Artificial Intelligence in Diagnostics Market Size, Share & Trends Analysis Report By Component (Software, Hardware, Services), By Diagnosis Type (Cardiology, Radiology, Neurology)- Global Industry Analysis, Share, Growth, Regional Outlook and Forecasts, 2021-2027
The global Artificial Intelligence in Diagnostics market gathered revenue around USD 530.3 Million in 2020 and market is set to grow USD 5.1 Billion by the end of 2027 and is estimated to expand at a modest CAGR of 32.0% during the prediction period 2021 to 2027.
Rising number of AI-based diagnostic startups in healthcare sector along with increasing investments by venture capitalists for development of newer and innovative technologies which can provide effective and fast results with respect to diagnostic processes is supporting the market growth.
Based on component, the software segment dominated the market with a share of 44.3% in 2020. This high share is attributable to the rising demand for AI-powered software tools and cloud-based solutions for diagnostic purposes. In addition, technological advancements in artificial intelligence-based software by integration of multiple data points such as CT, MRI, and genomics for precise diagnosis and detection are further propelling the overall growth and adoption.
In 2020, based on diagnosis type, the neurology segment accounted for the highest revenue share in the market. The rising prevalence of neurological conditions and technological advances that would cater to the growing population with neurological problems are key factors bolstering segment growth. In addition, increasing investments by healthcare and technology players for the development of AI-powered diagnostic tools to cater to growing needs is further supporting the growth, thereby signifying higher revenue share.
North America dominated the market with a revenue share of 55.9% in 2020 owing to various factors including ongoing developments in the field of artificial intelligence and diagnostics, presence of key players, rising number of technological advancements, and established healthcare sector in the region. In addition, growing adoption and awareness with respect to AI-powered solutions for better diagnostic procedures and precise data consolidation and analysis in North America is further supporting the higher revenue share.
This research report purposes at stressing the most lucrative growth prospects. The aim of the research report is to provide an inclusive valuation of the Artificial Intelligence in Diagnostics market and it encompasses thoughtful visions, actualities, industry-validated market findings, historic data, and prognoses by means of appropriate set of assumptions and practice. Global Artificial Intelligence in Diagnostics market report aids in comprehending market structure and dynamics by recognizing and scrutinizing the market sectors and predicted the global market outlook.
|Market Size||USD 5.1 Billion by 2027|
|Growth Rate||CAGR of 32.0% From 2021 to 2027|
|Forecast Period||2021 to 2027|
|Historic Data||2017 to 2020|
|Report coverage||Growth Factors, Revenue Status, Competitive Landscape, and Future Trends|
|Segments Covered||Component, diagnosis typeAnd Region
|Regional Scope||North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA)|
|Companies Mentioned||Aidoc; AliveCor; GE Healthcare; ImagenTechnologies; Vuno Inc.; IDx Technologies Inc.; Siemens Healthcare GmbH; Neural Analytics; Riverain Technologies; Zebra Medical Vision.|
COVID-19 Impact Assessment on Market Landscape
The report comprises the scrutiny of COVID-19 lock-down impact on the income of market leaders, disrupters and followers. Since lock down was instigated differently in diverse regions and nations, influence of same is also dissimilar across various industry verticals. The research report offers present short-term and long-term influence on the market to assist market participants across value chain makers to formulate the framework for short term and long-lasting tactics for recovery and by region.
Artificial Intelligence in Diagnostics market Report empowers readers with all-inclusive market intelligence and offers a granular outline of the market they are operational in. Further this research study delivers exceptional combination of tangible perceptions and qualitative scrutiny to aid companies accomplishes sustainable growth. This report employs industry-leading research practices and tools to assemble all-inclusive market studies, intermingled with pertinent data. Additionally, this report also emphases on the competitive examination of crucial players by analyzing their product portfolio, pricing, gross margins, financial position, growth approaches, and regional occurrence.
In 2020, North America dominated the artificial intelligence in diagnostics market and accounted for the highest revenue share of 60.0%. The region is anticipated to grow at the fastest rate during the forecast period. The presence of an established healthcare sector, growing adoption of healthcare IT solutions in medical diagnosis, and lucrative funding options available for the development of AI-based diagnosis software are factors contributing to regional market growth. In addition, the U.S. is a leading market in North America in terms of revenue growth. Increasing deployment and development of technologically advanced and innovative diagnosis software for medical purposes, along with the presence of key players operating in the space are some of the major factors contributing to the growth of the market for artificial intelligence in diagnostics in the U.S.
