Artificial Intelligence In The Diagnostic Market Analysis: Key Insights on Growth Rates, Trends, and Major Opportunities
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What is the Long-Term Projected Growth Rate for the Artificial Intelligence In The Diagnostic Market, and What Are the Key Drivers?
In the past few years, the scale of the artificial intelligence in the diagnostic market has seen significant exponential growth. It is projected that its value will increase from $4.29 billion in 2024 to $5.99 billion in 2025, registering a compound annual growth rate (CAGR) of 39.5%. Factors such as an amplified disease burden, widespread data availability, regulatory backing, reduction in costs, and heightened awareness have contributed to the historical period’s growth.
The anticipated expansion in the domain of artificial intelligence in the diagnostic market is expected to be significant in the upcoming years. The market is predicted to attain a value of $22.59 billion by 2029, growing at a compound annual growth rate (CAGR) of 39.4%. This surge during the forecast period can be attributed to factors such as advancements in personalized medicine, a fast-growing volume of healthcare data, global health issues, increased funding, and a more efficient integration into healthcare systems. Key trends to watch throughout the forecasted period include cooperative efforts and investments, progress in technology, issues surrounding data privacy and security, the emergence of explainable AI (xai), and a growing use of computer vision.
What Industry-Specific Factors Are Fueling the Growth of the artificial intelligence in the diagnostic Market?
The anticipated growth of AI in the diagnostics market is associated with the increasing prevalence of chronic diseases. These long-lasting health conditions, which often last for a lifetime, are more prevalent now. The application of AI for diagnosing chronic diseases permits more advanced processes, including early detection, increased predictive capabilities, enhanced decision support systems, remote patient monitoring, cost reduction, and individualized treatments based on a patient’s genetic profile and disease progression. As an illustration, the World Health Organization, a specialized agency of the United Nations based in Switzerland, reported 41 million fatalities annually in September 2023, accounting for 74% of total deaths due to non-communicable diseases (NCDs) or chronic diseases globally. Further statistics included 17.9 million deaths linked to cardiovascular diseases, 9.3 million cancer death, 4.1 million deaths due to chronic respiratory diseases, and 2.0 million deaths from diabetes. Hence, the increasing incidence of chronic diseases is fueling the expansion of AI in the diagnostics market.
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Which Companies Are Leading the Charge in Expanding the Artificial Intelligence In The Diagnostic Market?
Major companies operating in the artificial intelligence in the diagnostic market report are:
• Google LLC_x000D_
• Microsoft Corporation_x000D_
• Intel Corporation_x000D_
• IBM Corporation_x000D_
• Siemens Healthineers_x000D_
What New Trends Are Reshaping the Artificial Intelligence In The Diagnostic Market and Its Opportunities?
Leading players in the AI in diagnostics market are fostering innovation by advancing new technologies such as AI modules in order to outperform in the market. An AI module defined as an independent software unit, incorporates particular AIcapabilities or functions. For instance, Qritive, a Singapore situated company delivering AI-driven solutions, launched its QAi Prostate model in March 2023 for the diagnosis of prostate cancer. QAi Prostate, with its efficient capability to identify the most common prostate cancer type, enhances diagnostic precision and minimizes false positives. This instrument enables pathology specialists to differentiate between malignant and benign tissue areas, thereby contributing to insightful treatment decisions. Furthermore, QAi Prostate can rank cases for quicker diagnostics and reports, leading to improved productivity and patient services.
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What Are the Key Components of the Artificial Intelligence In The Diagnostic Market, and How Do Its Segments Perform?
The artificial intelligence in the diagnostic market covered in this report is segmented –
1) By Component: Hardware, Software, Services
2) By Technology: Machine Learning, NLP (Natural Language Processing), Context-Aware Computing, Computer Vision
3) By Diagnosis Type: Radiology, Pathology, Cardiology, Oncology, Neurology, Chest And Lung, Other Diagnosis Types
Subsegments:
1) By Hardware: Imaging Devices, Diagnostic Equipment, Wearable Devices
2) By Software: Diagnostic Imaging Software, Data Analytics Software, Machine Learning Algorithms, Clinical Decision Support Systems
3) By Services: Consulting Services, Integration Services, Maintenance And Support Services, Training Services
What Are the Top Regions Fueling Growth in the Artificial Intelligence In The Diagnostic Market?
North America was the largest region in the artificial intelligence in diagnostics market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the artificial intelligence in the diagnostic market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Defines the Scope of the Artificial Intelligence In The Diagnostic Market?
AI in diagnostics refers to the application of artificial intelligence (AI) technologies in medical diagnosis, which involves the use of advanced algorithms, machine learning, and data analysis techniques to interpret medical data, images, and clinical information. The implementation of AI in diagnostics aims to improve the accuracy, speed, and efficiency of medical diagnoses.
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