Artificial intelligence (AI) in Medical Diagnostics Market: Current Analysis and Forecast (2021-2027)
$3999 – $7577
Emphasis on Component (Software and Services); Application (In-vivo diagnostics and In-vitro diagnostics); End-users (Hospitals, Diagnostic Laboratories & Centers, and Others); Region/Country
Detailed Analysis of COVID-19 Impact on the Artificial intelligence (AI) in Medical Diagnostics Market
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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|1.4.||Currency used in Report|
|2.1.||Research Process of the Artificial intelligence (AI) in Medical Diagnostics Market|
|2.2.||Research Methodology of the Artificial intelligence (AI) in Medical Diagnostics Market|
|2.5.||Main Objective of the Artificial intelligence (AI) in Medical Diagnostics Market Study|
|5||GLOBAL ARTIFICIAL INTELLIGENCE (AI) IN MEDICAL DIAGNOSTICS MARKET COVID-19 IMPACT|
|6||GLOBAL ARTIFICIAL INTELLIGENCE (AI) IN MEDICAL DIAGNOSTICS MARKET REVENUE, 2019-2027F|
|8.1.||In Vivo Diagnostics|
|8.2.||In Vitro Diagnostics|
|9.2.||Diagnostic Laboratories & Centers|
|10.1.3.||Rest of North America|
|10.2.6.||Rest of Europe|
|10.3.5.||Rest of Asia Pacific|
|10.4.||Rest of World|
|12||ARTIFICIAL INTELLIGENCE (AI) IN MEDICAL DIAGNOSTICS MARKET OPPORTUNITIES|
|13||ARTIFICIAL INTELLIGENCE (AI) IN MEDICAL DIAGNOSTICS MARKET TRENDS|
|14||LEGAL & REGULATORY FRAMEWORK|
|15.1.||Demand Side Analysis|
|15.2.||Supply Side Analysis|
|16||VALUE CHAIN ANALYSIS|
|17.1.||Porter’s Five Forces Analysis|
|18.2.||Zebra Medical Vision Inc.|
|18.8.||Digital Diagnostics Inc.|
Research Methodology for the Global Artificial intelligence (AI) in Medical Diagnostics Market Analysis (2021-2027)
Analyzing the historical market, estimation of the current market, and forecasting the future market of the global artificial intelligence (AI) in the medical diagnostics market were the three major steps undertaken to create and analyze the adoption of artificial intelligence (AI) in medical diagnostics in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global artificial intelligence (AI) in medical diagnostics market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the artificial intelligence (AI) in medical diagnostics through company internal sources such as annual report & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of artificial intelligence (AI) in medical diagnostics market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as component, application, and end-users. Further country-level analyses were conducted to evaluate the overall adoption of artificial intelligence (AI) in medical diagnostics across the globe.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of artificial intelligence (AI) in medical diagnostics. Further, we conducted factor analysis using dependent and independent variables such as the growing number of people with chronic diseases and the increasing elderly population all over the globe. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisition, business expansion, and product launches in the artificial intelligence (AI) in medical diagnostics sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the artificial intelligence (AI) in medical diagnostics market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., top-down/bottom-up approach was applied to arrive at the market forecast about 2027 for different segments and subsegments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of value (US$) and the adoption rate of artificial intelligence (AI) in medical diagnostics across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the artificial intelligence (AI) in medical diagnostics market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the artificial intelligence (AI) in medical diagnostics market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of product type and application of the artificial intelligence (AI) in medical diagnostics market.
The main objective of the Artificial intelligence (AI) in Medical Diagnostics Market Study
The current & future market trends of artificial intelligence (AI) in medical diagnostics were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of artificial intelligence (AI) in medical diagnostics in terms of value (US$). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of components, application, and end-users
- Define and analysis of the regulatory framework for the artificial intelligence (AI) in medical diagnostics industry
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
- Analyze the current and forecast market size of the artificial intelligence (AI) in medical diagnostics market for the major region
- Major regions studied in the report include North America, Europe, Asia-Pacific and Rest of the world
- Company profiles of the artificial intelligence (AI) in medical diagnostics market and the growth strategies adopted by the market players to sustain in the fast-growing market
- Deep dive regional level analysis of the industry