Artificial Intelligence In Diagnostics Market 2020 and Forecast 2021-2027

  • TBI706698
  • November 05, 2020
  • Global
  • 135 pages
  • IFF Market Research
                                              

Report Overview: Artificial Intelligence In Diagnostics Market

The global artificial intelligence in diagnostics market size was valued at USD 277.0 million in 2020 and is projected to grow at a compound annual growth rate (CAGR) of 32.2% from 2021 to 2027. The growing shortage of public health workforce and increasing applications of Artificial Intelligence (AI) has been adopted mainly due to shifting to value-based care systems. In 2017, NHS deployed AI-based chatbots on a trial basis to reduce the pressure on the emergency triage process. The launch of this AI platform is expected to increase the growth of clinical diagnosis by scaling up healthcare services globally, leading to better patient safety, outcome analysis, and data collection. For instance, IBM’s Watson competes with human intelligence and has proven to have enormous potential in healthcare industry. This platform has managed to diagnose a woman suffering from leukemia. In 2016, Google entered into a partnership with the U.K.’s NHS to analyze medical images collected from patients for early cancer detection. Growing demand for reducing diagnostic costs, improving patient care, and reducing machine downtime is one of the factors accelerating the usage of artificial intelligence in diagnostics. In addition, growing demand for low-cost diagnostic techniques, effective and efficient report analysis, and quick diagnostic data generation are few other factors anticipated to drive the market for AI in diagnostics. Moreover, increasing strategic partnerships and collaborations among various AI solution providers and health facilities is another factor positively impacting market growth. For instance,  Boston based Partners HealthCare collaborated with FUJIFILM SonoSite, Inc. in August 2019 for applying artificial intelligence to portable ultrasound technology useful for point-of-care testing. Under this partnership, the Partners HealthCare’s clinical expertise, datasets, and IT infrastructure will be used with FUJIFILM’s portable ultrasound technology for developing AI-powered devices. These devices are used in emergency medical procedures resulting in reducing the time delay between trauma and diagnosis, thereby leading to rapid interventions and improved patient outcomes. Furthermore, advancements in AI and deep learning are expected to prove more efficient in identifying disease diagnosis over the next few years. Bayer in 2019 has recently been working with various tech companies’ hospitals, and researchers to design software that will help diagnose complex and rare disease conditions, thereby helping in development of new drugs to treat such diseases. The company has been working in partnership with researchers and hospitals to determine the better usage of machine learning in diagnosing a patient’s medical condition. Component Insights In terms of revenue, software emerged as the leading segment in market with a share of 43.9% in 2019. This high share is attributable to the development of AI-based software for diagnosis in healthcare. The increasing demand for AI-powered and cloud-based augmented diagnostic solutions that help in increasing the diagnostic precision while interpreting medical images of a patient is one of the key factors driving the segment. Moreover, the introduction of more advanced AI software in diagnostics involving a combination of multiple data sources such as MRI, CT, genomics and proteomics, and patient data that aids in successfully diagnosing disease and assessing its progression is also expected to drive the artificial intelligence in diagnostics market. However, the services segment is expected to emerge at a significant growth rate over the forecast period 2021-2027. System integration services, support and maintenance, training, and education are major part of the service segments of the market for AI in diagnostics. Rising demand for uninterrupted data flows between devices and people to boost security, efficiency of medical devices and enhance informed decision making in real-time are some of the factors expected to drive the segment. Moreover, increasing awareness regarding cloud-based technologies, remote device management services, and application programming interfaces among healthcare professionals are a few of the key factors responsible for the growth of the segment.

Diagnosis Type Insights: Artificial Intelligence In Diagnostics Market

In 2019, neurology held a market share of 25.0% whereas radiology is expected to be the fastest growing segment over the forecast period owing to the increasing development of AI-based software available for diagnostic imaging. The neurology accounts for largest number of regulatory approvals accounting for approximately 18.2% of the overall AI-based medical diagnostics platform. The AI diagnostics offer early detection and precise diagnosis of various neurological disorders including epilepsy, Alzheimers disease, Parkinsons disease, ischemic brain stroke, and multiple sclerosis. However, radiological imaging diagnosis plays an critical role in clinical patient management. Machine/deep learning with the Convolutional Neural Networks (CNNs) has recently been gaining huge attention owing to its high-end performance in image recognition. Chest and lung radiographs are the most used radiology imaging modalities accounting for a number of large datasets that are currently available to AI researchers, enabling them to precisely detect some of the clinical abnormalities such as pneumonia, pneumothorax, edema, and fibrosis. Thus, the radiology segment is anticipated to grow at a significant rate over the forecast period.

Regional Insights: Artificial Intelligence In Diagnostics Market

North America lead the market with a revenue share of 58.0% in 2019. This is attributable to growing adoption of healthcare IT solutions in medical diagnosis, presence of well-established healthcare sector, and high funding for development of AI-based diagnosis software. The U.S. leads the market for artificial intelligence in diagnostics in North America. This can be attributed to the increasing development and deployment of innovative and advanced medical diagnosis software and presence of a large number of players operating across segments, such as mobile and network operations, in the country. However, Asia Pacific is anticipated to be the most lucrative market growing at a significant growth rate during forecast period. Rising number of government initiatives to encourage healthcare providers and other healthcare organizations to adopt AI-based diagnostic technologies and increasing investments by nonprofit organizations and private companies to achieve better information exchange improved clinical outcomes, and cost reductions are some of the major factors expected to drive the growth of the market for AI in diagnostics in Asia Pacific during the forecast period. Moreover, high demand for e-diagnostic services in the healthcare sector as a result of increased government spending on healthcare is fueling market growth in Asia Pacific.

Key Companies & Market Share Insights: Artificial Intelligence In Diagnostics Market

Increasing collaborations and partnerships among industry participants, and various hospitals and research centers are the key strategies adopted by these players to gain a competitive edge. For instance, In April 2019, American College of Radiology and NVIDIA Corporation entered into a collaboration to increase the adoption of AI in diagnostic radiology among thousands of radiologists in the U.S. to be used in their own diagnostic facilities to meet their clinical needs. Some of the prominent players in the artificial intelligence in the diagnostics market include:

Key companies Profiled: Artificial Intelligence In Diagnostics Market Report

  • Aidoc
  • AliveCor
  • GE Healthcare
  • Imagen Technologies
  • Vuno Inc.
  • IDx Technologies Inc.
  • Siemens Healthcare GmbH
  • Neural Analytics
  • Riverain Technologies
  • Zebra Medical Vision
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the subsegments from 2015 to 2027. For the purpose of this study, Trusted Business Insights, Inc. has segmented the global artificial intelligence in diagnostics market report on the basis of component, diagnosis type, and region:

Component Outlook (Revenue, USD Million, 2015 - 2027)

  • Software
  • Hardware
  • Services

Diagnosis Type Outlook (Revenue, USD Million, 2015 - 2027)

  • Cardiology
  • Oncology
  • Pathology
  • Radiology
  • Chest and Lung
  • Neurology
  • Others

Table of Contents
Chapter 1 Methodology and Scope
  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(Statista, FactSet, Bloomberg, SDC Platinum):
          1.3.1.2 IFF internal database
      1.3.2 Primary Research:
  1.4 Research Scope and Assumptions
  1.5 List to Data SourcesChapter 2 Executive Summary
  2.1 Global Art
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