Artificial Intelligence in Medical Diagnostics Market

The Report

 

According to the report named "Artificial Intelligence (AI) in Medical Diagnostics Market by Component (Software, Service). Application (In Vivo, Radiology, OB GYN, MRI, CT, Ultrasound, IVD), End User (Hospital, Diagnostic Laboratory, Diagnostic Imaging Center)- Global Forecast to 2025" which has been added to ResearchAndMarkets.com's offering.

 

The global Artificial Intelligence in medical diagnostics market is extrapolated to meet USD 3,868 million by the year 2025 from the amount specified in the year 2020, estimated to be USD 505 million---- at a CGR of CAGR of 50.2%.

 

The medical diagnostics market reached to a great extent that has been propelled by the initiatives taken by the government. This in turn enhanced the endorsement of AI-based technologies and this is how the demand for AI tools has made a steep rise in the market.

 

(Must Check: Artificial Intelligence in Healthcare: Applications and Threats

 

According to Business Wire, in the process, the concentration has not only been laid upon minimising the pressure thrust on the radiologists and the consequential ingress of complexities revolving around datasets, the growth in funding as well as in the number of joining hands of cross-industries and their integration.

 

The dynamics of the market included drivers, restraints, various opportunities, the imposed challenges, and companies mentioned in the process.

 

(Related reading: Role of AI in medical field)

 

Report Conclusions

 

• The software segment is expected to make a steep rise as soon as it touches the highest CAGR---more specifically,  during the forecast period. Software solutions would help to gain insights about the competitive edge in spite of the challenges being faced---for instance, short-staffed, increasing imaging scan volumes

 

• Depending on the underlying foundation of End user, the AI in medical diagnostics market has been compartmentalized into hospitals, diagnostic imaging centers and other End users. It has been estimated that the hospitals segment declared the largest share of 64.1% of the same market in the year 2019. 

 

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It is quite evident that this share can be ascribed to the growth of the diagnostic imaging methodologies that are often carried out in hospitals. 

 

The emerging propensity of hospital in order to reinforce the automation and digitization of radiology patient's sequence of data and also, an increment in an acquisition of "minimally invasive procedures" in hospital to enhance the quality of care given to the patients, and also the usage of advanced imaging methodologies are taken into account.

 

(Also Check: Top 9 Healthcare Technologies)

 

• Since the market has been compartmentalized into four major regional segments- North America, Europe, the Asia Pacific, and the Rest of the World, it is evaluated that North America has presented the largest market share, which is equal to 37.6%.

 

And according to the record, the APAC market is reflected to account for the highest CAGR of 53.2% during the times of the forecast period---- mainly because of the growth strategies acquired and applied by the companies and an improvement in diagnostic infrastructures and facilities, a steep rise in the geriatric population and an increase in the lethal disease, cancer and in the end, putting the government initiatives into action.