The global Artificial Intelligence Diagnostics Market Growth 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 Overview:
The artificial intelligence diagnostics market deals with diagnostic solutions that utilize artificial intelligence and machine learning algorithms to analyze medical images and data for detecting diseases. Various AI technologies such as deep learning, natural language processing, and computer vision are used to perform diagnostic tasks such as detecting cancer, cardiovascular diseases, neurological disorders, lung diseases and others from medical imaging data, electronic health/medical records and other patient data sources. Key advantages of AI diagnostic solutions include improved accuracy, reduced diagnostic time, non-invasive procedures and ability to detect diseases at early stages. With rising chronic disease burden and shortage of healthcare professionals, there is growing need for AI-powered solutions for disease diagnosis.
Market key trends:
One of the key trends in the artificial intelligence diagnostics market is the rising adoption of deep learning techniques for medical imaging analysis. Deep learning models are able to detect complex patterns in medical images to diagnose diseases. Various players are focusing on developing deep learning algorithms for tasks like detecting diabetic retinopathy from fundus images, lung cancer from chest radiographs, skin cancer from photos of lesions and others. This is expected to improve diagnostic accuracy and consistency of results. Another major trend is the integration of AI into clinical decision support systems and electronic health records at hospitals and diagnostic centers. This allows automated analysis of patient data along with recommendations for disease diagnosis and treatment planning.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as the artificial intelligence diagnostics market requires significant investment in research and development as well as clinical validation to develop products.
Bargaining power of buyers: The bargaining power of buyers is moderate as the market provides various products from different companies which gives choices to buyers.
Bargaining power of suppliers: The bargaining power of suppliers is low as there are numerous component suppliers in the market.
Threat of new substitutes: The threat of new substitutes is high as technology is advancing at a rapid pace and new substitute products may enter the market.
Competitive rivalry: High due to the presence of many global as well as regional players.
Key Takeaways
The global Artificial Intelligence Diagnostics Market is expected to witness high growth, exhibiting a CAGR of 21.% over the forecast period, due to the increasing prevalence of chronic diseases and the need for accurate diagnostic solutions.
Regional analysis: North America dominated the artificial intelligence diagnostics market in 2023 and is expected to continue its dominance over the forecast period. This is attributed to the increasing penetration of AI technologies and the presence of major players in the region. Asia Pacific is expected to exhibit the fastest growth during the forecast period owing to rising healthcare expenditure and growing focus of key players in emerging markets.
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 Cardiology, among others. Key players are focusing on product launches, partnerships, and regional expansion to gain more market share
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it