The global artificial intelligence (AI) in medical diagnostics market is estimated to grow at a CAGR of ~45% over the forecast period, i.e., 2022 – 2030. 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.
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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.
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.
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.
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:
Our in-depth analysis of the global artificial intelligence (AI) in medical diagnostics market includes the following segments:
FREQUENTLY ASKED QUESTIONS
Increasing adoption of artificial intelligence and growing investment in healthcare sector are estimated to boost the market growth.
The market is anticipated to attain a CAGR of ~45% over the forecast period, i.e., 2022 – 2030.
High initial investment is estimated to hamper the market growth.
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.
The major players in the market are Butterfly Network, Inc., Aidence B.V., Siemens AG, GE Healthcare, Digital Diagnostics Inc., and others.
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.
The market is segmented by component, application, end-user, and by region.
The hospitals segment is anticipated to hold largest market size over the forecast period and display significant growth opportunities.
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