Artificial Intelligence in Diagnostics Market Size to Reach US$ 10.8 BN by 2030

According to Vision Research Reports, the artificial intelligence in diagnostics market size was accounted at US$ 540.3 Mn in 2020 and is expected to reach around US$ 10.8 billion by 2030 with a CAGR of 35.8% during forecast period 2021 to 2030.

Growth Factors

Rising number of AI-based diagnostic startups in healthcare sector along with increasing investments by venture capitalists for development of newer and innovative technologies which can provide effective and fast results with respect to diagnostic processes is supporting the market growth.

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Based on component, the software segment dominated the market with a share of 44.3% in 2020. This high share is attributable to the rising demand for AI-powered software tools and cloud-based solutions for diagnostic purposes. In addition, technological advancements in artificial intelligence-based software by integration of multiple data points such as CT, and genomics for precise diagnosis and detection are further propelling the overall growth and adoption.

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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