Artificial Intelligence In Diagnostics Market Size to Exceed USD 5.9 BN by 2030

The global Artificial Intelligence In Diagnostics market size was estimated at USD 580.3 million in 2021 and is expected to surpass around USD 5.9 billion by 2030 and poised to grow at a compound annual growth rate (CAGR) of 26.7% during the forecast period 2022 to 2030.

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Key Takeaways:

• By Component, the U.S. Artificial Intelligence In Diagnostics market was valued at USD 298.7 million in 2021 and expected to witness growth at a CAGR of 24.9% from 2022 to 2030.

• 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

The healthcare industry is rapidly integrating artificial intelligence (AI)-powered solutions in various verticals to achieve higher operational & clinical outcomes, which is a key contributing factor to the growth. Overburdened healthcare systems struggling with the rapidly rising global prevalence of chronic diseases are driving the demand for automated, innovative processes. Furthermore, the shortage of care providers is contributing to the growing demand for AI-powered systems. For instance, the WHO estimates in 2019 recorded the shortage of care providers to be approximately 4.3 million across the globe.

The ongoing COVID-19 pandemic exposed the shortcomings of the existing healthcare system and accelerated the adoption of digital technologies, such as AI in diagnostics, to accurately analyze complex datasets, thereby, reducing the burden of administrative & operational tasks on clinicians. The emergence of startups and growing recognition in form of funding & investments boosted the market growth. Healthcare startups rapidly began adopting AI-powered systems and receive recognition in the form of favorable government support and funding from private investors & venture capitalists. For instance, in May 2020, Arterys raised an investment of USD 28 million in Series C funding led by Benslie Investment Group and Temasek Holdings to expand its product portfolio.

Similarly, in September 2020, Aidoc received funding of USD 20 million in a Series B round led by Peg Capital. Key players are focusing on devising innovative product development strategies utilizing AI-backed solutions in diagnostics. For instance, in June 2020, GE Healthcare’s Thoracic Care Suite was used in detecting chest anomalies using AI-based diagnostic solutions. In November 2020, Alivecor received U.S. FDA approval for Kardia AI V2 used in advanced ECG diagnostics. The medical diagnostics market is constantly transforming and rapidly adopting innovative, advanced solutions, such as AI-backed algorithms.

Report Scope of the Artificial Intelligence In Diagnostics Market

Advancements in healthcare IT infrastructure and regular technological developments in cloud storage, computer processing, and machine learning algorithms are supporting the integration of AI-powered systems in diagnostics to provide efficient & accurate diagnosis allowing care providers to devise timely & adequate treatment plans. Pathology and radiology services are witnessing a widespread adoption of AI-based algorithms. For example, AI-powered radiology solutions can collect multiple datasets from imaging modalities and accurately analyze them from the radiologist. Furthermore, several research studies on AI integration in pathology are being conducted and some of the studies are on chronic kidney disease & kidney function tests, and metastatic breast cancer detection.

Moreover, AI-powered diagnostics have played a vital role in detecting & diagnosing the coronavirus strains in patients during the pandemic. The global incidence rate of chronic diseases is rapidly rising and is directly contributing to the surge in demand for early diagnosis and initial treatment management plans, which is positively impacting the development and growth of the market. For instance, as per the WHO estimates in 2018, the global cancer prevalence rate was 18.1 million and is anticipated to reach 22 million by 2034. Most chronic diseases are preventable if detected early, thereby, boosting the adoption rate of AI-based diagnostics, which aids care providers in devising treatment plans to prevent or delay chronic disease. Healthcare professionals can provide a preventive and proactive care approach instead of a reactive approach by using these advanced diagnostic solutions.

Key participants are focusing on innovating solutions to deliver an accurate and rapid diagnosis of chronic diseases. For instance, in February 2018, Verily introduced an AI-powered algorithm, which could be used in detecting cardiovascular diseases through analyzing retinal scans. Key market players are focusing on their product development strategies to expand their portfolios. Furthermore, key participants are devising their collaborations and mergers & acquisition strategies to gain a competitive edge in the market and expand their business. For instance, in April 2020, Lucid Health collaborated with Riverain Technologies to develop AI-based solutions for medical imaging and radiology. In June 2020, Inui Health was acquired by Healthy.io and through this acquisition, Healthy.io plans to deliver advanced home healthcare urinalysis solutions.

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Regional Insights

On the basis of geographies, the market has been divided into Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. In 2021, North America dominated the global AI in diagnostics market and accounted for the largest revenue share of more than 56.9%. This growth was credited to the presence of well-established healthcare IT infrastructure, constant technological advancements, increasing digital literacy, the emergence of startups, favorable government initiatives, rising funding options, and presence of key players in the region. On the other hand, Asia Pacific is anticipated to be the fastest-growing regional market over the forecast years.

This growth can be attributed to a rise in the number of public and private initiatives promoting the adoption of AI-based diagnostic solutions. In addition, the emergence of startups along with the growing recognition and funding is boosting the regional market growth. Moreover, the availability of private funding and startup incubators is shaping regional market development. The growing geriatric population base coupled with the rising prevalence of acute & chronic diseases in the region is also expected to augment the market growth.

Key Companies & Market Share Insights

Key companies in this market offer diverse products & solutions and are constantly devising innovative product development strategies to gain a competitive edge over others. For instance, in November 2020, Zebra Medical Vision and Storm ID partnered to develop advanced AI-based algorithms to diagnose osteoporosis by analyzing multiple medical image datasets and electronic health information. Some of the key players in the global artificial intelligence in diagnostics market are:

• Siemens Healthineers
• Zebra Medical Vision, Inc.
• Riverain Technologies
• Vuno, Inc.
• Aidoc
• Neural Analytics
• Imagen Technologies
• Digital Diagnostics, Inc.
• GE Healthcare
• AliveCor Inc.

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Nova one advisor, Inc. has segmented the global Artificial Intelligence In Diagnostics market

• Component
  • Software
  • Hardware
  • Services
• Diagnosis Type
  • Cardiology
  • Oncology
  • Pathology
  • Radiology
  • Chest and Lung
  • Neurology
  • Others

By Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

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