SAN FRANCISCO, July 29, 2020 /PRNewswire/ -- The global artificial intelligence in diagnostics market size is expected to reach USD 3.0 billion by 2027, expanding at a CAGR of32.3%, according to a new report by Grand View Research, Inc. Increase in the number of healthcare Artificial Intelligence (AI) diagnostic startups coupled with huge investments by venture capitalist firms to develop innovative technologies that allow fast and effective diagnostic procedures due to continuous increase in number of patients suffering from chronic diseases supports the growth of the market. Around 33.3% of all healthcare AI SaaS companies are engaged in developing diagnostics, making it largest focus area for startups in the market.
Growing investments and funding for AI in healthcare is also one of the key factors driving the market. For instance, in 2016, the U.S.-based startup, PathAI, secured USD 75.2 million investment for developing machine learning technology that assists pathologists in making more precise diagnosis. Rising investments in AI diagnosis-based startups is one of the key indicators that depicts upcoming opportunities.
Key suggestions from the report:
Software emerged as leading component segment in 2019 with a revenue share of 38.6% in the market
The neurology segment accounted for the largest revenue share in 2019, whereas radiology segment is projected to expand at fastest CAGR during the forecast period
North America accounted for the largest share due to growing adoption of healthcare IT solutions in medical diagnosis and presence of well-established healthcare sector in the region.
Moreover, increasing adoption of AI technology by hospitals and research centers for clinical diagnosis purpose is another factor propelling market growth. For instance, in July 2018, two national research institutes in Japan succeeded in implementing AI technology for detecting early stage stomach cancer with high precision rate of 95.0% for healthy tissues and 80.0% for cancer tissues. According to National Cancer Centre and Riken, AI technology took 0.004 seconds to identify whether obtained endoscopic image contains normal stomach tissue or early stage cancer tissue. Growing awareness regarding the technology is expected to boost the usage of AI in medical procedures.
Grand View Research has segmented the artificial intelligence in diagnostics market on the basis of component, diagnosis type, and region:
Artificial Intelligence (AI) In Diagnostics Component Outlook (Revenue, USD Million, 2015 - 2027)
Artificial Intelligence (AI) In Diagnostics Diagnosis Type Outlook (Revenue, USD Million, 2015 - 2027)
Chest and Lung
Artificial Intelligence (AI) In Diagnostics Regional Outlook (Revenue, USD Million, 2015 - 2027)
Middle East & Africa(MEA)
List of Key Players of Artificial Intelligence (AI) In Diagnostics Market
Artificial Intelligence In Healthcare Market – The growing need for lowering healthcare costs, growing importance of big data in healthcare, rising adoption of precision medicine, and declining hardware costs are some factors driving growth.
Operating Room Integration Market– Increasing demand for technologically advanced Applications, a growing number of surgical procedures, congestion in Operating Rooms (OR) are major factors primarily fueling the market growth.
Telemedicine Market– Telemedicine solutions hold great opportunities as they help in improving clinical management, make effective care delivery by enhancing quality and access to healthcare services.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.