Artificial Intelligence (AI) In Diagnostics Market Size And Forecast

The market for artificial intelligence (AI) in diagnostics, which was estimated to be worth USD 708.23 million in 2021, is expected to rise to USD 9,944.4 million by 2030, at a CAGR of 33.7%.

The desire for low-cost diagnostic techniques, effective and efficient report analysis, and speedy diagnostic data generation, together with enhancing patient care and minimising machine downtime, are major factors fueling the market’s expansion. In addition, improvements in AI and deep learning are anticipated to make disease diagnosis more accurate over the following few years. Market expansion is encouraged by the growing use of AI-based diagnostics in developed economies. Technology developments in the healthcare industry have been a key factor in fortifying the global healthcare infrastructure during the last few decades.

The extensive use of AI-supported technology in healthcare institutions has also increased the quality of care services and the effectiveness of medical resources. Additionally, research and development from both technology-based businesses and the industry’s largest players in healthcare have multiplied globally in order to present and innovate highly advanced healthcare systems. As a result, the need for AI-based healthcare diagnostics systems is increasing.

Global Artificial Intelligence (AI) In Diagnostics Market Definition

Artificial intelligence (AI) is the term used to describe the development of original systems using software and algorithms that are capable of carrying out specific activities without the assistance or direction of humans. Several technologies, including machine learning, natural language processing, reasoning, and vision, are combined to create artificial intelligence. AI is utilised in diagnostics to analyse complex medical and imaging data and approximate human cognition.

Artificial intelligence is mostly employed in the medical field to examine the connection between patient outcomes and treatment methods. Medical procedures include diagnostic procedures, drug research, tailored treatment, and patient monitoring care all use AI programmes. For instance, AI could support healthcare procedures by checking the patients’ vital signs, posing them questions, and providing them with medications. During medical procedures, AI systems can also be utilised for alerts and reminders, picture interpretation, information retrieval, and therapeutic planning. The most popular type of AI technology is deep learning, which is used for image identification, signal recognition, and data mining.

Applications for artificial intelligence range from image processing and collection to aided reporting, action planning, data mining, and others. Artificial neural networks (ANNs), which are computational models and methods that mimic the structure of the biological neural network in the brain, are used in machine learning (ANNs). Performance-wise When compared to conventional machine learning, deep learning performs better.

Additionally, AI has a wide range of applications in medical diagnostics, including speech analysis for emotional state and psychiatric illnesses as well as picture analysis for tumour diagnosis and video detection for gait problems and fall prediction. As a result, AI will significantly alter the current system for making medical diagnoses.

Global Artificial Intelligence (AI) In Diagnostics Market Overview

One of the key factors anticipated to propel the growth of the market for AI in diagnostics during the forecast period is the rising number of government initiatives to encourage healthcare providers and other healthcare organisations to adopt AI-based diagnostic technologies as well as the rising investments by nonprofit organisations and private companies to achieve better information exchange, improved clinical outcomes, and cost reductions. Also, the increased government spending on healthcare and the strong demand for e-diagnostic services in the healthcare industry are driving the market’s expansion.

One of the factors pushing the use of artificial intelligence in diagnostics is the increased desire for lowering diagnostic costs, enhancing patient care, and decreasing equipment downtime. A few other reasons that are projected to propel the market for AI in diagnostics include the rising demand for low-cost diagnostic approaches, effective and efficient report analysis, and speedy diagnostic data generation. Artificial intelligence (AI)-enabled gadgets are employed in emergency medical procedures to shorten the time between trauma and diagnosis, enabling quicker interventions and better patient outcomes.

The extensive use of AI and digital devices presents a number of noteworthy difficulties, including issues with data ownership, privacy, cybersecurity, and data veracity. In addition, difficulties with medical ethics, accountability for medical errors, and the possibility of system failures are some of the key factors that could limit the growth of the artificial intelligence (AI) in diagnostics market. Also, the cost of healthcare has significantly climbed globally during the last few decades.

The ongoing COVID 19 pandemic has increased the strain on healthcare even more. In the end, this has boosted demand for infrastructure and healthcare systems that are cutting-edge in terms of technology, dependable, and extremely efficient. Due to this, major players in the healthcare sector have increased their strategic partnerships with global technology companies.

Global Artificial Intelligence (AI) In Diagnostics Market: Segmentation Analysis

The Component, Technology, Type of Diagnosis, and Geography segments are used to divide the global artificial intelligence (AI) in diagnostics market.

