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.
According to Report, the global artificial intelligence in diagnostics market size is expected to hit around US$ 10.8 billion by 2030 and is anticipated to grow at a CAGR of 35.8% during forecast period 2021 to 2030.
Growth Factors
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.
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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.
Scope of the Report
|
Report Coverage |
Details |
|
Market Size in 2020 |
540.3 Million |
|
Revenue Forecast By 2030 |
USD 10.8 Billion |
|
CAGR |
35.8% |
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Base Year |
2021 |
|
Forecast Data |
2022 to 2030 |
Component Insights
On the basis of components, the global AI in diagnostics market is categorized into hardware, software, and services. In 2021, the software component segment dominated the market and accounted for the largest revenue share of more than 44%. The segment is also estimated to record the fastest CAGR from 2022 to 2030. This growth can be credited to the increasing demand for AI-enabled solutions in diagnostics to deliver accurate diagnosis at the earliest. The global population is being rapidly diagnosed with a wide array of acute and chronic diseases, which is expected to drive the demand for advanced AI-enabled solutions.
The growing burden on the healthcare systems and shortage of care providers are making the existing healthcare workforce susceptible to burnout, this, in turn, is expected to increase the need for AI-based solutions. Constant advancements in healthcare infrastructure and Electronic Health Records (EHRs) implementing AI-based solutions are also expected to bolster the growth of this segment. A rise in the number of innovative product launches and the emergence of entrepreneurship ventures are further contributing to segment growth.
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Diagnosis Type Insights
Based on diagnosis type, the market is categorized into cardiology, oncology, pathology, radiology, chest and lung, neurology, and others. The neurology diagnosis segment led the market accounting for the largest revenue share of more than 24% owing to the growing incidence of neurological disorders. The growing trend of adopting value-based care in tackling the burden of neurological disorders is boosting the segment growth. The development of deep convoluted neural networks and advanced algorithms trained with multiple image datasets procured for various assessments & diagnoses is driving the segment growth. AI-based diagnostic solutions in neurology improve precision & accuracy and enhance the radiologist’s efficiency and clinical decision-making.
The widespread adoption of AI-enabled solutions in neurology has supported the advancements of neurological departments. On the other hand, the radiology diagnosis segment is anticipated to register the fastest CAGR over the forecast years owing to the growing demand for low-cost, precise, and accurate radiology analysis. The growing demand for early diagnosis and classification of disorders is expected to boost the segment growth. AI-enabled solutions can be integrated with electronic health records(EHRs) and radiological findings to diagnose diseases in the early stage so that appropriate treatments could be provided to the patient. The shortage of radiologists across the globe is driving the demand for AI-based solutions in radiology.
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 56.5%. 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 Players
- Aidoc
- AliveCor
- GE Healthcare
- Imagen Technologies
- Vuno Inc.
- IDx Technologies Inc.
- Siemens Healthcare GmbH
- Neural Analytics
- Riverain Technologies
- Zebra Medical Vision
Market Segmentation
- Component Outlook
- Software
- Hardware
- Services
- Diagnosis Type Outlook
- Cardiology
- Oncology
- Pathology
- Radiology
- Chest and Lung
- Neurology
- Others
- Regional Outlook
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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