PUBLISHER: The Business Research Company | PRODUCT CODE: 1508002
PUBLISHER: The Business Research Company | PRODUCT CODE: 1508002
AI (artificial intelligence) in medical diagnostics refers to the use of artificial intelligence technologies in medical diagnostics.
The AI in medical diagnostics market consists of sales of AI in medical diagnostics products and related services by entities (organizations, sole proprietors and partnerships) that use AI technologies to assist in the analysis and interpretation of medical data for diagnostic purposes. AI in medical diagnostics leverages machine learning algorithms, natural language processing, computer vision and other advanced computational techniques to enhance the accuracy and efficiency of diagnosing diseases and medical conditions. This technology is utilized by healthcare professionals, including radiologists, pathologists and clinicians, to support clinical decision-making and improve patient outcomes.
The global AI in medical diagnostics market was valued at $347.48 million in 2018 which grew till 2023 at a compound annual growth rate (CAGR) of more than 32.00%.
Increase In Demand For Personalized Medicine
An increase in demand for personalized medicine propelled the growth of the AI in medical diagnostics market. Personalized medicine, also known as precision medicine or individualized medicine, is an approach to medical care that aims to tailor treatments and interventions to the specific characteristics of each patient. AI-driven diagnostic tools excel in precise, personalized disease detection by analyzing complex data sets, including genetic, molecular and clinical information. They identify subtle biomarkers and enable predictive modeling for treatment response, optimizing therapy strategies based on individual patient characteristics. This enhances accuracy and improves therapeutic outcomes in personalized medicine. In October 2022, the Personalized Medicine Coalition, a US-based organization that represents scientists, patients and providers, promoting the understanding and adoption of personalized medicine to benefit patients and the healthcare system, estimated that more than 75,000 genetic testing products and 300 personalized medicines are on the market for people with multiple types of cancers, genetic rare diseases and a range of chronic and infectious diseases. Additionally, in 2022, according to the Personalized Medicine Coalition (PMC), a US-based company that advocates for personalized medicine, personalized medicines will account for 34% of new drug approvals by the US Food and Drug Administration in 2022 and have accounted for at least 25% of approvals in each of the previous eight years. Therefore, the increase in demand for personalized medicine supported the growth of the AI in medical diagnostics market during the historic period.
Advancements In Medical Imaging Improving Diagnostic Accuracy
Major companies are focusing on the advancements in medical imaging to reshape the market by improving diagnostic accuracy, enhancing workflow efficiency and expanding the scope of non-invasive procedures. Developments in high-resolution imaging technologies, such as 3D imaging and advanced magnetic resonance imaging (MRI), provide more detailed views of anatomical structures. This allows for earlier and more precise detection of diseases, reducing the need for invasive diagnostic procedures. For example, in October 2022, Google LLC, a US-based multinational software corporation and technology company, introduced the Medical Imaging Suite, a new solution enhancing accessibility, interoperability and utility of healthcare imaging data. This suite addresses the challenge of interpreting billions of medical images annually, which accounts for 90% of healthcare data. Leveraging artificial intelligence (AI) technology, it aims to expedite and enhance image diagnosis, boost healthcare worker productivity and improve patient care access and outcomes.
The global AI in medical diagnostics market is highly concentrated, with large players operating in the market. The top ten competitors in the market made up 56.02% of the total market in 2022.
AI In Medical Diagnostics Global Market Opportunities And Strategies To 2033 from The Business Research Company provides the strategists; marketers and senior management with the critical information they need to assess the global AI in medical diagnostics market as it emerges from the COVID-19 shut down.
Where is the largest and fastest-growing market for AI in medical diagnostics? How does the market relate to the overall economy; demography and other similar markets? What forces will shape the market going forward? The AI in medical diagnostics market global report from The Business Research Company answers all these questions and many more.
The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market's history and forecasts market growth by geography. It places the market within the context of the wider AI in medical diagnostics market; and compares it with other markets.