The global AI in medical diagnostics market is projected to reach USD 3,868 million by 2025 from USD 505 million in 2020, at a CAGR of 50.2% during the forecast period. Growth in this market is primarily driven by government initiatives to increase the adoption of AI-based technologies, increasing demand for AI tools in the medical field, growing focus on reducing the workload of radiologists, influx of large and complex datasets, growth in funding for AI-based start-ups.
On the basis of component, the AI in medical diagnostics is segmented into software and services. The services segment dominated this market in 2020, while the software segment is estimated to grow at a higher CAGR during the forecast period.
Pandemics such as COVID-19 require investments for additional manpower, equipment, consumables, and other resources to ensure 100% preparedness for safety in hospitals and, if needed, eventual treatment of patients.
AI and radiomics, which are being applied to X-ray and CT scans as advanced imaging tools in the detection and follow-up of COVID-19, have been able to diagnose the presence of the infection.
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Based on application, the AI in medical diagnostics is segmented into in vivo diagnostics and in vitro diagnostics. The in vivo diagnostics segment commanded the largest share of 96.9% of this market in 2019.
Based on end user, the segmented into hospitals, diagnostic imaging centers, diagnostic laboratories, and other end users. The hospitals segment commanded the largest share of 64.1% of this market in 2019. The large share of this segment can be attributed to the rising number of diagnostic imaging procedures performed in hospitals, the growing inclination of hospitals toward the automation and digitization of radiology patient workflow, increasing adoption of minimally invasive procedures in hospitals to improve the quality of patient care.
The AI in medical diagnostics market has been segmented into four main regional segments, namely, North America, Europe, the Asia Pacific, and the Rest of the World. In 2019, North America accounted for the largest market share of 37.6%.
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Currently, many healthcare professionals have doubts about the capabilities of AI solutions in terms of accurately diagnosing patient conditions. Considering this, it is challenging to convince providers that AI-based solutions are cost-effective, efficient, and safe solutions that offer convenience to doctors as well as better care for patients.