Artificial intelligence (AI)-based diagnostic tools are being rapidly adopted to improve the accuracy and efficiency of disease diagnosis and prognosis. These tools utilize machine learning and deep learning algorithms to analyze medical imaging data, pathology slides, genetic sequences and other clinical data to derive diagnostic and predictive insights. The increasing digitization of healthcare data along with the reducing costs of data storage and computing have enabled wider application of AI technologies in medical diagnostics. Moreover, AI algorithms can learn from millions of patient records to uncover subtle patterns and associations that may elude human detection. This helps clinicians enhance diagnosis, develop personalized treatment plans and monitor disease progression more effectively.
The global Artificial Intelligence Diagnostics Market is estimated to be valued at US$ 1731.35 Bn in 2023 and is expected to exhibit a CAGR of 7.9% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The rising adoption of AI-based diagnostic tools is being driven by the rapid penetration of digital technologies in the healthcare industry. AI algorithms analyze vast amounts of unstructured medical data such as clinical notes, medical images, genomic data and other ancillary diagnostic reports at a speed and scale beyond human abilities. This helps provide quick and accurate diagnostic insights to physicians to enable faster clinical decision making. Furthermore, AI can deduce subtle patterns and correlations from longitudinal data which may be missed by humans. This enhances physicians' ability to develop more effective clinical pathways and personalized care plans for improved patient outcomes.AI technologies also boost the efficiency of diagnostic workflows by automating routine tasks and reducing turnaround times, thereby improving access to care.
Segment Analysis
The global artificial intelligence diagnostics market can be segmented based on diagnostic type, indication type, end-user and geography. Among diagnostic type, the medical imaging segment dominated the market in 2024, accounting for the largest revenue share. This is because AI is widely being used in medical imaging technique to reduce errors, provide precise diagnosis and improve outcomes. Among indication type, the cardiovascular segment accounted for the largest market share in 2024 due to the rising prevalence of cardiovascular diseases globally. Hospitals dominated the end-user segment in 2024 as diagnostic tests are majorly performed in hospitals.
Key Takeaways
The global Artificial Intelligence Diagnostics Market Growth is expected to witness high growth during the forecast period of 2024 to 2031. The global Artificial Intelligence Diagnostics Market is estimated to be valued at US$ 1731.35 Bn in 2023 and is expected to exhibit a CAGR of 7.9% over the forecast period 2024 to 2031.
Regional analysis shows that North America region accounted for the largest share in 2024 due to growing adoption of AI technology and presence of key market players in the region. Asia Pacific region is expected to witness fastest growth during the forecast period.
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€TMs Limited, and Phibro Animal Health Corporation, among others.
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