Artificial Intelligence (AI) In Diagnostics Market, By Component

  • Hardware
  • Software
  •  Services

The market is divided into Hardware, Software, and Services based on Component. In 2020, software held the largest market share; throughout the forecast period, it is expected to increase at the highest CAGR of 36.04%. Due to the development of AI-based software for diagnosis in healthcare to improve test precision, software has become the industry leader. AI Platforms and AI Solutions are investigated in the software sector. One of the main factors driving the growth of this market is the increasing demand for cloud-based, AI-powered augmented diagnostic solutions that aid in improving diagnostic accuracy when evaluating a patient’s medical photos.

Artificial Intelligence (AI) In Diagnostics Market, By Technology

  • Machine Learning
  • NLP
  •  Context-Aware Computing
  •  Computer Vision

The market is divided into Machine Learning, NLP, Context-Aware Computing, and Computer Vision based on technology. The market segment with the biggest market share, computer vision, is anticipated to expand at a CAGR of 31.87% during the forecast period. The second-largest market in 2020 was machine learning, and it is anticipated to develop at the greatest CAGR.

Artificial Intelligence (AI) In Diagnostics Market, By Diagnosis Type

• Radiology
• Oncology
• Neurology & Cardiology
• Chest & Lungs
• Pathology
• Others

The market is divided into Radiology, Oncology, Neurology & Cardiology, Chest & Lungs, Pathology, and Others based on the kind of diagnosis. The highest market share was held by neurology and cardiology in 2020, and during the forecast period, this segment is expected to expand at a CAGR of 33.52%. Neurology is not an exception to how artificial intelligence (AI) is reshaping the field of medicine. Over the past few years, a number of AI applications in the area of neurovascular illnesses have been studied and even released as software packages. Moreover, artificial intelligence is improving cardiac care by employing AI to swiftly, inexpensively, and effectively anticipate electrocardiogram (ECG) irregularities without needing the third invasive step of the CVD diagnosis route.

Artificial Intelligence (AI) In Diagnostics Market, By Geography

• North America
• Europe
• Asia Pacific
• Rest of the world

The market is divided into four regions based on geography: North America, Europe, Asia Pacific, and the rest of the world. In 2020, North America held the biggest market share, with Europe coming in second. Artificial intelligence (AI) is being used in healthcare more and more as a result of the complexity and growth of data in the industry. Payers, healthcare providers, and life sciences firms in North America have begun using various forms of AI. For hospital management objectives, several institutions in the US and Canada have started adopting ML for predictive analytics (like, predicting adverse events, the number of patients in the emergency department, mortality rates,). Because of this predictability, hospitals have been able to prepare for anticipated incidents days in advance.

Key Players

With a focus on the global market, the “Global Artificial Intelligence (AI) In Diagnostics Market” study report will offer insightful information. The leading market players are General Electric Co. (GE Healthcare), Siemens AG, AliveCor Inc., Imagen Technologies Inc., VUNO Inc., IDx Technologies Inc., NovaSignal Corporation, Riverain Technologies LLC, and Zebra Medical Vision Ltd.

In the portion of our market analysis exclusively devoted to such sizable companies, our analysts provide a summary of each participant’s financial statements in addition to product benchmarking and SWOT analysis. The competitive landscape section also includes information on the key development strategies, market share analysis, and market positioning analysis of the aforementioned competitors on a global scale.

Key Developments

Partnership And Agreement

  • In order to create a roadmap for artificial intelligence (AI) and digital technologies in cardiology and create innovative approaches for better health outcomes, GE Healthcare and the American College of Cardiology (ACC) will begin working together in June 2021.
  • In order to work together on the digital revolution of healthcare and build trust in the creation of clinical evidence and guidance, the Consortium brings together academic, clinical, industry, and technological partners as well as patient advocates.

Business Expansion

  • Aidoctoexpandits footprint in Europe and Unfallkrankenhaus Berlin’s introduction of AI to Germany in May 2021 respectively.
  • The full portfolio of AI solutions from AIdoc was chosen by Unfallkrankenhaus Berlin Hospital (ukb) to help prioritise and speed treatment for patients with life-threatening, urgent diseases.

Acquisition And Mergers

  • AliveCor purchases CardioLabs in June 2021, setting the way for the introduction of Advanced Ambulatory Monitoring Services.

With the acquisition, clients of CardioLabs will have access to AliveCor’s KardiaMobile 6L, the first and only wireless, patchless, six-lead cardiac monitor in the whole world.