PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1606473
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1606473
The market for AI-based Disease Diagnosis was projected to reach USD 1,354.5 million in 2023 and expand at a CAGR of 24.20% between 2024 - 2032.
The employment of artificial intelligence (AI) technology in the healthcare sector during the disease diagnosis stage is known as AI-based disease diagnosis. Demand for and investment in AI in healthcare has been rising quickly across all industries. The trend is fueled by a number of benefits that AI technology provides. Recently, artificial intelligence has drawn interest from all across the world. In order to duplicate human intelligence, the technology makes use of a number of cutting-edge technologies. Medical picture analysis, disease prediction, and condition detection are just a few of the advanced jobs that AI allows machines to accomplish.
Additionally, AI in disease detection can support individualized treatment, which is rapidly gaining popularity in the world's healthcare system. The growing demand for conventional healthcare infrastructure is anticipated to generate significant growth momentum for the AI-based disease diagnosis market during the projected period. However, the high cost of creating and implementing the technology may affect the rate of market growth.
AI-based Disease Diagnosis Market- Market Dynamics
Growing Number of Patients Worldwide, as well as the Deteriorating Healthcare Infrastructure
The growing number of patients worldwide is anticipated to fuel growth in the market for AI-based disease diagnostics. The growing number of people in need of medical care is putting a great deal of strain on the current healthcare system. Many people lack access to high-quality medical treatment as a result of the absence of diagnostic centers, healthcare practitioners, and facilities, as well as the rising cost of healthcare. According to a market survey, there is one doctor for every 10,000 people in Africa. Developed countries, as well as other parts of the world, have similar figures. Moreover, a 2019 World Economic Forum research claims that the inadequate quality of healthcare in wealthy countries causes over 6 million deaths annually. In addition, the number of patients has been increasing annually. The rise in the number of patients is ascribed to the development of drug-resistant disease strains, the aging of the population, and the growing number of autoimmune disease patients. The existing healthcare system can better meet the evolving requirements and demands of patients by utilizing artificial intelligence in disease diagnostics.
AI-based Disease Diagnosis Market- Key Insights
According to our research analyst's analysis, the global market is projected to expand at a CAGR of approximately 24.20% during the forecast period of 2024-2032.
The software category was predicted to hold the largest market share in 2023 based on component type.
The radiology category was predicted to hold the largest market share in 2023 based on diagnosis type.
North America held the largest revenue share by region in 2023.
The Global AI-based Disease Diagnosis Market is segmented into Component Type, Diagnosis Type, and Region.
The market is divided into three segments based on the component type: software, services, and hardware. In 2023, the software segment brought in the most money. The main components of AI diagnostics are complex algorithms and machine learning models that are integrated into software platforms. Software is the foundation of AI-driven diagnostics since these platforms evaluate intricate medical data, including imaging and genomic data, and offer useful insights. Healthcare practitioners can stay on the cutting edge of diagnostic technology by continually updating and improving software with new features, algorithms, and capabilities. The quick development of AI diagnostics has made this flexibility and scalability essential.
In terms of diagnosis type, the market is segmented into Cardiology, Oncology, Radiology, Chest & Lung, Neurology, Pathology, and Others. In 2023, the market leader in terms of revenue share was the radiology segment. The study of radiology entails analyzing vast amounts of medical pictures from CT, MRI, ultrasound, and X-rays. Because AI tools are so good at processing and deciphering these images, radiology is a great place to integrate AI. AI's rapid and precise picture analysis has greatly increased diagnostic effectiveness and sparked widespread use. One of the first medical specialties to use AI was radiology, namely in picture interpretation and recognition. Since AI was first used in radiology, more sophisticated and advanced AI technologies have been developed. They are now extensively used and trusted in healthcare institutions, which has helped the industry flourish.
AI-based Disease Diagnosis Market- Geographical Insights
The AI-based Disease Diagnosis market is widely distributed geographically in North America, Latin America, Europe, Asia Pacific, the Middle East and Africa. These areas are further separated based on the countries that provide business.
North America led the global market for AI-based disease diagnosis in 2023. Due in large part to its highly developed and technologically advanced health infrastructure, the United States is the most powerful country in North America. When it comes to using new technologies for patient treatment and disease diagnosis, the US has led the way. Additionally, developing the ability to identify any misalignment between AI-enabled technologies and practical implementations in the clinical care setting will be the focus of the efforts. Patients as well as medical professionals, will benefit from these improvements.
The AI-based disease diagnosis market is expected to see Asia-Pacific become the second-largest revenue generator. The region will increase as a result of the increasing strain on local healthcare organizations, investments, and developments in AI technology. One of the top manufacturers of endoscopes, Olympus, said in July 2024 that it will use AI to enter the diagnostic platform market. With the use of a cloud-based service that links the platform to hospital endoscopes, the pilot project will be introduced in Asia Pacific.
Several major competitors, such as Babylon Health, Tempus, Arterys, IBM Watson Health, Insilico Medicine, and Zebra Medical Vision, among others, are present in the AI-based disease diagnosis market, and technological innovation and strategic alliances are prioritized. Businesses are spending money on analytics platforms powered by AI that offer more in-depth knowledge about patient outcomes and illness trends. In order to provide more accurate, quick, and exact results, there is also an increasing emphasis on integrating AI with current infrastructure and medical imaging capabilities. Additionally, collaborations between digital companies and healthcare providers are growing, spurring innovation and broadening the use of AI tools and solutions in a range of healthcare fields.
June 2024: The new AI-powered patient management system from Aidoc, which increases clinic throughput and advances patient care, was just released. It is anticipated that this launch will improve the company's standing in the marketplace and allow it to grow its clientele.
June 2024: AliveCor declared that the Kardia 12L ECG System and its KAI 12L AI technology had received FDA approval and would be going on sale. The company's sales prospects are anticipated to improve in the near future as a result of this approval.
April 2024: MindSculpt Analytics and Happiest Mind Technologies Limited announced their collaboration. With an emphasis on personal health and wellness, the new partnership seeks to provide cutting-edge medical diagnostic solutions by utilizing artificial intelligence and machine learning technology.