March 1, 2024
Artificial Intelligence Diagnostics Market

The Artificial Intelligence Diagnostics Market Is Expected To Be Flourished By Integrating AI Into Medical Devices

The global artificial intelligence diagnostics market is one of the most advanced and developing industry involving integration of AI with various medical devices to improve diagnostics procedures. Artificial intelligence in healthcare enables a wide range of use cases such as automated medical imaging analysis, data mining of electronic health records for clinical trials recruitment & drug discovery, precision medicine, wearable device data for predictive health monitoring, virtual medical assistants and many more.

The global artificial intelligence diagnostics Market is estimated to be valued at US$ 1731.35 billion in 2024 and is expected to exhibit a CAGR of 7.9%  over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics

One of the major driver for the growth of artificial intelligence diagnostic market is integrating AI into various medical devices to enhance diagnostics capabilities. AI integrated devices are capable of handling huge amount of data quickly to find patterns and predict outcomes more accurately. For example, AI integrated CT and MRI machines can analyse medical images within no time and detect abnormalities that may be missed by radiologists. Similarly, AI integrated pathology devices can digitally evaluate tissue slides much faster than humans. AI also helps to reduce diagnostic errors and variability between experts. Furthermore, AI enabled devices are being used for round-the-clock monitoring of patients, which is otherwise not possible with human workforce alone. Such benefits of AI integrated diagnostics devices are expected to boost the market growth over the forecast period.

Segment Analysis

The Artificial Intelligence Diagnostics market can be segmented into four categories: diseases diagnosis, imaging diagnosis, drug discovery and precision medicine. The diseases diagnosis segment currently holds the largest market share owing to growing application of AI algorithms to diagnose diseases using patients medical history, symptoms, CT/MRI scans and lab tests. This helps in accurately detecting diseases at early stages and providing personalized treatment plans.

PEST Analysis

Political: Governments across countries are emphasizing on digital transformation of healthcare which is promoting investment and adoption of AI technologies. Regulations around data privacy and security are being strengthened to protect patient information.
Economic: Rising healthcare costs is driving demand for AI solutions which can streamline operations, enhance efficiency and reduce manual errors. Investments from technology companies are fueling innovations in this field.
Social: Growing cases of chronic diseases and rising awareness about early detection is increasing acceptance of AI driven diagnostic tools. Consumers prefer quick, non-invasive and accurate diagnosis.
Technological: Advancements in deep learning, natural language processing and predictive algorithms are improving capabilities of AI systems in diagnosis, drug discovery and virtual assistants for healthcare providers. Cloud based platforms are enabling seamless data analysis.

Key Takeaways

The global Artificial Intelligence Diagnostics Market Growth is expected to witness high growth. The global artificial intelligence diagnostics Market is estimated to be valued at US$ 1731.35 billion in 2024 and is expected to exhibit a CAGR of 7.9%  over the forecast period 2024 to 2031.

The fastest growing region is expected to be Asia Pacific due to increasing healthcare expenditure, large patient population, rising incidence of chronic diseases and government initiatives to modernize healthcare infrastructure in countries like China and India. The Asia Pacific region is projected to witness the highest CAGR during the forecast period owing to growing medical tourism, large patient pools and increasing investments by governments and private organizations to incorporate digital technologies.

Key players operating in the Artificial Intelligence Diagnostics market are Zoetis Inc., Merck & Co. Inc., Elanco, Ceva Santé Animale, Boehringer Ingelheim, Biovac, Hester Biosciences Limited, Dechra Pharmaceuticals PLC, Venky€TMs Limited, and Phibro Animal Health Corporation, among others. These players are focusing on new product launches, collaborations and acquisitions to expand their product portfolios and geographical presence.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it