According to seasoned analysts, ai in diagnostics market is predicted to record a growth rate of 33.5% during the forecast period 2022-2027.
AI software and services are used in medical diagnostics to assist healthcare practitioners in determining the diagnosis of various disorders. AI-based software solutions can analyze the data from a diagnostic process and either aid the healthcare professional make a proper diagnosis or triage patients by detecting any questionable medical images. Deep learning, data insights, and algorithms are combined with AI in medical diagnostics to identify important and life-threatening disorders. It automates the diagnosing procedure and lightens the load on medical staff.
AI in Diagnostics Market Market Growth
Artificial intelligence (AI) application fields are quickly emerging. Manufacturing, cybersecurity, logistics, and education have all benefited from the use of this technology. The most significant advancement in artificial intelligence in the medical field is the application of deep learning in cancer diagnosis. Recent statistics published in the National Cancer Institute Journal demonstrate that the AI system has achieved breast cancer detection accuracy comparable to a trained breast radiologist. The use of AI in the consumer health sector and the Internet of Medical Things are two more encouraging applications. These solutions combine medical IoT devices to gather healthcare information, and AI-based apps to evaluate this information and suggest changes to a patient’s current lifestyle.
AI in Diagnostics Market Regional Analysis
Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa make up the market’s geographical divisions. The global market for AI in diagnostics was dominated by North America in 2021, with the region accounting for more than 56.5% of total revenue. The fastest-growing regional market, on the other hand, is predicted to be Asia Pacific over the projection period. The expansion of both public and private programmes pushing the use of AI-based diagnostic tools can be credited with this trend.
Artificial Intelligence in Diagnostics Market Report Scope
|Growth Rate From 2022 to 2027||CAGR of 33.5%|
|Forecast Period||2022 to 2027|
AI in Diagnostics Market Report Highlights
- Component Insight
Numerous businesses are developing software solutions for various healthcare applications, which is helping the software market grow. Healthcare service providers and hospitals are beginning to accept AI-driven operational support for healthcare and healthcare informatics solutions, which is expected to accelerate service expansion in the years to come. The demand for cloud-based, AI-powered augmented diagnostic solutions that help improve diagnosis accuracy when inferring patient medical photos is booming the segment’s growth.
- Diagnosis Type Insight
With the aid of cognitive capacity, AI has the potential to replace many of the routine characterization, detection, and quantification tasks currently carried out by radiologists. It can also complete the data mining of medical records (electronic) in the process. In 2019, neurology has a market share of more than 23% among the various diagnostics categories.
AI in Diagnostics Market Dynamics
The high rate of medical diagnosis errors, the lack of qualified healthcare personnel, and the rising frequency of chronic diseases are the primary reasons driving the market for AI in medical diagnostics. Additionally, the high development potential of emerging economies and the rising number of cross-industry partnerships & collaborations are anticipated to provide this market considerable growth chances.
The ongoing COVID-19 epidemic exposed the flaws in the current healthcare system and hastened the introduction of digital technologies, like as AI in diagnostics, to precisely evaluate complex information and lessen the administrative & operational strain on physicians. The market grew as a result of startups being on the scene and receiving more funding and investments.
This market’s growth is anticipated to be significantly constrained by people’s hesitation to use AI technology due to a lack of confidence. The main obstacles to the expansion of this industry include issues with regulations, patient data privacy and security, and other related issues.
- In April 2020, The Bolton NHS Foundation Trust (UK) joined forces with Qure.ai (India), a healthcare AI start-up working to provide tools for keeping track of COVID-19 patients. The start-up created the qXR, a diagnostic tool for identifying COVID-19-related symptoms and estimating the infection’s size. Healthcare workers may more easily track the severity and rate of progression of the viral infection thanks to the qXR technology, which automates the interpretation of COVID-19 proliferation from chest X-rays.
- In April 2020, with the help of Smart Reporting GmbH (Germany) and THIRONA (Netherlands), CAD4COVID-CT—artificial intelligence software for detecting COVID-19 instances through CT scans—was released. The software makes it easier to find COVID-19 cases.
AI in Diagnostics Market Key Players:
- Siemens Healthcare GmbH
- GE Healthcare
- Imagen Technologies
- Zebra Medical Vision
- Vuno Inc.
- IDx Technologies Inc.
- Neural Analytics
- Riverain Technologies
By Diagnosis Type
- Chest and Lung
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Southeast Asia and Rest of APAC)
- Latin America (Brazil and Rest of Latin America)
- Middle East and Africa (GCC, North Africa, South Africa, Rest of MEA)
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