According to this latest publication from Meticulous Research®, the global AI in diagnostics market is expected to grow at a CAGR of 36.2 % from 2022 to 2029 to reach $9.38 billion by 2029. The growth of this market is mainly driven by the growing need to incorporate AI into medical diagnosis, the shortage of healthcare professionals, and the rising incidence of chronic diseases. However, the reluctance to adopt AI technologies due to a lack of trust restrains the growth of this market. The high potential in emerging economies and the growing number of cross-industry partnerships & collaborations are expected to create market growth opportunities. However, regulatory barriers and privacy & security concerns are major challenges for the players operating in the AI in medical diagnostics market.
Here are the top 10 companies in Artificial Intelligence in Medical Diagnostics Market
Siemens Healthineers AG (Germany)
Founded in 1847 and headquartered in Erlangen, Germany, Siemens Healthineers AG is engaged in offering solutions and services for healthcare providers and related organizations. The company operates through four business segments, namely Imaging, Diagnostics, Varian, and Advanced Therapies. It offers more than 63 Al-powered solutions that help automate and standardize workflows and complex diagnostics. Siemens Healthineers offers its solutions and services to end users, such as hospitals, clinics, laboratories, universities, physicians/joint medical practices, public health agencies, state-run & private health insurers, pharmaceutical companies, and clinical research institutes.
Siemens Healthineers AG has a strong global presence in more than 180 countries, including the U.S., Germany, Australia, and China. The company has production sites in the U.S., China, and Germany. The company’s subsidiaries include Siemens Healthcare GmbH (Germany), Siemens Healthcare A/S (Denmark), Siemens Healthcare AG (Switzerland), Siemens Healthcare Limited (U.K.), Siemens Healthcare SAS (France), Siemens Medical Solutions USA, Inc. (U.S.), Siemens Healthcare K.K. (Japan), and Siemens Healthcare Private Limited (India).
GE Healthcare (U.S.) (Subsidiary of General Electric Company)
Established in 1892 and headquartered in Massachusetts, U.S., GE Healthcare, a subsidiary of General Electric (GE), is a provider of medical imaging, diagnostic, therapeutic, biopharmaceutical manufacturing, patient monitoring, and drug discovery products. The company operates through two business segments, namely Healthcare Systems and Pharmaceutical Diagnostics. The Healthcare Systems business segment offers solutions for the AI in medical diagnostics market. The company’s customers include medical institutions, hospitals, research institutes, pharmaceutical & biotechnology companies, and life science research centers worldwide. GE Healthcare’s Edison healthcare artificial intelligence platform is designed to connect data on millions of medical imaging devices and has a variety of applications in healthcare, including aiding in medical diagnosis.
GE Healthcare has a geographic presence in over 160 countries globally. The company’s subsidiaries include GE Healthcare BV (Netherlands), GE Healthcare (China) Co., Ltd. (China), GE Healthcare GmbH (Germany), and GE Healthcare Japan Corporation (Japan).
Aidoc Medical Ltd. (Israel)
Established in 2016 and headquartered in Tel Aviv, Israel, Aidoc Medical Ltd. is engaged in providing artificial intelligence healthcare solutions. The company specializes in developing artificial intelligence tools for radiologists and multidisciplinary response teams. The company develops advanced healthcare-grade AI-based decision support software for the AI in medical diagnostics market. The company’s AI solution analyzes medical imaging to enable the flagging of acute abnormalities across the body. Its radiology solutions can identify critical findings in CT scans and prioritize them in a radiologist’s worklist to ensure that patients with critical conditions are diagnosed and treated first.
Aidoc Medical Ltd. has its software installed in over 900 locations across the globe. With over 350 employees, the company has offices in New York, U.S., and Tel Aviv, Israel. The company has raised over USD 250 million in funding since its inception and has nine FDA-cleared AI-based solutions in its portfolio. The company has received several awards, such as the UCSF Digital Health Award of 2021, the E&T Innovative Digital Health Award of 2020, AuntMinnie’s Best New Radiology Product of 2020, and Prix Galien Best Digital Health Product of 2020.
