Global Artificial Intelligence Diagnostic Market Bwc20108

Global Artificial Intelligence Diagnostic Market, By Solution (Hardware, Software & Services), By Technology (Speech Recognition, Querying Method, Natural Language Processing, Machine Learning, Context-Aware Processing), By Application (Imaging & Diagnostics, Drug Discovery, Lifestyle Management & Monitoring, Emergency Room & Hospital Management, Insights & Risk Analytics, Wearables, Virtual Assistants, Others), By End-User (Hospitals, Pharmaceutical Organizations, Diagnostic Centers, Clinics), By Region (North America, Europe, Asia-Pacific (APAC), Latin America (LATAM), Middle-East & Africa (MEA)Trend Analysis, Competitive Market Share & Forecast, 2017-2027

  • Published Date: June 2021
  • Report ID: BWC20108
  • Available Format: PDF
  • Page: 161

Report Overview

Global Artificial Intelligence Diagnostic Market- Industry Trends & Forecast Report 2027

The global artificial intelligence diagnostic market was worth USD 416.1 million in 2020 and is further projected to reach USD 4164.0 million by the year 2027, growing at the CAGR of 39.2% in the forecast period. Increasing demands for reduced diagnostic costs, better patient care, and shorter equipment downtime have propelled the use of AI (artificial intelligence) in diagnostics. Aside from that, rising demand for low-cost diagnostic procedures, accurate and competent report testing and speedy diagnostic data collection are some of the other aspects driving the growth of AI in diagnostics, thereby propelling the global artificial intelligence diagnostic market forward.

Source: BlueWeave Consulting

Global Artificial Intelligence Diagnostic Market- Overview

Artificial intelligence (AI) refers to the creation of unique systems through the use of procedures and software that can accomplish certain tasks without the slightest human intervention or commands. Machine learning, natural language processing, reasoning, and insight are all examples of artificial intelligence technologies. It is used in healthcare to simulate human perception and deduce conclusions from complex 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 their effects on the patient. 

Global Artificial Intelligence Diagnostic Market Forecast and Trends

Growth 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 a primary factor enhancing market growth. For instance, Quest Diagnostics and Paige announced their collaboration on researching the potential of artificial intelligence and improving and accelerating its application in the diagnosis of cancer and other diseases, which are dependent on pathological assessment. Growing collaborations and alliances allow market participants and research institutes to share their results and resources in order to further expand and create new software and technologies, thereby propelling the market forward.

Rise of Advanced AI technologies in Medical Diagnosis

The increasing acceptance of cloud-based applications and services in the healthcare sector are the primary drivers influencing the growth of the global artificial intelligence diagnostic market. The AI technologies are increasingly being used detection of certain diseases through symptoms and spots especially in imaging techniques like MRIs, x-ray, CT scans, etc. These technologies analyze images of skin lesions and are widely used to diagnose cancer. Furthermore, numerous software and solutions, such as Enlitic, which streamlines radiological diagnosis, and Freenome, which is creating an artificial intelligence-powered blood-based early colorectal (CRC) screening test, are driving market expansion.

Restraints

Lack of Awareness regarding AI Technologies Among Medical Practitioners

Healthcare technologies are developing every day, providing enhanced and improved treatment and monitoring. However, because of the constant change, medical practitioners frequently feel overwhelmed in keeping up with this evolving technology. As a result, they may be hesitant to adopt cutting-edge technologies such as AI. To function, these technologies require knowledge and experience. Healthcare practitioners are also skeptical about the accuracy of AI diagnoses. This is a significant impediment to the growth of the global artificial intelligence diagnostic market.

Impact of COVID-19 on Global Artificial Intelligence Diagnostic Market

The COVID-19-induuced pandemic has bolstered the global artificial intelligence diagnostic market. Following the COVID-19 outbreak, the use of AI diagnostic technologies for detecting the presence of viruses in the human body skyrocketed. AI technologies are increasingly being used in scanning hospital visitors for the presence of COVID-19, which ensures the safety of the healthcare professionals as well as hospital staff. Furthermore, these advanced technologies are also being used in monitoring the vitals of COVID-19-affected patients and providing them with the required care.

Global Artificial Intelligence Diagnostic Market - By Solution

Based on solutions, the global artificial intelligence diagnostics market is segmented into hardware and software & services. The software segment in the AI healthcare market is estimated to register the highest CAGR during the forecast period. Many AI companies are developing varied software solutions for a variety of healthcare applications. This is an important factor boosting the growth 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 bring a surge in AI applications in the latter part of the prediction period.

Global Artificial Intelligence Diagnostic Market - By Technology

Based on technology, the global artificial intelligence diagnostic market is categorized into speech recognition, querying methods, natural language processing, machine learning, and context-aware processing. Machine learning in the AI healthcare market is anticipated to exhibit the highest CAGR during the prediction period. The growing acceptance of deep learning in a variety of healthcare applications, including medical imaging, disease diagnosis, and medication discovery, is a major driving force in this industry. Furthermore, the usage of various sensors and gadgets to present or monitor a patient's health state in real-time promotes market development.

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. However, The Asia Pacific is predicted to be the most profitable region with a substantial growth rate during the forecast period. What’s more, the government is also undertaking various initiatives for the adoption of AI-based diagnostic technologies by healthcare providers and other healthcare organizations in North America.

Competitive Landscape

The leading market players of 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 very common in this market. Moreover, to expand their product portfolio and market reach, the companies have been continually focusing and investing in technological advancements and research and development, thereby innovating their solutions.

Recent Developments

l  In June 2021, Epredia, a US-based precision cancer diagnostics solution provider, and Aiforia, a Finland-based software company announced to have entered into a commercial distribution agreement. This agreement makes Epredia the global dealer of Aiforia's preclinical and clinical pathology tools. Aiforia delivers artificial intelligence image analysis tools and services to scientists, pathologists, and healthcare professionals.

l  In May 2021, Quest Diagnostics, a US-based clinical laboratory, announced its collaboration with Paige, a US-based digital diagnostics company. This collaboration is aimed towards developing software products for accelerating disease diagnosis.

Scope of the Report

Attributes

Details

Years Considered

Historical data – 2017-2020

Base Year – 2020

Forecast – 2021 – 2027

Facts Covered

Revenue in USD Million

Market Coverage

North America, Europe, the Asia-Pacific, Latin America, and the Middle East and Africa

Product Service/Segmentation

By Solution, By Technology, By Application, By End-User, By Region

Key Players

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.

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 (APAC)

Ø  Latin America (LATAM)

Ø  Middle-East & Africa (MEA)

FAQs:

1. What is the current size of the global artificial intelligence diagnostic market?

Answer: The global artificial intelligence diagnostic market reached USD 416.1 million in 2020.

2. What are the major factors driving the growth of the global artificial intelligence diagnostic market?

Answer: The rising strategic partnerships and collaborations among many AI solution providers and healthcare facilities, as well as the rise of advanced AI technologies, are the primary factors driving the growth of the worldwide artificial intelligence diagnostic market.

3. Who are the key players in the global artificial intelligence diagnostic market?

Answer: The key 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.

4. Which solution segment accounted for the largest share in the global artificial intelligence diagnostic market?

Answer: The software and services segment accounted for the largest share in the global artificial intelligence diagnostic market.

5. Which region is at the highest growth rate in the global artificial intelligence diagnostic market?

Answer: North America has the largest share in the global artificial intelligence diagnostic market.