Artificial intelligence diagnostics utilize deep learning and advanced algorithms to analyze medical images and patient data to support doctors with accurate diagnosis. AI diagnostics can analyze reams of data including medical images like CT, MRI scans and X-Rays to identify abnormalities which may have been missed by radiologists. By using massive datasets, AI systems can also detect subtle patterns, anomalies and risks that humans may miss. AI diagnostics help provide consistent and accurate diagnosis to improve patient care quality and outcomes.
The global Artificial Intelligence Diagnostics Market is estimated to be valued at US$ 1502.9 Mn in 2023 and is expected to exhibit a CAGR of 9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
Accurate diagnosis through AI diagnostics presents a major market opportunity. AI diagnostic systems have shown great promise in accurately identifying diseases, even in their early stages by analyzing patterns in medical scans, lab test results and other patient data. This can help clinicians to diagnose diseases much quicker and reliably. Early and precise diagnosis is critical for effective treatment and improved survival rates for many diseases. As AI systems continue to grow more advanced through continuous learning from vast amounts of data, their diagnosis capabilities will strengthen further. This could disrupt conventional diagnostic practices and drive significant adoption of AI diagnostics across hospitals and diagnostic centers over the forecast period.
Porter’s Analysis
Threat of new entrants: New entrants face high capital requirements for R&D to develop AI diagnostics solutions. Established players have strong brand reputation and customer loyalty making it difficult for new entrants.
Bargaining power of buyers: Individual buyers have low bargaining power due to specialized nature of AI diagnostics solutions. However, large healthcare providers and hospitals have significant bargaining power.
Bargaining power of suppliers: A few large companies dominate the supply of AI and diagnostic technologies. This gives them stronger bargaining power over customers.
Threat of new substitutes: Alternatives like human diagnosticians pose low threat currently. However, newer technologies can emerge as substitutes over the long run.
Competitive rivalry: The market is growing rapidly attracting many players. Intense competition exists among key global players to capture greater market share through innovation.
SWOT Analysis
Strength: AI diagnostic solutions enable quicker, more accurate diagnosis compared to humans. Growing volumes of healthcare data and improving computational capabilities strengthen AI diagnostics.
Weakness: Lack of standards and regulations slow adoption. High costs of setting up infrastructure and training healthcare workers pose challenges, especially in developing regions.
Opportunity: Rising incidence of chronic diseases creates scope for AI applications in personalized diagnosis and treatment. Growth in healthcare investments and digitization of medical records further support opportunities.
Threats: Data privacy and security concerns can lower patient acceptance. Heavy reliance on skilled professionals makes the sector vulnerable to shortages in healthcare talent.
Key Takeaways
The Global Artificial Intelligence Diagnostics Market Size is expected to witness high growth over the forecast period of 2023-2030. The global Artificial Intelligence Diagnostics Market is estimated to be valued at US$ 1502.9 Mn in 2023 and is expected to exhibit a CAGR of 9% over the forecast period 2023 to 2030.
North America dominated the market in 2023 with a share of over 35% owing to rapid technological advancements and increasing healthcare investments in the region. Asia Pacific is projected to growth at the fastest pace during the forecast period supported by rising medical tourism, healthcare reforms and growing disease burden.
Key players operating in the AI diagnostics market are GE Healthcare, Siemens Healthineers, Philips Healthcare, Cardinal Health, Lantheus Medical Imaging, Bayer AG, Bracco Imaging, Eczacıbaşı-Monrol Nuclear Products, Nordion, Advanced Accelerator Applications, NTP Radioisotopes, Curium Pharma, Jubilant Life Sciences Ltd, IRE – IRE ELiT – Instituto de Pesquisas Energéticas e Nucleares, Australian Nuclear Science and Technology Organisation (ANSTO), Eckert & Ziegler Radiopharma GmbH, Isotopia Molecular Imaging Ltd., Institute of Atomic Energy of Bangladesh, Rosatom State Atomic Energy Corporation, Board of Radiation and Isotope Technology (BRIT). Key players are focused on developing advanced AI powered diagnostics solutions and platforms to gain competitive edge.
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