The AI in Medical Diagnostics Market growth is expected to accelerate, with the market projected to expand from USD 1.3 Billion in 2023 to USD 3.7 Billion by 2028, reflecting a CAGR of 23.2%. This is driven by big data generation, available AI startup funding, and an increasing number of cross-industry collaborations.
However, the scarcity of a skilled AI workforce, and ambiguity in regulations are factors expected to restrain market growth.
Based on components, AI in medical diagnostics market is divided into software, services and hardware. In 2022, the software segment dominated the market, while the services segment is estimated to grow at a higher CAGR from 2023-2028. Software solutions aid healthcare providers gain a competitive edge although the challenges of being short-staffed and meeting encouraging imaging scan volumes.
Based on application, AI in medical diagnostics market is divided into in vivo and in vitro diagnostics. In 2022, 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 efficacyeffectiveness.
Based on end users, the AI in medical diagnostics market is divided into hospitals, diagnostic imaging centers, diagnostic laboratories, and other end users. In 2022, the hospitals segment hold the largest share of this market. Factors such as increasing quantity of diagnostic imaging procedures performed in hospitals, and the rising implementation of automation and digitization of radiology patient workflow.
Based on region, AI in medical diagnostics market has been segmented into five main regional segments: North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa. In 2022, North America hold the largest market share of this market. However, the Asia Pacific market is estimated to indicate the highest CAGR during the forecast period. The high growth rate of the Asia Pacific market can be due to the growth strategies companies accept in emerging markets, expanded medical diagnostics infrastructure, expanding geriatric population, and implementation of favorable government initiatives.
Sources:
https://www.marketsandmarkets.com/PressReleases/artificial-intelligence-medical-diagnostics.asp
https://finance.yahoo.com/news/artificial-intelligence-ai-medical-diagnostics-123000139.html