The global Artificial Intelligence (Ai) In Medical Diagnostics market for the historical period of 2021 and the forecast period from 2020 to 2030, the global Artificial Intelligence (Ai) In Medical Diagnostics market was valued at US$ 2.4 million in 2021 and is projected to cross US$ 10.9 Bn by 2030, expanding at a CAGR of 37.2% from 2022 to 2030.
The global Artificial Intelligence (Ai) In Medical Diagnostics market for the historical period of 2021 and the forecast period from 2020 to 2030, the global Artificial Intelligence (Ai) In Medical Diagnostics market was valued at US$ 2.4 million in 2021 and is projected to cross US$ 10.9 Bn by 2030, expanding at a CAGR of 37.2% from 2022 to 2030.
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The growing demand for integrating AI-enabled algorithms in diagnostics to provide precise and accurate diagnosis at the earliest, which enhances clinical and operational outcomes, is driving the growth of this market. The rapidly growing cases of acute & chronic disorders across the globe are driving the demand for AI-based solutions since most of these ailments could be either prevented or delayed if diagnosed early and given appropriate treatments. The shortage of healthcare personnel is also supporting the product demand.
The emergence of startups, increasing funding opportunities, and growing public-private partnerships are also boosting market growth. Furthermore, medical technology is witnessing significant transitions & transformations and is rapidly adopting advanced AI-powered solutions to provide precise diagnosis, which enables care providers to design adequate treatment plans. Radiology and pathology are widely implementing AI-based algorithms & solutions and have provided proven results. In radiology, these solutions use information collected from multiple modalities to create image datasets to run data analysis, which could be used by the radiologist in delivering an accurate and timely diagnosis. Similarly, in pathology, these solutions could be integrated to run data analysis and provide accurate results.
The growing burden of chronic conditions across the global population is also driving the demand for AI-based diagnostic solutions. The key participants in AI in diagnostics market are focusing on the development of new, innovative products and the expansion of their business offerings to gain a competitive edge over others. In addition, many startups specializing in the development of advanced AI-based technologies are receiving favorable support and funding opportunities. This will also have a positive impact on the overall market growth. For instance, in September 2018, IDx received funding of USD 33 million from Optum Ventures and 8VC and the company will use this funding for the development of innovative AI-based solutions.
Report Highlights
| Report Highlights | Details |
| Market Size | USD 10.9 Billion by 2030 |
| Growth Rate | CAGR of 37.2% From 2022 to 2030 |
| Base Year | 2022 |
| Historic Data | 2017 to 2021 |
| Forecast Period | 2022 to 2030 |
| Report coverage | Growth Factors, Revenue Status, Competitive Landscape, and Future Trends |
| Segments Covered | Component, Application, End User, and Regional |
| Regional Scope | North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA) |
| Companies Mentioned | Microsoft Corporation (US), NVIDIA (US), IBM (US), Intel (US), Siemens Healthineers (Germany), GE Healthcare (US), Digital Diagnostics (US), Xilinx (US), InformAI (US), Enlitic (US), Day Zero Diagnostics (US), Aidence (Netherlands), Butterfly Network, Inc. |
Artificial Intelligence In Diagnostics Market Report Highlights
- The global market is expected to be valued at 5.5 billion by 2030 owing to the growing adoption rates of AI-enabled solutions in diagnostics
- The software component segment accounted for the largest revenue share of the global market in 2021
- This growth was attributed to the increased demand for AI-based solutions to provide an early and accurate diagnosis
- The neurology diagnosis type segment accounted for the largest share of the global revenue in 2021
- The high share of the segment was credited to the increased incidence rate of neurological ailments
- North America was the leading regional market in 2021 owing to the presence of well-established IT infrastructure and major players in the region
AI in medical diagnostics market Dynamics
Drivers: Growing number of cross-industry partnerships and collaborations
The growing awareness of the benefits offered by AI techniques and their wide application areas has led to the increased adoption of these products and services in the healthcare market. Various leading companies in the healthcare market are entering into partnerships and collaborations with leading AI technology providers to come up with innovative AI-based solutions for applications in healthcare. Such strategies enable these market players to offer advanced solutions to their customers and strengthen their position in this dynamic market space. A few important developments in this regard have been mentioned below:
- As of December 2020, Google’s DeepMind division is working with the Moorfields Eye Hospital in the UK to improve prior eye disease research and assist eye doctors in assessing the risk of a patient’s eye problem and directing them to medical care based on the urgency of the condition.
- In 2020, NVIDIA and King’s College London partnered to build an AI platform for the NHS. This partnership is aimed at enabling the NHS to train computers to automate the most time-consuming part of radiology interpretation.