The Artificial Intelligence In The Diagnostic Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Artificial Intelligence In The Diagnostic Global Market Report 2024, The artificial intelligence in the diagnostic market size has grown exponentially in recent years. It will grow from $3.06 billion in 2023 to $4.29 billion in 2024 at a compound annual growth rate (CAGR) of 40.3%. The growth in the historic period can be attributed to rising disease burden, data availability, cost reduction, regulatory support, increasing awareness.
The artificial intelligence in the diagnostic market size is expected to see exponential growth in the next few years. It will grow to $16.24 billion in 2028 at a compound annual growth rate (CAGR) of 39.5%. The growth in the forecast period can be attributed to personalized medicine trends, rapid increase in healthcare data, global health challenges, increased investments, enhanced integration with healthcare systems. Major trends in the forecast period include collaboration and investment, advancements in technology, data privacy and security concerns, rise of explainable ai (xai), expanding role of computer vision.
The rising prevalence of chronic diseases is expected to propel the growth of AI in the diagnostics market going forward. Chronic diseases are long-term health conditions that persist over an extended period, often for a person’s lifetime. The incorporation of AI-based diagnostic processes in chronic diseases enables early detection, prediction, and enhanced decision support systems, remote monitoring of patients, cost reduction, and tailoring treatments to individual patients by analyzing their genetic makeup and disease progression. For instance, in September 2023, according to the World Health Organization, a Switzerland-based specialized agency of the United Nations, there were 41 million fatalities annually, constituting 74% of non-communicable disease (NCD) or chronic disease-related deaths worldwide. Further, around 17.9 million deaths are attributed to cardiovascular diseases, 9.3 million deaths from cancer, 4.1 million deaths from chronic respiratory diseases, and 2.0 million deaths from diabetes. Therefore, the rising prevalence of chronic diseases is driving the growth of AI in the diagnostics market.
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The artificial intelligence in the diagnostic market covered in this report is segmented –
1) By Component: Hardware, Software, Services
2) By Technology: Machine Learning, NLP (Natural Language Processing), Context-Aware Computing, Computer Vision
3) By Diagnosis Type: Radiology, Pathology, Cardiology, Oncology, Neurology, Chest And Lung, Other Diagnosis Types
Major companies operating in the AI in diagnostics market are developing new technologies, such as AI modules, to gain a competitive edge in the market. An AI module is a self-contained software component that encapsulates specific AI capabilities or functionalities. For instance, in March 2023, Qritive, a Singapore-based provider of AI-powered solutions, launched QAi Prostate for prostate cancer diagnosis. QAi Prostate can efficiently recognize the most common form of prostate cancer, potentially improving diagnostic accuracy and reducing false positives. The tool helps pathologists distinguish cancerous from non-cancerous tissue areas, aiding in informed treatment decisions. QAi Prostate can prioritize cases for faster diagnosis and reporting, improving efficiency and patient care.
The artificial intelligence in the diagnostic market report table of contents includes:
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Top 5 Major Key Players Are:
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