What is the Current and Projected Market Size for AI in Medical Diagnostics?
In recent years, the AI in medical diagnostics market size witnessed high growth attributed to increasing health consciousness, rising incidence of chronic diseases, and an expanding elderly population. It is forecasted to grow from $1.92 billion in 2024 to $2.66 billion in 2025, at a compound annual growth rate (CAGR) of 38.6%. The market is expected to push boundaries further scaling to an impressive $10.9 billion in 2029 at a CAGR of 42.2%, driven by advancements in natural products, functional foods, and beverages.
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What is Driving the Boom in the AI in Medical Diagnostics Market?
Surge in public and private healthcare expenditure is fuelling the AI in medical diagnostics market growth. The consistent growth and rising investment in healthcare lay groundwork for the expansion of AI technology application in healthcare. For instance, according to the Canadian Institute for Health Information, the total health expenditure is set to reach $344 billion in 2023, marking a modest growth of 2.8% compared to the previous year.
What Does the AI in Medical Diagnostics Global Market Report 2025 Categorize in terms of Market Segments?
1) By Component: Software, Services
2) By Technology: Natural Language Processing, Computer Vision, Machine Learning, Context-Aware Computing, Other Technologies
3) By Specialty: Brain And Neurological, Oncology, Cardiac And Vascular, Chest And Lung, Obstetrics And Gynecology, Other Specialties
4) By Application: Computer-Aided Detection, Computer-Aided Diagnosis, Quantitative Analysis Tools, Clinical Decision Support Tools
5) By End User: Hospitals, Diagnostics Imaging Centers, Diagnostics Laboratories, Other End Users
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What Are Key Companies Enhancing the AI in Medical Diagnostics Market?
Prominent companies enhancing the AI in medical diagnostics market include International Business Machines Corporation, Siemens Healthineers AG, GE HealthCare Technologies Inc., Digital Diagnostics Inc., Heartflow Inc., Aidoc Medical Ltd., Koninklijke Philips N.V., Nanox Imaging Ltd., and others.
Which Noteworthy Trends Are Making Waves in the AI in Medical Diagnostics Market?
Product innovation is a major trend shaping the industry. Key players in the market are exploring new product developments to maintain a competitive edge. For instance, Qritive, a Singapore-based software company, launched ‘QAI Prostate’, an AI-powered tool for precise prostate cancer diagnosis in March 2023.
Which Region is the Fastest Growing in the AI in Medical Diagnostics Market?
North America led the AI in medical diagnostics market in 2024. However, Asia-Pacific is expected to be the fastest-growing region in the ensuing years. All the global regions included in this study are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
What Does The AI In Medical Diagnostics Global Market Report Offer?
AI in medical diagnostics involves the integration of artificial intelligence in the treatment and medical diagnosis process. AI is applied in medical imaging data including X-rays, MRIs, ultrasounds, CT scans, and DXAs, aiding doctors in detecting and diagnosing diseases accurately and swiftly. The AI In Medical Diagnostics Global Market Report 2025 offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
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