The Global AI Diagnostic market to Witness Massive Growth at Exceptional CAGR of 32.3% increasing its Valuation 7X by 2027
Published | July 2020
The GlobalArtificial Intelligence Diagnostic Market was valued at USD 288.1 million in 2019 and is anticipated to strike the figure of USD 2043.91 million by 2027, at a CAGR of 32.3% during the projection period. Artificial intelligence (AI) refers to forming unique systems with the help of procedures and software to accomplish specific tasks without human interference and commands. Artificial intelligence involves the application of several technologies, such as machine learning, natural language processing, reasoning, and insight.
AI is used in healthcare to approximate human perception and to derive findings of complicated medical and diagnostic imaging data. It is mainly used in healthcare to find the relationship between treatment techniques and patient outcomes. AI programs are deployed in medical practices such as diagnostic procedures, drug growth, personalized medicines, and patient testing care. For instance, AI could aid in clinical procedures by checking the vital signs, probing questions, and giving patients prescriptions. AI systems can also be used for warnings and reminders, image interpretation, information retrieval, and treatment plan during medical procedures.
Deep learning technology is used for image acknowledgement, signal recognition, and data removal and is the most extensively used form of AI technology. Growing requests for reducing diagnostic costs, improving patient care, and reducing machine downtime are the factors driving the usage of artificial intelligence in diagnostics. Besides, growing requests for low-cost diagnostic methods, actual and competent report testing and quick diagnostic data generation are some other factors expected to propel the market for AI in diagnostics.
With the growth of deep learning and neural networks, artificial intelligence (AI) has gained learning competences. The result is that few new AIs can now detect more useful patterns than human eyes. It paves the way for the emergence of a new age medical diagnostic devices proficient in surpassing the best diagnosis skills of the doctors. Because artificial intelligence can imagine, the advantage of its proficiency can be availed by a significant number of patients. Moreover, increasing strategic partnerships and collaborations among numerous AI solution providers and health facilities positively influences market development.
The software segment plays a vital role in the Artificial Intelligence Diagnostics Market
Software segment in the AI healthcare market is likely to fetch the highest CAGR during the prediction period. Many companies offer emerging software solutions for various healthcare uses; this is a critical factor adding to the development of the software segment. The growing acceptance of AI-driven healthcare informatics solutions and healthcare operational support by hospitals and other healthcare service providers is predicted to grow the demand in the latter part of the prediction period.
Medical Imaging & Diagnostics Section is the dominating one in the AI Healthcare Market
Medical imaging & diagnostics section in the AI healthcare market expected to grow at the highest CAGR during the prediction period. The high development of the medical imaging and diagnostics segment can be attributed to the factors such as the existence of a large volume of imaging data, returns offered by AI systems to radiologists in analysis and cure management, and the influx of a large number of startups in this section.
· Increasing strategic partnerships and collaborations among various AI solution providers and health facilities
Growing strategic partnerships and collaborations amid numerous AI solution providers and healthcare facilities is an additional factor positively affecting the market growth. For instance, Boston based Partners HealthCare collaborated with FUJIFILM SonoSite, Inc. in August 2019 for applying artificial intelligence to transferrable ultrasound technology useful for point-of-care testing. Under this partnership, the Partners HealthCare’s clinical expertise, datasets, and IT setup will be used with FUJIFILM’s portable ultrasound technology for developing AI-powered devices. These devices are used in emergency medical procedures, reducing the time-delay between trauma and diagnosis, making fast interferences and improved patient recovery.
· Rise of advanced AI technologies
The major factors pushing the development of the Global Artificial Intelligence (AI) market include the rise in the acceptance of cloud-based applications and services and the growth of big data applications across the globe. The progressive AI technologies are incessantly enhancing the performance of economies, businesses, and different industries. The rising demand for intelligent virtual assistants across diverse verticals in several industries will positively influence the Global Artificial Intelligence (AI) market during the prediction period. The elaborated integration of image acknowledgement technology with optical character recognition, pattern matching, and face recognition in various end-use uses such as drones, self-driving cars, and robotics will push the development of the artificial intelligence market during the prediction period.
The Asia Pacific is anticipated to register vital growth in the market during the projection period
The Asia Pacific is predicted to be the most profitable market growing at a remarkable growth rate during the forecast period. An increasing number of government initiatives for the adoption of AI-based diagnostic technologies by healthcare practitioners and other healthcare organizations and increasing savings by nonprofit organizations and private companies to achieve better information exchange improved clinical outcomes. Cost efficiencies are some of the main points predicted to drive the development of the market for AI in diagnostics in the Asia Pacific during the prediction period.
Moreover, high requests for e-diagnostic services in the healthcare segment because of increased government expenditure on healthcare drive market development in the Asia Pacific. China is the highest healthcare outlay provider amid APAC countries and has delineated official layouts to digitize medical records. Besides, the Chinese government is undertaking various initiatives to encourage the acceptance of AI technologies in healthcare. These will motivate the market for AI in healthcare in China. Japan is likely to emerge as the second-largest market share during the prediction period.
Global Artificial Intelligence Diagnostics Market: Competitive Landscape
The major companies in this market are IBM Corporation, Google, Inc., NVIDIA Corporation, Microsoft Corporation, iCarbonX, Next IT Corp., CloudMex Inc., Carescore, Atomwise Inc., Zephyr Health Inc., Deep Genomics Inc., Medtronic Plc., Koninkiljke Philips N.V., and Oncora Medical, Inc. and others.