AI-powered diagnostic systems deliver precise and efficient
diagnoses, enabling healthcare professionals to develop timely and
effective treatment plans. This integration of AI extends across
various diagnostic tools, including X-rays, enhancing their
capabilities on a broader scale.
WILMINGTON, Del., July 17,
2024 /PRNewswire/ -- The market for AI-based medical
diagnostic tools accounted for US$ 1.3
billion in 2023. A CAGR of 20.8% is expected from 2024 to
2034, culminating in a market value of US$
11.5 billion by 2034. Medical diagnostic instruments based
on AI require ongoing research and development.
In addition to enhancing the efficiency of existing algorithms,
this involves investigating new artificial intelligence approaches
such as deep learning, reinforcement learning, and federated
learning for medical applications.
AI-based diagnostic tools can empower patients by providing them
with personalized health information. Smartphone apps and
AI-driven health monitoring gadgets can help patients manage
their health and well-being more actively.
Medical specialists and facilities are often limited in
underserved or distant places, so AI-based diagnostics can be
especially helpful. Through the use of portable diagnostic devices
and telemedicine platforms, Artificial Intelligence can increase
access to healthcare for communities that have limited access to
healthcare.
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Healthcare systems are expected to incorporate AI-based
diagnostic technologies as they advance in sophistication and
dependability. This integration may include seamless integration
with clinical decision support systems and electronic health
records (EHR) in order to speed up diagnosis for healthcare
practitioners.
Key Findings of the Market Report
- AI-based medical diagnostic tools will be created in the market
by the software segment.
- As consumers become more likely to suffer from cancer, demand
for oncology AI-based medical diagnostics tools will increase.
- In 2023, diagnostic laboratories held the largest share of the
market.
- In 2023, North America
dominated the market in terms of market share.
Global AI-based Medical Diagnostic Tools Market: Growth
Drivers
- Increasing chronic illness prevalence and an expanding need for
accurate and timely diagnosis are two contributing factors. With
AI-powered diagnostic tools, health care providers can detect
diseases earlier and treat them more effectively, thus improving
their accuracy, efficiency, and speed of diagnosis. Diabetes,
cancer, and cardiovascular diseases are a few of the chronic
diseases that have increased the need for novel diagnostic
methods.
- AI-based diagnostic tools are becoming easier to incorporate
into clinical practice as electronic health records (EHRs) become
more widely adopted and data access increases.
- AI algorithms are being assessed and trained using substantial
amounts of patient data by healthcare organizations and providers.
As a result, diagnostic instruments that are more reliable and
beneficial therapeutically are being developed.
- The healthcare sector is also embracing AI-based diagnostic
tools on a larger scale as regulatory agencies become more aware of
its potential to improve patient outcomes and reduce healthcare
costs.
- As a result, AI-based medical diagnostics have a lot of
potential for improving the accuracy, efficiency, and personalized
treatment of patients, so they're a great fit for the future.
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AI-based Medical Diagnostic Tools Market Report
Scope:
Report
Coverage
|
Details
|
Forecast
Period
|
2024-2034
|
Base
Year
|
2020-2022
|
Size in 2023
|
US$ 1.3
Bn
|
Forecast (Value) in
2034
|
US$ 11.5 Bn
|
Growth Rate
(CAGR)
|
20.8 %
|
No. of
Pages
|
156
Pages
|
Segments
covered
|
By Component, By
Application, By Region, By End-user
|
Global AI-based Medical Diagnostic Tools Market: Regional
Landscape
- Artificial intelligence-based medical diagnostic technologies
are undergoing rapid scientific advancements in North America. AI-driven diagnostic technology
is gradually being integrated into clinical operations in the area
in order to improve patient outcomes and increase
productivity.
- Regulatory agencies like Health Canada and the Food and Drug
Administration (FDA) in the United
States and Canada approve
and oversee medical devices and diagnostic tools. The development
of AI-based diagnostics in the future will be influenced by the way
these regulatory bodies adapt their approval procedures to take
into account the rapidly developing AI technologies while
maintaining patient safety and efficacy.
- In North America, regulatory
agencies such as the Food and Drug Administration (FDA) are
essential to guaranteeing the security and efficacy of medical
diagnostic devices powered by artificial intelligence (AI). To help
businesses launch their products while maintaining patient safety
and data security, the FDA has set guidelines for the validation
and oversight of AI algorithms used in medical diagnostics. Because
of this, North America continues
to lead the way in AI-driven innovation in medical diagnostics, and
further growth and adoption are anticipated.
Global AI-based Medical Diagnostic Tools Market: Competitive
Landscape
AI-based medical diagnostic tool companies are expanding their
customer bases through inorganic expansion. Brain tumors can be
accurately detected by AI-based tools developed by medical
diagnostic companies.
Key Players Profiled
- Microsoft
- Nvidia Corporation
- Merative L.P.
- Alphabet Inc.
- Intel Corporation
- Siemens Healthineers
- GE HealthCare
- Advanced Micro Devices Inc.
- Koninklijke Philips N.V.
- InformAI
Key Developments
- In October 2023, Microsoft
launched new data and artificial intelligence solutions for
healthcare organizations to unlock insights and improve patient
care.
- In December 2023, Nvidia
launched a series of cloud APIs that accelerate AI model
development and deployment for medical imaging applications. Using
Nvidia's open-source Monai framework, the new offering extends
Monai with cloud-native capabilities.
Global AI-based Medical Diagnostic Tools Market:
Segmentation
By Component
- Software
- Services
- Hardware
- Memory
- Others (Network, etc.)
By Application
- Radiology
- Cardiology
- Neurology
- Oncology
- Others (Ophthalmology, Gynecology, etc.)
By End User
- Hospitals
- Diagnostic Laboratories
- Others (Ambulatory Surgical Centers, etc.)
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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