Market Overview:
The artificial intelligence diagnostics market involves the integration of artificial intelligence with diagnostic imaging and radiology. Artificial intelligence helps radiologists analyze medical images and data faster and more accurately. It reduces diagnostic errors, enhances efficiency, and improves patient outcomes. AI-based diagnostics is finding increasing usage in various disease areas such as cancer, cardiovascular disorders, neurological disorders, and others.
Market key trends:
One of the major trends in the artificial intelligence diagnostics market is the integration of AI with diagnostic imaging. Various players are focusing on developing AI solutions that can analyze medical images such as CT scans, X-rays, MRI scans, and identify abnormalities. For instance, Vuno Inc. offers an AI-based chest X-ray screening solution that can automatically detect common abnormalities within minutes. Aidoc has an FDA-cleared AI solution that analyzes CT scans of the head and chest to support radiologists in identifying acute critical findings. Such integrations are improving the accuracy and efficiency of diagnostic imaging procedures. This growing integration of AI technologies with diagnostics imaging modalities is expected to drive the artificial intelligence diagnostics market growth over the forecast period.
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.
Porter’s Analysis
Threat of new entrants: The Artificial Intelligence Diagnostics Market require huge investment in R&D which makes it difficult for new players to enter the market. However, availability of venture capital funding softens the threat to some extent.
Bargaining power of buyers: Individual buyers have low bargaining power due to specialized nature of products/services. However, bigger hospitals and diagnostic chains have higher bargaining power due to large volume of purchases.
Bargaining power of suppliers: Major AI software developers and data suppliers in the market have significant influence on pricing and innovations due to specialized skillsets and data ownership. However, availability of open-source alternatives provides options to buyers.
Threat of new substitutes: Biomedical engineers along with diagnostic device manufacturers are continuously working on integrated advanced diagnostics solutions with newer technologies like computer vision, deep/machine learning which can potentially replace certain AI diagnostics solutions.
Competitive rivalry: Strong as major players compete based on technologies, customer service and strategic partnerships/acquisitions.
SWOT Analysis
Strength: AI diagnostic solutions offer advantages like improved accuracy, reduced diagnostic time, and feasibility of real-time remote diagnostics. The technology has huge capabilities to interpret complex medical imaging and data better than humans.
Weakness: Lack of standardized regulatory guidelines for AI diagnostic solutions is a challenge. Reliance on huge volumes of annotated medical data and computational power requires heavy investments.
Opportunity: Huge market potential in developing countries due to shortage of healthcare infrastructure and diagnostic experts. Growing investments and collaborations between AI and diagnostic companies as well as hospitals provide scope for new product innovations.
Threats: Data privacy and security concerns act as adoption barriers. Clinical validity and effectiveness concerns of certain AI diagnostic solutions compared to experienced physicians and diagnostic specialists. Slow pace of technology adoption in certain healthcare facilities.
Key Takeaways
The global Artificial Intelligence Diagnostics Market is expected to witness high growth, exhibiting CAGR of 21% over the forecast period, due to increasing shortage of diagnostic experts worldwide along with rising chronic disease burden which demand advanced diagnostic solutions.
Regionally, North America is expected to dominate the AI Diagnostics market during the forecast period. This is attributed to presence of major players and early adoption of advanced technologies. However, Asia Pacific is anticipated to exhibit fastest growth supported by improving healthcare infrastructure, growing medical tourism and government initiatives for digitization in healthcare.
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 Cardiologs, among others.
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