Artificial Intelligence in Diagnostics Market to Garner Growth 33.5% by 2027

The global artificial intelligence in diagnostics market is expected to garner growth at a compound annual growth rate (CAGR) of around 33.5% during period 2022 to 2027.

The global artificial intelligence in diagnostics market size is predicted to surpass over USD 5.6 billion by 2027 from at USD 300 million in 2020, according to new report by precedence research.

Growth Factors

Artificial intelligence is the building of unique systems using algorithms and software that can complete activities without the need for human interaction or instructions. The natural language processing, machine learning, and reasoning are few of the technologies that make up artificial intelligence. In diagnostics, artificial intelligence is utilized to approximate human cognition and to analyze complicated diagnostic imaging and medical data. Image analysis for tumor diagnosis, biochemical tests for diabetes, video detection for gait problemsfall prediction, and voice analysis for emotional state and psychiatric illnesses are just a few of the many applications of artificial intelligence in medical diagnostics. As a result, artificial intelligence will significantly alter the current medical diagnosing approach.

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The healthcare sector is increasingly integrating artificial intelligence powered solutions in multiple verticals to improve clinical and operational outcomes, which is a critical contributor to the artificial intelligence in diagnostics market’s growth. The desire for innovative and automated processes is being driven by overwhelmed healthcare systems having to cope with the fast-expanding global prevalence of chronic disorders. Moreover, a scarcity of caregivers is fueling demand for artificial intelligence technologies. Advances in healthcare information technology infrastructure as well as ongoing technological developments are enabling the integration of artificial intelligence powered diagnostic systems to provide precise and effective diagnosis, enabling healthcare providers to devise timely and appropriate diagnostic plans. Artificial intelligence-based algorithms and increasingly being used in radiology and pathology services on a large scale.

Report Highlights:

• Based on the component, the software and services segment dominated the global artificial intelligence in diagnostics market in 2020 with highest market share. The growth of the segment can be attributed to the growing demand for artificial intelligence enabled diagnostics systems that can provide correct diagnoses as soon as possible. A wide range of chronic and acute disorders are being rapidly detected in the worldwide population, which is projected to boost demand for improved artificial intelligence enabled solutions.
• Based on the diagnosis type, the neurology segment dominated the global artificial intelligence in diagnostics market in 2020 with highest market share. The expanding trend of using value-based care to combat the burden of neurological illnesses is propelling the market forward. The expansion of the segment is being fueled by the development of deep entangled neural networks and advanced algorithms trained on different image datasets obtained for various diagnosis.
• North America is the largest segment for artificial intelligence in diagnostics market in terms of region. The constant technological developments, presence of healthcare information technology infrastructure, favorable government initiatives, increasing digital literacy, and the presence of major market players in the region are all cited as factors in the region’s growth.
• Asia-Pacific region is the fastest growing region in the artificial intelligence in diagnostics market. The rise in number of private and public initiatives supporting the adoption of artificial intelligence based diagnostic solutions can be linked to this growth. Furthermore, the introduction of startups as well as increasing visibility and funding is supporting regional market growth.

Future of Artificial Intelligence in Diagnostics Market

Increasing interest in lowering the cost of determination, improving patient consideration, and reducing machine personal time are some of the primary factors driving the used of artificial intelligence based analytic systems. Also, some of the factors that are projected to boost the growth of the artificial intelligence in diagnostics market are rising interest and need for cost effective symptomatic advancements and approaches, and proficient report investigation. As a result, artificial intelligence solutions have been developed to meet these rising needs, which will help patients and healthcare providers in coming future.

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COVID-19 Impact Analysis:

• The COVID-19 epidemic has highlighted the weaknesses of the existing healthcare systems and has accelerated the adoption of digital technologies such as artificial intelligence in diagnostics to accurately analyze complex datasets and relieve healthcare professionals of operational and administrative activities.
• The expansion of the artificial intelligence in diagnostics market was helped by the creation of startups and increased awareness in the form of funding and investments.

Key Developments in the Marketplace:

• Zebra Medical Vision and Storm ID joined in November 2020 to create innovative artificial intelligence-based algorithms that analyze different medical imaging datasets and electronic health records to diagnose osteoporosis.
• Microsoft and Redmond will collaborate in 2020 to develop a programming interface for reading imaging data and assisting in disease identification and treatment.
• In November 2020, Clalit Health Services and Zebra Medical Vision announced a strategic cooperation to create cloud-based imaging artificial intelligence for large scale HMOs.

Market Segmentation

By Component

• Hardware
• Software
• Services

By Diagnosis Type

• Radiology
• Pathology
• Cardiology
• Oncology
• Neurology
• Chest and Lung
• Others

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