Artificial intelligence (AI) in Medical Diagnostics Market: Current Analysis and Forecast (2021-2027)

Artificial intelligence (AI) in Medical Diagnostics Market: Current Analysis and Forecast (2021-2027)

Global Artificial intelligence (AI) in Medical Diagnostics Market is anticipated to grow with an elevated CAGR of around 28% over the forecast period (2021-2027). Artificial intelligence (AI) uses computer programs that analyze very large amounts of information to learn how to help make decisions or predictions. AI has revolutionized the healthcare sector due to its faster and more accurate decision-making.

The rising prevalence of chronic diseases and the number of hospitalizations has forced medical institutions to develop and introduce advanced diagnostic facilities. Furthermore, the rapidly rising geriatric population and increasing age-related diseases among them contribute to the market growth of AI in medical diagnostics for fast and accurate diagnosis. For instance, according to the United Nations, the 60+ aged population was 962 million in 2017 which is more than twice what it was in 1980 at 382 million. The number of elderly is expected to double again by 2050 and reach nearly 2.1 billion worldwide. Furthermore, the continuous development in medical visualization techniques is also responsible for the market growth of AI in medical diagnostics.

Siemens Healthineers, Zebra Medical Vision Inc., Riverain Technologies, Vuno Inc., Aidoc, Neural Analytics, Imagen Technologies, Digital Diagnostics, Inc., GE Healthcare, and AliveCor Inc., are some of the prominent players operating in the artificial intelligence (AI) in medical diagnostics market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with new varieties of artificial intelligence (AI) in medical diagnostics devices.

Insights Presented in the Report
"Amongst Component, Software segment holds the major share”

Based on component, the market is categorized into software and services. The software segment held a significant market in 2020 and it is anticipated to grow during the forecast period. The rapidly increasing number of cases of infectious diseases imposes a burn on the medical diagnostic facilities for testing which in turn increases the demand for software-based AIs for diagnosis and fast analysis of the results. For instance, as per the WHO, the global incidence of dengue has grown dramatically with about half of the world's population now at risk. It is estimated that 100-400 million infections occur each year.
"Amongst Application, In vivo segment holds the major share”

Based on application, the market is segmented into in vivo and in vitro. In vivo held a significant market share in 2020 and is anticipated to witness significant growth during the forecast period. This is mainly due to the increasing prevalence of chronic diseases and the rising maternity complication that contributes to the significant market growth of the in vivo segment in the AI-based diagnostic market. For instance, as per who, every day, 800 women die from complications of childbirth, and a pregnant woman from a developing country is 36 times more likely to suffer from pregnancy-related complications compared with a pregnant woman from a developed country.
"Amongst End-users, diagnostic laboratories & centers holds the major share”

Based on end-user, the market is segmented into hospitals, diagnostic laboratories & centers, and others. The diagnostic laboratories & centers are predicted to have considerable market growth during the forecast period. This is due to the specialization of the diagnostic centers in the visualization and diagnosis along with the presence of skilled staff. Furthermore, the integration of advanced technology such as AI-based equipment and electronic patient records attributes to the growth of diagnostic imaging centers in artificial intelligence (AI) in the medical diagnostics market. For instance, in India, Mahajan Imaging has launched an integrated center of excellence in diagnostics in Delhi to offer precision and personalized treatment to patients. The new center is equipped with an R&D department and an AI startup.
"North America represents one of the largest markets of Artificial intelligence (AI) in Medical Diagnostics market”

For a better understanding of the market dynamics of Artificial intelligence (AI) in Medical Diagnostics market, a detailed analysis was conducted for different regions across the globe including North America (U.S, Canada, and the Rest of North America), Europe (Germany, France, Spain, United Kingdom, Italy, and Rest of Europe), Asia-Pacific (China, India, Australia, Japan, and Rest of APAC), Rest of World has been conducted. In 2020, North America grabbed a significant market share of the global artificial intelligence (AI) in the medical diagnostics market in 2020. It is expected to grow with considerable CAGR during the forecast period (2021-2027F). The major factors such as favorable government initiatives, sophisticated healthcare infrastructure, the presence of a large geriatric population, and the rise in chronic disease incidences across the region are propelling the growth of this market. For instance, the number of Americans aged 60 and older increased by 34% from 55.7 million to 74.6 million between 2009 and 2019. Also, 133 million Americans i.e., 45% of the population have at least one chronic disease. In addition to this, Chronic diseases are responsible for seven out of every 10 deaths in the U.S., killing more than 1.7 million Americans every year.

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