The increase in the development of multi-functional testing and diagnostic tools is providing new opportunities to artificial intelligence in the diagnostics market.
The global market for the AI in Diagnostics (Artificial Intelligence In Diagnostics) is anticipated to develop at a compound annual growth rate (CAGR) of 36.2% throughout the course of the forecast, to reach $9.38 Billion by 2029.
Covid-19 Impact & Market Status
The COVID-19 situation had a severe impact on various organizations and had retarded their development. During the lockdown, many companies were forced to stop their work as infrastructure, labourers, transportation, and various other goods and services were unavailable. Every offline-dependent organization was facing a downward slope in its development graph. The introduction of artificial intelligence rescued the healthcare department as various activities could be done in online mode like analysis of patients, providing them prescription and guidance, and much more. In this way, the healthcare department was able to maintain its development curve during the lockdown.
The robotic diagnostic platform and automated chatbots have improved the service of the healthcare sector.
The involvement of artificial intelligence has revolutionized the healthcare sector. There are various tools and techniques brought by machine learning, image capturing, neural networks, etc. that help in the proper diagnosis and treatment of various fatal diseases that were not detected before the usage of artificial intelligence. Hence, artificial intelligence has helped the medical field to increase the health rate of people so that the development of a nation can be done efficiently. Among all the tools and software platforms, the robotic diagnosis platform is one of the best choices. It helps in the diagnosis of complex diseases, their treatment, and provides suggestions to the patients via an automated chat environment.
Various potential organizations are constantly trying to enhance these platforms so that the user experience can be improved by reducing complexity and cost.
Artificial intelligence in the diagnostics market is driven and expanded by the use of various advanced tools and techniques like natural language processing.
The increasing growth and development of various technologies associated with artificial intelligence is providing new opportunities to various domains and the medical sector is one of the biggest sectors among all these domains. The medical department requires highly sophisticated and cross-functional tools and techniques that can help in the effective diagnosis and treatment of various diseases.
As the death rate is increasing and the health rate is dropping, various medical sectors and research departments have increased the demand for software platforms that could help in data analysis, filtration, diagnosis, and report generation of various diseases by analyzing their symptoms. This requires the usage of reliable and efficient software platforms that can give precise results for further operations. For this, artificial intelligence has helped the healthcare department by providing various software platforms that work on various complicated tasks.
The Compound Annual Growth Rate (CAGR) of the global artificial intelligence in the diagnostics market is expected to be 31.97% with an increased market size of USD 62.8 Billion.
The major requirement is a multi-functional platform that can perform the diagnosis of various diseases by taking a set of inputs and required parameters. This platform can provide a complete analysis of various disease diagnoses and hence, a completed report can be generated containing the data analysis based on various selected parameters. For this, many techniques like natural language processing, machine learning algorithms, etc. are required.
Image capturing is one of the complex tasks when it comes to the healthcare department because it requires the diagnosis and image capturing of very complex internal parts that are not easily accessible, e.g., stomach, intestine, etc. This is required to locate ulcers, tumours, etc. Hence, this task is very complex and requires an effective platform that can capture images of the exact location and deliver the output without any interruption or data loss. This can be achieved by the combination of various technologies properly so that a suitable platform with the required feature set can be generated.
The final output of these software platforms is highly reliable and the data analysis is done precisely that makes the report generation easier. This saves time and cost for an organization and many complex services can be provided to the patients. This is one of the important benefits of using artificial intelligence in the diagnosis market that helps the medical sector to invest more in their development and growth. In this way, the service cost of the customers can be reduced so that they can get the required treatment at an affordable cost.
Various organizations are now aware of the dynamic nature and vast scope of artificial intelligence in the medical field that helps developers to expand the scope of automation in the healthcare sector. With this, many diagnoses, analyses, treatments, etc. will become automated and this will help in the revolution of the IT and the healthcare industries. This is an urgent requirement because with an increase in the number of patients every year there is a requirement to increase the pace of treatment that will enable the recovery of more patients.
This helps the developers to think of various solutions that would help different subdomains of the healthcare sector to perform their operations effectively and in a short duration. This ensures that resources will be properly distributed among all the sectors and the algorithms will give precise output by considering all the relevant factors.
There is a major restriction to the growth of artificial intelligence in diagnostics market and that is the avoidance of the usage of new technologies in the healthcare sector by various specialists. Many doctors don’t trust the software platforms to get their output as they are unable to trust the precise result provided by the software. Hence, to mend this gap, various test cases are run on these software platforms to validate their accuracy and precision.
The major players of the global artificial intelligence in diagnostics market are Zebra Medical Vision Ltd., General Electric Co., Riverain Technologies LLC, Siemens AG, NovaSignal Corporation, Aidoc Medical Ltd., IDx Technologies Inc., AliveCor Inc., VUNO Inc., Digital Diagnosis Inc., Neural Analytics, GE Healthcare, HeartFlow, Microsoft Corp., Therapixel, NVIDIA, Quibin, IBM, Prognos, Intel, Butterfly Network, Xilinx, Aidence, InformAI, Day Zero Diagnostics, Enlitic, and Imagen Technologies Inc.
Latest Innovations in the Global Artificial Intelligence In Diagnostics Market: a Snapshot
- Microsoft, IBM, and various other potential companies are trying their best to increase the CAGY of the global artificial intelligence in the diagnostics market by the end of the forecast period.
AI in Diagnostics (Artificial Intelligence In Diagnostics) Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2028||USD 62.8 Billion|
|Growth Rate||CAGR of 31.97 % during 2021-2028|
|Segment Covered||Component, Technology, Diagnosis Type, End-User, Regions|
|Regions Covered||North America, Europe, Asia Pacific, Middle East and Africa, South America|
|Key Players Profiled||Zebra Medical Vision Ltd., General Electric Co., Riverain Technologies LLC, Siemens AG, NovaSignal Corporation, Aidoc Medical Ltd., IDx Technologies Inc., AliveCor Inc., VUNO Inc., Digital Diagnosis Inc., Neural Analytics, GE Healthcare, HeartFlow, Microsoft Corp., Therapixel, NVIDIA, Quibin, IBM, Prognos, Intel, Butterfly Network, Xilinx, Aidence, InformAI, Day Zero Diagnostics, Enlitic, and Imagen Technologies Inc.|
Key Segments of the Global Artificial Intelligence In Diagnostics Market
Component Overview, 2018-2028 (USD Billion)
Technology Overview, 2018-2028 (USD Billion)
- Machine Learning
- Natural Language Processing
- Context-Aware Computing
- Computer Vision
Diagnosis Type Overview, 2018-2028 (USD Billion)
- Neurology & Cardiology
- Chest & Lungs
- In Vivo
End-User Overview, 2018-2028 (USD Billion)
- Diagnostic Laboratory
- Diagnostic Imaging Center
Regional Overview, 2018-2028 (USD Billion)
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
The Middle East and South Africa