According to our latest study on “Artificial Intelligence in Healthcare Diagnosis Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Diagnostic Tool, Application, Service, End User,” the market was valued at US$ 3,639.02 million in 2019 and is projected to reach US$ 66,811.97 million by 2027; it is expected to grow at a CAGR of 44.0% during 2020–2027. The report highlights the trends prevailing in the global artificial intelligence (AI) in healthcare diagnosis market, and drivers and deterrents pertaining to its growth.

Artificial intelligence (AI) uses algorithms and software to perform certain tasks without human intervention and instructions. Artificial intelligence comprises integration of several technologies such as machine learning, natural language processing, reasoning, and perception. Artificial intelligence is used in healthcare for approximation of human cognition and analysis of complex medical and diagnostic imaging data. The artificial intelligence in the healthcare diagnosis market is driven by the ability of AI to improve patient outcomes, need to increase coordination between healthcare workforce & patients. Moreover, a rise in the importance of big data in healthcare, an increase in the adoption of precision medicine, and a notable rise in venture capital investments is expected to fuel market growth.

General Electric Company. and Siemens Healthineers AG. - Notable Market Participants in Artificial Intelligence in Healthcare Diagnosis Industry

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The market growth is mainly attributed to the rising adoption of AI in disease identification and diagnosis, and increasing investments in AI healthcare startups. However, the lack of skilled workforce and ambiguity in regulatory guidelines for medical software impede the market growth. Furthermore, the increasing potential in emerging economies offers significant opportunities for the growth of the global artificial intelligence in healthcare diagnosis market during the forecast period.

The healthcare industry has always been at the forefront in terms of innovation and development. Continuous mutations in virulent microbes make it difficult to stay ahead of the prevalence curve. However, with the help of artificial intelligence and machine learning algorithms, the healthcare sector continues to advance, creating new treatment options as well as helping people live longer and healthier. The Lancet Digital Health, in one of its studies, compared the performance of deep learning (a form of AI) in the diagnosis of diseases using medical imaging versus that carried out by healthcare professionals, by utilizing a sample of studies conducted during 2012–2019.

General Electric Company, Aidoc, Arterys Inc., icometrix, IDx Technologies Inc, MaxQ AI Ltd., Caption Health, Inc, Zebra Medical Vision, Inc., Siemens Healthineers AG, Koninklijke Philips N.V are the most notable market participants occupying a considerable share of the market.

Market leaders are involved in inorganic activities such as partnerships and acquisitions to improve their performance and consolidate the market position. For instance, in May 2020, IDx Technologies Inc. and Topcon Healthcare Solutions entered into a partnership. This partnership aimed to expand the Harmony imaging platform, including the IDx-DR, a state-of-the-art AI system that used to detect diabetic retinopathy in digital fundus images for its European customers.

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