Artificial intelligence diagnostics tools utilize deep learning algorithms and large medical imaging and health record datasets to identify diseases and abnormalities. These tools assist physicians in disease diagnosis, provide automated analysis and interpretation of medical scans such as X-rays, CT scans and MRIs. This helps detect diseases at an early stage and expedite clinical workflows. The global Artificial Intelligence Diagnostics Market 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.
Market key trends:
The rapid adoption of AI-based disease detection tools by healthcare providers is expected to boost the artificial intelligence diagnostics market over the forecast period. AI algorithms can analyze large, complex medical data like diagnostic images much faster than humans. They also help reduce diagnostic errors. Various startups are now offering AI-driven tools that can detect diseases like cancer, pneumonia, and neurological disorders from medical scans with high accuracy. This has increased the adoption of artificial intelligence in disease diagnosis applications among hospitals and diagnostic centers. Further technological advancements to improve accuracy and lower healthcare costs are expected to drive the demand for AI diagnostics solutions during the forecast period.
SWOT Analysis
Strength: Artificial intelligence diagnostics can analyze large amounts of unstructured medical data like images and reports. It has the potential to improve the accuracy and speed of disease diagnosis.
Weakness: Lack of explainability is a major weakness as AI models are not transparent. This makes it difficult for clinicians to understand the reasoning behind diagnostic decisions. Skepticism from doctors also limits adoption.
Opportunity: The growing volumes of complex medical data presents a huge opportunity for AI to derive insights that humans may miss. This can streamline workflows and improve access to quality healthcare. Personalized diagnosis and treatment is another key opportunity area.
Threats: Data privacy and security concerns pose major threats. Improper training of AI models can lead to unfair, biased or inaccurate diagnoses for under-represented patient groups.
Key Takeaways
The global Artificial intelligence diagnostics market is expected to witness high growth. Regional analysis
The North America region currently dominates the market due to high awareness levels, rising deployment across hospitals and diagnostic centres, and growing investments in AI healthcare startups. Asia Pacific is expected to witness the fastest growth over the forecast period supported by increasing healthcare spending, large patient volumes, and rising diagnostics infrastructure in countries like China and India.
Key players
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 Cardiologs, among others. These players are focusing on developing affordable and accurate diagnostic solutions to meet the growing demand. Partnerships with hospitals and labs are a key strategy to gain real-world data and drive commercial adoption.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
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