Artificial Intelligence In Diagnostics Market Size, Share & Trends Analysis Report By Component (Software, Services), By Diagnosis Type (Neurology, Radiology, Oncology), By Region (Europe, APAC)- Global Industry Analysis, Share, Growth, Regional Outlook and Forecasts, 2023-2032

The global artificial intelligence in diagnostics market size was exhibited at USD 712.47 million in 2022 and is projected to hit around USD 5880.81 million by 2032, growing at a CAGR of 23.5% during the forecast period 2023 to 2032.

artificial intelligence in diagnostics market

Key Pointers:

  • The software component segment dominated the market and accounted for the largest revenue share of more than 45%. 
  • The neurology diagnosis segment led the market accounting for the largest revenue share of more than 25% owing to the growing incidence of neurological disorders. 
  • North America dominated the global AI in diagnostics market and accounted for the largest revenue share of more than 57.5%. 

The healthcare industry is rapidly integrating artificial intelligence (AI)-powered solutions in various verticals to achieve higher operational & clinical outcomes, which is a key contributing factor to the growth. Overburdened healthcare systems struggling with the rapidly rising global prevalence of chronic diseases are driving the demand for automated, innovative processes. Furthermore, the shortage of care providers is contributing to the growing demand for AI-powered systems. For instance, the WHO estimates in 2019 recorded the shortage of care providers to be approximately 4.3 million across the globe.

The growing demand for integrating AI-enabled algorithms in diagnostics to provide precise and accurate diagnosis at the earliest, which enhances clinical and operational outcomes, is driving the growth of this market. The rapidly growing cases of acute & chronic disorders across the globe are driving the demand for AI-based solutions since most of these ailments could be either prevented or delayed if diagnosed early and given appropriate treatments. The shortage of healthcare personnel is also supporting the product demand.

The emergence of startups, increasing funding opportunities, and growing public-private partnerships are also boosting market growth. Furthermore, medical technology is witnessing significant transitions & transformations and is rapidly adopting advanced AI-powered solutions to provide precise diagnosis, which enables care providers to design adequate treatment plans. Radiology and pathology are widely implementing AI-based algorithms & solutions and have provided proven results. In radiology, these solutions use information collected from multiple modalities to create image datasets to run data analysis, which could be used by the radiologist in delivering an accurate and timely diagnosis. Similarly, in pathology, these solutions could be integrated to run data analysis and provide accurate results.

The growing burden of chronic conditions across the global population is also driving the demand for AI-based diagnostic solutions. The key participants in AI in diagnostics market are focusing on the development of new, innovative products and the expansion of their business offerings to gain a competitive edge over others. In addition, many startups specializing in the development of advanced AI-based technologies are receiving favorable support and funding opportunities. This will also have a positive impact on the overall market growth. For instance, in September 2018, IDx received funding of USD 33 million from Optum Ventures and 8VC and the company will use this funding for the development of innovative AI-based solutions.

On the basis of geographies, the market has been divided into Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. In 2022, North America dominated the global AI in diagnostics market and accounted for the largest revenue share of more than 57.5%. This growth was credited to the presence of well-established healthcare IT infrastructure, constant technological advancements, increasing digital literacy, the emergence of startups, favorable government initiatives, rising funding options, and presence of key players in the region. On the other hand, Asia Pacific is anticipated to be the fastest-growing regional market over the forecast years.

This growth can be attributed to a rise in the number of public and private initiatives promoting the adoption of AI-based diagnostic solutions. In addition, the emergence of startups along with the growing recognition and funding is boosting the regional market growth. Moreover, the availability of private funding and startup incubators is shaping regional market development. The growing geriatric population base coupled with the rising prevalence of acute & chronic diseases in the region is also expected to augment the market growth.

Artificial Intelligence in diagnostics Market Segmentation

By Component  By Diagnosis type

Software

Hardware

Services

Cardiology

Oncology

Pathology

Radiology

Chest and Lung

Neurology

Others

 

Artificial Intelligence in diagnostics Market Key Players And Regions

Companies Profiled Regions Covered

Siemens Healthineers

Zebra Medical Vision, Inc.

Riverain Technologies

Vuno, Inc.

Aidoc

Neural Analytics

Imagen Technologies

Digital Diagnostics, Inc.

GE Healthcare

AliveCor Inc.

