"AI-based medical diagnostic tools market to exhibit dynamic growth during the forecast period"

The global AI-based medical diagnostic tools market is increasing proficiently, expected to grow at a CAGR of 25.6%. Internationally, the increasing prevalence of lifestyle diseases along with the huge patient population has suggestively enhanced the growth of artificial intelligence in the healthcare industry. New FDA approvals of AI systems along with enhanced & integrated algorithms, and promising pipeline devices in the medical diagnostics industry are key factors driving the overall growth of AI-based medical diagnostic tools market globally.

"Automated detection systems are expected to register higher growth by the end of 2030"

Advancement in detection systems along with its technological applications will enhance the future growth. AI-smart workplace culture and workforce is expanding significantly, has the capability to detect specific infections, lifestyle diseases, and many rare disease conditions. For e.g. In Jan 2021, FDA clears AI device (IDx-DR AI diagnostic system from IDx Technologies Inc.) for diagnosis of diabetic retinopathy along with its favorable use in digital pathology. Global tech companies are investing for further R&D in medical diagnostics and are reassuring the commercialization of AI devices in partnerships with smaller firms to meet the dynamic demand in the coming years.

"Radiology services to witness a significant CAGR"

Increasing acceptance of AI-based solutions along with their quick and relevant services on a global level are factors expected for the growth of the market. Increasing applications using AI-chatbots, advancements in AI algorithms to recognize cancerous tissues, disease diagnosis, eye care, and innovations in decision support softwares will boost the overall demand in the healthcare industry. More intelligent software offerings along with huge opportunities in drug administration, hospital workflow administration, large patient data management & care, preliminary diagnosis, automated image diagnosis and cyber security will further spur revenue growth during the forecast period.

"Increasing population, new FDA approval and the presence of top players hold the U.S. in dominant position"

In 2021, the U.S. contributed maximum revenue share in the AI-based medical diagnostic tools market due to growth and development in the AI-based software along with FDA approvals. Radiology services along with innovations in diabetic, cerebral disease treatment, cardiovascular diseases and oncology will drive the growth in the near future. For e.g. In May 2021, Aidoc’s AI algorithm received FDA approval for flagging pulmonary embolisms in radiology. Expansion of multispecialty hospitals, research centers, and other medical or emergency facilities in the U.S. and Europe region will boost the AI workforce very quickly in the coming years. However, huge number diagnostic systems in pipeline, less outcomes and awareness, risk of data security and strict FDA regulations are few limiting factors restraining the overall growth of the global market.

"Increased research and development with strong product pipelines in the developed regions"

Major players in the AI-based medical diagnostic tools market are Aidoc, Viz.ai, Inc. Arterys Inc., Icometrix, IDx Technologies Inc., MaxQ AI, Ltd., Imagen Ltd, Bay Labs, Inc., Zebra Medical Vision, Inc., Alivecor, ScreenPoint Medical and others. Smaller organizations and AI-based diagnostic solution providers are developing automated and smart technologies with integrated software tools. Partnerships and improved R&D will extemporize the expansion of AI-based diagnostic in the healthcare industry on a global scale.

Historical & Forecast Period

This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of AI-based Medical Diagnostic Tools market are as follows:

• Research and development budgets of manufacturers and government spending
• Revenues of key companies in the market segment
• Number of end users and consumption volume, price and value.
• Geographical revenues generate by countries considered in the report
• Micro and macro environment factors that are currently influencing the AI-based Medical Diagnostic Tools market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of AI-based Medical Diagnostic Tools market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2032.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the AI-based Medical Diagnostic Tools market?
• Which is the largest regional market for AI-based Medical Diagnostic Tools market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving AI-based Medical Diagnostic Tools market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the AI-based Medical Diagnostic Tools market worldwide?