Global Artificial Intelligence in Diagnostics Market is valued approximately at USD 288 million in 2019 and is anticipated to grow with a healthy growth rate of more than 32.3% over the forecast period 2020-2027. The implementation of artificial intelligence (AI) technology in medical diagnostics devices and systems has changed the way of treating and diagnosing patients in healthcare industry. Artificial intelligence is predominantly utilized in healthcare facilities to scrutinize the correlation between treatment procedures and patient outcomes. Following the successful deployment and result, AI technology could potentially be utilized in a wide range of medical practices, including medical imaging, drug development, personalized medicines, and patient monitoring care.
Also, the implementation of AI technology and machine learning in diagnostics could lead to improve diagnosis accuracy and reduce cost by improving patient safety, which may strengthen the market growth across the globe. Moreover, the rise in investment or spending on healthcare AI, growing awareness on patient care and safety, and increasing collaboration among AI solution provider and healthcare facilities are the few factors responsible for the CAGR of the market during the forecast period. According to the study of the Center for Internet & Society (CIS) in 2017, the digital healthcare companies raised USD 5.5 billion for AI in the Indian healthcare industry. Also, it is anticipated that AI could possibly add approximately USD 952 billion to the Indian economy by the year 2035 and also spending in AI in the Indian healthcare industry seems to be expanding over the forecast period.
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This, in turn, is likely to strengthen the adoption for artificial intelligence in diagnostics, thereby contributing to the market growth around the world. However, the high cost for implementation of AI technologies coupled with rise in security concerns are the few major factors restraining the market growth over the forecast period of 2020-2027.
The regional analysis of the global Artificial Intelligence in Diagnostics market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America, and Rest of the World. North America is the leading/significant region across the world in terms of market share owing to the rising adoption of healthcare IT solutions in medical diagnosis, along with the presence of significant number of market vendors in the region. Whereas Asia-Pacific is anticipated to exhibit the highest growth rate / CAGR over the forecast period 2020-2027. Factors such as the rising government initiatives for implementing healthcare AI solution coupled with improving healthcare infrastructure across developing nations, such as China and India, are the few factors creating a lucrative opportunity for the growth of the Artificial Intelligence in Diagnostics market in the Asia-Pacific region.
Major market player included in this report are:
Imagen Technologies, Inc.
IDx Technologies Inc.
Neural Analytics, Inc.
Siemens Healthineers AG
Zebra Medical Vision
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players.