North America

Europe

Asia-Pacific

Latin America

Middle East & Africa (MEA)

 

 

Frequently Asked Questions

The global artificial intelligence in diagnostics market size was exhibited at USD 712.47 million in 2022 and is projected to hit around USD 5880.81 million by 2032

North America dominated the AI in diagnostics market with a share of 57.9% in 2022. This is attributable to the growing adoption of healthcare IT solutions in medical diagnosis, the presence of a well-established healthcare sector, and high funding for the development of AI-based diagnosis software in the region.

Some key players operating in the AI in diagnostics market include Aidoc;, AliveCor; GE Healthcare; Imagen Technologies; Vuno Inc.; IDx Technologies Inc.; Siemens Healthcare GmbH; Neural Analytics; Riverain Technologies; and Zebra Medical Vision.

Key factors that are driving the AI in diagnostics market growth include growing demand for reducing diagnostic cost, improving patient care, reducing machine downtime coupled with growing demand for low-cost diagnostic techniques, effective & efficient report analysis, and quick diagnostic data generation.

Chapter 1. Introduction

                 1.1 Market Segmentation and Scope

                 1.2 Market Definition

                 1.3 Research Methodology

                       1.3.1 Information Procurement

                            1.3.1.1 Purchased database:

                            1.3.1.2 nova one advisor’s internal database

                       1.3.2 Primary Research:

                 1.4 Research Scope and Assumptions

                 1.5 Research Methodology

                 1.6 List of Secondary Sources

                 1.7 List of Primary Sources

Chapter 2 Executive Summary

                 2.1 Market Outlook

                 2.2 Segment Outlook

                 2.3 Competitive Insights

                 2.4 Artificial Intelligence (AI) in Diagnostics Market Snapshot

Chapter 3 Artificial Intelligence (AI) in Diagnostics Market Variables, Trends & Scope

                 3.1 Market Lineage Outlook

                       3.1.1 Parent market outlook

                            3.1.1.1 AI in Healthcare Market

                       3.1.2 Related/ancillary market outlook

                            3.1.2.1 Artificial Intelligence In Medical Imaging Market

                 3.2 Penetration and Growth Prospect Mapping

                 3.3 User Perspective Analysis

                       3.3.1 Consumer behavior analysis

                       3.3.2 Market influencer analysis

                 3.4 Artificial Intelligence (AI) in Diagnostics Market Dynamics

                       3.4.1 Market Driver Analysis

                            3.4.1.1 Early detection and classification of diseases

                            3.4.1.2 Access to smart electronic medical records

                            3.4.1.3 Increasing use of AI in chronic disease management

                            3.4.1.4 Increasing number of startups, collaborations, and venture capitalist funding

                       3.4.2 Market Restraint Analysis

                            3.4.2.1 Highly regulated industry

                            3.4.2.2 Procurement costs and maintenance

                 3.5 Artificial Intelligence in Diagnostics Market Analysis Tools

                       3.5.1 Industry Analysis - Porter’s

                            3.5.1.1 Bargaining power of suppliers -Moderate

                            3.5.1.2 Bargaining power of the buyers - Low

                            3.5.1.3 Threat of substitution - Low

                            3.5.1.4 Threats of new entrants -Moderate

                            3.5.1.5 Competitive rivalry - High

                       3.5.2 PESTEL Analysis

                            3.5.2.1 Political And Legal Landscape

                            3.5.2.2 Economic and social Landscape

                            3.5.2.3 Environment and Technology Landscape

                 3.6 Major Deals & Strategic Alliances Analysis

                       3.6.1 Product Launches

                       3.6.2 Mergers & Acquisitions:

                       3.6.3 Partnerships and Collaborations

                       3.6.4 Geographical expansion and other investments

Chapter 4 Global Artificial Intelligence (AI) in Diagnostics Market: Competitive Analysis

