The global artificial intelligence in diagnostics market was valued at USD 295.3 million in 2019 and predicted to register a compound annual growth rate (CAGR) of around 33.2% during period 2020 to 2027.
The application areas of Artificial Intelligence (AI) are budding at a rapid pace. This technology is employed to enhance manufacturing, cybersecurity, logistics and education. The foremost artificial intelligence drift in medical sector is use of deep learning in medical diagnosis to identify cancer. Latest data issued in the Journal of the National Cancer Institute comprehend that the AI system has attained breast cancer detection accurateness analogous to normal breast radiologist. Additional encouraging application is Internet of Medical Things and the usage of AI in consumer health sector. These solutions make use of medical IoT devices to collect healthcare information and AI-based apps to process this data and propose adjustments to the existing lifestyle of a patient.
Rising practice of artificial intelligence in the area of medical imaging sector, drug discovery, genomics and precision medicine along with cumulative custom-made treatments tailored to specific patient’s necessity is predicted to drive the growth of artificial intelligence in diagnostics market. Escalating need for artificial intelligence technology to accomplish data mining and augment the speed of healthcare delivery services, advent of innovative and encouraging uses for disease identification and monitoring is further accelerating growth of the market across the globe.
Many corporations are designing software solutions for different healthcare applications which in turn encouraging the development of the software segment. Budding acceptance of AI-driven healthcare operational support and healthcare informatics solutions by means of healthcare service suppliers and hospitals is projected to enhance the growth of services during years to come. The snowballing requirement for cloud-based and AI-powered augmented diagnostic solutions that aid in enhancing diagnostic precision during inferring medical images of a patient is flourishing the growth of the segment. Besides, the introduction of cutting-edge AI software in diagnostics comprising a combination of numerous data sources like CT, MRI, proteomics, genomics and patient data that helps in effectively detecting sickness and evaluating its development is also projected to push the growth of the market.
Diagnosis Type Insights
AI has the prospective to substitute plentiful of the routine characterization, detection, and quantification jobs presently accomplished by radiologist with the help of cognitive capability also complete the data mining of medical records (electronic) in the procedure. Among different types of diagnostics segment neurology held a market share of more than 23% in 2019. Further, radiology is anticipated to be the fastest progressing type on account of growing improvement of AI-based software existing for diagnostic imaging. The neurology amounts for greatest number of regulatory approvals occupying for about 18% of the total AI-based medical diagnostics platform.
Healthcare artificial intelligence industry in North America conquered the global marketplace and expected to mirror this trend throughout the assessment period. This growth is complemented by enormous acceptance of HCIT solutions and intensifying emphasis on health management. Furthermore, several government initiatives and subsidy in this region are concentrating on boosting the development of healthcare artificial intelligence market. In North America, the U.S. has the prevalent number of registered hospitals nonetheless, it is anticipated to observe a shortage of healthcare staff during years to come. AI assists in patient care, hospital management, patient data management, and which may help to relieve such concerns.
Further, Asia Pacific is predicted to emerge as attractive and potential region budding at a momentous growth pace throughout prediction period. Growing number of government initiatives to inspire healthcare suppliers and other healthcare administrations to implement AI-based diagnostic technologies and cumulative funds by nonprofit establishments and private corporations to realize improved information exchange, better clinical outcomes, and cost deduction are certain of the prominent influence anticipated to boost the demand for AI in diagnostics in Asia Pacific in the next few years.
Key Companies & Market Share Insights
Reinforcing tactical collaborations and partnerships amongst several health facilities and AI solution suppliers is another aspect confidently purring market growth. For occurrence, in August 2019, Boston based Partners HealthCare partnered with FUJIFILM SonoSite, Inc. in order to implement artificial intelligence to portable ultrasound technology beneficial for point-of-care testing. In this co-operation, the datasets, clinical expertise, and IT infrastructure of Partners HealthCare is planned to practice with portable ultrasound technology of FUJIFILM in order to develop AI-powered devices.
Lately, artificial intelligence research division of the Google started its Google Deep mind Health project. This project comprises data mining of medical records to offer improved and quick health services. Improvement of such technically progressed data solutions and software and are projected to accelerate the growth of the market across the globe. Nevertheless, high capital constraint may generate affordability concerns and hinder the growth of the industry to some extent.
Noteworthy players functioning in the global artificial intelligence in diagnostics sector are s follows:
Segments Covered in the Report
This research study comprises complete assessment of the market by means of far-reaching qualitative and quantitative perceptions, and predictions regarding the market. This report delivers classification of marketplace into impending and niche sectors. Further, this research study calculates market size and its development drift at global, regional, and country from 2016 to 2027. This report contains market breakdown and its revenue estimation by classifying it on the basis of component, diagnosis typeand region as follows:
By Diagnosis Type
By Regional Outlook
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