Global Artificial Intelligence Diagnostic Market Size, By Solution (Hardware and Software & Services), By Technology (Speech Recognition, Querying Method, Natural Language Processing, Machine Learning, and Context-Aware Processing), By Application (Imaging & Diagnostics, Drug Discovery, Lifestyle Management & Monitoring, Emergency Room & Hospital Management, Insights & Risk Analytics, Wearables, Virtual Assistants, and Others), By End User (Hospitals, Pharmaceutical Organizations, Diagnostic Centers, and Clinics), By Region (North America, Europe, Asia Pacific, South America, and the Middle East & Africa), Trend Analysis, Market Competition Scenario & Outlook, 2020-2026

Global Artificial Intelligence Diagnostic Market – Market Forecast & Trends 

The Global Artificial Intelligence Diagnostic Market was assessed at USD 288.1 million in 2019 and is expected to reach USD 2043.91 million by 2026, at a CAGR of 32.3% during the prediction period. Growing demands for reduced diagnostic costs, improved patient care, and shortened machine downtime are the factors that accelerated 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 contributing to the growth of AI in diagnostics. 

With the growth of deep learning and neural networks, artificial intelligence (AI) has gained learning competencies resulting in better detection of the useful patterns by AI than human eyes. It paves the way for the emergence of a new age of medical diagnosis devices proficient than best medical professionals. As artificial intelligence can imagine, the advantage of this proficiency can be availed by a significant number of patients. Moreover, increasing strategic alliances and collaborations among diverse AI solution providers and health facilities favorably affects market development.

Global Artificial Intelligence Diagnostic Market – Overview 

Artificial intelligence (AI) refers to forming unique systems with the help of procedures and software that can accomplish specific tasks without human interference and commands. Artificial intelligence implies incorporating several technologies such as machine learning, natural language processing, reasoning, and insight. It is used in healthcare to approximate human perception and to infer findings of complicated medical and diagnostic data presented in graphs or other images. Artificial intelligence is mainly used in healthcare to find the relationship between treatment techniques and effects on the patient. 

AI programs are deployed in medical practices such as diagnostic procedures, drug growth, personalized medicines, and patient testing care. For instance, AI helps in clinical procedures by checking the vital signs, asking questions, and giving patients prescriptions. AI systems can also be used for warnings and reminders, image interpretation, information retrieval, and designing a treatment plan during medical procedures. Deep learning technology is used for image identification, signal recognition, and data removal and is the most extensively used form of AI technology.

Key Drivers 

·         Increasing Strategic Alliances and Collaborations among Several AI Solution Providers and Healthcare Facilities

Growing strategic alliances and collaborations between numerous AI solution providers and healthcare facilities is an additional factor enhancing market growth. For instance, Boston based Partners HealthCare collaborated with FUJIFILM SonoSite, Inc. in August 2019 for applying AI 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 trauma medical procedures, reducing the downtime between trauma and diagnosis, making fast interferences and health improvement of patient possible. 

·         Rise of advanced AI technologies

The major factors pushing the development of the Global Artificial Intelligence (AI) market are the acceleration in the acceptance of cloud-based applications and services and the growth of big data across the globe. The progressive AI technologies are incessantly enhancing the performance of economies, businesses, and diverse industries. The rising demand for intelligent virtual assistants over diverse verticals in several industries will have an optimistic influence on the Global Artificial Intelligence (AI) market during the prediction period. The expanded integration of image recognition technology with optical character recognition, pattern matching, and face recognition in various end-use devices such as drones, self-driving cars, and robotics will promote the development of the artificial intelligence market during the prediction period.

Global Artificial Intelligence Diagnostic Market: Segmentation

Software segment in the AI healthcare market is estimated to register the highest CAGR during the prediction period. Many companies are emerging with diverse software solutions for multiple healthcare uses; this is a critical factor supplementing the software segment's development. The growing acceptance of AI-driven healthcare informatics solutions and healthcare operational support by hospitals and other healthcare service providers is predicted to bring a surge in AI applications in the latter part of the prediction period.

Machine learning in the AI healthcare market is anticipated to exhibit the highest CAGR during the prediction period. Rising acceptance of deep learning in numerous healthcare uses, particularly in the areas of medical imaging, disease diagnosis, and drug development is a major pushing factor for this market. Besides, the use of different sensors and devices to present or monitor a patient's health status in real-time also encourages the development of the market.

