According to a recent market study published by Growth Market Reports, titled, “Global Artificial Intelligence (AI) in Diagnostics Market By Component, By Application, By End-user, and By Region: Size, Share, Trends and Opportunity Analysis, 2017-2032”, the market was valued at US$ 1,119.18 Million in 2023 and is anticipated to expand at a growth rate of 33.3% by 2032.

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Artificial intelligence (AI) in diagnostics refers to the use of modern computing systems and algorithms to aid in the detection, analysis, and interpretation of various medical ailments, diseases, and health issues. By increasing the precision and effectiveness of diagnostic procedures, this technology intends to improve patient outcomes and treatment.

AI has significantly impacted the field of diagnostics, revolutionizing the way healthcare professionals make medical decisions. Since its inception, AI has been utilized to analyze vast amounts of data, identify patterns, and make predictions, ultimately improving the accuracy and efficiency of diagnostic processes.

The global Artificial Intelligence (AI) in Diagnostics market has been segmented in terms of component, application, end-user. In terms of component, the global artificial intelligence (AI) in diagnostics market is segregated into software & services, hardware. On the basis of application, the market is fragmented into cardiology, oncology, pathology, radiology, chest and lung, neurology, and others. In terms of end-user, the market is segregated into hospitals & clinics, diagnostic laboratories, diagnostic imaging centers, and other. Considering regions, the market is divided into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.

The COVID-19 pandemic has had a major effect on medical diagnostics in particular inside the healthcare sector. Global lockdown restrictions affected the diagnostic sector and reduced public movement. Furthermore, the COVID-19 pandemic had a significant impact on not only the world economy but also the way general hospital treatment for patients who were not infected with the virus was provided in hospitals all over the world.

However, as the need for diagnostic imaging methods grows on a global scale, so does the need to use artificial intelligence in diagnostics. The article "Artificial intelligence in the diagnosis of COVID-19: challenges and perspectives," which was published in April 2021, claims that artificial intelligence (AI) has been used at many stages of the healthcare system, including diagnosis. Artificial intelligence algorithms are essential for the prompt diagnosis of COVID-19 patients, especially in light of the present pandemic.

Key Takeaways from the Study:

  • Players in the global Artificial Intelligence (AI) in Diagnostics market include Aidoc, AliveCor Inc., Carestream Health, Digital Diagnostics Inc., GE HealthCare, IMAGEN, NANO-X IMAGING LTD, Siemens Healthcare Private Limited, VUNO Inc.

  • Based on component, the artificial intelligence (AI) in diagnostics market is categorized as software & services, and hardware.

  • The hardware segment is anticipated to hold 19.2% share of the market in 2032, owing to the rising development of AI computing platforms for medical devices and computational sensing systems. For instance, in March 2022, NVIDIA launched Clara Holoscan MGX, a platform for the medical device industry to develop and deploy real-time AI applications. Moreover, selecting the right hardware is crucial for ensuring the optimal performance of AI applications in diagnostics, such as diagnostic imaging, patient monitoring, and genomics analysis.

  • In terms of applications, the artificial intelligence (AI) in diagnostics market is divided into as cardiology, oncology, pathology, radiology, chest and lung, neurology, others. The oncology segment is anticipated to hold 22.8% share of the market in 2032, owing to the rising number of cancer cases globally. For instance, according to a data provided, by Novartis, more than 24 million cancer cases are expected to be registered, by 2030 worldwide. This is anticipated to increase the demand for AI-based diagnostics during the forecast period.

  • Based on end-user, the artificial intelligence (AI) in diagnostics market is segregated into as hospitals & clinics, diagnostic laboratories, diagnostic imaging centers, and other. The diagnostic laboratories segment is anticipated to hold 26.5% share of the market in 2032, due to the benefits of AI diagnostics, which aid in enhancing diagnostic precision and speeding up lab test turnaround. It offers affordable healthcare solutions and reduces human error in medical lab testing.

  • Based on regions, the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The market in Asia Pacific is projected to expand at a CAGR of 34.7% during the forecast period, owing to government support and initiatives. Governments in countries such as China, Japan, South Korea, and India are actively promoting AI development through policies, funding, and regulatory frameworks. These initiatives aim to accelerate research, innovation, and the responsible use of AI technologies in healthcare.

Key Developments

  • In March 2024, GE HealthCare and Mass General Brigham, based on its long-term AI partnership, plan to integrate medical imaging foundation models into their AI research work, with a strong focus on responsible AI practices. Moreover, both organizations have been working closely on AI solutions since announcing their 10-year commitment in 2017 to explore the use of AI across a broad range of diagnostic and treatment paradigms through sustainable AI development.

Report Scope:

Report Metric

Details

Market Value in 2023

US$ 1,119.18 Million

Market Growth Rate (from 2023 to 2032)

33.3%

Historical Data

2017 & 2022

Base Year

2023

Forecast Period

2024 – 2032

Units Considered

Value (US$ Million)

Market Segments

By Component, By Application, By End-user, and By Region

Key Companies Profiled

Aidoc, AliveCor Inc, Carestream Health, Digital Diagnostics Inc., GE HealthCare, IMAGEN, NANO-X IMAGING LTD, Siemens Healthcare Private Limited, VUNO Inc.

Customization Scope

Report customization available on request

Pricing and Purchase Options

Avail of tailor-made purchase options to meet your research requirements.

 

Target Audience:

  • Supply-side: Manufacturers, End-users/Applications

  • Regulatory Side: Concerned government authorities, and other approved regulatory bodies.

      • United States Food and Drug Administration (FDA)

      • European Union (EU)

      • Medicines and Healthcare Products Regulatory Agency (MHRA)

      • National Research Foundation of Korea (NRF)