Artificial Intelligence (AI) In Diagnostics Market to Cross USD 5123.16 Million by 2030 due to Increasing Demand for Advanced Healthcare Solutions | Research by SNS Insider
The increasing adoption of EHRs is generating a large amount of data that can be used to train AI algorithms. This is enabling the development of more advanced AI-based diagnostics, which is further driving the growth of the market.
Pune, March 31, 2023 (GLOBE NEWSWIRE) -- As per SNS Insider's report, the size for Artificial Intelligence (AI) In Diagnostics Market was valued at USD 1172.46 Million in 2022 and is expected to grow at a CAGR of 23.45% during the forecast period 2023-2030, reaching USD 5123.16 Million by 2030.
Market Overview
AI in diagnostics can be used in various medical fields, including radiology, pathology, dermatology, ophthalmology, and cardiology. For example, AI algorithms can help radiologists detect early signs of cancer in medical images or assist dermatologists in diagnosing skin conditions. One of the advantages of using AI in diagnostics is that it can help reduce diagnostic errors, which can have significant implications for patient outcomes. AI algorithms can also help doctors save time by automating routine tasks and prioritizing urgent cases.
Market Analysis
The increasing demand for healthcare services, coupled with limited resources, has made it imperative to adopt innovative, automated processes to improve efficiency and reduce the workload on healthcare providers, thereby driving the growth of the Artificial Intelligence (AI) in diagnostics market. In addition, the shortage of care providers is another significant factor contributing to the growing demand for AI in diagnostics. AI-powered solutions can help automate repetitive tasks and provide accurate, real-time insights to clinicians, enabling them to make informed decisions quickly and efficiently. This, in turn, can improve the quality of care, reduce the workload on healthcare professionals, and enhance patient outcomes.
Key Company Profiles Listed in this Report Are:
The Key players are Siemens Healthineers, Zebra Medical Vision, Inc., Riverain Technologies, Vuno, Inc., Aidoc, Neural Analytics, Imagen Technologies, Digital Diagnostics, Inc., GE Healthcare, AliveCor Inc. & Others
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Impact of Recession on Artificial Intelligence (AI) In Diagnostics Market Growth
During a recession, healthcare spending may be reduced, which could lead to a decrease in the adoption of AI in diagnostics by hospitals and medical facilities. This could, in turn, lead to slower growth or even a contraction in the AI in diagnostics market. However, despite these potential challenges, there are also opportunities for the Artificial Intelligence (AI) in diagnostics market during a recession. The need for cost-cutting measures may drive healthcare providers to adopt more efficient and accurate diagnostic technologies, which could increase demand for AI-based diagnostic tools.
Artificial Intelligence (AI) In Diagnostics Market Report Scope:
Report Attributes | Details |
Market Size in 2022 | US$ 1172.46 Mn |
Market Size by 2030 | US$ 5123.16 Mn |
CAGR | CAGR of 23.45% From 2023 to 2030 |
Base Year | 2022 |
Forecast Period | 2023-2030 |
Historical Data | 2020-2021 |
Artificial Intelligence (AI) In Diagnostics Market: Key Segmentation | • By Component (Hardware, Software, Services) |
Key Regional Coverage | North America (USA, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Netherlands, Rest of Europe), Asia-Pacific (Japan, South Korea, China, India, Australia, Rest of Asia-Pacific), The Middle East & Africa (Israel, UAE, South Africa, Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America) |
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Key Regional Developments
The North American region dominates the global artificial intelligence (AI) in diagnostics market due to several factors. One of the key factors contributing to this growth is the presence of a well-established healthcare IT infrastructure in the region. The adoption of electronic health records (EHRs), telehealth services, and other digital healthcare solutions has been significant, providing a fertile ground for the development and integration of AI-powered diagnostic tools. Moreover, the region's constant technological advancements, especially in the field of AI, have propelled the market growth.
Key Takeaway from Artificial Intelligence (AI) In Diagnostics Market Study
The radiology segment is projected to gain high momentum in the market. AI is becoming increasingly popular in radiology as it offers an efficient and cost-effective means of providing accurate and precise analysis of medical images.
The use of artificial intelligence (AI) in medical diagnostics is rapidly gaining momentum, and one of the most promising areas of application is in the diagnosis and treatment of neurological disorders. One of the key drivers of the growth of the neurology diagnosis segment in the AI diagnostics market is the trend toward value-based care.
Recent Developments Related to Artificial Intelligence (AI) In Diagnostics Market
Qritive, a leading healthcare technology company, has recently announced the launch of a groundbreaking new tool for the diagnosis of prostate cancer. This state-of-the-art tool utilizes the power of artificial intelligence (AI) to provide accurate and reliable diagnoses, helping to improve patient outcomes and reduce the burden on healthcare providers.
Alverno Laboratories, a leading diagnostic testing company, has announced its plans to expand Ibex's AI-powered cancer diagnostics suite throughout its Midwest network. The move comes as part of Alverno's commitment to delivering cutting-edge technologies and advanced diagnostic solutions to its customers.
Table of Contents
1. Introduction
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
5. Value Chain Analysis
6. Porter’s 5 Forces Model
7. PEST Analysis
8. Artificial Intelligence (AI) In Diagnostics Market Segmentation, By Component
9. Artificial Intelligence (AI) In Diagnostics Market Segmentation, By Technology
10. Artificial Intelligence (AI) In Diagnostics Market Segmentation, By Diagnosis Type
11. Artificial Intelligence (AI) In Diagnostics Market, By Region/ Country
12. Company Profiles
13. Competitive Landscape
14. Conclusion
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