Overview and Scope
AI in diagnostics refers to the application of artificial intelligence (AI) technologies in medical diagnosis, which involves the use of advanced algorithms, machine learning, and data analysis techniques to interpret medical data, images, and clinical information. The implementation of AI in diagnostics aims to improve the accuracy, speed, and efficiency of medical diagnoses.
Sizing and Forecast
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.
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Segmentation & Regional Insights
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
North America was the largest region in the artificial intelligence in diagnostics market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the artificial intelligence in the diagnostic market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
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.
Key Industry Players
Major companies operating in the artificial intelligence in the diagnostic market report are Google LLC, Microsoft Corporation, Intel Corporation, IBM Corporation, Siemens Healthineers, Koninklijke Philips N.V., GE Healthcare Technologies Inc., Paige.AI Inc., HeartFlow Inc., Aidoc Medical Ltd., AliveCor Inc., Butterfly Network Inc., Imagen Technologies, Digital Diagnostics Inc., Brainomix Ltd., NovaSignal Corp., Enlitic Inc., Nano-X Imaging LTD., EchoNous Inc., Zebra Medical Vision Ltd., Aidence B.V., Neural Analytics Inc., IDx Technologies Inc., icometrix N.V., Vuno Inc.
The artificial intelligence in the diagnostic market report table of contents includes:
1. Executive Summary
- Artificial Intelligence In The Diagnostic Market Characteristics
- Artificial Intelligence In The Diagnostic Market Trends And Strategies
- Artificial Intelligence In The Diagnostic Market – Macro Economic Scenario
- Global Artificial Intelligence In The Diagnostic Market Size and Growth
.
- Global Artificial Intelligence In The Diagnostic Market Competitive Benchmarking
- Global Artificial Intelligence In The Diagnostic Market Competitive Dashboard
- Key Mergers And Acquisitions In The Artificial Intelligence In The Diagnostic Market
- Artificial Intelligence In The Diagnostic Market Future Outlook and Potential Analysis
- Appendix
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