The artificial intelligence diagnostics market involves the development and application of artificial intelligence technologies for medical diagnostic purposes. Artificial intelligence is helping improve clinical outcomes by augmenting capabilities of radiologists, pathologists, and other healthcare experts. AI tools are analyzing medical images, speech, sounds, and genomic data to identify anomalies, detect signs of illness, and provide decision support.
The global artificial intelligence diagnostics market is estimated to be valued at US$ 1731.35 Bn in 2024 and is expected to exhibit a CAGR of 7.9% over the forecast period 2024 to 2031.
Key Takeaways
Key players in the artificial intelligence diagnostics market:
Key players operating in the artificial intelligence diagnostics market include Zoetis Inc., Merck & Co. Inc., Elanco, Ceva Santé Animale, Boehringer Ingelheim, Biovac, Hester Biosciences Limited, Dechra Pharmaceuticals PLC, Venky’s Limited, and Phibro Animal Health Corporation, among others. These players are focusing on developing new AI-based diagnostic solutions and acquiring other companies to expand their product portfolios and strengthen their market presence.
Key opportunities in the artificial intelligence diagnostics market:
The Artificial Intelligence Diagnostics Market Size provides significant growth opportunities for players. The increasing digitization of healthcare records is generating large volumes of complex healthcare data that can be analyzed using machine learning and deep learning techniques. AI can help uncover hidden patterns in this data to develop more accurate diagnostics tests. There is also a growing need for point-of-care diagnostic devices capable of assisting doctors and clinicians outside hospitals.
Global expansion in the artificial intelligence diagnostics market:
The key players in the artificial intelligence diagnostics market are focusing on expanding their geographical footprint in high growth regions. For instance, Zoetis recently opened a new manufacturing plant in Italy to strengthen its presence in Europe. Similarly, Merck has entered into strategic collaborations with Asian partners to commercialize its AI-based veterinary products. With medical infrastructure and awareness improving globally, international markets present lucrative opportunities for artificial intelligence diagnostic solutions.
Market drivers:
Rising chronic disease burden - The growing prevalence of chronic diseases like cancer and cardiovascular diseases is fueling demand for more precise diagnostic techniques. AI can help radiologists and pathologists more accurately detect the presence and severity of diseases.
Increasing digitization of healthcare - Widespread adoption of electronic health records and digital medical devices is generating vast amounts of complex healthcare data. AI has the capability to analyze these large, heterogenous datasets to power advanced diagnostics applications.
Market restrain:
Lack of skilled workforce - While demand for AI solutions is increasing, there is a shortage of data scientists, machine learning experts and engineers with Healthcare AI experience. Developing robust, regulatory-compliant diagnostics tools require cross-functional teams which may not be readily available.
High Initial costs - Building AI diagnostic systems requires huge investments in data annotation, model training, testing and validation. The additional expenses of integrating these solutions with existing clinical workflows can hamper adoption rates.
Segment Analysis
The global artificial intelligence diagnostics market can be segmented by product and service, technology, application, end-user and geography. By product and service, the market is segmented into hardware, software and services. The software segment dominates the market as it facilitates seamless integration of data collected through various hardware components. By technology, the market is divided into deep learning, querying method, natural language processing and context aware processing. Deep learning dominates as it can detect complex patterns in large datasets. By application, the market is segmented into radiology, pathology, cardiology, oncology and others. Radiology dominates as AI can greatly enhance the diagnostic capabilities of radiologists. By end-user, the market covers hospitals and clinics, research laboratories and diagnostics laboratories, pharma and biotech companies and others. Hospitals and clinics dominates as they are major sites where diagnostic tests are conducted.
Global Analysis
North America dominates the global artificial intelligence diagnostics market due to presence of key players in the region and rising adoption of AI-based diagnostic tools in healthcare facilities. Europe holds the second largest share due high healthcare expenditure and increasing adoption of digital healthcare technologies. Asia Pacific is expected to witness fastest growth rate over the forecast period owing to improving healthcare infrastructure, rising healthcare expenditure and growing awareness regarding benefits of AI-based disease diagnosis. Key growth drivers in the region include presence of large patient pool, increasing geriatric population and supportive government initiatives to promote digital health. Latin America and Middle East & Africa are expected to register notable growth owing to improving access to healthcare in emerging economies and growing focus on upgradation of healthcare systems.
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Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)
