The growth of the market is mainly attributed to factors such 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 are the factor hindering the growth of the market.
Artificial Intelligence in healthcare is one of the most significant technological advancements in medicine so far. The involvement of multiple startups in the development of AI-driven imaging and diagnostic solutions is the major factors contributing to the growth of the market. China, the US, and the UK are emerging as popular hubs for healthcare innovations.
Additionally, the British government has announced the establishment of a National Artificial Intelligence Lab that would collaborate with the country's universities and technology companies to conduct research on cancer, dementia, and heart diseases. The UK-based startups have received benefits from the government's robust library of patient data, as British citizens share their anonymous healthcare data with the British National Health Service. As a result, the number of artificial intelligence startups in the healthcare sector has significantly grown in the past few years, and the trend is expected to be the same in the coming years.
Based on diagnostic tool, the global artificial intelligence in healthcare diagnosis market is segmented into medical imaging tool, automated detection system, and others. The medical imaging tool segment held the largest share of the market in 2019, and the market for automated detection system is expected to grow at the highest CAGR during the forecast period.
Based on application, the global artificial intelligence in healthcare diagnosis market is segmented into eye care, oncology, radiology, cardiovascular, and others. The oncology segment held the larger share of the market in 2019, and the radiology segment is expected to register the highest CAGR during the forecast period.
Based on service, the global artificial intelligence in healthcare diagnosis market is segmented into tele-consultation, tele monitoring, and others. The tele-consultation segment held the largest share of the market in 2019, however, tele monitoring segment it is further expected to report the highest CAGR in the market during the forecast period.
Based on end-user, the global artificial intelligence in healthcare diagnosis market is segmented into hospital and clinic, diagnostic laboratory, and home care. The hospital and clinic segment held the highest share of the market in 2019 and is expected to register the highest CAGR in the market during the forecast period.
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