The global AI in Diagnostics market was valued at USD 336.0 million in 2019 and is expected to grow at a CAGR of 35.5% over the forecast period. The growing lack of public health professionals and increasing Artificial Intelligence (AI) technologies have been implemented largely as a part of the move to value-based care programmes. In 2018, on a trial basis, the NHS deployed AI-based chatbots to reduce the burden on the emergency triage process. The introduction of this AI platform is expected to fuel clinical diagnosis development by extending healthcare facilities internationally, resulting in increased patient protection, outcome monitoring and data collection.
Key players serving the global market include Aidoc, AliveCor, GE Healthcare, Imagen Technologies, Vuno Inc., IDx Technologies Inc., Siemens Healthcare GmbH, Neural Analytics, Riverain Technologies, Zebra Medical Vision, among other prominent players.
Key segments of the global AI in Diagnostics market
Component Overview, 2018-2028 (USD Million)
- Software
- Hardware
- Services
Application Overview, 2018-2028 (USD Million)
- Cardiology
- Oncology
- Pathology
- Radiology
- Chest and Lung
- Neurology
- Others
Regional Overview, 2018-2028 (USD Million)
- North America
- U.S.
- Canada
- Europe
- Germany
- United Kingdom
- France
- Spain
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Rest of Asia Pacific
- Latin America
- Middle East & Africa
Reasons for the study
- The purpose of the study is to give an exhaustive outlook of the global AI in Diagnostics industry
- The overall segmentation of AI in Diagnostics market, especially key segments are thoroughly studied.
- Presence of major players and their wide Industry portfolio across developed countries is anticipated to further boost the growth of AI in Diagnostics market
What does the report include?
- The study on the global AI in Diagnostics market includes analysis of qualitative market indicators such as drivers, restraints, challenges and opportunities
- Additionally, the market competition has been evaluated using the Porter’s five forces analysis
- The study covers qualitative and quantitative analysis of the market segmented on the basis of class and Industry. Moreover, the study provides similar information for the key geographies.
- Actual market sizes and forecasts have been provided for all the considered segments
- The study includes the profiles of key players in the market with a significant global and/or regional presence
Who should buy this report?
- The report on the global AI in Diagnostics market is suitable for all the players across the value chain including raw material suppliers, AI in Diagnostics providers, medical device manufacturers, distributors, suppliers and retailers
- Venture capitalists and investors looking for more information on the future outlook of the global AI in Diagnostics market
Consultants, analysts, researchers, and academicians looking for insights shaping the global AI in Diagnostics market
The implementation of artificial intelligence in diagnostic imaging and medical diagnostics is one of the most prospective areas of health innovation. The research offers insights into opportunities, knowledge, demand and developments in categories such as healthcare machine learning, AI incorporation into radiology, and more. Applications for artificial intelligence range from image collection, processing to assisted reporting, follow-up strategy, storing of images, data mining, among others. The study provides a balance for radiologists in the contemporary medical world between AI risks and opportunities.
The increasing quantity of data being processed can affect how images are interpreted by radiologists, i.e. from inference to identification and interpretation. When radiologists examine so many images in a day, the odds of error rise, whereas a radiologist is reduced to a simple "data analyst." AI has the ability to eliminate much of the repetitive diagnosis, characterization, and quantification functions typically conducted by radiologists using cognitive ability and to combine electronic health records with data mining in the process.
The introduction of this AI platform is expected to improve the development of clinical diagnosis by ramping up healthcare facilities internationally, leading to improved patient protection, result monitoring, and data collection. For example, in the healthcare sector, IBM's Watson goes head to head with general intelligence and has demonstrated to have tremendous potential. This website has helped to identify a woman diagnosed from leukaemia. Google entered into an agreement with the UK's NHS in 2016 to evaluate medical photographs obtained for early cancer diagnosis from patients.
The global AI in Diagnostics market has been bifurcated based on component, application and region. In terms of Component the market is divided into Software, Hardware, Services. On the basis of application, the segment is divided into Cardiology, Oncology, Pathology, Radiology, Chest and Lung, Neurology, and Others.
During the forecast era, software segment has emerged as the leading business area. This major proportion is due primarily to the advancement of AI-based apps for detection in healthcare. One of the main drivers driving the sector is the growing demand for AI-powered and cloud-based enhanced diagnostic applications that help to improve diagnostic accuracy when reading a people's clinical images. Neurology had a market share of over 20.0 percent in 2019, while radiology is projected to be the quickest increasing market during the forecast period due to the increasing growth of AI-based medical imaging applications. Neurology accounts for the highest number of regulatory licenses, accounting for about 19 % of the total medical diagnostics network dependent on AI.
Based on regions, the global AI in Diagnostics market is segmented into North America, Europe, Asia Pacific, Central and South America and Middle East & Africa. Emerging markets such as APAC are giving companies major growth prospects in the demand for the Industry’s in coming years.
North America holds the largest share of market this is due to the increasing acceptance in clinical diagnosis of medical IT solutions, the advent of a very well-established healthcare industry, and high financing for AI-based diagnostic software growth. In North America, the U.S. leads the artificial intelligence industry in diagnosis and treatment. This can be due to the growing production and introduction of advanced and sophisticated medical diagnostic software and the emergence in the nation of a lot of players working across sectors, such as smartphone and network operations.
