GVR Report cover Artificial Intelligence in Diagnostics Market Size, Share & Trends Report

Artificial Intelligence in Diagnostics Market Size, Share & Trends Analysis Report By Component (Software, Hardware, Services), By Diagnosis Type (Cardiology, Radiology, Neurology), By Region, And Segment Forecasts, 2021 - 2028

  • Published Date: Aug, 2021
  • Base Year for Estimate: 2020
  • Report ID: GVR-4-68038-871-8
  • Format: Electronic (PDF)
  • Historical Data: 2016 - 2019
  • Number of Pages: 150

Report Overview

The global artificial intelligence in diagnostics market size was valued at USD 520.3 million in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 32.8% from 2021 to 2028. Increasing application of AI in various healthcare fields, including diagnostics and rising prevalence of chronic diseases, are some of the key factors driving the adoption of artificial intelligence in diagnostics, which is aiding market growth. In addition, the growing shortage of public health workforce is further supporting the growth and adoption of technology-based solutions for better patient management and diagnosis. For instance, as per a report published by the Association of American Medical Colleges (AAMC) in April 2019, the U.S. is anticipated to face a shortage of nearly 46,900 to 121,900 physicians by 2032.

U.S. artificial intelligence in diagnostics market size, by component, 2018 - 2028 (USD Million)

Furthermore, rising demand for reducing the cost of diagnosis, reducing machine downtime, and enhancing patient care are some of the key factors propelling the use of AI-based diagnostic solutions. Moreover, increasing demand and need for cost-effective diagnostic technologies and techniques, quick diagnostic data generation and consolidation, and efficient report analysis are a few of the other factors expected to drive the growth of the market for artificial intelligence in diagnostics. This has led to the development of AI solutions that would to cater these growing needs. For instance, in 2019, Microsoft Healthcare introduced Microsoft Healthcare Bot in Azure Marketplace. It is an AI-powered cloud service that helps healthcare organizations in building and implementing AI-powered virtual health assistants and chatbots, which provide more information to users, enabling better outcomes, reducing cost, and supporting self-service.

Moreover, rising strategic initiatives in the form of partnerships, collaborations, mergers and acquisitions, and product launches amongst players operating in the market for artificial intelligence in diagnostics is yet another factor affirmatively impacting market growth. For instance, in 2020, Digital Diagnostics acquired 3Derm Systems, to become the intellectual property holder of 3Derm Spot-a skin cancer diagnostic system. In addition, in the same year, Aidoc partnered with Imbio, medical image analysis for cardiothoracic and pulmonary diseases providers. The two companies partnered to develop an end-to-end AI solution for pulmonary embolism, to improve detection and treatment. Hence, such initiatives signify the growth potential of the market and growing the adoption of AI-based solutions in the healthcare sector.

COVID19 AI in diagnostic market impact: 79.4% increase in market

Pandemic Impact

Post COVID Outlook

The AI in diagnostic market grew by 79.4% from 2019 to 2020, as per earlier projections the market was expected to be over USD 300 million in 2020.

In 2021, the market will witness an increase by 54.2% from 2020, owing to a rise in applications and adoption in the healthcare sector.

Applications of AI in the diagnosis of COVID-19 and other disease conditions are key parameters responsible for the sudden market growth.

Adoption of AI in the diagnostic is increasing owing to the rise in demand for cost reduction and improved patient care.

Implementation of AI in the healthcare industry increased to reduce pressure on healthcare staff and increase patient outcomes especially owing to pandemic

Increasing investment, collaborations, partnerships, and technological advancements in this industry will help sustain the growth trajectory of this market.

 

Moreover, an increase in the number of artificial intelligence-based startups in the healthcare sector along with rising investments by venture capitalists for developing innovative technologies that support fast and effective diagnostic procedures, due to a significant increase in the number of patients suffering from chronic diseases, is driving the market. For instance, in 2019, Boston-based Partners HealthCare announced a collaboration with FUJIFILM SonoSite, Inc. for the development of AI-based ultrasound technology that is aimed at managing and automating the measurement of anatomic features, segmentation of organ boundaries, and calculation of physiological parameters, including the type of automation, to improve accessibility to this critical technology for clinicians and their patients, while still delivering a higher diagnostic value.