                 4.1 Recent Developments & Impact Analysis, by Key Market Participants

                       4.1.1 Vuno Inc. and CHC Healthcare Group

                       4.1.2 Aidoc partnered with Imbio

                       4.1.3 Alivecor Inc. launched Kardia AI V2

                       4.1.4 Digital Diagnostics acquired 3Derm Systems

                       4.1.5 Aidoc raised USD 20.0 Million in Series B funding

                       4.1.6 Retina AI raised USD 5.2 Million in Series A funding

                       4.1.7 Canon Medical Systems USA partnered with Zebra Medical Vision

                       4.1.8 Vuno Inc. and M3

                       4.1.9 Healthy io acquired inui Health

                       4.1.10 Milliman Inc. acquired healthIO

                       4.1.11 GE Healthcare launched Thoracic Care Suite

                       4.1.12 Arterys raised USD 28.0 Million in Series C funding

                       4.1.13 AliveCor Inc. partnered with OMRON Healthcare

                       4.1.14 Riverain Technologies partnered with Lucid Health

                       4.1.15 Qure.ai raised USD 16.0 Million by Sequoia India

                       4.1.16 Cardiologs raised USD 15.0 Million in Series A funding

                       4.1.17 AiCure raised USD 24.5 Million in Series C funding

                       4.1.18 PathAI raised USD 75.0 Million in Series B funding round

                       4.1.19 Qlarity Imaging acquired QuantX

                       4.1.20 Merck acquired ConnectMed

                       4.1.21 Circle Cardiovascular Imaging acquired Corstem

                       4.1.22 KRY acquired Hello Shim

                       4.1.23 Deep Lens raised USD 14.0 Million in Series A funding

                       4.1.24 Niramai raised USD 6 Million in Series A funding

                       4.1.25 Maverick Medical Ai raised USD 0.7 Million

                       4.1.26 GE Healthcare partnered with Roche

                 4.2 Company/Competition Categorization (Key Innovators, Market Leaders, & Emerging Players)

                 4.3 Vendor Landscape

                       4.3.1 Public Companies

                            4.3.1.1 Company Market Position Analysis

                            4.3.1.2 Company Market Ranking, By Region

                       4.3.2 Private companies

                            4.3.2.1 Regional network map

                            4.3.2.2 Company Market Position Analysis

Chapter 5 Artificial Intelligence (AI) in Diagnostics Market: Component Estimates & Trend Analysis

                 5.1 Segment Dashboard

                 5.2 Market: Component Analysis, USD Million, 2023 & 2032

                       5.2.1 Software

                            5.2.1.1 Market estimates and forecasts, 2018 - 2032 

                       5.2.2 Hardware

                            5.2.2.1 Market estimates and forecasts, 2018 - 2032 

                       5.2.3 Services

                            5.2.3.1 Market estimates and forecasts, 2018 - 2032 

Chapter 6 Artificial Intelligence (AI) in Diagnostics Market: Diagnosis Type Estimates & Trend Analysis

                 6.1 Segment Dashboard

                 6.2 Artificial Intelligence (AI) in Diagnostics Market: Diagnosis Type Analysis, USD Million, 2023 & 2032

                       6.2.1 Cardiology

                            6.2.1.1 Cardiology estimates and forecasts, 2018 - 2032 

                       6.2.2 Oncology

                            6.2.2.1 Oncology market estimates and forecasts, 2018 - 2032 

                       6.2.3 Pathology

                            6.2.3.1 Pathology market estimates and forecasts, 2018 - 2032 

                       6.2.4 Radiology

                            6.2.4.1 Radiology market estimates and forecasts, 2018 - 2032 

                       6.2.5 Chest and Lung

                            6.2.5.1 Chest and Lung market estimates and forecasts, 2018 - 2032 

                       6.2.6 Neurology

                            6.2.6.1 Neurology market estimates and forecasts, 2018 - 2032 

                       6.2.7 Others

                            6.2.7.1 Others market estimates and forecasts, 2018 - 2032 

Chapter 7 Artificial Intelligence (AI) in Diagnostics Market: Regional Estimates & Trend Analysis: By Component, and Diagnosis Type

