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artificial intelligence ai in diagnostics market

Artificial Intelligence (AI) in Diagnostics Market Share, Size, Trends, Industry Analysis Report, By Component (Software, Hardware, Services); By Diagnosis (Cardiology, Oncology, Pathology, Radiology, Chest and Lung, Neurology, Others); By Region, Segment Forecast, 2022 - 2030

  • Published Date: Jan 2022
  • Pages: 118
  • Format: PDF
  • Report ID: PM2160
  • Base Year: 2021
  • Historical Data: 2018 - 2020

Report Summary

The global Artificial Intelligence (AI) in diagnostics market was valued at USD 562.3 million in 2021 and is expected to grow at a CAGR of 26.1% during the forecast period. The market growth is primarily driven by increasing market demand for advanced imaging methodologies for patient diagnostics and faster adoption of related technologies such as machine learning, AI in real-time, accurate medical data analysis, coupled with the emergence of innovative start-ups engaged in deducing electronic health records.

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Growing adoption of AI-based devices for medical procedures such as image acquisition, processing, data mining, data storage, and faster-automated reporting from X-rays, CAT scans, MRIs, and other testing modalities resulted in enhanced decision making and reduced radiologist’s workload of manual diagnostics.

Further, the sudden outbreak of COVID-19 globally has also pushed the healthcare industry to accelerate the adoption of AI-based tools for faster detection of multiple pathologies from the same image and quick reporting during emergency medical procedures. During the pandemic, Artificial Intelligence (AI) based diagnostics techniques played a significant role in the rapid detection and diagnostics of virus symptoms through chest CT images.

Industry Dynamics

Growth Drivers
Growing adoption of Artificial Intelligence (AI) based healthcare devices across various applications such as diagnostics due to the increasing prevalence of chronic diseases such as heart disease, cancer, and Alzheimer's disease is one of the major factors driving the growth of Artificial Intelligence (AI) in diagnostics market. Decreasing the number of healthcare physicians is another major driver boosting the utilization of advanced technological solutions in medical fields to help medical practitioners manage their workloads effectively and efficiently.

Other driving indicators include extensive growth in automation and digitalization to assist patients with advanced clinical treatments before emergencies, government initiatives with an increased investment to strengthen the healthcare sector with technology advancement to cope up with the emergencies such as the COVID-19 outbreak, which in turn is accelerating the growth of Artificial Intelligence (AI) in diagnostics market. Further, increasing investments by nonprofit organizations and private companies for improved clinical outcomes and cost reductions are also expected to drive market growth during the forecast period.

Report Segmentation

The market is primarily segmented on the basis of diagnosis, component, and region.

By Diagnosis

By Component

By Region

  • Cardiology
  • Oncology
  • Pathology
  • Radiology
  • Chest and Lung
  • Neurology
  • Others
  • Software
  • Hardware
  • Services
  • North America (U.S., Canada)
  • Europe (France, Germany, UK, Italy, Spain, Netherlands, Austria)
  • Asia Pacific (Japan, China, India, Malaysia, Indonesia. South Korea)
  • Latin America (Brazil, Mexico, Argentina)
  • Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)

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Insight by Component

By component type, the software segment held the largest share in the global market in 2021 and is expected to maintain its dominant position over the forecast period. Enhanced capability to detect multiple diseases with the same image using Artificial Intelligence (AI) based diagnostics devices than software built to detect a specific pathology is one of the major factors driving the segment's growth.

Through its early signs, early diagnoses of disease can be easily detected via Artificial Intelligence (AI) operated machine learning platforms, coupled with a surge in market demand for cloud-based systems, which have catapulted the segment's growth fortunes. Some of the Artificial Intelligence (AI) algorithms to analyze medical images to better diagnostics specific diseases by just spotting signs include MRIs, x-rays, and CT scans.

Insight by Diagnosis

The neurology segment is expected to dominate the market with the highest growth rate during the forecast period owing to the growing advantage of Artificial Intelligence (AI) based devices in neuro-degeneration of various neurological diseases such as Parkinson's, Alzheimer's, and Amyotrophic Lateral Sclerosis (ALS). Other growing applications for Artificial Intelligence (AI) based neurological technologies include neurovascular disorders, traumatic brain injury (TBI), and spinal cord injury. Artificial Intelligence (AI) based software in neurology practice is witnessed to have a promising future in the healthcare industry obtaining approvals from regulatory bodies for use in the clinic.

Geographic Overview

North America is estimated to hold the dominant position in the global market. Increased focus on developing advanced Artificial Intelligence (AI) based diagnostics software solutions lead to improved funding sources, one of the major drivers for the region's market growth. The shortfall of diagnosticians to diagnose patients calls up the need for advanced technological solutions to assist healthcare workers in managing patients' treatment and diagnostics.

According to recent reports by AAMC (Association of American Medical Colleges), the United States is expected to witness a shortfall of approximately 37,800 to 124,000 physicians by 2034. Among the shortfall rate, medical specialties including cardiology, oncology, neurology, and other specialties account for more than 48,000 physicians.  Further, the strong healthcare sector and presence of major healthcare service providers such as GE Healthcare, AliveCor, and Imagen Technologies adopting Artificial Intelligence (AI) based techniques for medical diagnostics also contribute to the growth of the market in the North American region.

In Asia Pacific region, the increasing population of geriatrics and the growing prevalence of diseases such as cancer and stroke have led to the rising adoption of AI technology to identify conditions and diagnoses. Increasing investment in Artificial Intelligence (AI) healthcare startups is another major driver for the growth of Artificial Intelligence (AI) in medical diagnostics in the region. For example, Shanghai-based medical AI startup, Synyi raised USD 36.3 million from Tencent in 2019 to create a primary smart analytics platform for scientific research data, joining AI & HIT. 

Furthermore, increase in funding from the government and private players in the emerging economies to adopt AI technology for the development of AI tools in healthcare. For example, during the pandemic, iFlytek announced the result of an AI-based COVID-19 diagnostics platform with the Chinese Academy of Sciences. The platform will assist physicians in analyzing patients' CT scans within three seconds and assist in lesion detection. 

Competitive Insight

Some of the market's major players include Aidoc Medical Ltd., AliveCor, GE Healthcare, IDx Technologies, Imagen Technologies, NovaSignal Corporation, Riverain Technologies, LLC, Siemens Healthineers, VUNO, Inc., and Zebra Medical Vision Ltd.

Artificial Intelligence (AI) in Diagnostics Market Report Scope

Report Attributes

Details

Market size value in 2021

USD 562.3 million

Revenue forecast in 2030

USD 5225.4 million

CAGR

26.1% from 2022 - 2030

Base year

2021

Historical data

2018 - 2020

Forecast period

2022 - 2030

Quantitative units

Revenue in USD million/billion and CAGR from 2022 to 2030

Segments covered

By Diagnosis, By Component, By Region

Regional scope

North America, Europe, Asia Pacific, Latin America, Middle East & Africa

Key Companies

Aidoc Medical Ltd., AliveCor, GE Healthcare, IDx Technologies, Imagen Technologies, NovaSignal Corporation, Riverain Technologies, LLC, Siemens Healthineers, VUNO, Inc., and Zebra Medical Vision Ltd.

Key Take-Away
Polaris Market Research
Artificial Intelligence (AI) in Diagnostics Market Size Global Report, 2022 - 2030