Artificial intelligence-based diagnostic tools and solutions have played an important role in the pandemic of COVID-19 and have affirmatively impacted the healthcare and related sectors. It is being implemented on a large scale in the rapid diagnosis and detection of virus strains, thereby managing the pandemic situation through personalized data consolidation and information. AI algorithms can be utilized and trained through exposure history, symptoms, chest CT images, and laboratory findings for diagnosing the COVID-19 positive patients. For instance, as per an NCBI study published in 2020, it was determined that an AI-based system was beneficial in detecting around 68% COVID-19 positive patients in a data set of 25 patients through normal CT images, while healthcare professionals had diagnosed all patients as COVID-19 negative.

Furthermore, the increasing adoption of AI-based diagnostic solutions by the healthcare fraternity in the pandemic is further boosting market growth. For instance, in May 2020, Mayo Clinic collaborated with Ultromics to utilize Ultranomics AI software, EchoGo Core, to analyze echocardiograms of COVID-19 victims and support physicians to rapidly triage and treat high-risk patients. Hence, such factors signify the positive growth potential of the market for artificial intelligence in diagnostics in the coming years.

Component Insights

The software segment dominated the market and accounted for the largest revenue share of 44.3% in 2020. Increasing demand for cloud-based and AI-powered or augmented diagnostic solutions to increase diagnostic precision while analyzing and interpreting medical images of a patient is boosting segment growth. Furthermore, the introduction of advanced AI software and solutions for diagnostic purposes which involves a combination of multiple data points and sources such as CT, genomics, MRI, and proteomics for better diagnosis of disease conditions is also anticipated to boost the market growth.

In addition, the software segment is also expected to be the fastest-growing segment over the forecast period. The rising demand for software solutions that are useful for providing uninterrupted flow of data between devices and people, increasing the efficiency and security of medical devices, and improve informed decision-making in real-time, is one of the factors estimated to drive the software market. Hence, the increasing adoption of AI-based software for diagnostic purposes is estimated to boost market growth during the forecast period.

Diagnosis Type Insights

The neurology segment dominated the market for artificial intelligence in diagnostics and accounted for the largest revenue share of 24.7% in 2020. Increasing consumer shift toward value-based care, early diagnosis and precise detection provided by artificial intelligence-based solutions, and rising prevalence of various neurological diseases, such as epilepsy, Alzheimer's disease, ischemic brain stroke, Parkinson’s disease and multiple sclerosis, is driving the segment growth. Moreover, an increase in investments by several healthcare startups in AI has contributed to market growth. For instance, Maxwell Plus invested USD 3 million to develop a platform to optimize diagnostic imaging technologies. This AI platform would allow physicians to manage various clinical diagnostics applications along with medical imaging solutions for neurodegenerative and other diseases.

Global artificial intelligence in diagnostics market share, by diagnosis type, 2020 (%)

The radiology segment is expected to grow at the fastest rate in the market for artificial intelligence in diagnostics during the forecast period. Advantages provided by AI-based radiology solutions for diagnosis purposes such as reduction in turnaround time, enhancement in patient safety, and decrease in workload due to automation of processes are beneficial in increasing the adoption of such solutions. In addition, the diagnosis of radiological imaging plays a pivotal role in the clinical management of the patient. Machine and/or deep learning with CNNs (Convolutional Neural Networks) has been gaining traction in recent years and the increasing penetration of such technologies in the radiology segment is further supporting the segment growth.