                 7.1 Regional Market Snapshot

                 7.2 Market Movement Analysis, By Region, 2023 & 2032, USD Million

                 7.3 North America

                       7.3.1 Market estimates and forecasts, 2018 - 2032 

                       7.3.2 U.S.

                            7.3.2.1 Market estimates and forecasts, 2018 - 2032 

                       7.3.3 Canada

                            7.3.3.1 Market estimates and forecasts, 2018 - 2032 

                 7.4 Europe

                       7.4.1 Market estimates and forecasts, 2018 - 2032 

                       7.4.2 Germany

                            7.4.2.1 Market estimates and forecasts, 2018 - 2032 

                       7.4.3 U.K.

                            7.4.3.1 Market estimates and forecasts, 2018 - 2032 

                       7.4.4 France

                            7.4.4.1 Market estimates and forecasts, 2018 - 2032 

                       7.4.5 Italy

                            7.4.5.1 Market estimates and forecasts, 2018 - 2032 

                       7.4.6 Spain

                            7.4.6.1 Market estimates and forecasts, 2018 - 2032 

                       7.4.7 Russia

                            7.4.7.1 Market estimates and forecasts, 2018 - 2032 

                 7.5 APAC

                       7.5.1 Market estimates and forecasts, 2018 - 2032 

                       7.5.2 China

                            7.5.2.1 Market estimates and forecasts, 2018 - 2032 

                       7.5.3 India

                            7.5.3.1 Market estimates and forecasts, 2018 - 2032 

                       7.5.4 Japan

                            7.5.4.1 Market estimates and forecasts, 2018 - 2032 

                       7.5.5 Australia

                            7.5.5.1 Market estimates and forecasts, 2018 - 2032 

                       7.5.6 Singapore

                            7.5.6.1 Market estimates and forecasts, 2018 - 2032 

                       7.5.7 South Korea

                            7.5.7.1 Market estimates and forecasts, 2018 - 2032 

                 7.6 Latin America

                       7.6.1 Market estimates and forecasts, 2018 - 2032 

                       7.6.2 Brazil

                            7.6.2.1 Market estimates and forecasts, 2018 - 2032 

                       7.6.3 Mexico

                            7.6.3.1 Market estimates and forecasts, 2018 - 2032 

                       7.6.4 Argentina

                            7.6.4.1 Market estimates and forecasts, 2018 - 2032 

                 7.7 MEA

                       7.7.1 Market estimates and forecasts, 2018 - 2032 

                       7.7.2 South Africa

                            7.7.2.1 Market estimates and forecasts, 2018 - 2032 

                       7.7.3 Saudi Arabia

                            7.7.3.1 Market estimates and forecasts, 2018 - 2032 

                       7.7.4 UAE

                            7.7.4.1 MarkeT estimates and forecasts, 2018 - 2032 

Chapter 8 Competitive Landscape

                 8.1 Company Profiles

                       8.1.1 Aidoc

                            8.1.1.1 Company overview

                            8.1.1.2 Financial performance

                            8.1.1.3 Product benchmarking

                            8.1.1.4 Strategic initiatives

                       8.1.2 Alivecor, Inc.

                            8.1.2.1 Company overview

                            8.1.2.2 Financial performance

                            8.1.2.3 Product benchmarking

                            8.1.2.4 Strategic initiatives

                       8.1.3 Vuno, Inc.

                            8.1.3.1 Company overview

                            8.1.3.2 Financial performance

                            8.1.3.3 Product benchmarking

                            8.1.3.4 Strategic initiatives

                       8.1.4 Digital diagnostics, inc. (formerly known as idx technologies, INc.)

                            8.1.4.1 Company overview

                            8.1.4.2 Financial performance

                            8.1.4.3 Product benchmarking

                            8.1.4.4 Strategic initiatives

                       8.1.5 Siemens Healthineers

                            8.1.5.1 Company overview

                            8.1.5.2 Financial performance

                            8.1.5.3 Product benchmarking

                            8.1.5.4 Strategic initiatives

                       8.1.6 NEURAL ANALYTICS (NOVASIGNAL Corporation)

                            8.1.6.1 Company overview

                            8.1.6.2 Financial performance

                            8.1.6.3 Product benchmarking

                            8.1.6.4 Strategic initiatives

                       8.1.7 RIVERAIN TECHNOLOGIES

                            8.1.7.1 Company overview

                            8.1.7.2 Financial performance

                            8.1.7.3 Product benchmarking

                            8.1.7.4 Strategic initiatives

                       8.1.8 ZEBRA MEDICAL VISION, Inc.

                            8.1.8.1 Company overview

                            8.1.8.2 Financial performance

                            8.1.8.3 Product benchmarking

                            8.1.8.4 Strategic initiatives

                       8.1.9 GE Healthcare

                            8.1.9.1 Company overview

                            8.1.9.2 Financial performance

                            8.1.9.3 Product benchmarking

                            8.1.9.4 Strategic initiatives

                       8.1.10 Imagen technologies

                            8.1.10.1 Company overview

                            8.1.10.2 Financial performance

                            8.1.10.3 Product benchmarking

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