The global Artificial Intelligence In Diagnostics Market size is expected to reach USD 5.8 billion by 2028 and is expected to expand at a CAGR of 32.8% over the forecast period, according to a new report by Grand View Research, Inc. Rising number of AI-based diagnostic startups in healthcare sector along with increasing investments by venture capitalists for development of newer and innovative technologies which can provide effective and fast results with respect to diagnostic processes is supporting the market growth.
Based on component, the software segment dominated the market with a share of 44.3% in 2020. This high share is attributable to the rising demand for AI-powered software tools and cloud-based solutions for diagnostic purposes. In addition, technological advancements in artificial intelligence-based software by integration of multiple data points such as CT, MRI, and genomics for precise diagnosis and detection are further propelling the overall growth and adoption.
In 2020, based on diagnosis type, the neurology segment accounted for the highest revenue share in the market. The rising prevalence of neurological conditions and technological advances that would cater to the growing population with neurological problems are key factors bolstering segment growth. In addition, increasing investments by healthcare and technology players for the development of AI-powered diagnostic tools to cater to growing needs is further supporting the growth, thereby signifying higher revenue share.
North America dominated the market with a revenue share of 55.9% in 2020 owing to various factors including ongoing developments in the field of artificial intelligence and diagnostics, presence of key players, rising number of technological advancements, and established healthcare sector in the region. In addition, growing adoption and awareness with respect to AI-powered solutions for better diagnostic procedures and precise data consolidation and analysis in North America is further supporting the higher revenue share.
Moreover, the COVID-19 pandemic has positively impacted the market owing to the increasing implementation of artificial intelligence-based solutions in the rapid diagnosis of virus strains. In addition, the precise detection and diagnosis of viruses provided by these solutions are beneficial in reducing detection time and increasing the number of diagnostic procedures carried out during pandemic situations. Furthermore, the pandemic has also led to an increase in the adoption of technologically advanced solutions by healthcare facilities and others. Many players have collaborated with healthcare facilities for providing AI-based solutions for diagnostic purposes. Hence, increasing adoption and rising awareness regarding AI-based diagnostic solutions during the pandemic has provided a boost to the growth, and this trend in adoption is anticipated to continue in the coming years.
Related Press Release@ Artificial Intelligence in Diagnostics Market Report
Artificial Intelligence in Diagnostics Market Report Highlights
- The market size is anticipated to grow well over the forecast period owing to increased efficiency and precise detection provided by AI-based diagnostic tools
- The software segment dominated the market in 2020, owing to rising demand for AI-based software tools and cloud-based solutions for diagnostic purposes
- The neurology segment dominated the market in 2020, owing to rising the prevalence of neurological conditions coupled with technological advances that would cater to the growing population with neurological problems
- North America dominated the market and accounted for the largest revenue share of 55.9% in 2020, owing to various factors including ongoing developments in the field of artificial intelligence and diagnostics, presence of key players, rising number of technological advancements and established healthcare sector in the region