Medical imaging & diagnostics section in the AI healthcare market is expected to grow at the highest CAGR during the forecast period. The factors such as the existence of a large volume of imaging data, the returns offered by AI systems to radiologists in analysis and cure management, and the influx of a large number of startups contribute to the substantial development of medical imaging and diagnostics in this section.

Patients section in the AI healthcare market is also predicted to grow at the highest CAGR during the predicted period. Growing demand for modified care, the need to reduce hospital readmissions, and the suitability and answers offered by AI products are the key elements driving the development of the patient's section in the AI in the healthcare market.

Based on the region, Global Artificial Intelligence Diagnostic Market is segmented into five regions— North America, Europe, Asia Pacific, South America, and the Middle East & Africa. 

Global Artificial Intelligence Diagnostic Market: Regional Insights 

The Asia Pacific is predicted to be the most profitable region with a substantial growth rate during the forecast period. The government has undertaken various initiatives for the adoption of AI-based diagnostic technologies by healthcare providers and other healthcare organizations. Besides, the increased savings by nonprofit organizations and private companies with better information exchange and improved clinical outcomes are pushing the market growth. 

Cost reduction is the primary concern anticipated 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 outlay on healthcare contribute to market development in the Asia Pacific. China allots the highest outlay to the healthcare sector among APAC countries and has drawn official plans to digitize medical records. Besides, the Chinese government is undertaking initiatives to stimulate the acceptance of AI technologies in healthcare. All such developments are likely to grow AI use in robust healthcare diagnostics in the most populated country China. Japan is likely to capture the second-largest market share during the prediction period.

Competitive Landscape

The spearheading 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., Koninklijke Philips N.V., and Oncora Medical, Inc. and others.

Recent Developments

·         In 2016, Google allied with the U.K.'s NHS to analyze medical images collected from patients for early cancer detection.

·      In 2017, Nvidia Corporation collaborated with GE Healthcare to speed up the adoption of AI in healthcare. As per the agreement, Nvidia Corporation is expected to integrate its artificial intelligence (AI) with 500,000 imaging devices of GE Healthcare globally. 

Scope of the Report

By Solution

Ø  Hardware 

Ø  Software & Services 

By Technology

Ø  Speech Recognition

Ø  Querying Method

Ø  Natural Language Processing

Ø  Machine Learning

Ø  Context-Aware Processing

By Application

Ø  Imaging & Diagnostics

Ø  Drug Discovery

Ø  Lifestyle Management & Monitoring

Ø  Emergency Room & Hospital Management

Ø  Insights & Risk Analytics

Ø  Wearables

Ø  Virtual Assistants

Ø  Others

By End-User

Ø  Hospitals

Ø  Pharmaceutical Organizations

Ø  Diagnostic Centers

Ø  Clinics

By Region

Ø  North America

Ø  Europe 

Ø  Asia Pacific

Ø  South America

Ø  Middle East & Africa

The objective of the Study:

Ø  To analyze and estimate the Global Artificial Intelligence Diagnostic market size, in terms of value.

Ø  To examine the market segmentation carefully and estimate the market size, in terms of value, based on the region by segmenting the Global Dry Ice market into five regions, namely, North America, Europe, Asia Pacific, Rest of the World and their leading countries.

Ø  To outline, categorize and project the Global Artificial Intelligence Diagnostic market based on the Type and Application.

Ø  To study competitive developments like technological advancement, services, and regulatory framework within the Global Artificial Intelligence Diagnostic Market.

Ø  To highlight market dynamics such as drivers, restraints, opportunities, and challenges and their impact.

Ø  To provide a detailed competitive landscape, including major players, strategic profiles, and market shares.

Business Questions Answered by the Report

Ø  How will the market drivers, restraints, and opportunities affect the market dynamics?

Ø  What will be the market size in terms of value and volume and market statistics with a detailed classification?

Ø  Which segment dominates the market or region, and which one will be the fastest-growing, and why?

Ø  Who are the key players in the market, and what is their share?

Ø  What is the strategy adopted by key players, and how does it affect the existing and new players?

Customization Scope for the Client

Client satisfaction is our first and last priority, and that is why BlueWeave Consulting offers customization as per client’s specific needs. The following customization options are available for the report:

Ø  Additional Company Information

Ø  Detail Analysis of five additional companies

Ø  Additional country analysis

Ø  Detailed segment analysis