A recent report published by Infinium Global Research on AI in diagnostics market provides an in-depth analysis of segments and sub-segments in the global as well as regional AI in diagnostics market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional AI in diagnostics market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast, and dollar values of global AI in diagnostics market. According to the report, the global AI in diagnostics market is projected to grow at a CAGR of 48% from USD 368 Million in 2020 to USD 4201 Million in 2026 during the forecast period of 2020 - 2026.
Artificial intelligence (AI) refers to the creation of distinctive systems with the help of algorithms and software that can accomplish certain tasks without human intervention and commands. Artificial intelligence contains the integration of numerous technologies such as machine learning, natural language processing, reasoning, and perception. Artificial intelligence is used in diagnostic for an approximation of human cognition and analysis of multifaceted medical and diagnostic imaging data. Furthermore, artificial intelligence has several applications in medical diagnostics, such as image analysis for tumor detection, video detection for gait disorders and fall prediction, biochemical tests, for example, for diabetes or speech analysis of emotional state and psychiatric illnesses. Consequently, artificial intelligence will significantly disrupt the traditional model of medical diagnosis.
A growing number of government initiatives to embolden healthcare providers and other healthcare organizations to adopt AI-based diagnostic technologies propel the global AI in diagnostics market. Rising investments by non-profit organizations and private companies to achieve better information exchange improved clinical outcomes, and cost reductions are the major factors anticipated to drive the growth of the market for AI in diagnostics during the forecast period. Furthermore, the high demand for e-diagnostic services in the healthcare sector as a result of augmented government spending on healthcare is boosting the market growth. In addition, mounting demand for low-cost diagnostic techniques and quick diagnostic data generation are few other factors projected to drive the market for AI in diagnostics. On the other hand, higher cost for implementation of AI technologies, an upsurge in security concerns, and government rules & regulations might hinder the overall market in the near future.
Additionally, the current concern over the spread of coronavirus is also expected to have a moderate impact on the AI in diagnostics market. The COVID-19 outbreak affected health care services in various dimensions, starting from interrupting the regular patient flow to health care facilities, emphasizing, and overwhelming health care resources. Furthermore, the implementation of extra protective measures and social distancing with increased utilization of telehealth and virtual medicine are also affecting healthcare services. The negative impact of the COVID-19 pandemic is likely to be greater in low and middle-income countries with limited resources, poor infrastructure, deficiency of healthcare providers and organized care teams, lack of medical supplies, and poor access to technology, resulting in a lack of ability to provide and deliver healthcare services.
Among the geographies, the North America region is expected to hold the largest share in the global AI in diagnostics market. The industry is expected to offer huge opportunities for market growth on account of the growing adoption of healthcare IT solutions in medical diagnosis, the presence of a well-established healthcare sector, and high funding for the development of AI-based diagnosis software. Furthermore, the Asia Pacific region is expected to witness high growth in AI in diagnostics during the forecast period. The rising disposable income along with augmented government budget for the healthcare sector in China, Japan, India, and East Asian countries is anticipated to provide positive opportunities for the market across the region.
The report on global AI in diagnostics market covers segments such as diagnosis type and component. On the basis of diagnosis type, the sub-markets include radiology, oncology, neurology, cardiology, chest & lungs, pathology, and others. On the basis of component, the sub-markets include services, software, and hardware.
The report provides profiles of the companies in the market such as Aidoc, AliveCor, GE Healthcare, Imagen Technologies, Vuno Inc., IDx Technologies Inc., Siemens Healthcare GmbH, Neural Analytics, Riverain Technologies, and Zebra Medical Vision.
The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of AI in the Diagnostics Market. Moreover, the study highlights current market trends and provides forecast from 2020-2026. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.