The global artificial intelligence in healthcare diagnosis market is set to reach US$ 66,811.97 million by 2027 from US$ 3,639.02 million in 2019. The market is anticipated to grow with a CAGR of 44.0% from 2020 to 2027.
Artificial intelligence (A.I.) skilfully integrates several technologies and is able to perform tasks without human intervention. The Healthcare industry has widely adopted A.I., and government has shown tremendous support for this innovation through an increased number of initiatives.
The Healthcare industry is growing rapidly, primarily due to new and unknown chronic diseases coming up with increased frequency compared to the pre-global warming era. The shortage of healthcare professionals along with rapidly increasing number of diseases has created immense pressure leading incidences of human error. A.I. aims to reduce the workload of healthcare professionals. A.I.- based start-ups are receiving significant investments from the government, which has provided the required push for the growth of artificial intelligence in healthcare diagnosis market
COVID 19 Impacts
The healthcare sector has witnessed many outbreaks that shook the industry, but none have pushed global industries toward uncertainty like the COVID-19 pandemic. A.I. has proven to be our most effective tool against the outbreak; thus, artificial intelligence in healthcare diagnosis market growth is imperative. Before the world was even aware of the threat posed by the viral disease (COVID-19), artificial intelligence (A.I.) systems had detected the outbreak of an unknown type of pneumonia in the People's Republic of China (hereafter "China"). A.I. has enormous potential for quickly analyzing large amounts of data, an attribute that can have a significant impact in situations such as a pandemic. The precision of data interpretation further decreases any scope of errors which would be hard to avoid in case of humans.
Future Trends
There is usually widespread panic when infectious diseases are concerned, reinforced recently due to the COVID-19 pandemic. It has been realized that the old methodologies aren't enough anymore. A.I. is proving to be an effective solution to support the fight against this viral pandemic that has engulfed the world since 2020 onset. The adoption of A.I. in epidemic outbreak prediction and response is likely to be a prevalent trend in the market during the forecast period. Looking at the response until this point, the global artificial intelligence in healthcare diagnosis market will likely experience tremendous growth.
Drivers
Rising Adoption of Artificial Intelligence (A.I.) in Disease Identification and Diagnosis
The Healthcare industry is the pioneer in innovation. And yet, it is difficult for healthcare to stay on top of the reoccurring mutations of pathogens giving rise to new diseases to be battled every few years. In such a precarious situation, machine learning and artificial intelligence algorithms are the perfect tools. The continuous advancements and precision it brings to the table have made a lasting impact on clinical practices. For instance, deep learning can aid the identification of anomalies in x-rays of the chest. Pathologists are adopting artificial intelligence to accurately identify cancer cells amidst healthy cells in the human body. An AI-based technology by a Harvard-based team has resulted in 99.5% of cancer diagnoses at early stages, as a part of a contest at the International Symposium of Biomedical Imaging in Prague. The AI-based system's success has pushed its adoption across various domains. This has given a much-deserved boost to artificial intelligence in healthcare diagnosis market.
Increasing Investment in A.I. Healthcare Start-ups
The positive impact of employing A.I. in healthcare is evident. This has brought many interested companies, established and start-ups, into the market arena. The immense potential of artificial intelligence in healthcare diagnosis market has not eluded the governmental bodies either, who have released investments and private-public partnerships plans, motivating many companies to invest in this market realm. This has created a cycle of growth, followed by more companies developing AI-powered technology, ultimately pushing the market growth to unprecedented heights.
Restraints
Lack of Skilled A.I. Workforce and Ambiguous Regulatory Guidelines for Medical Software
An unexpected problem was noticed with the accelerated adoption of A.I. technology in the healthcare department. A.I. use requires very specialized knowledge and skills. The lack of additional, qualified A.I. workers was the biggest hurdle in A.I. implementation across business operations. Element A.I. (Artificial Intelligence Company) in 2019 estimated that less than 10,000 people worldwide have the necessary skills to create fully-functional machine learning systems. Academic and training programs can't keep up with the pace of innovation and discoveries with A.I. Moreover, there is currently no formal regulatory framework for A.I. implementation in clinical use. A.I. systems need to be thoroughly tested, and results should be published based on sensitivity and specificity before they are adopted into clinical practice to ensure patient security. Deep learning technology systems that do not require supervision find it exceedingly difficult to gain approval from FDA.
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Global 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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Global 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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Market Segmentation
By Diagnostic Tool
The Growing Demand for the Medical Imaging Tool Contributes to the Segmental Dominance
Artificial intelligence in healthcare diagnosis market, by diagnostic tools, is segmented into medical imaging tools, automated detection systems, and others. From those mentioned above, the medical imaging tool segment dominated the market in 2019 with the largest revenue share and is speculated to register the highest CAGR during the forecast period. Medical imaging tools include Magnetic Resonance Imaging, Computed Tomography (C.T.), medical ultrasonography or ultrasound, X-ray radiography, and nuclear medicine functional imaging techniques like Positron Emission Tomography (PET). The variety of tools falling in this category and their rising demand has propelled the segmental growth.
