Artificial intelligence (AI) refers to the intelligence process of creating unique systems using algorithms and software that can complete tasks without the need for human interaction and instructions. Artificial intelligence includes machine learning, natural language processing, reasoning, and perception. AI in diagnostic helps replicate human cognition and assess complex medical and diagnostic data represented in graphs and images. The technology is majorly used to study the association between treatment procedures and patient results.
The healthcare sector is widely adopting artificial intelligence (AI)-powered solutions to obtain higher operational & functional results. This factor is supporting the growth of Artificial intelligence (AI) in the diagnostics market. Growing demand for advanced imaging methodologies for patient diagnostics is further driving market growth. Also, the increasing prevalence of chronic diseases globally is fueling the demand for automated, innovative processes, which is boosting market expansion.
According to a research report published by Polaris Market Research, the global Artificial Intelligence (AI) in diagnostics market was valued at USD 562.3 million in 2021 and is expected to reach USD 5,225.4 Million By 2030, growing at a CAGR of 26.1% during the forecast period.
The government globally continuously offers favorable government initiatives to encourage healthcare providers and other healthcare firms to embrace AI-based diagnostic technologies. This factor is propelling the growth of artificial intelligence (AI) in diagnostics market. Growing spending by nonprofit companies and private organizations in order to obtain higher functional results and cost reductions are the key factors further expected to accelerate market growth over the forecast period.
Moreover, the rising application of artificial intelligence (AI) in healthcare devices due to the increasing prevalence of chronic diseases such as heart disease, cancer, and Alzheimer’s disease is then fueling the growth of Artificial Intelligence (AI) in diagnostics market. In addition, the increasing demand for improving patient care and reducing machine downtime is another crucial factor propelling the market growth.
Based on components, the market is segmented into hardware, software, and services. The software segment witnessed the largest market share in the global artificial intelligence (AI) in diagnostics market in 2021 and is anticipated to continue its dominance over the projected period. The growing demand for AI-enabled solutions to deliver accurate diagnosis is one of the major factors boosting the segment’s growth. Also, the rapid adoption of AI technology to diagnose a wide array of acute and chronic diseases is further expected to fuel the demand for advanced AI-enabled solutions.
Based on the diagnosis, the market is categorized into Radiology, Oncology, Neurology, Cardiology, Chest & Lungs, Pathology, and Others. The neurology segment is anticipated to account for the highest market share in the artificial intelligence (AI) in diagnostics market over the foreseen period due to the rising adoption of Artificial Intelligence (AI) based devices in neuro-degeneration of various neurological diseases such as Parkinson’s, Alzheimer’s, and Amyotrophic Lateral Sclerosis (ALS). AI-based diagnostic solutions in neurology practice provide improved precision & accuracy, which is expected to have a huge demand in the healthcare industry.
Based on geography, North America is expected to witness the largest share in the global market owing to the increased focus on technological advancements. Various players, healthcare providers, and life sciences companies in the region are employing different types of AI, thereby accelerating the growth of artificial intelligence (AI) in diagnostics market. Also, other factors such as growing digital literacy, the emergence of startups, favorable government initiatives, and increasing funding are expected to augment market growth.
On the other hand, the Asia Pacific region is projected to generate the fastest growth during the forecast period. This growth can be attributed to the growing elderly population coupled with the rising prevalence of diseases such as cancer and stroke. Moreover, growing initiatives by public and private firms for encouraging the adoption of AI-based diagnostic solutions are expected to fuel the expansion of the global artificial intelligence (AI) in diagnostics market.