Artificial Intelligence in Diagnostics Market Forecasts to 2030 - Global Analysis By Component (Services, Software and Hardware), Technology, Diagnosis Type, Modality, End User and By Geography

According to Stratistics MRC, the Global Artificial Intelligence in Diagnostics Market is accounted for $1.01 billion in 2023 and is expected to reach $5.27 billion by 2030 growing at a CAGR of 26.6% during the forecast period. In medical diagnostics, artificial intelligence (AI) is a powerful technology with the potential to make healthcare more accessible and economical by supporting healthcare practitioners in making correct and timely treatment decisions for their patients. The process of correctly diagnosing an illness is time-consuming and requires years of medical training. It has been demonstrated that using AI to medical diagnosis improves clinical judgment in doctors and provides correct diagnoses.

According to Health IT Analytics, Case Western Reserve University researchers used a deep learning network, a type of AI, in May 2017 to correctly identify breast cancer in pathology photographs.

Market Dynamics:

Driver:

Growing need to manage massive and complex data

Big data is generated at various stages of the care delivery process as a result of the growing digitalization and information technology utilization in the healthcare industry. The healthcare industry is using a variety of Al-based solutions to manage the huge and complicated medical diagnostics data that is constantly expanding. Additionally, it is anticipated that during the course of the projection period, the use of bidirectional patient portals-which enable patients to contribute data and pictures to their EMRS-would increase the volume of big data in medical diagnostics.

Restraint:

Budgetary constraints

The main obstacle facing healthcare companies is money, particularly in developing nations where it is difficult to prioritize IT funds above medical equipment. The primary obstacles limiting market growth are the high cost of imaging technology and the implementation and licensing fees of AI software. Additionally, end users are often burdened financially by implementation and subscription fees. Small healthcare institutions cannot afford these solutions due to their limited financial resources. This is thus anticipated to have a detrimental effect on market expansion.

Opportunity:

Improved diagnostic effectiveness and efficiency

AI algorithms are capable of analyzing large amounts of patient data. AI may significantly improve diagnostic accuracy that can be difficult for human observers to pick up on. These can also process and analyze pathology slides, diagnostic data, and medical pictures efficiently, enabling speedier and more accurate interpretation. By incorporating user input and empirical data, AI systems may also update and enhance their algorithms to enhance performance and keep up with evolving medical knowledge. Over the course of the projection period, these variables should foster market expansion.

Threat:

Maintenance and purchase expenses

The market has high procurement costs, which are followed by high maintenance and capital expenditure prices. Hospitals and other established financial entities are significant market investors. The majority of costs associated with creating and adopting AI-based products are covered directly by private consumers due to poor government investment on these activities. Additionally, an AI-based system's typical repair or maintenance might be quite costly. To stay current with evolving scenarios including such expenses, these systems require ongoing improvements.

COVID-19 Impact:

The COVID-19 pandemic epidemic had a negative impact on the worldwide healthcare industry. The number of infected individuals soared, placing a tremendous strain on the global health system. As a result, cardiothoracic imaging is frequently used as a diagnostic tool to assess the disease's severity. Numerous research concentrated on utilizing AI to diagnose from chest CT scans. During the pandemic, there was a considerable rise in the creation of AI chest radiology solutions and the use of AI-based technology for remote treatment.

The software segment is expected to be the largest during the forecast period

The software segment is expected to be the largest during the forecast period. Due to the development of AI-based software for diagnosis in healthcare to improve test precision, software has become the industry leader. AI Platforms and AI Solutions are investigated in the software sector. One of the main factors driving the growth of this market is the increasing demand for cloud-based, AI-powered augmented diagnostic solutions that aid in improving diagnostic accuracy when evaluating a patient's medical photos.

