Global Artificial Intelligence Diagnostic Market All Set to Enjoy a Meteoric Rise: Projected to Reach USD 416,4.0 Million By 2027
Published | 24 June 2021
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the global artificial intelligence diagnostic market was worth USD 416.1 million in the year 2020. The market is estimated to grow at a CAGR of 39.2%, earning revenue of around USD 4,164.0 million by the end of 2027. In healthcare, artificial intelligence (AI) is employed to optimize human perception and to extract insights from complex medical and diagnostic imaging data. It is mostly used in healthcare to investigate the association between treatment methods and patient outcomes. Considering the advantages offered by AI-enabled healthcare technology, AI programs are widely deployed in medical practices such as diagnostic procedures, drug growth, personalized medicines, and patient testing care, which in turn contributes to the growth of the global artificial intelligence diagnostic market.
Increasing strategic partnerships among various AI solution providers and health facilities boosting the market growth
Growing strategic partnerships and collaborations among AI solution providers and healthcare facilities is yet another factor influencing the market growth. For example, in August 2019, Boston-based Partners HealthCare partnered with FUJIFILM SonoSite, Inc. to apply artificial intelligence to transportable ultrasound technology used for point-of-care diagnostics. Partners HealthCare's clinical expertise, databases, and IT infrastructure will be combined with FUJIFILM's portable ultrasound technology to develop AI-powered devices as part of this collaboration. These devices, which are utilized in emergency medical procedures, reduce the period between trauma and diagnosis, allowing for faster treatments and enhancing patient recovery.
The Imaging & Diagnostic Application Estimated to Boost The Global Artificial Intelligence Diagnostic Market In The Forecast Period
Based on application, the global artificial intelligence diagnostic market is segmented into imaging & diagnostics, drug discovery, lifestyle management & monitoring, emergency room & hospital management, insights & risk analytics, wearables, virtual assistants, and others. During the forecast period, the medical imaging & diagnostics segment of the AI healthcare market is predicted to hold the highest CAGR. 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.
The Hospital Segment is Driving the Global Artificial Intelligence Diagnostic Market
Based on end-users, the global artificial intelligence diagnostic market is categorized into hospitals, pharmaceutical organizations, diagnostic centers, and clinics. The hospital segment accounted for the largest market share and is projected to grow at a high CAGR in the forecast period as well. 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.
Global Artificial Intelligence Diagnostic Market - Regional Insights
Geographically, the global artificial intelligence diagnostic market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle-East & Africa. North America holds the largest market share owing to the high adoption of advanced technology such as AI in healthcare. The high concentration of major AI market players in this region also accelerates the research and development activities, which further contributes to the market growth in this region.
The Asia Pacific is predicted to be the most profitable market growing at a remarkable growth rate during the forecast period. Cost-efficiency is the major factor predicted to drive the growth of the market for AI in diagnostics in the Asia Pacific during the prediction period. Furthermore, the rising demand for e-diagnostic services in the healthcare industry as a result of increased government spending on healthcare propels the Asia Pacific market forward.
Impact of COVID-19 on Global Artificial Intelligence Diagnostic Market
The global artificial intelligence diagnostic market has flourished significantly in the post-COVID-19 era. Following the COVID-19 outbreak, the use of AI diagnostic methods for identifying viral presence in the human body increased substantially. AI technologies are increasingly being utilized to scan hospital visitors for the presence of COVID-19, ensuring the safety of both healthcare professionals and medical staff. Furthermore, these cutting-edge technologies are being used to monitor the vitals of COVID-19 patients and provide them with the necessary care.
The leading market players in the global artificial intelligence diagnostic 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., Oncora Medical, Inc., Zebra Medical Vision, Riverain Technologies, Siemens Healthcare GmbH, Neural Analytics, Imagen Technologies, and other prominent players.
The adoption of competitive strategies like partnerships, mergers, collaboration, joint ventures, etc. is highly prevalent in the market. Furthermore, in order to expand their product portfolio and market reach, the market players have been continuously focused on and investing in technological advancements and research & development to improve their solutions.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global artificial intelligence diagnostic market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the global artificial intelligence diagnostic market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
BlueWeave Consulting provides comprehensive Market Intelligence (MI) Solutions to businesses regarding various products and services online and offline. We offer all-inclusive market research reports by analyzing both qualitative and quantitative data to boost up the performance of your business solutions. BWC has built its reputation from the scratch by delivering quality inputs and nourishing long-lasting relationships with its clients. We are one of the promising digital MI solutions companies providing agile assistance to make your business endeavors successful.
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