Artificial Intelligence in Diagnostics Market Size, Share, Trends, Growth and Forecast 2028

Artificial Intelligence in Diagnostics Market

Artificial Intelligence in Diagnostics Market By Component (Software and Service), By Application (In Vivo, Radiology, OBGY, MRI, CT, Ultrasound and IVD), By End User (Hospital, Diagnostic Laboratory and Diagnostic Imaging Center): Global Industry Perspective, Comprehensive Analysis and Forecast, 2020 – 2028

Category: Healthcare Report Format : PDF Pages: 145 Report Code: ZMR-5453 Published Date: Sep-2021 Status : Published
Market Size in 2020 Market Forecast in 2028 CAGR (in %) Base Year
USD 407 Million USD 3982.4 Million 33.3% 2020

Artificial Intelligence in Diagnostics Market

Global Artificial Intelligence In Diagnostics Market Overview

The global artificial intelligence in the diagnostics market accounted for USD 407 Million in 2020 and is expected to reach USD 3982.4 Million by 2028, growing at a CAGR of 33.3% from 2021 to 2028.

Artificial intelligence (AI) is a type of machine learning that uses algorithms and software to perform tasks without the need for human intervention or instructions. Machine learning, natural language processing, reasoning, and perception are all examples of AI technologies. It's used in healthcare for things like estimating human cognition and analyzing complex medical and diagnostic imaging data.

The market for artificial intelligence in healthcare diagnosis is fueled by AI's ability to improve outcomes; additionally, the growing need to improve coordination between healthcare workers and patients is fueling the market growth. The growing importance of Big Data in healthcare, as well as the adoption of precision medicine and the increase in venture capital investments, are all contributing to market growth.

COVID-19 Impact Analysis

Pandemics like COVID-19 necessitate increased investments in manpower, equipment, consumables, and other resources to ensure 100 percent preparedness for hospital safety and, if necessary, patient treatment. The COVID-19 pandemic is a catalyst for AI advancement by presenting opportunities to use these tools to improve healthcare. The presence of COVID-19 has been diagnosed using AI and radionics, which are being applied to X-ray and CT scans as advanced imaging tools in the detection and follow-up of the infection.

This is because AI algorithms and radiomics for chest X-rays can assist in the implementation of large-scale screening programs. Similarly, before individuals interact with hospital staff or other patients, the Tampa General Hospital (Florida, US) uses AI-driven technology to screen them for COVID-19. The Massachusetts General Hospital in Boston, Massachusetts, also used AI-powered robots to collect vital signs and care for COVID-19 patients.

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Growth Factors

The increased adoption of AI products and services in the healthcare market is due to a growing awareness of the benefits offered by AI techniques and their broad application areas. Various leading healthcare companies are forming partnerships and collaborations with leading AI technology providers in order to develop innovative AI-based solutions for healthcare applications. These strategies allow these market players to provide advanced solutions to their customers while also bolstering their position in this fast-paced market.

The major drivers of market growth during the study period were startups developing AI-driven imaging and diagnostic solutions. China, the United States, and the United Kingdom are becoming popular centers for healthcare innovation. Healthcare AI startups in China have benefited from the government's AI-focused development strategy, which has encouraged investment and public-private partnerships.

Report Scope

Report Attributes Report Details
Report Name Artificial Intelligence in Diagnostics Market Size Report
Market Size in 2020 USD 407 Million
Market Forecast in 2028 USD 3982.4 Million
Growth Rate CAGR of 33.3%
Number of Pages 188
Forecast Units Value (USD Billion), and Volume (Units)
Key Companies Covered Microsoft Corporation (US), NVIDIA (US), IBM (US), Intel (US), Siemens Healthineers (Germany), GE Healthcare (US), Digital Diagnostics (US), Xilinx (US), InformAI (US), Enlitic (US), Day Zero Diagnostics (US), Aidence (Netherlands), Butterfly Network, Inc. (US), Prognos (US), Zebra Medical Vision (Israel), Viz.ai (US), Quibin (Spain), Qure.ai (India), Therapixel (France), and HeartFlow (US), among others.
Segments Covered By Component Type, By Application Type, By End-User and By Region.
Base Year 2020
Historical Year 2015 to 2019
Forecast Year 2020 - 2028
Customization Scope Avail customized purchase options to meet your exact research needs. Request For Customization


Component Type Segment Analysis Preview

In terms of revenue, software was the most profitable segment in 2020, accounting for 44.3% of the market. This high percentage can be attributed to the development of AI-based software for healthcare diagnosis. One of the key drivers is the growing demand for AI-powered and cloud-based augmented diagnostic solutions that aid in improving diagnostic precision when interpreting medical images of patients.

Furthermore, the implementation of more advanced AI software in diagnostics involving a combination of multiple data sources such as MRI, CT, genomics, and proteomics, as well as patient data that aids in successfully diagnosing disease and assessing its progression, is expected to drive the artificial intelligence in the diagnostics industry.

Application Type Segment Analysis Preview

Neurology had a market share of 26.3% in 2020, but due to the rising growth of AI-based applications available for diagnostic imaging, radiology is expected to be the fastest-growing segment over the forecast period. The neurology field has the most regulatory approvals, accounting for 18.2 percent of all AI-based medical diagnostics platform approvals.

