Saudi Arabia AI (Artificial Intelligence) in medical diagnostics market is projected to witness a CAGR of 26.97% during the forecast period 2024-2031, growing from USD 34.37 million in 2023 to USD 231.77 million in 2031. The market is mainly growing under the influence of the rising genetic disease burden, the positive impact of the “Saudi Vision 2030” initiative, and government efforts to improve healthcare and diagnostic facilities.
Saudi Arabia is a fast-growing economy that is highly focused on its healthcare infrastructure. The rising adaptation of technology in the country is driving rapid growth for AI-based medical diagnostics. The AI in the medical diagnostics market for Saudi Arabia is anticipated to thrive at a faster pace during the forecast period due to collaborative efforts of market players, government, academic institutes like King Abdullah University of Science and Technology (KAUST), and other related authorities such as Saudi Data and Artificial Intelligence Authority (SDAIA). For instance, In January 2024, GE HealthCare Technologies, Inc. unveiled 19 AI-powered innovations at Arab Health 2024, focusing on enhancing healthcare delivery in the MENEAT region. These innovations include advanced imaging and ultrasound solutions aimed at improving clinical decision-making and patient outcomes. Notable products like the Omni Legend PET/CT and Vscan Air ultrasound system will showcase cutting-edge technology designed for better diagnostics and treatment. This launch aligns with the region’s shift towards preventive care and aims to address significant clinical challenges through enhanced technology and collaboration.
Positive Impact of “Saudi Vision 2030”
Saudi Arabia’s campaign for “Saudi Vision 2030” is bringing drastic changes to the market. Saudi Arabia is set on an ambitious journey to integrate AI across various sectors, including healthcare. The gradual integration of AI technologies into the daily operations of hospitals, medical diagnostics, and other medical facilities is anticipated to strengthen the country’s healthcare infrastructure as it strives to cement its position as a global leader. The AI integration in medical diagnostic products and services within the country is expected to bring a major boost to the market, leading to a robust CAGR of 26.97% in Saudi Arabia AI in medical diagnostics market. The “Artificial Intelligence Index Report 2023” published by Stanford University clearly states that around 76% of Saudi Arabia population feels positive about the AI integration and related products, which further strengthen the market growth.
Rising Prevalence of Genetic Diseases Support Market Growth
The increased prevalence of genetic disorders in Saudi Arabia is largely attributed to cultural practices, particularly consanguineous marriages, which are common in the region. Such unions elevate the risk of recessive genetic diseases, leading to a significant number of genetic disorders among the population. This rise in genetic disorders has heightened the demand for AI integration in medical diagnostics. AI technologies can enhance the accuracy and efficiency of genetic testing and disease identification, allowing for earlier interventions and personalized treatment plans. As healthcare systems seek to address these challenges, AI’s role in analyzing genetic data and predicting disease outcomes becomes increasingly vital. For instance, as per a research article published in Frontiers in Genetics in September 2023, the consanguineous marriage rate was high (56%), and homozygous autosomal recessive variants, which are the major cause of genetic diseases, accounted for nearly 50% of the total variants.
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Diagnostic Imaging Segment is Expected to Account Major Market Share
The need for efficient diagnostic processes positions the diagnostic imaging segment as a major market share holder in the Saudi Arabian AI in medical diagnostics market. Heavy reliance on radiology solutions and tremendous opportunities for AI integration in such devices bring major growth. As healthcare continues to evolve, the reliance on advanced imaging technologies will likely grow, solidifying their market share in the coming years. In November 2023, Lunit Inc. announced the deployment of its AI-powered chest screening solution, Lunit INSIGHT CXR, in five major hospitals in Saudi Arabia. This initiative aims to enhance the early detection of common lung abnormalities, such as lung cancer and tuberculosis, aligning with the national health strategy. The hospitals involved include the National Guard Hospital and King Abdulaziz Medical City in Riyadh, among others. This partnership builds on Lunit’s previous collaborations in the region, emphasizing the growing role of AI in healthcare.
Future Market Scenario (2024-2031F)
Collaborative efforts of industry and academia in the region to enhance AI integration in healthcare systems and medical diagnostics are the major drivers for the market, which will lead to tremendous growth. For instance, in July 2024, the Saudi Data and Artificial Intelligence Authority (SDAIA) and King Abdullah University of Science and Technology (KAUST) collaboratively launched MiniGPT-Med. It serves as a versatile interface for radiology diagnostics, integrating image analysis with clinical data to enhance diagnostic accuracy. The model can analyze various imaging modalities, including X-rays, CT scans, and MRIs, and is capable of tasks such as disease identification, medical report generation, and visual question answering.
Report Scope
“Saudi Arabia AI in Medical Diagnostics Market Assessment, Opportunities and Forecast, 2017-2031F”, is a comprehensive report by Markets and Data, providing in-depth analysis and qualitative and quantitative assessment of the current state of Saudi Arabia AI in medical diagnostics market, industry dynamics, and challenges. The report includes market size, segmental shares, growth trends, opportunities, and forecast between 2024 and 2031. Additionally, the report profiles the leading players in the industry, mentioning their respective market share, business models, competitive intelligence, etc.
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