Artificial intelligence (AI) has revolutionized the healthcare diagnostics industry by enabling accurate and quick diagnoses through analysis of medical images and data. AI diagnostic tools utilize deep learning algorithms and large amounts of medical data to identify diseases and health conditions. AI solutions have been developed for diagnosing various cancers, eye diseases, skin disorders, and cardiovascular and neurological conditions through scanning of CT, MRI, X-ray and blood test reports. The global adoption of AI tools is increasing rapidly as they help improve patient outcomes, reduce healthcare costs and tackle shortage of medical experts especially in developing nations.
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 7.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the major trends driving growth in the AI diagnostics market is increasing collaboration between technology and healthcare companies to develop more advanced solutions. For instance, IBM is collaborating with hospitals to develop AI-powered tools for analyzing medical imaging data to detect diseases early. Similarly, Microsoft has partnered with various manufacturers to integrate their AI platforms into diagnostic devices and platforms. Another trend is growing funding and investments by governments as well as private players into AI diagnostic startups. This is encouraging more innovators to launch novel products. Rapid digitization of healthcare systems especially in developing regions also provides significant growth opportunities. However, concerns around data privacy and transparency of AI models require to be addressed to maximize the potential of this technology.
Porter's Analysis
Threat of new entrants: The threat of new entrants is moderate in the artificial intelligence diagnostics market due to high initial investments required for research and development.
Bargaining power of buyers: The bargaining power of buyers is high given the availability of alternatives.
Bargaining power of suppliers: The bargaining power of suppliers is moderate due to availability of substitutes.
Threat of new substitutes: The threat of new substitutes is moderate due to high switching costs for buyers.
Competitive rivalry: The competitive rivalry is high owing to presence of established players focusing on new product launches and technological advancements.
Key Takeaways
The Global Artificial Intelligence Diagnostics Market Share is expected to witness high growth over the forecast period. North America is expected to hold the largest share of the artificial intelligence diagnostics market during the forecast period. High adoption of advanced healthcare technologies and presence of major key players in the region are expected to boost the market growth.
Regional analysis: North America is expected to account for the largest share of the artificial intelligence diagnostics market during the forecast period. The large share of the North American market can be attributed to high healthcare spending, presence of advanced healthcare infrastructure, and presence of major market players in the region.
Key players operating in the artificial intelligence diagnostics market are Zoetis Inc., Merck & Co. Inc., Elanco, Ceva Santé Animale, Boehringer Ingelheim, Biovac, Hester Biosciences Limited, Dechra Pharmaceuticals PLC, Venky’s Limited, and Phibro Animal Health Corporation, among others. Key players are mainly focused on new product launches and expansion of their production facilities to strengthen their market position.
For more insights, Read- https://www.insightprobing.com/artificial-intelligence-diagnostics-market-overview/
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