Segmentation by Component (Software, and Service); by Application (Radiology, OBGY, Ultrasound, In Vitro Diagnostic, and Others); and by End User (Hospital, Diagnostic Center, Research Laboratory, and Others) – Global Demand Analysis & Opportunity Outlook 2030
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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 region is estimated to witness noteworthy growth over the forecast period on the back of increasing incidences of lifestyle diseases amongst the growing population of APAC 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.
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The global artificial intelligence (AI) in medical diagnostics market is further classified on the basis of region as follows:
According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.
Our in-depth analysis of the global artificial intelligence (AI) in medical diagnostics market includes the following segments:
By Component
By Application
By End-User
Growth Drivers
Challenges
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.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Ans: Increasing adoption of artificial intelligence and growing investment in healthcare sector are estimated to boost the market growth.
Ans: The market is anticipated to attain a CAGR of ~45% over the forecast period, i.e., 2022 – 2030.
Ans: High initial investment is estimated to hamper the market growth.
Ans: The market in the Asia Pacific region is estimated to provide more business opportunities over the forecast period owing to the rising technological advancements in healthcare sector in the region.
Ans: The major players in the market are Butterfly Network, Inc., Aidence B.V., Siemens AG, GE Healthcare, Digital Diagnostics Inc., and others.
Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by component, application, end-user, and by region.
Ans: The hospitals segment is anticipated to hold largest market size over the forecast period and display significant growth opportunities.
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