Moreover, in Asia Pacific, the market for artificial intelligence in diagnostics is further anticipated to grow at a significant rate during the forecast period. This growth is owing to factors such as increasing government initiatives for encouraging healthcare providers and organizations to adopt artificial intelligence-based tools and technologies, coupled with rising investments by private companies and non-profit organizations in this space with an aim of achieving better information exchange, cost reductions, and improved clinical outcomes. In addition, the rising demand and adoption for digital tools in medical diagnosis is propelling the market growth in the region.
Foremost players in the market are attentive on adopting corporation strategies to enhance their market share. Some of the prominent tactics undertaken by leading market participants in order to sustain the fierce market completion include collaborations, acquisitions, substantial spending in R&D and the improvement of new-fangled products or reforms among others.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
- Company Overview
- Company Market Share/Positioning Analysis
- Product Offerings
- Financial Performance
- Recent Initiatives
- Key Strategies Adopted by Players
- Vendor Landscape
- List of Suppliers
- List of Buyers
Some of the prominent players in the Artificial Intelligence in Diagnostics Market include: Aidoc; AliveCor; GE Healthcare; ImagenTechnologies; Vuno Inc.; IDx Technologies Inc.; Siemens Healthcare GmbH; Neural Analytics; Riverain Technologies; Zebra Medical Vision.
Segments Covered in the Report
This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects. Further, this research study investigates market size, production, consumption and its development trends at global, regional, and country level for the period of 2017 to 2027 and covers subsequent region in its scope:
- By Component
- By Diagnosis Type
- Chest and Lung
- United Kingdom
- Rest of Europe
- Southeast Asia
- Rest of Asia Pacific
- Rest of Latin America
Middle East & Africa (MEA)
- North Africa
- South Africa
- Rest of Middle East & Africa
Highlights of the Report:
- Market Penetration: Comprehensive information on the product portfolios of the top players in the market.
- Product Development/Innovation: Detailed insights on the upcoming technologies, R&D activities, and product launches in the market
- Competitive Assessment: In-depth assessment of the market strategies, geographic and business segments of the leading players in the market
- Market Development: Comprehensive information about emerging markets. This report analyzes the market for various segments across geographies
- Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the market
In the study, a unique research methodology is utilized to conduct extensive research on the growth of the Artificial Intelligence in Diagnostics market, and reach conclusions on the future growth parameters of the market. This research methodology is a combination of primary and secondary research, which helps analysts ensure the accuracy and reliability of the conclusions.
Secondary resources referred to by analysts during the production of the Artificial Intelligence in Diagnostics market study are as follows - statistics from government organizations, trade journals, white papers, and internal and external proprietary databases. Analysts have also interviewed senior managers, product portfolio managers, CEOs, VPs, marketing/product managers, and market intelligence managers, all of whom have contributed to the development of this report as a primary resource.
Comprehensive information acquired from primary and secondary resources acts as a validation from companies in the market, and makes the projections on the growth prospects of the Artificial Intelligence in Diagnostics markets more accurate and reliable.
It involves company databases such as Hoover's: This assists us recognize financial information, structure of the market participants and industry competitive landscape.
The secondary research sources referred in the process are as follows:
- Governmental bodies, and organizations creating economic policies
- National and international social welfare institutions
- Company websites, financial reports and SEC filings, broker and investor reports
- Related patent and regulatory databases
- Statistical databases and market reports
- Corporate Presentations, news, press release, and specification sheet of Manufacturers
Primary research includes face-to face interviews, online surveys, and telephonic interviews.
- Means of primary research: Email interactions, telephonic discussions and Questionnaire based research etc.
- In order to validate our research findings and analysis we conduct primary interviews of key industry participants. Insights from primary respondents help in validating the secondary research findings. It also develops Research Team’s expertise and market understanding.
Industry participants involved in this research study include:
- CEOs, VPs, market intelligence managers
- Procuring and national sales managers technical personnel, distributors and resellers
- Research analysts and key opinion leaders from various domains
Key Points Covered in Artificial Intelligence in Diagnostics Market Study:
- Growth of Artificial Intelligence in Diagnostics in 2021
- Market Estimates and Forecasts (2017-2027)
- Brand Share and Market Share Analysis
- Key Drivers and Restraints Shaping Market Growth
- Segment-wise, Country-wise, and Region-wise Analysis
- Competition Mapping and Benchmarking
- Recommendation on Key Winning Strategies
- COVID-19 Impact on Demand for Artificial Intelligence in Diagnostics and How to Navigate
- Key Product Innovations and Regulatory Climate
- Artificial Intelligence in Diagnostics Consumption Analysis
- Artificial Intelligence in Diagnostics Production Analysis
- Artificial Intelligence in Diagnostics and Management