The Artificial Intelligence Diagnostics Market is expected to facilitate more precise disease diagnosis and personalized treatment through integration of artificial intelligence and machine learning algorithms. Artificial intelligence diagnostics uses medical images, reports and patient records to identify diseases, determine the severity of cases and predict health outcomes more accurately. This reduces diagnostic errors, increases diagnostic consistency and allows doctors to diagnose diseases at an early stage.
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 key trends:
Growing adoption of artificial intelligence in diagnostic imaging modalities is one of the major trends driving market growth. AI is being incorporated into medical imaging equipment like CT, MRI, X-ray and ultrasound to enhance image quality, automate workflow and provide computer aided detection of abnormalities. This allows radiologists to spend less time on administrative tasks and focus more on clinical decision making. Key players like GE Healthcare, Siemens Healthineers and Philips Healthcare are introducing AI powered CT, MRI and ultrasound systems that can detect diseases like cancer, pneumothorax and abnormalities in organs more accurately compared to human interpretation alone. Such advanced diagnostic solutions are expected to see higher adoption, thereby propelling the artificial intelligence diagnostics market during the forecast period.
SWOT Analysis
Strength: The artificial intelligence diagnostics market utilizes advanced AI technologies like machine learning and deep learning which can analyze large amounts of medical data and images quickly and accurately. This helps in faster diagnosis and detection of diseases.
Weakness: Lack of expertise and skilled workforce to develop and implement advanced AI solutions for healthcare. Integration of new AI technologies with existing hospital IT infrastructure is also a challenge.
Opportunity: Growing adoption of AI by healthcare providers and hospitals to improve clinical outcomes. Increasing funding and investments in AI healthcare startups working on disease diagnosis solutions offer growth opportunities.
Threats: Data privacy and security concerns related to handling of sensitive patient data. Limited explainability of some AI models can reduce clinician trust.
Key Takeaways
The Global Artificial Intelligence Diagnostics Market Size is expected to witness high growth over the forecast period driven by increasing investments in AI healthcare startups. 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 currently dominates the market due to presence of major players and higher adoption rate of new technologies among healthcare providers in the region. The Asia Pacific region is expected to grow at the fastest pace during the forecast period supported by improving healthcare infrastructure, increasing healthcare spending and supportive government initiatives for emerging technologies in countries like China and India.
Key players operating in the artificial intelligence diagnostics market include GE Healthcare, Siemens Healthineers, Philips Healthcare, Cardinal Health, Lantheus Medical Imaging, Bayer AG, Bracco Imaging, Eczacıbaşı-Monrol Nuclear Products, Nordion, Advanced Accelerator Applications, NTP Radioisotopes, Curium Pharma, Jubilant Life Sciences Ltd, IRE – IRE ELiT – Instituto de Pesquisas Energéticas e Nucleares, Australian Nuclear Science and Technology Organisation (ANSTO), Eckert & Ziegler Radiopharma GmbH, Isotopia Molecular Imaging Ltd., Institute of Atomic Energy of Bangladesh, Rosatom State Atomic Energy Corporation, Board of Radiation and Isotope Technology (BRIT). These key players are focusing on developing advanced AI based diagnostic solutions and acquiring startups working in this domain to strengthen their product portfolio and market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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