Artificial Intelligence in Diagnostics Market Size, Share, and Trends 2024 to 2034

AI in Diagnostics Market Size and Growth 2024 to 2033

The global artificial intelligence in diagnostics market size is estimated for USD 1.33 billion in 2023 and it is predicted to hit around USD 8.54 billion by 2033, registering a compound annual growth rate (CAGR) of around 20.37% during the forecast period 2024 to 2033.

Artificial Intelligence in Diagnostics Market Key Takeaways

• North America dominated the market with a revenue share of 57.14% in 2023.
• On the basis of components, the software segment accounted for 46% of revenue share in 2023.
• Based on diagnosis type, the neurology diagnosis segment has captured a revenue share of more than 25% in 2023. 

Artificial Intelligence in Diagnostics Market in the U.S. 2024 To 2033

The U.S. artificial intelligence in diagnostics market size was valued at USD 530 million in 2023 and is expected to reach USD 3,570 million by 2033, growing at a CAGR of 20.84% from 2024 to 2033. 

Healthcare artificial intelligence industry in North America conquered the global marketplace and expected to mirror this trend throughout the assessment period. This growth is complemented by enormous acceptance of HCIT solutions and intensifying emphasis on health management. Furthermore, several government initiatives and subsidy in this region are concentrating on boosting the development of healthcare artificial intelligence market. In North America, the U.S. has the prevalent number of registered hospitals nonetheless, it is anticipated to observe a shortage of healthcare staff during years to come. AI assists in patient care, hospital management, patient data management, and which may help to relieve such concerns.

Further, Asia Pacific is predicted to emerge as attractive and potential region budding at a momentous growth pace throughout prediction period. Growing number of government initiatives to inspire healthcare suppliers and other healthcare administrations to implement AI-based diagnostic technologies and cumulative funds by nonprofit establishments and private corporations to realize improved information exchange, better clinical outcomes, and cost deduction are certain of the prominent influence anticipated to boost the demand for AI in diagnostics in Asia Pacific in the next few years.

Artificial Intelligence in Diagnostics Market Size in Europe 2023 to 2033

The Europe artificial intelligence in diagnostics market size was calculated at USD 270 million in 2023 and is projected to expand around USD 1,860 million by 2033, poised to grow at a CAGR of 21.18% from 2024 to 2033.

Artificial Intelligence in Diagnostics Market Growth Factors

The application areas of Artificial Intelligence (AI) are budding at a rapid pace. This technology is employed to enhance manufacturing, cybersecurity, logistics and education. The foremost artificial intelligence drift in medical sector is use of deep learning in medical diagnosis to identify cancer. Latest data issued in the Journal of the National Cancer Institute comprehend that the AI system has attained breast cancer detection accurateness analogous to normal breast radiologist. Additional encouraging application is Internet of Medical Things and the usage of AI in consumer health sector. These solutions make use of medical IoT devices to collect healthcare information and AI-based apps to process this data and propose adjustments to the existing lifestyle of a patient.

Rising practice of artificial intelligence in the area of medical imaging sector, drug discovery, genomics and precision medicine along with cumulative custom-made treatments tailored to specific patient’s necessity is predicted to drive the growth of artificial intelligence in diagnostics market. Escalating need for artificial intelligence technology to accomplish data mining and augment the speed of healthcare delivery services, advent of innovative and encouraging uses for disease identification and monitoring is further accelerating growth of the market across the globe.

Artificial Intelligence in Diagnostics Market Scope

Component Insights

Many corporations are designing software solutions for different healthcare applications which in turn encouraging the development of the software segment. Budding acceptance of AI-driven healthcare operational support and healthcare informatics solutions by means of healthcare service suppliers and hospitals is projected to enhance the growth of services during years to come.

The snowballing requirement for cloud-based and AI-powered augmented diagnostic solutions that aid in enhancing diagnostic precision during inferring medical images of a patient is flourishing the growth of the segment. Besides, the introduction of cutting-edge AI software in diagnostics comprising a combination of numerous data sources like CT, MRI, proteomics, genomics and patient data that helps in effectively detecting sickness and evaluating its development is also projected to push the growth of the market.

Diagnosis Type Insights

AI has the prospective to substitute plentiful of the routine characterization, detection, and quantification jobs presently accomplished by radiologist with the help of cognitive capability also complete the data mining of medical records (electronic) in the procedure. Among different types of diagnostics segment neurology held a market share of more than 23% in 2019. Further, radiology is anticipated to be the fastest progressing type on account of growing improvement of AI-based software existing for diagnostic imaging. The neurology amounts for greatest number of regulatory approvals occupying for about 18% of the total AI-based medical diagnostics platform.

Key Companies & Market Share Insights

Reinforcing tactical collaborations and partnerships amongst several health facilities and AI solution suppliers is another aspect confidently purring market growth. For occurrence, in August 2019, Boston based Partners HealthCare partnered with FUJIFILM SonoSite, Inc. in order to implement artificial intelligence to portable ultrasound technology beneficial for point-of-care testing. In this co-operation, the datasets, clinical expertise, and IT infrastructure of Partners HealthCare is planned to practice with portable ultrasound technology of FUJIFILM in order to develop AI-powered devices.

Lately, artificial intelligence research division of the Google started its Google Deep mind Health project. This project comprises data mining of medical records to offer improved and quick health services. Improvement of such technically progressed data solutions and software and are projected to accelerate the growth of the market across the globe. Nevertheless, high capital constraint may generate affordability concerns and hinder the growth of the industry to some extent.

 Artificial Intelligence in Diagnostics Market Companies

• Siemens Healthcare GmbH
• GE Healthcare
• Aidoc
• Imagen Technologies
• AliveCor
• Zebra Medical Vision
• Vuno Inc.
• IDx Technologies Inc.
• Neural Analytics
• Riverain Technologies

Segments Covered in the Report

By Component

• Hardware
• Software
• Services

By Diagnosis Type

• Radiology
• Pathology
• Cardiology
• Oncology
• Neurology
• Chest and Lung
• Others

By Regional Outlook

• North America
  • U.S.
  • Canada
• Europe
  • U.K.
  • Germany
  • France
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
• Middle East & Africa
• Latin America