Epilepsy, Alzheimer's disease, Parkinson's disease, ischemic brain stroke, and multiple sclerosis are among the neurological disorders for which AI diagnostics can provide early detection and precise diagnosis. Radiological imaging diagnosis, on the other hand, is critical in clinical patient management. Due to its high-end performance in image recognition, machine/deep learning with Convolutional Neural Networks (CNNs) has recently gained a lot of attention. In Vivo, Radiology, OBGY, MRI, CT, Ultrasound, and IVD forms the application type segment.

End-User Type Segment Analysis Preview

The AI in the medical diagnostics market is divided into hospitals, diagnostic imaging centers, diagnostic laboratories, and other end users, depending on the end user. In 2020, the hospital's segment held the largest share of the market, accounting for 65.3% of the total. The rising number of diagnostic imaging procedures performed in hospitals, as well as hospitals' growing desire to automate and digitize radiology patient workflow, can be attributed to this segment's large share. In hospitals, there is a growing adoption of minimally invasive procedures to improve patient care quality, as well as a growing adoption of advanced imaging modalities to improve workflow efficiency. Diagnostic Laboratory and Diagnostic Imaging Centers among others form the segment.

Regional Analysis Preview

With a revenue share of 42.36% in 2020, North America dominated the market. This is due to the increasing use of healthcare IT solutions in medical diagnosis, the presence of a well-established healthcare sector, and ample funding for AI-based diagnosis software development. In North America, the United States leads the market for artificial intelligence in diagnostics. This is due to the increased development and deployment of innovative and advanced medical diagnosis software, as well as the presence of a large number of players in the country operating across segments such as mobile and network operations.

During the forecast period, Asia Pacific is expected to be the most lucrative market, with a significant growth rate of 38.9% CAGR. Increased government initiatives encouraging healthcare providers and other healthcare organizations to adopt AI-based diagnostic technologies, as well as increased investments by nonprofit organizations and private companies, have improved clinical outcomes. Furthermore, increased government spending on healthcare is fueling market growth in the Asia Pacific, which is driving demand for e-diagnostic services in the healthcare sector.

Key Market Players & Competitive Landscape

  • Microsoft Corporation (US)
  • NVIDIA (US)
  • IBM (US)
  • Intel (US)
  • Siemens Healthineers (Germany)
  • GE Healthcare (US)
  • Digital Diagnostics (US)
  • Xilinx (US)
  • InformAI (US)
  • Enlitic (US)
  • Day Zero Diagnostics (US)
  • Aidence (Netherlands)
  • Butterfly Network
  • Prognos (US)
  • Zebra Medical Vision (Israel)
  • Viz.ai (US)
  • Quibin (Spain)
  • Qure.ai (India)
  • Therapixel (France)
  • HeartFlow (US)

To gain a competitive advantage, these players are increasing collaborations and partnerships among industry participants, as well as various hospitals and research centers. For example, the American College of Radiology and NVIDIA Corporation collaborated in April 2019 to increase AI adoption in diagnostic radiology among thousands of radiologists in the United States, to be used in their own diagnostic facilities to meet clinical needs. Intel will launch the first Intel-designed AI associate degree program in the United States in 2020, in collaboration with the Maricopa County Community College District (MCCCD). Thousands of students would be able to pursue careers in high-tech, healthcare, automotive, industrial, and aerospace.

The global artificial intelligence in the diagnostics market is segmented as follows:

By Component Type

  • Software
  • Services

By Application Type

  • In Vivo
  • Radiology
  • OBGY
  • MRI
  • CT
  • Ultrasound
  • IVD

By End User Type

  • Hospital
  • Diagnostic Laboratory
  • Diagnostic Imaging Center

By Region

  • North America
    • The U.S.
    • Canada
  • Europe
    • France
    • The UK
    • Spain
    • Germany
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Southeast Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa

Table Of Content

Methodology

FrequentlyAsked Questions

The global artificial intelligence in diagnostics market was valued at USD 407 Million in 2020.

 

The global artificial intelligence in diagnostics market is expected to reach USD 3982.4 Million by 2028, growing at a CAGR of 33.3% between 2021 to 2028.

Growing demand for low-cost diagnostic techniques, effective & efficient report analysis, and quick diagnostic data generation are some of the key factors driving the artificial intelligence in diagnostics market growth.

North America held a share of over 42.36% in the global artificial intelligence in diagnostics market. This is due to the region's growing adoption of healthcare IT solutions for medical diagnosis, as well as the presence of a well-established healthcare sector and ample funding for AI-based diagnosis software development.

Some of key players artificial intelligence in diagnostics market include Microsoft Corporation (US), NVIDIA (US), IBM (US), Intel (US), Siemens Healthineers (Germany), GE Healthcare (US), Digital Diagnostics (US), Xilinx (US), InformAI (US), Enlitic (US), Zebra Medical Vision (Israel), Viz.ai (US), Quibin (Spain), Qure.ai (India), Therapixel (France), and HeartFlow (US), among others.

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