Global Artificial Intelligence Diagnostic Market Size, By Solution, By Technology, By Application, By End User, By Region, Trend Analysis, Market Competition Scenario & Outlook, 2020-2026.
Global Artificial Intelligence Diagnostic Market Size, By Solution (Hardware and Software & Services), By Technology (Speech Recognition, Querying Method, Natural Language Processing, Machine Learning, and Context-Aware Processing), By Application (Imaging & Diagnostics, Drug Discovery, Lifestyle Management & Monitoring, Emergency Room & Hospital Management, Insights & Risk Analytics, Wearables, Virtual Assistants, and Others), By End User (Hospitals, Pharmaceutical Organizations, Diagnostic Centers, and Clinics), By Region (North America, Europe, Asia Pacific, South America, and the Middle East & Africa), Trend Analysis, Market Competition Scenario & Outlook, 2020-2026..
According to BlueWeave Consulting, the Global Artificial Intelligence Diagnostic Market is anticipated to reach USD 2043.91 million by 2027 from USD 288.1 million in 2019, at a CAGR of 32.3% during the forecast period 2020-2027. Growing requirement for reducing diagnostic costs and machine down time and improving patient care, drive the acceptance and application of artificial intelligence in healthcare diagnostics. Besides, growing requests for low-cost diagnostic methods, actual and competent report testing and quick diagnostic data generation are some of the other factors propel the market for AI in diagnostics.
Artificial intelligence (AI) is used in healthcare to approximate human perception and derive findings of complicated medical and diagnostic imaging data. It plays a critical role in determining the relationship between treatment techniques and patient outcomes in healthcare. AI programs are deployed in multiple medical implications such as diagnostic procedures, drug growth, personalized medicines, and patient testing care. AI cloud is useful in clinical procedures to check the vital signs, probing questions, and giving patients prescriptions. AI systems can also be used for warnings and reminders, image interpretation, information retrieval, and treatment plan during medical procedures.
Deep learning technology of AI is used extensively for image acknowledgement, signal recognition, and data removal. AI can discern more useful patterns than human eyes. It paves the way for the emergence of a new age medical diagnostic devices proficient in surpassing diagnosis skills of the best doctors. As neural networks in artificial intelligence can imagine, a significant number of patients can avail the advantage of its proficiency. Moreover, increasing strategic partnerships and collaborations among numerous AI solution providers and health facilities positively influences market development.
Software segment in the AI healthcare market is expected to witness the highest CAGR during the forecast period. Many companies are engaged in developing new software solutions for various emerging healthcare applications; this is a critical factor adding to the development of the software segment. The growing acceptance of AI-driven healthcare informatics solutions and healthcare operational support by hospitals and other healthcare service providers is projected to grow the demand for AI diagnostics in the latter part of the projection period.
Medical imaging & diagnostics section dominates the AI healthcare market and is anticipated to grow at the highest CAGR during the forecast period. The substantial development of the medical imaging and diagnostics segment is attributed to the factors such as the existence of a large volume of imaging data, high ROI offered by AI systems to radiologists in analysis and cure management, and the influx of a large number of startups in this section.
Growing strategic partnerships and collaborations between numerous AI solution providers and healthcare facilities help in taking forward leaps and in progressing exponentially. The alliances improve operational and diagnostic efficiencies, benefitting patients. For example, Boston based Partners HealthCare collaborated with FUJIFILM SonoSite, Inc. in August 2019 for deploying AI in transferrable ultrasound technology, valuable for point-of-care testing. Under this partnership, FUJIFILM uses the clinical expertise, datasets, and IT setup of Partners HealthCare with its portable ultrasound technology for developing AI-powered ultrasound devices. Such devices are extensively and aptly used in emergency medical procedures, reducing the time-delay between trauma and diagnosis, making fast interferences and improved patient recovery.
The major factors accelerating the development of the Global Artificial Intelligence (AI) market include the rise in the acceptance of cloud-based applications and services and the growth of big data applications across the globe. The elaborated integration of image acknowledgement technology with optical character recognition, pattern matching, and face recognition in various end-use applications such as drones, self-driving cars, and robotics will push the development of the artificial intelligence market during the forthcoming period. Such developments increase the potential of AI applications in healthcare.
The Asia Pacific is expected to be the most profitable market growing at an unprecedented rate during the forecast period. Governments in this region, have allocated substantial outlay for the healthcare sector and have taken initiatives for the adoption of AI-based diagnostic technologies by healthcare practitioners and other healthcare organizations. AI applications lead to increased savings to healthcare entities, better information exchange and improved clinical outcomes.
China allocates massive outlay for the healthcare sector of the country with special plans for AI adoption, among APAC countries and has delineated official layouts to digitize medical records. Japan is likely to emerge as the second-largest market share during the prediction period. These factors, combined with cost-efficiencies, are anticipated to drive the development of the market for AI in diagnostics in the Asia Pacific during the upcoming period.
The leading companies in this market are IBM Corporation, Google, Inc., NVIDIA Corporation, Microsoft Corporation, iCarbonX, Next IT Corp., CloudMex Inc., Carescore, Atomwise Inc., Zephyr Health Inc., Deep Genomics Inc., Medtronic Plc., Koninkiljke Philips N.V., and Oncora Medical, Inc. and others.