Artificial Intelligence in Healthcare Diagnosis Market Size To Reach USD 66,811.97 Million By 2027 Growing at 44.0% CAGR

Global Artificial Intelligence in Healthcare Diagnosis Market 2022 research report initially provides a basic overview of the Market that covers definition, applications and manufacturing technology, post which the report explores into the international players in the market.

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The global artificial intelligence in healthcare diagnosis market is set to reach US$ 66,811.97 million by 2027 from US$ 3,639.02 million in 2019. The market is anticipated to grow with a CAGR of 44.0% from 2020 to 2027.

Artificial intelligence (A.I.) skilfully integrates several technologies and is able to perform tasks without human intervention. The Healthcare industry has widely adopted A.I., and government has shown tremendous support for this innovation through an increased number of initiatives.

The Healthcare industry is growing rapidly, primarily due to new and unknown chronic diseases coming up with increased frequency compared to the pre-global warming era. The shortage of healthcare professionals along with rapidly increasing number of diseases has created immense pressure leading incidences of human error.  A.I. aims to reduce the workload of healthcare professionals. A.I.- based start-ups are receiving significant investments from the government, which has provided the required push for the growth of artificial intelligence in healthcare diagnosis market

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Key Developments:

May 2020:

Aidoc received approval from the U.S. Food and Drug Administration for using the company's algorithms for "adjunctive" detection of findings associated with COVID-19. This solution is among the models supporting traditional COVID-19 diagnostic tests, such as serological tests, nasopharyngeal swabs, and others.

September 2019:

G.E. Healthcare received 510(k) clearance from the U.S. Food and Drug Administration for its 'Critical Care Suite.' It is an industry-first collection of artificial intelligence (A.I.) algorithms embedded on a mobile X-ray device.

February 2019:

Affidea and icometrix entered into a strategic partnership with an aim to standardize and develop the necessary care for patients with neurological disorders in Europe.

October 2019:

Arterys Inc. launched the Cardio A.I. solution, combining deep learning and cloud computing to automate the analysis of cardiac M.R. images.

Future Trends

There is usually widespread panic when infectious diseases are concerned, reinforced recently due to the COVID-19 pandemic. It has been realized that the old methodologies aren't enough anymore. A.I. is proving to be an effective solution to support the fight against this viral pandemic that has engulfed the world since 2020 onset. The adoption of A.I. in epidemic outbreak prediction and response is likely to be a prevalent trend in the market during the forecast period. Looking at the response until this point, the global artificial intelligence in healthcare diagnosis market will likely experience tremendous growth.

Drivers

Rising Adoption of Artificial Intelligence (A.I.) in Disease Identification and Diagnosis

The Healthcare industry is the pioneer in innovation. And yet, it is difficult for healthcare to stay on top of the reoccurring mutations of pathogens giving rise to new diseases to be battled every few years. In such a precarious situation, machine learning and artificial intelligence algorithms are the perfect tools. The continuous advancements and precision it brings to the table have made a lasting impact on clinical practices. For instance, deep learning can aid the identification of anomalies in x-rays of the chest. Pathologists are adopting artificial intelligence to accurately identify cancer cells amidst healthy cells in the human body. An AI-based technology by a Harvard-based team has resulted in 99.5% of cancer diagnoses at early stages, as a part of a contest at the International Symposium of Biomedical Imaging in Prague. The AI-based system's success has pushed its adoption across various domains. This has given a much-deserved boost to artificial intelligence in healthcare diagnosis market.

Increasing Investment in A.I. Healthcare Start-ups

The positive impact of employing A.I. in healthcare is evident. This has brought many interested companies, established and start-ups, into the market arena. The immense potential of artificial intelligence in healthcare diagnosis market has not eluded the governmental bodies either, who have released investments and private-public partnerships plans, motivating many companies to invest in this market realm. This has created a cycle of growth, followed by more companies developing AI-powered technology, ultimately pushing the market growth to unprecedented heights.

The prominent/emerging players in the Artificial Intelligence in Healthcare Diagnosis Market research include:

General Electric Company. (U.S.)
Koninklijke Philips N.V. (Netherland)
Aidoc (Israel)
Arterys Inc. (U.S.)
Icometrix (Belgium)
Siemens Healthcare Private Limited (Germany)
MaxQ AI Ltd. (Israel)
Caption Health, Inc.(U.S.)
IDx Technologies Inc.(U.S.)
Zebra Medical Vision, Inc. (Israel).

Company overview:

Company overview provides the information about location of the company where it is headquartered along with the established year, employee strength as of 2017, regions where the company is operating and the key business areas.

Financial performance:

Overall company/segment revenue for the year 2019, 2018, and 2017 is provided in the sub title "financial performance" (public listed companies) along with the analysis and explanation of the increase or decrease in the same due to factors such as mergers & acquisition, profit or loss in any strategic business unit (sbus) and others.

Product benchmarking:

Product benchmarking comprises the comprehensive list of products pertaining to the respective market along with the application and key features.

Strategic initiatives:

Insights pertaining to the new product launch, strategic collaboration, mergers and acquisition, regulatory approval, and other developments by the company in market are covered under strategic initiatives section.

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