by Market Overview:
The artificial intelligence diagnostics market involves the use of artificial intelligence applications, algorithms, and software for diagnostic purposes. Through image recognition, machine learning, and deep learning, AI can analyze medical images, scans, test results, and more to assist doctors in diagnosis and treatment planning. Some key areas AI is being applied in diagnostics include radiology, pathology, cardiology, ophthalmology, and dermatology. AI can help detect abnormalities, identify diseases, monitor disease progression, and expedite diagnosis by automating diagnostic processes. This helps improve efficiency of healthcare systems while reducing errors.
Market Dynamics:
Growing digitization of healthcare and increasing adoption of AI across the industry is a major driver of market growth. Digitization provides vast amounts of healthcare data that can be leveraged by AI algorithms for diagnostic purposes. Rising investments by startups as well as large healthcare IT companies in developing AI-powered diagnostic solutions is also fueling market expansion. Additionally, shortage of healthcare professionals globally is prompting increased reliance on AI for assistive diagnostics. However, lack of expert AI workforce and data quality issues pose challenges for growth of artificial intelligence diagnostics market.
The global Artificial Intelligence Diagnostics Market Growth is estimated to be valued at US$ 1,502.9 Mn in 2023 and is expected to exhibit a CAGR of 21.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Segment Analysis
The artificial intelligence diagnostics market is segmented as applications and end-users. The applications segment is further divided into imaging & diagnostics, predictive analytics and automated image recognition which is dominating the market. Automated image recognition allows rapid analysis of medical scans through AI and reduces diagnostic errors.
PEST Analysis
Political: Governments across regions are focusing on investments to develop digital healthcare infrastructure which is promoting AI adoption in diagnostics.
Economic: The rising healthcare costs are encouraging use of AI technologies for improved outcomes and cost efficiency in diagnostics.
Social: Increasing awareness about benefits of early detection of diseases and advancements in healthcare is positively impacting the market growth.
Technological: Developments in deep learning, computer vision and cloud computing are enabling innovations in AI algorithms for medical imaging analysis and disease diagnosis.
Key Takeaways
The global artificial intelligence diagnostics market is expected to witness high growth, exhibiting CAGR of 21.% over the forecast period, due to increasing focus on precision medicine and early disease detection. North America is expected to dominate the market owing to presence of major players and government support for AI integration in healthcare. The regional analysis also includes Asia Pacific as the fastest growing market due to rising healthcare expenditure, increasing patient volume and developing AI infrastructure.
Key players operating in the artificial intelligence diagnostics market are Vuno Inc., CHC Healthcare Group, Aidoc, Imbio, Alivecor Inc., Digital Diagnostics, Retina AI, Canon Medical Systems USA, Healthy Io, Milliman Inc., GE Healthcare, Arterys, Alivecor Inc., Riverain, Lucid Health, Qure.AI, and Cardiology, among others. Automated disease detection using convolutional neural networks is the focus area of major players. For instance, Vuno analyses medical scans using its AI-based platform to identify diseases and has documented over 95% diagnostic accuracy.
The global artificial intelligence diagnostics market size for 2023 is US$ 1,502.9 Mn. Increasing investments by market players for advanced analytics and rising chronic disease prevalence are fueling the market growth. Regionally, North America accounted for the largest market share in 2023 attributed to the growing adoption of AI by hospitals and diagnostic centers in the region. Asia Pacific exhibits potential for high growth owing to rising healthcare awareness, the prevalence of chronic conditions, and developments in AI technology.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
