Artificial Intelligence in Healthcare Diagnosis Market Outlook and Strategic Insights by 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

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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 Regional Insights

The regional trends and factors influencing the Artificial Intelligence in Healthcare Diagnosis Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Artificial Intelligence in Healthcare Diagnosis Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Artificial Intelligence in Healthcare Diagnosis Market Report Scope

Artificial Intelligence in Healthcare Diagnosis Market Players Density: Understanding Its Impact on Business Dynamics

The Artificial Intelligence in Healthcare Diagnosis Market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.

Major Companies operating in the Artificial Intelligence in Healthcare Diagnosis Market are:

1. Microsoft,
2. Koninklijke Philips N.V.,
3. Intel Corporation,
4. General Electric Company,
5. Alphabet Inc.,
6. NVIDIA CORPORATION,

Disclaimer: The companies listed above are not ranked in any particular order.

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