Artificial Intelligence in Diagnostic Market is segmented by Component (Software and Service), by Application (Vivo, Radiology, OBGY, MRI, CT, Ultrasound, and IVD) for End Users (Hospitals, Diagnostic Laboratories, and Diagnostic Imaging Centers) and Region (United States, Canada, Mexico, France, Germany, Italy, Spain, United Kingdom, Russia, China, India, Philippines, Malaysia, Australia, Austria, South Korea, Middle East, Japan, Africa, Rest of World)
Artificial Intelligence in Diagnostic Market size was estimated at $560.3 billion in 2022 and is expected to reach $5033.1 billion by 2031, growing at a CAGR of 32.8% during the forecast period of 2022 to 2031.
Artificial Intelligence in Diagnostic Market
Artificial intelligence is the imitation of human intellect by machines that uses algorithms and software to perform tasks. Machine learning, IoT-based technology, natural language processing, reasoning, and perception are some examples of artificial learning. Due to the growth in automation and widespread deployment in the healthcare sector, the demand for artificial intelligence in diagnostics is to help with medical decision-making, management, and administration. In medical diagnosis, artificial intelligence is used for estimating human cognition, analyzing complex medical reports, and managing workflow.
Artificial Intelligence in Diagnostic Market Growth and Trend
Artificial intelligence in the diagnostic market is expected to grow substantially in the years ahead, owing to the increased adoption of artificial intelligence products and services in the healthcare sector. Additionally, the increasing awareness about the benefits of AI technology and its applications in the diagnostic market will further multiply the expansion of the market in the foreseeable future. Many prominent companies in the healthcare sector are forming partnerships and collaborations with leading AI technology companies to develop innovative healthcare applications based on AI. Moreover, massive demand for rapid deployment of AI-based technology to provide advanced solutions to their customers is also bolstering the market growth. Also, the growing use of AI-driven imaging and diagnostic solutions is fueling the growth of artificial intelligence in the diagnostic market. Furthermore, huge investments and flourishing public-private partnerships are also contributing to the market growth. However, lack of skilled and qualified workforce to operate AI applications and high implementation costs may restraint the growth of artificial intelligence in the diagnostic market.
As the world moves through the Covid-19 pandemic, the requirement for manpower, equipment, and other resources has increased in the healthcare industry. The pandemic has given a significant spike to AI technology and provide opportunities to use AI applications to improve healthcare services. Moreover, in various parts of the world, we have seen the use of AI-powered machines and robots for screening and taking care of Covid-19 patients.
Artificial Intelligence in Diagnostic Market Segmentation
The global artificial intelligence in the diagnostic market is segmented based on component, application, and end-users. Based on the component, artificial intelligence in the diagnostic market is divided into software and service. The service segment is expected to witness rapid growth in the near future due to the growing demand for cloud-based solutions for the diagnosis and interpretation of medical conditions of patients. By application, the market is classified into in vivo, radiology, OBGY, MRI, CT, ultrasound, and IVD. The neurology segment holds more than a quarter in 2020, however, the radiology segment is projected to experience the fastest growth over the forecast period. Based on end-users, the market is segregated into hospitals, diagnostic laboratories, and diagnostic imaging centers. The hospital segment holds a major share accounts to 65.3% in 2020 and is expected to grow at the highest CAGR value over the forecast period.
Artificial Intelligence in Diagnostic Market Country Analysis
North America accounts for the largest share in the global artificial intelligence in the diagnostic market due to the increasing use of IT solutions in medical diagnosis and well-established healthcare infrastructure in the region. On the other hand, Asia Pacific is expected to be the fastest-growing region in the global artificial intelligence in the diagnostic market. The regional growth can be attributed to the widespread adoption of AI-based technology in the healthcare sector and various initiatives by the government to improve healthcare services.
Artificial Intelligence in Diagnostic Market Share and Competition
The leading players in the global artificial intelligence in the diagnostic market are Microsoft Corporation (US), NVIDIA (US), IBM (US), Intel (US), Siemens Healthineers (Germany), GE Healthcare (US), Digital Diagnostics (US), Xilinx (US), InformAI (US), Enlitic (US), Day Zero Diagnostics (US), Aidence (Netherlands), Butterfly Network, Inc. (US), Prognos (US), Zebra Medical Vision (Israel), Viz.ai (US), Quibin (Spain), Qure.ai (India), Therapixel (France), and HeartFlow (US), among others.
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Industry Segmentation and Revenue Breakdown
Component Analysis (Revenue, USD Million, 2021 - 2031)
Application Analysis (Revenue, USD Million, 2021 - 2031)
End-Users Analysis (Revenue, USD Million, 2021 - 2031)
• Diagnostic Laboratories
• Diagnostic Imaging Centers
Region Analysis (Revenue, USD Million, 2021 – 2031)
• United States
• United Kingdom
• South Korea
• Middle East
• Rest of World
Artificial Intelligence in Diagnostic Market Companies
• Microsoft Corporation
• Siemens Healthineers
• GE Healthcare
• Digital Diagnostics
• Day Zero Diagnostics
• Butterfly Network, Inc.
• Zebra Medical Vision
• United States Artificial Intelligence in Diagnostic Industry Research Report
• Europe Artificial Intelligence in Diagnostic Industry Research Report
• Asia Pacific Artificial Intelligence in Diagnostic Industry Research Report
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