Artificial Intelligence (AI) in Medical Diagnostics Market

The global Al in medical diagnostics market is likely to grow from USD 1.71 billion in 2024 to USD 4.72 billion by 2029, at a CAGR of 22.5% during the forecast period. Factors like: The rising availability of big data drive Al breakthroughs, while cross-industry alliances and collaborations among tech companies, healthcare providers, and the government give resources and experience that can be applied to Al applications. For example, in 2024, Microsoft deepened its collaboration with NVIDIA by merging Azure with NVIDIA's DGX Cloud and Clara suite to advance clinical research, drug discovery, and medical imaging. Similarly, in 2023, Microsoft collaborated with Paige Al to produce the biggest image-based Al models for cancer diagnosis and treatment. It has also teamed up with Nuance.

However, a lack of trained Al professionals and uncertain regulatory standards for medical software, which delay down development and implementation, are among the primary issues projected to limit market growth.

To know about the assumptions considered for the study download the pdf brochure

The competitive landscape for the medical diagnostics industry is dominated by a few large multinational corporations that have carved out a significant market share. However, certain SMEs and regional businesses have a significant market share. The medical diagnostics market is dominated by Microsoft (US), Merative (US), NVIDIA Corporation (US), Intel Corporation (US), GE HealthCare (US), Siemens Healthineers (Germany), Google (US), Digital Diagnostics Inc. (US), InformAl (US), HeartFlow, Inc. (US), Advanced Micro Devices, Inc. (US), Enlitic, Inc. (US), icometrix (Belgium), Aidence (Netherlands), and Butterfly Network.

Microsoft (US)

Microsoft is a major player in the medical diagnostics space. The company spends heavily in R&D, which has expanded its product portfolio and position in the AI industry. The company's key focus areas in the Al market include machine learning, deep learning, natural language processing, and speech recognition. Besides, the company showed its good organic growth capabilities in its new Azure Machine Learning (AML). In 2024, Microsoft and NVIDIA will expand their relationship to combine Azure's cloud and Al capabilities with NVIDIA's DGX Cloud and Clara suite. The partnership will help accelerate clinical research, medication discovery, and medical imaging diagnostics that lead to better patient care. In 2023, Microsoft and Paige Al, Inc. will work together to develop the world's largest image-based Al models for digital pathology and oncology. This collaboration is foreseen to revolutionize cancer diagnosis and patient care by tapping into extensive Al capabilities.

NVIDIA CORPORATION (US)

NVIDIA Corporation takes the second position in the Al medical diagnostics market mainly as a supplier of a vast array of GPUs for training and execution of ML and AL algorithms. The company has a powerful presence in different geographies and operates with large OEMs/ODMs all over the world. It continues its actions on creating new products for the AI/DL market. For instance, in September 2022, the company released the announcement for the NVIDIA IGX platform. NVIDIA IGX will assist businesses in creating next generation software-defined industrial and medical devices that can be safe, along with humans, to work in the same environment. This NVIDIA IGX platform is a large package for hardware and software including the smart, powerful, small, and energy-efficient Al supercomputer named the NVIDIA IGX Orin, designed particularly for autonomous industrial equipment and medical devices. The company platforms such as DGX Al and a family of GPUs speed up the use of deep neural and machine learning in healthcare. The company has more than 50 offices across the Americas, Asia, and Europe. The company's global presence and adoption of inorganic growth strategies have improved it to acquire a strong position in this market.

GOOGLE (US)

Google has led the way in utilizing artificial intelligence (Al) in medical diagnosis. The Google Al in medical diagnostics solution, Automated Retinal Disease Assessment, or ARDA, uses Al to aid healthcare workers in the diagnosis of diabetic retinopathy, and Al algorithms are potentially on their way to enabling doctors to diagnose many more diseases. This is already implemented for the identification of diabetic retinopathy in the European Union and India and treatment have undergoing clinical trials in the US and Thailand. Google is creating a tool that will enable people to investigate and detect their skin, hair, and nail diseases by leveraging the computer vision and image search expertise it has created. The tool aids in hundreds of diseases, including more than 80% of those seen in clinics and over 90% of the most searched conditions.

Related Reports:

Artificial Intelligence (AI) in Medical Diagnostics Market by Modality (MRI, CT, X-ray, Ultrasound), Applications (IVD, Radiology, Cardiology, Neurology, Obstetrics/GYN), End User (Hospitals, Imaging Centers, Diagnostic Labs) & Region - Global Forecast to 2029

Contact:
Mr. Rohan Salgarkar
MarketsandMarkets™ INC.
1615 South Congress Ave.
Suite 103, Delray Beach, FL 33445
USA : 1-888-600-6441
[email protected]