Artificial intelligence diagnostics uses machine learning and deep learning algorithms to analyze medical imaging data, pathology slides, and genetic screening test results to drive efficiency and improve diagnosis. AI tools can analyze over 1000 clinical reports from patients and recognize patterns to help clinicians detect diseases early and improve treatment outcomes. Some key applications of AI in diagnostics include medical imaging analytics, flow cytometry, precision medicine, pathology analytics, genomic sequencing, and drug discovery.
The global artificial intelligence diagnostics market is estimated to be valued at US$ 1502.9 Mn in 2023 and is expected to exhibit a CAGR of 9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Rising healthcare costs and increasing complexities in disease diagnosis have fueled the development of artificial intelligence-powered diagnostic tools that not only enhance productivity but also offer improved clinical decision making. Medical imaging holds a key opportunity for AI integration with imaging analytics emerging as a major application area. AI has the potential to revolutionize diagnostic imaging by analyzing millions of previous scans to identify patterns, reducing reading time and expediting detection of abnormalities. Furthermore, growing volumes and resolution of medical image data have led to growing demand for automated analysis solutions, driving the AI diagnostics market. Advancements in deep learning are also allowing integration of multi-disciplinary data for personalized precision diagnostics and therapy, supplementing clinical decisions. This facilitates better management of chronic diseases and improved patient outcomes.
Segment Analysis
The global artificial intelligence diagnostics market is segmented into technology, application, imaging modalities and end user. The technology segment is further divided into deep learning, context-aware computing, narrow artificial intelligence and others. Deep learning segment dominates the market due to significant advancements in computer vision and natural language processing. It is able to learn from vast amounts of unstructured data without being explicitly programmed and performs human-level tasks like visual perception, speech recognition and decision making.
PEST Analysis
Political: Governments across various countries are supporting AI research and healthcare digitization initiatives which is positively impacting the market. However, lack of regulations related to data privacy and ethics can hamper market growth.
Economic: Rising healthcare costs and need for affordable treatment options are driving the adoption of AI diagnostics solutions globally. Technological advancements are also reducing costs of AI development and deployment.
Social: Increasing prevalence of chronic diseases, growing geriatric population and rising awareness about benefits of AI in healthcare are fueling the market growth. However, concerns about data privacy and AI job disruptions can restrain the market.
Technological: Significant investments in AI research, advanced deep learning techniques, availability of huge healthcare data and improved computing power are expected to drive technological disruptions in this market. Integration of AI solutions with medical imaging modalities and cloud computing is also enhancing capabilities.
Key Takeaways
The Global Artificial Intelligence Diagnostics Market Size is expected to witness high growth at a CAGR of 9% during the forecast period. The global artificial intelligence diagnostics market is estimated to be valued at US$ 1502.9 Mn in 2023 and is expected to exhibit a CAGR of 9% over the forecast period 2023 to 2030.
North America dominates the market currently due to presence of prominent players, advanced healthcare infrastructure and significant investments in AI development. Asia Pacific is expected to be the fastest growing regional market owing to rising healthcare expenditure, digital initiatives and increasing focus on medical imaging.
Key players operating in the artificial intelligence diagnostics market are GE Healthcare, Siemens Healthineers, Philips Healthcare , Cardinal Health , Lantheus Medical Imaging, Bayer AG, Bracco Imaging. These players are focusing on product launches, acquisitions and partnerships to strengthen their market presence. For instance, GE Healthcare partners with various diagnostic centers and hospitals to develop and deploy customized AI solutions.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it