Heartflow Inc. (U.S.)
Founded in 2010 and headquartered in California, U.S., Heartflow Inc. is a medical technology company that helps diagnose, manage, and treat patients with cardiovascular disease. Hearflow’s FFRCT Analysis creates a personalized 3D model of the patient’s arteries using deep learning, allowing physicians to accurately evaluate whether a patient has significant coronary artery disease (CAD) based on anatomy and physiology.
In 2011, the product received CE Mark and was made commercially available in Europe. In 2014, the product received U.S. FDA de novo 510(k) clearance and was made commercially available in the U.S. In 2015, Heartflow, Inc. launched its ADVANCE registry to evaluate data from 5000 patients and made its products commercially available in Canada. In 2016, Hearflow’s FFRCT Analysis was made commercially available in Japan. In 2019, Heartflow, Inc. was named one of the World’s Most Innovative Companies by Fast Company.
AliveCor, Inc. (U.S.)
Founded in 2010 and headquartered in California, U.S., AliveCor, Inc. is engaged in developing innovative solutions for cardiac care. The company provides a mobile ECG solution for detecting atrial fibrillation (AF) and normal sinus rhythm in ECGs. The product utilizes machine learning and AI to enable proactive heart care. The company offers Kardia Mobile, an FDA-cleared mobile ECG solution recommended by cardiologists for accurate ECG recording. The company’s AI-enabled platform, Kardia Pro, enables doctors to monitor patients for the early detection of atrial fibrillation. Additionally, the company claims that the Kardia AI can detect atrial fibrillation, bradycardia, tachycardia, sinus rhythm with SVE, sinus rhythm with wide QRS, and sinus rhythm with PVCs.
The company has served more than one million customers worldwide and recorded over 85 million ECGs. In March 2017, the company received USD 30 million in funding from Omron Healthcare, Inc. (U.S.) to further boost its growth. In December 2020, the company received USD 65 million in Series E funding to accelerate the company’s remote cardiology platform globally.
Meticulous Research in its latest publication on Artificial Intelligence in Medical Diagnostics Market has predicted the growth of 36.2% during the forecast year 2022-2029.
Koninklijke Philips N.V. (Netherlands)
Founded in 1891 and headquartered in Amsterdam, Netherlands, Koninklijke Philips N.V. is engaged in providing diagnostic imaging, image-guided therapy, patient monitoring, and health informatics solutions. The company also operates in the consumer health and home care markets and has four reportable business segments, namely Diagnosis & Treatment, Connected Care, Personal Health, and Other. The company operates in the AI in medical diagnostics market through its Diagnostics & Treatment segment.
The company has a presence in North America, Western Europe, growth geographies [Asia-Pacific (excluding Japan, South Korea, Australia, and New Zealand), Latin America, Central & Eastern Europe, the Middle East & Turkey (excluding Israel), and Africa], and mature geographies (Japan, South Korea, Israel, Australia, and New Zealand). As of December 2021, the Diagnosis & Treatment segment had 32,390 employees globally. In 2021, the company reported one incident of environmental soil contamination at the Diagnosis & Treatment site, which was immediately resolved with no fine imposed.
Digital Diagnostics Inc. (U.S.)
Founded in 2010 and headquartered in Iowa, U.S., Digital Diagnostics Inc. is an AI diagnostics company providing AI-based solutions for automated diagnosis. The company was formerly known as IDx. The company has developed a patented biomarker-based approach to building an autonomous AI platform. The company’s flagship product IDx-DR is an autonomous AI system that can be used to diagnose diabetic retinopathy and diabetic macular edema. The company’s AI solutions are autonomous and enable disease detection in primary care, typically involving specialists.
