The global AI in medical diagnostics market is projected to reach USD 5.5 billion by 2027 from USD 1.0 billion in 2022, at a CAGR of 39.9% during the forecast period The application of AI in medical diagnostics is growing at a fast pace owing to factors such as growing government initiatives to drive the adoption of AI-based technologies, rise in adoption of AI solutions by radiologists to reduce work load, the influx of big data, availability of funding for AI-based startups, and the growing number of cross-industry partnerships & collaborations.
However, the lack of a skilled AI workforce, ambiguity in regulations, and the reluctance among medical practitioners to adopt these solutions are factors expected to restrain the market growth.
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The prominent players in this market are Microsoft (US), NVIDIA (US), IBM (US), Intel Corporation (US), Google, Inc.(Subsidiary of Alphabet, Inc) (US), Siemens Healthineers (Germany), GE Healthcare (US), Digital Diagnostics, Inc (US), Xilinx (US), InformAI LLC (US), HeartFlow, Inc (US), Enlitic, Inc (US), Day Zero Diagnostics, Inc(US), Aidence (Netherlands), Butterfly Network, Inc. (US), Prognos Health (US), Nanox AI (Israel), Viz.ai, Inc (US), Quibin (Spain), Qure.ai (India), Therapixel (France), Aidoc (Israel), Koninklijke Philips N.V. (Netherlands), Lunit. Inc (South Korea), EchoNous Inc. (US)
Microsoft accounted for the largest share of AI in the medical diagnostics market. The company significantly invests in R&D, which has improved its product portfolio and position in the AI market. ML, deep learning, NLP, and speech processing are the companys key focus areas in the AI market. Moreover, with the development of its new Azure Machine Learning (AML), the company showcased its strong organic growth capability. Additionally, Microsoft continuously invests in services and computational biology projects, including research support tools for next-generation precision healthcare, genomics, immunomics, CRISPR, and cellular & molecular biologics. The 2020 AI for Health program launched by the company showcases its key interests in leveraging AI for research and care delivery.
NVIDIA ranks second in the AI in the medical diagnostics market, primarily owing to the wide range of GPUs to train and run ML & AL algorithms. The company has a well-established geographic footprint and mainly deals with major OEMs/ODMs worldwide. It continues to lead in the development of new products for the AI/DL market. Jetson TX-2 for edge AI devices was one of the most prominent product launches by the company. Platforms provided by the company, such as DGX AI and a family of GPU, accelerate the use of both deep learning and machine learning in healthcare. NVIDIA has more than 50 offices across the Americas, Asia, and Europe. NVIDIA’s global presence and adoption of inorganic growth strategies have helped it gain a strong position in this market.
IBM is among the key players in AI in the medical diagnostics market. End users widely use IBM Watson for cognitive computing and data-driven applications. It has developed core AI products that are used in developing core AI services for enterprises and large businesses. IBM Watson Health applies data-driven analytics, advisory services, and advanced technologies to deliver actionable insights in healthcare. Over the last few years, the company has invested ~USD 6 billion in 15 strategic acquisitions in cognitive, cloud, and security businesses. The company has a strong presence in the US. It also has a significant global footprint owing to its strong sales & distribution network.
Artificial Intelligence (AI) in Medical Diagnostics Market by Component (Software, Service), Application (In Vivo, Radiology, Neurology, CT, MRI, X - ray, IVD), End User (Hospital, Diagnostic Imaging Center, Diagnostic Laboratory) - Global Forecast to 2027
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