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The global AI in medical diagnostics market is projected to reach USD 3.7 Billion by 2028 from USD 1.3 Billion in 2023, at a CAGR of 23.2% during the forecast period. Factors such as rising government initiatives to drive the adoption of AI-based technologies, increase in adoption of AI solutions by radiologists to reduce work load and the influx of big data are driving the market growth.

However, the lack of a skilled AI workforce and ambiguous regulatory guidelines for medical software are factors expected to restrain the market growth.

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The prominent players in this market are Microsoft (US), NVIDIA Corporation (US), Merative (US), Intel Corporation (US), Google (US), Siemens Healthineers (Germany), GE HealthCare (US), Digital Diagnostics Inc. (US), Advanced Micro Devices, Inc.  (US), InformAI (US), HeartFlow, Inc. (US), Enlitic, Inc.  (US), icometrix (Belgium), Aidence (Netherlands), Butterfly Network, Inc. (US), Nano-X Imaging LTD. (Israel), Viz.ai, Inc (US), Quibim (Spain), Qure.ai (India), Therapixel (France), Aidoc (US), Koninklijke Philips N.V. (Netherlands), Lunit, Inc. (South Korea), EchoNous, Inc. (US), and Brainomix (UK).

Microsoft (US)

Microsoft is one of the leading players in AI in medical diagnostics market. The company substantially invests in R&D, which has increased its product portfolio and position in the AI market. ML, deep learning, NLP, and speech processing are the company’s major focus areas in the AI market. Moreover, the company showcased its strong organic growth capability with its new Azure Machine Learning (AML). In March 2022, Microsoft (US) acquired Nuance (US) to expand its portfolio of cloud-based solutions. Microsoft and Nuance will allow businesses across industries to expedite processes and streamline workflows. The company’s 2020 AI for Health program also showcases its interest in leveraging AI for research and care delivery.

NVIDIA CORPORATION (US)

NVIDIA Corporation ranks second in the AI in medical diagnostics market, predominantly providing large range of GPUs to train and run ML & AL algorithms. The company has a well-firm geographic footprint and mainly deals with major OEMs/ODMs worldwide. It continues to head in developing new products for the AI/DL market. For instance, the company launched the NVIDIA IGX platform in September 2022. NVIDIA IGX will aid companies develop the next generation of software-defined industrial and medical devices that can carefully operate in the same environment as humans. The NVIDIA IGX platform is a influential combination of hardware and software that includes NVIDIA IGX Orin, a intense, compact, and energy-efficient AI supercomputer for autonomous industrial machines and medical devices. The company platforms such as DGX AI and a family of GPUs, quicken the use of deep learning and machine learning in healthcare. NVIDIA has more than 50 offices across the Americas, Asia, and Europe. The company global presence and adoption of inorganic growth strategies have improved it acquire a strong position in this market.

GOOGLE (US)

Google has been at the forefront of harnessing artificial intelligence (AI) in medical diagnostics. The Google AI in medical diagnostics solution, Automated Retinal Disease Assessment, or ARDA, uses AI to help healthcare workers detect diabetic retinopathy, with future possibilities of AI algorithms to assist clinicians in identifying other diseases. The solution is being used to detect diabetic retinopathy in India and the European Union. The solution is also being evaluated in clinical studies in the US and Thailand. Google is developing a tool to help individuals better research & identify their skin, hair, and nail conditions through computer vision AI and image search capabilities. The tool supports hundreds of conditions, including more than 80% of the conditions seen in clinics and more than 90% of the most searched conditions.

Related Reports:

Artificial Intelligence (AI) in Medical Diagnostics Market by Modality (CT, X-Ray, MRI, Ultrasound), Application (IVD, Radiology, CNS, CVS, Ob/Gyn), User (Hospital, Labs), Unmet need, Key Stakeholders & Buying Criteria - Global Forecast to 2028

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