The products offered by Digital Diagnostics Inc. are used in over 20 health systems, and the company’s clients have tested thousands of patients and identified hundreds of patients who were previously undiagnosed with diseases. Digital Diagnostics Inc. is paving the way for autonomous AI diagnosis and has received FDA clearance for AI diagnostic platforms that diagnose patients without physician input.
NovaSignal Corporation (U.S.)
Founded in 2013 and headquartered in California, U.S., NovaSignal Corporation is a medical technology company engaged in providing access to critical data needed by physicians to improve patients’ lives. The company offers a robotic cerebral ultrasound system that combines non-invasive ultrasound, robotics, and artificial intelligence for the real-time assessment of cerebral blood flow. The AI-based solution offered by the company is designed to analyze real-time data on blood flow in the brain. NovaSignal Corporation rebranded itself in July 2020 from its previous name Neural Analytics, Inc.
Novasignal Corporation has over 110 systems in use in the U.S. and Europe. The company has raised a capital of USD 71 million since its inception. Its products adhere to all statutory and regulatory requirements and meet FDA regulations, ISO 13485:2016 standards, and MDSAP requirements for quality management systems. In September 2021, NovaSignal Corporation secured funding of USD 37 million in a Series C1 round. The capital will be used for commercial expansion, consistent delivery of product innovation, and new clinical trials.
Arterys Inc. (U.S.)
Founded in 2013 and headquartered in California, U.S., Arterys offers a web-based medical imaging platform powered by Artificial Intelligence technology. The company makes advanced software products for medical image interpretation, enabling physicians to provide more accurate and faster diagnoses to their patients.
In 2017, the company received the first-ever US FDA clearance for leveraging cloud computing and deep learning in clinical settings. In May 2020, the company received Series C funding of USD 28 million from a syndicate led by Benslie Investment Group and Temasek Holdings. In December 2021, the company was ranked among the top 150 most promising digital health start-ups worldwide by CB Insights. In 2020, the company was listed among the Top 100 Digital Health Companies by The Medical Futurist.
Agfa HealthCare (Belgium) (Subsidiary of Agfa-Gevaert N.V.)
Incorporated in 1964 and headquartered in Mortsel, Belgium, Agfa HealthCare is a division of the Agfa-Gevaert Group. Agfa-Gevaert Group manufactures and markets analog and digital systems for the printing industry, healthcare sector, and specific industrial applications. Agfa-Gevaert Group has four divisions: Radiology Solutions, HealthCare IT, Digital Print & Chemicals, and Offset Solutions. Agfa HealthCare operates in the AI in medical diagnostics market through two segments, namely, Radiology and Healthcare IT Division.
The company has a direct global presence through its R&D centers, services and customer care centers in the U.S., Canada, Belgium, Italy, the Netherlands, the U.K., Denmark, Finland, Norway, Poland, Spain, Sweden, Austria, Germany, Australia, China – Shanghai, Hong Kong, Singapore, the Middle East & Africa, and Latin America. In May 2020, a part of Agfa Healthcare’s IT business was sold to Dedalus Group. The part consists of Healthcare Information Solutions activities (Electronic Health Records, the ORBIS platform), Imaging IT activities, and Integrated Care activities in Germany, Austria, Switzerland, France, and Brazil. However, in North America and all other international markets, Agfa HealthCare pursues its Imaging IT software business, which was not included in the sale.
Popular Mentions: Riverain Technologies (U.S.), Imagen Technologies (U.S.), VUNO Inc. (South Korea), NANO-X IMAGING LTD (Israel), iSchemaView Inc. (U.S.), AIRS Medical Inc. (South Korea), Claritas HealthTech Pte. Ltd. (Singapore), Quantitative Insights, Inc (U.S.), Ultromics Ltd. (U.K.), ClariPi, Inc. (South Korea), Pulmonx Corporation, and International Business Machines Corporation (U.S.).
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Authoritative Research on the Artificial Intelligence in Medical Diagnostics Market – Global Opportunity Analysis and Industry Forecast (2022-2029)
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