by Artificial intelligence (AI) diagnostics involves the use of advanced algorithms and machine learning techniques to analyze medical images and data to help diagnose and monitor diseases. AI diagnostics helps in automating clinical workflows as well as enhancing capabilities of healthcare professionals. The use of AI in diagnostics is increasing due to benefits such as improved accuracy of diagnoses, time efficiency, reducing cognitive workload, and facilitating precision medicine approaches. The growing need for rapid diagnostics and shortage of healthcare workers are also driving adoption of AI diagnostics globally.
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 operating in the Artificial Intelligence Diagnostics are 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.
The key opportunities in the artificial intelligence diagnostics market include increased funding for AI startups, growing focus on personalized medicine, integration of AI into healthcare IT infrastructure and partnerships between AI companies and diagnostic device manufacturers.
Globally, North America dominates the Artificial Intelligence Diagnostics Market Size due to rapid technological advancements, favorable regulatory environment, and increasing healthcare expenditure in the region. However, Asia Pacific is expected to exhibit the highest CAGR during the forecast period with growing medical tourism industry and improving healthcare infrastructure in emerging economies.
Market drivers
Shortage of healthcare professionals is a major driver for the artificial intelligence diagnostics market. AI can help address this issue by automating routine clinical workflows and assisting doctors with diagnostics. This allows healthcare workers to focus more on critical tasks. The ability of AI to analyze huge amounts of data quickly and identify subtle patterns is also helping accelerate diagnostic procedures and improve outcomes. With growing volume and complexity of medical data, AI diagnostics is expected to play a bigger role in the healthcare sector over the coming years.
PEST Analysis
Political: Investment in healthcare technology is encouraged by governments to improve diagnostics. Regulations ensure development of ethical and safe AI systems for medical diagnosis.
Economic: Spending on healthcare is increasing globally due to rising chronic diseases. AI can reduce costs by automating routine tasks and improving efficiency of diagnosis.
Social: Rising awareness about benefits of preventive care and early diagnosis drives demand. Younger population is comfortable with new technologies improving acceptance of AI diagnostics tools.
Technological: Advancements in deep learning and natural language processing enable development of more accurate diagnostic systems that can handle complex medical cases. Integration of AI with imaging technologies improves diagnosis.
Geographical concentration
North America accounts for around 35% of the global market value due to high healthcare expenditure and technology adoption. Presence of leading companies, advanced research facilities and favorable policies support market growth. Europe is the second largest with around 28% share led by developed countries investing in healthcare technology.
Fastest growing region
Asia Pacific region is expected to see rapid growth at a CAGR of over 10% driven by rising income levels, expanding healthcare infrastructure and increasing focus on preventive healthcare in major countries like China and India. Emergence of local technology companies in medical AI along with collaborations will boost adoption of diagnostic tools in the region.
*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it
About Author - Money Singh
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, chemicals and materials, defense and aerospace, consumer goods, etc. LinkedIn Profile
