Artificial Intelligence In Diagnostics Market: Software Component Segment Dominated And Accounted For The Largest Revenue Share

 Artificial Intelligence In Diagnostics Industry Overview

The global artificial intelligence in diagnostics market size is expected to reach USD 5.4 billion by 2030, registering a CAGR of 24.60% over the forecast period, according to a new report by Grand View Research, Inc. The growing demand for integrating AI-enabled algorithms in diagnostics to provide precise and accurate diagnosis at the earliest, which enhances clinical and operational outcomes, is driving the growth of this market. The rapidly growing cases of acute & chronic disorders across the globe are driving the demand for AI-based solutions since most of these ailments could be either prevented or delayed if diagnosed early and given appropriate treatments. The shortage of healthcare personnel is also supporting the product demand.

The emergence of startups, increasing funding opportunities, and growing public-private partnerships are also boosting market growth. Furthermore, medical technology is witnessing significant transitions & transformations and is rapidly adopting advanced AI-powered solutions to provide precise diagnosis, which enables care providers to design adequate treatment plans. Radiology and pathology are widely implementing AI-based algorithms & solutions and have provided proven results. In radiology, these solutions use information collected from multiple modalities to create image datasets to run data analysis, which could be used by the radiologist in delivering an accurate and timely diagnosis. Similarly, in pathology, these solutions could be integrated to run data analysis and provide accurate results.

The growing burden of chronic conditions across the global population is also driving the demand for AI-based diagnostic solutions. The key participants in AI in diagnostics market are focusing on the development of new, innovative products and the expansion of their business offerings to gain a competitive edge over others. In addition, many startups specializing in the development of advanced AI-based technologies are receiving favorable support and funding opportunities. This will also have a positive impact on the overall market growth. For instance, in September 2018, IDx received funding of USD 33 million from Optum Ventures and 8VC and the company will use this funding for the development of innovative AI-based solutions.


Artificial Intelligence In Diagnostics Market Segmentation

Grand View Research has segmented the global artificial intelligence in diagnostics market report on the basis of component, diagnosis type, and region:

Based on the Component, the market is segmented into Software, Hardware, and Services.

  • The global AI in diagnostics market is categorized into hardware, software, and services. In 2022, the software component segment dominated the market and accounted for the largest revenue share of more than 45%. The segment is also estimated to record the fastest CAGR of 25.7% from 2023 to 2030.
  • The growing burden on the healthcare systems and shortage of care providers are making the existing healthcare workforce susceptible to burnout, this, in turn, is expected to increase the need for AI-based solutions. Constant advancements in healthcare infrastructure and Electronic Health Records(EHRs) implementing AI-based solutions are also expected to bolster the growth of this segment. 

 

Based on the Diagnosis Type, the market is segmented into Cardiology, Oncology, Pathology, Radiology, Chest & Lung, Neurology, and Others.

 

  • The neurology diagnosis segment led the market accounting for the largest revenue share of more than 24.4% owing to the growing incidence of neurological disorders. The growing trend of adopting value-based care in tackling the burden of neurological disorders is boosting the segment growth. The development of deep convoluted neural networks and advanced algorithms trained with multiple image datasets procured for various assessments & diagnoses is driving the segment growth. AI-based diagnostic solutions in neurology improve precision & accuracy and enhance the radiologist’s efficiency and clinical decision-making.
  • The widespread adoption of AI-enabled solutions in neurology has supported the advancements of neurological departments. On the other hand, radiology is anticipated to register the fastest growth rate of 27.3% over the forecast years owing to the growing demand for low-cost, precise, and accurate radiology analysis. The growing demand for early diagnosis and classification of disorders is expected to boost the segment growth.

 

Key Companies & Market Share Insights

Key companies in this market offer diverse products & solutions and are constantly devising innovative product development strategies to gain a competitive edge over others. For instance, in November 2020, Zebra Medical Vision and Storm ID partnered to develop advanced AI-based algorithms to diagnose osteoporosis by analyzing multiple medical image datasets and electronic health information. Some of the key players in the global artificial intelligence in diagnostics market are:

  • Siemens Healthineers
  • Zebra Medical Vision, Inc.
  • Riverain Technologies
  • Vuno, Inc.
  • Aidoc
  • Neural Analytics
  • Imagen Technologies
  • Digital Diagnostics, Inc.
  • GE Healthcare
  • AliveCor Inc.

 

Order a free sample PDF of the Artificial Intelligence In Diagnostics Market Intelligence Study, published by Grand View Research.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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