The neurology segment is expected to have the highest CAGR during the forecast period

The neurology segment is expected to have the highest CAGR during the forecast period. A rise in the prevalence of several neurological disorders, such as epilepsy, Alzheimer's disease, and Parkinson's disease, as well as an aging population are driving up the need for precise diagnosis and favorably influencing market growth. Additionally, AI-based neurology diagnostic alternatives improve the efficiency and clinical judgment of the radiologist as well as precision and accuracy. The advancement of neurological departments has been facilitated by the widespread use of AI-enabled technologies.

Region with largest share:

North America is projected to hold the largest market share during the forecast period. This development was attributed to a number of factors, including the presence of a well-established healthcare IT infrastructure, continued technology advancements, increasing digital literacy, the formation of startups, supporting government efforts, increased financing sources, and key players in the area. Additionally, the demand for reducing test costs, improving patient care, and reducing equipment downtime is driving an increase in the application of AI in diagnostics.

Region with highest CAGR:

Asia Pacific is projected to hold the highest CAGR over the forecast period. The popularity of AI-based diagnostics is rising as a result of both governmental and private initiatives. Startups, visibility, and investment foster the expansion of local industries. Aging populations and acute and chronic diseases are anticipated to drive market expansion. Additionally, it is anticipated that the expanding patient pool, pandemic, cloud computing, and government AI initiatives would influence the industry.

Key players in the market:

Some of the key players in Artificial Intelligence in Diagnostics Market include: GE Healthcare, Siemens Healthineers AG, Riverain Technologies, NANO-X IMAGING LTD, Aidoc Medical Ltd., Metropolis Healthcare Limited, Qritive, Koninklijke Philips N.V., Agfa-Gevaert Group, HeartFlow, Inc., Arterys Inc., Aidoc Medical Ltd., International Business Machines Corporationc, AliveCor, Inc., Imagen Technologies, Agfa-Gevaert Group and HeartFlow, Inc.

Key Developments:

In May 2023, The launch of a cutting-edge testing platform based on Component Resolved Diagnostics (CRD) to identify different types of allergies in India was announced by Metropolis Healthcare Limited. To help clinicians make wise clinical decisions, this 4th generation of allergy testing technology incorporates artificial intelligence. It also offers tremendous insights into choosing and optimizing the course of treatment for a patient's allergic disease.

In March 2023, An enhanced prostate cancer diagnostics tool for pathologists, powered by artificial intelligence (AI), was unveiled by Singapore-based health-tech business Qritive. QAi Prostate can precisely identify prostatic adenocarcinoma regions and classify malignant and benign tumor areas in biopsy tissue samples using cutting-edge machine learning (ML) algorithms.

Components Covered:

• Services
• Software
• Hardware

Technologies Covered:

• Context-Aware Computing
• Computer Vision
• Machine Learning
• Natural language processing (NLP)
• Other Technologies

Diagnosis Types Covered:

• Chest & Lungs
• Pathology
• Neurology
• Oncology
• Radiology
• Cardiology
• Other Diagnosis Types

End Users Covered:

• Diagnostic Imaging Centers
• Hospitals
• Other End Users

Regions Covered:

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • Italy
  • France
  • Spain
  • Rest of Europe
• Asia Pacific
  • Japan
  • China
  • India
  • Australia
  • New Zealand
  • South Korea
  • Rest of Asia Pacific
• South America
  • Argentina
  • Brazil
  • Chile
  • Rest of South America
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Qatar
  • South Africa
  • Rest of Middle East & Africa

What our report offers:

• Market share assessments for the regional and country-level segments
• Strategic recommendations for the new entrants
• Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
• Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
• Strategic recommendations in key business segments based on the market estimations
• Competitive landscaping mapping the key common trends
• Company profiling with detailed strategies, financials, and recent developments
• Supply chain trends mapping the latest technological advancements

Free Customization Offerings:

All the customers of this report will be entitled to receive one of the following free customization options:

• Company Profiling
  • Comprehensive profiling of additional market players (up to 3)
  • SWOT Analysis of key players (up to 3)
• Regional Segmentation
  • Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
  • Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances