The size of the AI in medical diagnostics market was 1,297.6 million in 2023, and it will power at a rate of 23.1% by the end of this decade, to touch USD 5,541.7 million by 2030.
This has a lot to do with the growing initiatives of the government for the acceptance of AI-based tech, the increasing usage of AI solutions by radiologists to reduce workload, the obtainability of funds to initiate AI-based startups, the arrival of big data, and the growing count of cross-industry partnerships & alliances.
Software was the leading component category, with about USD 0.5 billion in 2023, and it will also be like this in the years to come. This is because of the growing need for AI solutions based on software in the medical diagnostics industry for delivering precise outcomes in a short time and the growing count of IT firms delivering the same.
Apart from that, the increasing expansion of novel software and new AI algorithms, and the mounting applications of AI-based software in more than a few fields for example radiology, cardiology, ophthalmology, neurology, and gynecology, amongst others are fostering the industry growth.
The in-vivo diagnostic category had a major revenue share, of 60%, in 2023, because of the growing occurrence of infectious along with chronic ailments, and maternity problems throughout childbirth.
Amongst the in-vivo diagnostic applications, the neurology category has the largest share, because of the compensations of AI in diagnosing numerous neurological conditions for example cancers and brain tumors. Furthermore, AI aids radiologists in interpreting medical images for fast and precise diagnosis, minimalizing noise in medical images, and producing superior images with lesser radiation doses.
In the future, the ultrasound category will have a considerable share of the AI in medical diagnostics market. This is due to the mounting demand for ultrasound imaging test processes to identify more than a few ailments and conditions, together with the high level of precision in ultrasound, which is attained through AI.
North America is the leader of the industry, with a share of 45% in 2023. This is because of the high research and development investments, the increasing acceptance of tech cutting-edge solutions, and the existence of global players and their efforts to crop up with innovative medical diagnostics techs, in the region.
It is because of the rising use of AI solutions by radiologists to reduce workloads all over the world, the demand for AI in medical diagnostics solutions is on the rise. This trend will continue in the years to come as well.
