Segments - Global Artificial Intelligence (AI) in Diagnostics Market By Component (Software & Services, Hardware), By Application (Cardiology, Oncology, Pathology, Radiology, Chest and Lung, Neurology, and Others), By End-user (Hospitals & Clinics, Diagnostic Laboratories, Diagnostic Imaging Centers, and Other), and Region (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2024 – 2032
The global artificial intelligence (AI) in diagnostics market size was USD 1,119.18 Million in 2023 and is likely to reach USD 13,252.50 Million by 2032, expanding at a CAGR of 33.3% during 2023–2032. The market growth is attributed to the incorporation of AI into imaging devices to improve diagnosis and increasing demand for ai-based solutions to reduce work pressure on radiologists.
Artificial intelligence (AI) in diagnostics refers to the use of advanced computing systems and algorithms to assist in the identification, analysis, and interpretation of various medical conditions, diseases, and health issues. This technology aims to enhance the accuracy and efficiency of diagnostic processes, ultimately improving patient care and outcomes.
Moreover, AI in diagnostics can be applied to various medical fields, including radiology, pathology, and clinical decision-making. It utilizes machine learning techniques, which involve training computer systems to recognize patterns and make predictions based on large amounts of data. This data can come from medical imaging, patient records, and other relevant sources.
The COVID-19 pandemic has significantly impacted the healthcare system, particularly diagnostics. The lockdown measures worldwide decreased public mobility and impacted the diagnostic industry. Moreover, the COVID-19 pandemic not only affected the global economy but also greatly impacted the functioning of general hospital care for non-COVID-19 patients in hospitals across the globe.
However, with the increasing demand for diagnostic imaging procedures globally, the demand for implementing artificial intelligence in diagnostics is also increasing. According to the article "Artificial intelligence in the diagnosis of COVID-19: challenges and perspectives," published in April 2021, at different levels of the healthcare system, including diagnosis, artificial intelligence (AI) has been implemented. Particularly during the current pandemic, AI algorithms are crucial for the quick diagnosis of COVID-19 patients.
Incorporating artificial intelligence into imaging devices improve the diagnosis, which is expected to aid the overall market growth during the forecast period. For instance, the Journal of the American Medical Association article titled "An Artificial Intelligence-Based Chest X-ray Model on Human Nodule Detection Accuracy from a Multicenter Study," published in December 2021, reported that an AI algorithm was associated with improved detection of pulmonary nodules on chest radiographs as compared to unaided interpretation for different levels of detection difficulty and readers with different experience.
The research articles stated that AI could be a promising technology for medical imaging shortly.
Over the years, the demand for AI-based solutions has increased considerably in the diagnostics industry, as these solutions have immense potential in medical image diagnosis. Some advantages include fast analysis of diagnostic images, efficient interpretation of the smallest possible data often missed by radiologists, and improved imaged triage and clinical decision support. Radiologists use these solutions to shift their focus from interpreting images to providing improved care.
Moreover, according to a study by the Association of American Medical Colleges, the shortage of radiologists could increase to nearly 42,000 by 2033. The US has as few as 100 radiologists per million population. Considering this, radiologists experience tremendous pressure and workload to interpret unlimited diagnostic data.
The growth of AI workforce and the development of clear regulatory guidelines for medical software are crucial factors that need to be addressed to further optimize the integration of AI in healthcare diagnostics.
Moreover, inadequate AI Workforce: The development and implementation of AI-driven diagnostic tools require a skilled workforce with expertise in AI, data science, and healthcare. However, a shortage of professionals with these specialized skills hinders the progress of AI integration in healthcare. Investments in education and training programs to cultivate a robust AI workforce have increased to overcome this challenge.
Emerging markets such as India, China, and Brazil are anticipated to provide substantial growth opportunities for players operating in the AI in medical diagnostics market. This can be due to the expanding patient population in these countries. In India, as per the National Institute of Health and Family Welfare, it is estimated that there are 2 to 2.5 million cancer patients at any given point; every year, about 0.7 million new cases are reported in the country.
The healthcare sectors in emerging economies, such as India and China, are rapidly expanding with the introduction of new medical technologies with a particular focus on progressed imaging equipment. All these factors, coupled with the growing population in these countries, are anticipated to increase the medical imaging data volumes in their respective healthcare systems. This gives an untapped development opportunity for AI-based solutions in emerging countries.
