February 9, 2025

Artificial Intelligence Diagnostics Delivers Precision Medicine

Artificial Intelligence diagnostics use advanced algorithms and machine learning techniques to analyze medical images, data and reports to support clinicians in making accurate diagnoses and treatment recommendations. They help radiologists and pathologists detect diseases, predict patient outcomes and offer personalized care. AI tools are being applied for diagnostic specialties including cardiology, dermatology, ophthalmology, pathology and radiology by evaluating full-body scans, genetic tests, wearables data and more. This improves the efficiency and quality of healthcare while reducing cost.

Artificial intelligence has the potential to revolutionize medical diagnostics through its ability to capture subtle patterns and anomalies in reams of medical data that may be invisible to humans. AI tools help detect diseases early, monitor patients remotely, and optimize treatment plans by identifying genetically targeted therapies. They offer more consistent, quicker and precise results than humans alone. 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:
One of the key trends in the artificial intelligence diagnostics market is the integration of computer vision with deep learning algorithms. Deep learning techniques such as convolutional neural networks (CNNs) have achieved state-of-the-art results in tasks involving visual perception, through representations of the visual world learned from large-scale datasets. Researchers are now applying these techniques to medical image analysis for diagnosis. For example, algorithms trained on thousands of medical images can accurately classify skin lesions or interpret MRI scans to localize brain tumors. As more data becomes available, computer vision combined with deep learning will transform AI diagnostics by automating image recognition and analysis tasks. This will greatly aid clinicians and improve patient access to quality healthcare globally.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is low in the Artificial Intelligence Diagnostics Market due to the high cost of development and need for substantial investment. Companies also need to build brand image and distribution channels.
Bargaining power of buyers: The bargaining power of buyers is high due to the presence of various players providing differentiated diagnostic solutions at competitive prices. Buyers can easily switch between available options.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as there are many suppliers for key raw materials and technologies required for developing AI diagnostic solutions.
Threat of new substitutes: The threat of new substitutes is moderate as there are emerging alternatives like cloud-based diagnostic platforms but they require huge investments and regulations for product approval.
Competitive rivalry: The competitive rivalry is high due to the presence of global and regional players offering a variety of AI-powered diagnostic platforms and tools. Players compete on the basis of technology, pricing, and service offerings.

Key Takeaways

The global Artificial Intelligence Diagnostics Market is expected to witness high growth. North America is expected dominate the market over the forecast period supported by increasing adoption of advanced diagnostic tools coupled with growing awareness regarding AI-based medical imaging diagnostic solutions.

Regional analysis: North America will continue to be the largest market for Artificial Intelligence Diagnostics. The region accounts for more than 35% of total market share due to major technological advancements by leading market players. Asia Pacific is expected witness fastest growth supported by rising healthcare infrastructure development, increasing healthcare spending, and growing need for early disease diagnosis and prevention.

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. Players are focusing on product launches and partnerships with healthcare organizations and diagnostic laboratories for business expansion.

*Note:

  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it
Ravina
+ posts

Ravina Pandya,  Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. With an MBA in E-commerce, she has an expertise in SEO-optimized content that resonates with industry professionals.

Ravina Pandya

Ravina Pandya,  Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. With an MBA in E-commerce, she has an expertise in SEO-optimized content that resonates with industry professionals.

View all posts by Ravina Pandya →