Regional Insights

In 2020, North America dominated the artificial intelligence in diagnostics market and accounted for the highest revenue share of 55.9%. The region is anticipated to grow at the fastest rate during the forecast period. The presence of an established healthcare sector, growing adoption of healthcare IT solutions in medical diagnosis, and lucrative funding options available for the development of AI-based diagnosis software are factors contributing to regional market growth. In addition, the U.S. is a leading market in North America in terms of revenue growth. Increasing deployment and development of technologically advanced and innovative diagnosis software for medical purposes, along with the presence of key players operating in the space are some of the major factors contributing to the growth of the market for artificial intelligence in diagnostics in the U.S.

Moreover, in Asia Pacific, the market for artificial intelligence in diagnostics is further anticipated to grow at a significant rate during the forecast period. This growth is owing to factors such as increasing government initiatives for encouraging healthcare providers and organizations to adopt artificial intelligence-based tools and technologies, coupled with rising investments by private companies and non-profit organizations in this space with an aim of achieving better information exchange, cost reductions, and improved clinical outcomes. In addition, the rising demand and adoption for digital tools in medical diagnosis is propelling the market growth in the region.

Key Companies & Market Share Insights

Rising strategic initiatives in the form of partnerships and collaborations amongst the industry participants and various healthcare facilities such as hospitals and research centers are supporting the market players to gain a competitive edge. For instance, in November 2020, Zebra Medical Vision partnered with Clalit Health Services to develop cloud-based imaging AI to serve large-scale HMO, to enable higher workflow efficiency and reduce costs. Some of the key players in the artificial intelligence in diagnostics market include:

  • Aidoc

  • AliveCor

  • GE Healthcare

  • Imagen Technologies

  • Vuno Inc.

  • IDx Technologies Inc.

  • Siemens Healthcare GmbH

  • Neural Analytics

  • Riverain Technologies

  • Zebra Medical Vision

Artificial Intelligence in Diagnostics Market Report Scope

Report Attribute

Details

Market size value in 2021

USD 802.1 million

Revenue forecast in 2028

USD 5834.0 million

Growth Rate

CAGR of 32.8% from 2021 to 2028

Base year for estimation

2020

Historical data

2016 - 2019

Forecast period

2021 - 2028

Quantitative units

Revenue in USD million and CAGR from 2021 to 2028

Report coverage

Revenue forecast, company ranking, competitive landscape, growth factors, and trends

Segments covered

Component, diagnosis type, region

Regional scope

North America; Europe; Asia Pacific; Latin America; MEA

Country scope

U.S.; Canada; U.K.; Germany; France; Spain; Italy; Russia; Japan; China; Australia; India; Singapore; South Korea; Brazil; Mexico; Argentina; South Africa; Saudi Arabia; UAE

Key companies profiled

Aidoc; AliveCor; GE Healthcare; ImagenTechnologies; Vuno Inc.; IDx Technologies Inc.; Siemens Healthcare GmbH; Neural Analytics; Riverain Technologies; Zebra Medical Vision.

Customization scope

Free report customization (equivalent up to 8 analysts working days) with purchase. Addition or alteration to country, regional & segment scope.

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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 2016 to 2028. For the purpose of this study, Grand View Research, Inc. has segmented the global artificial intelligence in diagnostics market report on the basis of component, diagnosis type, and region:

  • Component Outlook (Revenue, USD Million, 2016 - 2028)

    • Software

    • Hardware

    • Services

  • Diagnosis Type Outlook (Revenue, USD Million, 2016 - 2028)

    • Cardiology

    • Oncology

    • Pathology

    • Radiology

    • Chest and Lung

    • Neurology

    • Others

  • Regional Outlook (Revenue, USD Million, 2016 - 2028)

    • North America

      • U.S.

      • Canada

    • Europe

      • Germany

      • U.K.

      • France

      • Italy

      • Spain

      • Russia

    • Asia Pacific

      • Japan

      • China

      • India

      • Australia

      • Singapore

      • South Korea

    • Latin America

      • Mexico

      • Brazil

      • Argentina

    • Middle East & Africa

      • South Africa

      • Saudi Arabia

      • UAE

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