The market report includes an assessment of the market trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Attributes |
Details |
Report Title |
Global Artificial Intelligence (AI) in Diagnostics Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast |
Base Year |
2023 |
Historic Data |
2017–2022 |
Forecast Period |
2024–2032 |
Segmentation |
By Component, By Application, By End-user |
Regional Scope |
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa |
Report Coverage |
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, Market Trends, and Revenue Forecast |
Key Players Covered in the Report |
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 software & services segment held 77.2% share of the market in 2023, owing to the healthcare industry’s rapidly integration of AI solutions in various verticals, including diagnostics, to achieve accurate and efficient diagnosis processes. For instance, in March 2024, Philips and SyntheticMR launched AI-based quantitative brain imaging system for the detection and analysis of conditions such as multiple sclerosis, traumatic brain injuries, and dementia.
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 cardiology segment held 23.2% share of the market in 2023, owing to the rising burden of cardiovascular diseases during the forecast period. For instance, according to a projection, by the World Heart Federation, CVD deaths are projected to rise from an estimated 18.9 million in 2020 to over 22.2 million in 2030 and 32.3 million in 2050. This is expected to increase the demand for AI-based diagnostics for fast and accurate CVD diagnostics.
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 hospitals & clinics segment held 25.1% share of the market in 2023, owing to the rise in the adoptions of AI-based diagnostic tools, integrating these technologies into their healthcare systems to enhance diagnostic accuracy and patient care.
On the basis of region, the global artificial intelligence (AI) in diagnostics market is fragmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa (MEA).
The market in North America is projected to expand at a CAGR of 33.7% during the forecast period, owing to a surge in the demand for AI-enabled solutions in diagnostics driven by the need for accurate and efficient diagnostic tools in healthcare settings. The region's healthcare industry is rapidly integrating AI-powered technologies to address the challenges posed by the rising prevalence of chronic diseases and the shortage of care providers.
Europe accounted for 31.7% share of the market in 2023. The market in Europe is projected to expand at a CAGR of 32.9% during the forecast period, due to the presence of top healthcare AI companies, and the growing demand for advanced healthcare technologies.
Key players competing in the Global Artificial Intelligence (AI) in Diagnostics Market are Aidoc, AliveCor Inc., Carestream Health, Digital Diagnostics Inc., GE HealthCare, IMAGEN, NANO-X IMAGING LTD, Siemens Healthcare Private Limited, VUNO Inc.
These companies adopted development strategies including mergers, acquisitions, partnerships, collaboration, product launches, and production expansion to expand their consumer base worldwide. For instance,
In February 2024, Koninklijke Philips N.V. introduced AI-enabled diagnostic imaging and treatment innovations at the European Congress Of Radiology (ECR) annual meeting in Vienna.
In January 2024, the FDA granted De Novo authorization to AI diagnostic tools developed by Imvaria and Darmiyan. This tool analyzes CT scans and identifies patterns indicative of idiopathic pulmonary fibrosis (IPF).
The base year considered for the global Artificial Intelligence (AI) in Diagnostics market report is 2023. The complete analysis period is 2022 to 2032, wherein, 2017, and 2022 are the historic years, and the forecast is provided from 2024 to 2032.
In addition to market size (in US$ Million) Company Market Share (in % for the base year 2022) is available in the report. Moreover, additional data analysis can be provided on request.
The COVID-19 pandemic has led to several changes in various industries, including the global artificial intelligence (AI) in diagnostics market. While the pandemic has caused significant challenges, it has also accelerated the adoption of AI technologies in the healthcare sector. Moreover, the pandemic has highlighted the need for fast and accurate diagnostic tools to identify and manage infectious diseases. AI-powered diagnostic tools can help in early detection, reducing the spread of the virus and improving patient outcomes.
Aidoc, AliveCor, Inc., Carestream Health, Digital Diagnostics Inc., GE HealthCare, IMAGEN, NANO-X IMAGING LTD, Siemens Healthcare Private Limited, and VUNO Inc
Rising GDPs of emerging economies, income levels are expected to act as macroeconomic factors for the market.
Hospitals & clinics, diagnostic laboratories, and diagnostic imaging centers are the end-user of Artificial Intelligence (AI) in Diagnostics.
According to this Growth Market Reports report, the Artificial Intelligence (AI) in Diagnostics Market is likely to register a CAGR of 33.3% during the forecast period 2023-2032, with an anticipated valuation of USD 13,252.5 Million by the end of 2032.
Incorporation of AI into imaging devices to improve diagnosis and increasing demand for AI-based solutions to reduce work pressure on radiologists are the factors driving the growth of the Artificial Intelligence (AI) in Diagnostics market.
Factors such as competitive strength and market positioning are key areas considered while selecting top companies to be profiled.
Additional company profiles can be provided on request. For a discussion related to the above findings, click Speak to Analyst