Global Artificial Intelligence in Healthcare Diagnosis Market, by Diagnostic Tool – 2019 and 2027
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By Application
Wide Applications of Manual Beds Spur the Segmental Growth
According to the application, artificial intelligence in healthcare diagnosis market is split into eye care, oncology, radiology, cardiovascular, and others. In 2019, the oncology segment occupied the largest market share. The segment is likely to grow rapidly during the forecast period. Cancer is the biggest health issue our world faces. The assistance of artificial intelligence has given a boost to tumor diagnosis process. Early detection is known to improve the survival chances of patients exponentially in this case. Cancer research is the top priority due to its rising prevelance, and artificial intelligence applications in the sector have boosted the growth of artificial intelligence in healthcare diagnosis in cancer segment.
Regional Insights
Geographically, the global artificial intelligence in healthcare diagnosis market comprises North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South & Central America (SCAM).
North America reigned the artificial intelligence in healthcare diagnosis market in 2019 with the most significant business share and occupancy. The U.S. holds the most prominent market share, followed by Canada. The market's growth in the U.S. is driven by factors such as a demand to reduce healthcare expenses, the growing importance of big data in healthcare, and rising capital investment. Similarly, in Canada, increasing government initiatives to implement A.I. based technologies are contributing to market growth.
Asia Pacific's artificial intelligence in healthcare diagnosis market is predicted to expand with the highest CAGR in the upcoming years due to the large population of countries such as China and India falling in this region. The rise in geriatric population and increasing prevalence of chronic medical conditions motivate these developing countries to increase their focus on healthcare systems. Pertaining to the shortage of healthcare professionals, they are adopting the use of Artificial intelligence aggressively, contributing to the growth of artificial intelligence in healthcare diagnosis market.
Lucrative Regional Markets for Artificial Intelligence in Healthcare Diagnosis
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Key Market Players
- General Electric Company. (U.S.)
- Koninklijke Philips N.V. (Netherland)
- Aidoc (Israel)
- Arterys Inc. (U.S.)
- Icometrix (Belgium)
- Siemens Healthcare Private Limited (Germany)
- MaxQ AI Ltd. (Israel)
- Caption Health, Inc.(U.S.)
- IDx Technologies Inc.(U.S.)
- Zebra Medical Vision, Inc. (Israel)
Key Developments:
May 2020:
Aidoc received approval from the U.S. Food and Drug Administration for using the company's algorithms for "adjunctive" detection of findings associated with COVID-19. This solution is among the models supporting traditional COVID-19 diagnostic tests, such as serological tests, nasopharyngeal swabs, and others.
September 2019:
G.E. Healthcare received 510(k) clearance from the U.S. Food and Drug Administration for its 'Critical Care Suite.' It is an industry-first collection of artificial intelligence (A.I.) algorithms embedded on a mobile X-ray device.February 2019:
Affidea and icometrix entered into a strategic partnership with an aim to standardize and develop the necessary care for patients with neurological disorders in Europe.October 2019:
Arterys Inc. launched the Cardio A.I. solution, combining deep learning and cloud computing to automate the analysis of cardiac M.R. images.
Report Coverage
The global artificial intelligence in healthcare diagnosis market research report provides detailed insights into the size, share, trends, and forecasts. It delivers crisp and precise know-how about drivers, restraints, opportunities, segments, and industrial landscape. The global and regional market insights deliver present and future industrial scenarios to determine investment decisions. A list of key market players with their respective developments in recent years has been reserved as a special mention.
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
Frequently Asked Questions
Artificial intelligence (AI) uses algorithms and software to perform certain tasks without human intervention and instructions. Artificial intelligence comprises integration of several technologies such as machine learning, natural language processing, reasoning, and perception. Artificial intelligence is used in healthcare for approximation of human cognition and analysis of complex medical and diagnostic imaging data. The artificial intelligence in the healthcare diagnosis market is driven by the ability of AI to improve patient outcomes, need to increase coordination between healthcare workforce & patients.
The global artificial intelligence in healthcare diagnosis market is being driven by factors such as rising adoption of artificial intelligence (AI) in disease identification and diagnosis, increasing investment in AI healthcare startups. Furthermore, increasing potential in emerging economies is likely to offer significant opportunities for the growth of the global artificial intelligence in healthcare diagnosis market.
The lack of skilled ai workforce and ambiguous regulatory guidelines for medical software is the significant factor that will hinder the artificial intelligence in healthcare diagnosis market growth.
The List of Companies - Artificial Intelligence in Healthcare Diagnosis Market
- General Electric Company
- Aidoc
- Arterys Inc.
- Icometrix
- IDx Technologies Inc
- MaxQ AI Ltd.
- Caption Health, Inc.
- Zebra Medical Vision Inc.
- Siemens Healthineers AG
- Koninklijke Philips N.V
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The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
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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.
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