Artificial Intelligence in Healthcare Diagnosis Market Size | 2031
The artificial intelligence in healthcare diagnosis market was estimated to be US$ 7.43 billion in 2021 and US$ xx billion in 2023. It is expected to reach US$ 193.09 billion by 2031 and record a CAGR of 38.5% until 2031. AI-powered Imaging solutions, remote monitoring and telemedicine, predictive analytics and early detection will likely remain key artificial intelligence in healthcare diagnosis market trends.
Artificial Intelligence in Healthcare Diagnosis Market Analysis
Key factors driving the market such as growing adoption of Artificial Intelligence (AI) in disease diagnosis and identification and increasing investment in AI healthcare start-ups are expected to drive the market's growth. Integration of AI in diagnostic procedures is transforming the diagnostic and patient care industry. For instance, in October 2023, Philips collaborated with Spain based Quilbim to provide AI imaging and reporting tools to support magnetic resonance (MR) prostate examinations.
However, lack of skilled AI workforce and ambiguous regulatory guidelines for medical software hinder market growth.
Artificial Intelligence in Healthcare Diagnosis Market Overview
Global artificial intelligence in healthcare diagnosis market is segmented by region into North America, Europe, Asia Pacific, Middle East & Africa and South & Central America. The market growth in this region is expected owing to factors such as the growing need to reduce healthcare costs and the importance of big data in healthcare, which are some factors driving growth. In addition, increasing applicability of AI-based tools in medical care and rise in capital investments. In addition, the rising adoption of Artificial Intelligence (AI) in disease diagnosis and identification and increasing investment in AI healthcare start-ups are leading to market growth during the forecast period.
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Artificial Intelligence in Healthcare Diagnosis Market: Strategic Insights
Market Size Value in US$ 3,639.02 Million in 2019 Market Size Value by US$ 66,811.97 Million by 2027 Growth rate CAGR of 44.0% from 2020-2027 Forecast Period 2020-2027 Base Year 2020
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Artificial Intelligence in Healthcare Diagnosis Market: Strategic Insights
| Market Size Value in | US$ 3,639.02 Million in 2019 |
| Market Size Value by | US$ 66,811.97 Million by 2027 |
| Growth rate | CAGR of 44.0% from 2020-2027 |
| Forecast Period | 2020-2027 |
| Base Year | 2020 |
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Artificial Intelligence in Healthcare Diagnosis Market Drivers and Opportunities
Increasing Number of Product Launches to Favor the Market.
AI in healthcare is one of the most significant technological advancements so far. Healthcare startups are developing AI-driven diagnostic and therapeutic solutions, which are the major factors responsible for the market's growth in the study period. In May 2023, Lumibird Medical launched the C.DIAG, a dry eye diagnostic aid platform that utilizes artificial intelligence (AI) algorithms. Similarly, in April 2024, General Electric Company launched Caption AI artificial intelligence (AI)-driven software for rapid cardiac assessments at the point of care on Vscan Air SL.
Increasing Potential in Emerging Economies – An Opportunity in Artificial Intelligence in Healthcare Diagnosis Market
AI can also improve constraints from poor infrastructure in emerging markets by providing alternatives and cost-effective solutions to deliver services to those who need them most, including remote communities. Using the widespread coverage of mobile networks, AI is used in telemedicine for early disease diagnosis, saving the cost of maintaining an extensive network of community health workers. Cancer screening and treatment is where AI provides remarkable reach for targeted large-scale interventions. India witnesses a prevalence of more than 1 million new cases of cancer annually. This number is likely to increase, owing to the increasing geriatric Indian population and lifestyle changes. For a yearly incidence of more than 1 million new cancer cases every year, India has barely 2,000 experienced pathologists in oncology and less than 500 pathologists who could be considered an expert oncopathologist.
Thus, integrating AI in diagnostic solutions can build more resilient and sustainable healthcare systems in emerging nations.
Artificial Intelligence in Healthcare Diagnosis Market Report Segmentation Analysis
Key segments that contributed to the artificial intelligence in healthcare diagnosis market analysis derivation are services and applications.
- Based on diagnostic tools, artificial intelligence in the healthcare diagnosis market is divided into medical imaging tool, automated detection systems, and others. The medical imaging tool segment held a larger market share in 2023. However, the automated detection system and is anticipated to register the highest CAGR in the market during the forecast period.
- The market is segmented by application into eye care, oncology, radiology, cardiovascular, and others. The oncology segment held the largest share of the market in 2023. However, radiology segment is anticipated to witness the fastest growth rate in the market during the forecast period.
- By end-user, the artificial intelligence in the healthcare diagnosis market has been segmented into hospital and clinic, diagnostic laboratories, and home care. The hospital and clinic segment held the largest share of the market, whereas the diagnostic laboratory segment is estimated to witness the fastest growth rate in the market during the forecast period.
- Based on service, the artificial intelligence in healthcare diagnosis market has been segmented tele-consultation, telemonitoring, and other service. The tele-consultation segment held the largest share of the market, whereas the tele-monitoring segment is estimated to register the highest CAGR in the market during the forecast period.
Artificial Intelligence in Healthcare Diagnosis Market Share Analysis by Geography
The geographic scope of the artificial intelligence in healthcare diagnosis market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America.
North America is the largest market for the artificial intelligence in healthcare diagnosis market, with the US holding the largest market share, followed by Canada. The growth of the market in the US is driven by factors such as, the need to reduce healthcare costs, growing importance of big data in healthcare and rising capital investment are contributing in the demand for AI in healthcare diagnosis. Similarly, in Canada, increasing government initiatives to implement AI based technologies across the country are contributing to market growth.
The Asia Pacific is the fastest-growing market for artificial intelligence in healthcare diagnosis in a global scenario. The region is analyzed based on China, India, Japan, Australia, South Korea, and the rest of the Asia Pacific. The region is expected to have several growth opportunities for the market growth owing to the lack of healthcare professionals, increasing prevalence of chronic diseases, increasing investment in startups and improving healthcare infrastructure in the region.
Artificial Intelligence in Healthcare Diagnosis Market Report Scope
Artificial Intelligence in Healthcare Diagnosis Market News and Recent Developments
The artificial intelligence in healthcare diagnosis market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for artificial intelligence in healthcare diagnosis and strategies:
- In May 2023, Digital Diagnostics launched its LumineticsCore Al diagnostic system in the southeast region of the US. LumineticsCore is a De Novo FDA-cleared autonomous AI diagnostic system (Source: Company Press Release)
- In December 2021, F. Hoffmann-La Roche Ltd launched its artificial intelligence (AI) based digital pathology algorithms to aid pathologists in evaluating breast cancer markers, Ki-67, ER and PR. (Source: Company Press Release)
Artificial Intelligence in Healthcare Diagnosis Market Report Coverage and Deliverables
The “Artificial Intelligence in Healthcare Diagnosis Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Market dynamics such as drivers, restraints, and key opportunities
- Key future trends
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Diagnostic Tool ; Application ; End User ; Service ; and Geography
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Saudi Arabia, South Africa, South Korea, Spain, United Arab Emirates, United Kingdom, United States
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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