As per the report titled ‘Global Artificial Intelligence in Diagnostics Market Size study, by Component (Software, Hardware, Services), by Diagnosis Type (Cardiology, Oncology, Pathology, Radiology, Chest and Lung, Neurology, Others) and Regional Forecasts 2020-2027’, available with Market Study Report, global artificial intelligence in diagnostics market 288 million in 2019 and is projected to register 32.8% CAGR over 2020-2027, subsequently reaching a valuation of USD 2703 million by the end of the stipulated timeframe.
 

Worldwide artificial intelligence in diagnostics market is fueled by growing emphasis towards patient care and safety, and increasing collaborative efforts between solutions providers and healthcare facilities.
 

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Besides, large-scale investments in healthcare AI is rendering a positive impact on the business dynamics. For instance, digital healthcare companies collectively invested USD 5.5 billion for AI in India healthcare industry. Similar trends in other developing economies is expected to catapult the industry growth to new heights.
 

On the contrary, high implementation cost and security concerns are hindering global artificial intelligence in diagnostics market growth.
 

For the record, artificial intelligence is mainly utilized in healthcare facilities to assess the correlation between treatment process and patient outcomes. Post successful deployment of AI, this technology can be utilized in various medical practices, including drug development, medical imaging, patient monitoring care, and personalized medicines. Moreover, integration of AI together with machine learning (ML) could lower costs by enhancing diagnosis accuracy and improve patient safety.
 

Geographically, key growth promoters of global artificial intelligence in diagnostics market are North America, Latin America, Europe and Asia Pacific. Among these, North America holds a coveted position in the market due to rising penetration of healthcare IT solutions in medical diagnosis, along with strong presence of market vendors in the region.
 

Meanwhile, Asia Pacific artificial intelligence in diagnostics market size is expected to grow significantly in the upcoming years, creditable to rising number of government initiatives for adoption of healthcare AI solution, and developing healthcare infrastructure in emerging economies like India and China.
 

Speaking of the competitive landscape, Zebra Medical Vision, Inc., Riverain Technologies, Siemens Healthineers AG, Neural Analytics, Inc., IDx Technologies, Inc., Vuno, Inc., Imagen Technologies, Inc., GE Healthcare, AliveCor, Inc., and Aidoc Medical Ltd. are the top contenders in global artificial intelligence in diagnostics market sphere.