc.
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • Therapixel SA
    • Nano-X Imaging Ltd.
    • Prognos Health Inc.
    • Butterfly Network, Inc.
    • Aidence B.V.
    • Siemens AG
    • GE Healthcare
    • Digital Diagnostics Inc.
    • IBM

In the News

  • April, 2021: National Institute for Health and Care Excellence (NICE) has renewed the support for AI-powered Heart Disease Diagnosis by HeartFlow, Inc.

  • March, 2018: Butterfly Network, Inc. launched an augmented-reality capability to remotely guide Butterfly iQ ultrasound scanners.

Author Credits:  Radhika Pawar


  • Report ID: 3731
  • Published Date: Aug 26, 2024
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

In the year 2024, the industry size of artificial intelligence in medical diagnostics is assessed at USD 1.5 billion.

Artificial intelligence (AI) in Medical Diagnostics Market size was over USD 1.26 billion in 2023 and is projected to exceed USD 19.59 billion by 2036, witnessing over 23.5% CAGR during the forecast period i.e., between 2024-2036. Increasing adoption of artificial intelligence and growing investment in healthcare sector will boost the market growth.

Asia Pacific industry is predicted to dominate majority revenue share by 2036, due to increasing incidences of lifestyle diseases amongst the growing population of the region, along technological advancements in countries, such as, Japan, and South Korea.

The major players in the market are Butterfly Network, Inc., Aidence B.V., Siemens AG, GE Healthcare, Digital Diagnostics Inc., and others.
Artificial intelligence in Medical Diagnostics Market Report Scope
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