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CHICAGO, Oct. 19, 2023 /PRNewswire/ — In the near future, synthetic intelligence (AI) is poised to revolutionize the medical diagnostics industry, delivering unprecedented accuracy and power in disease detection and patient care. Through the integration of device learning with complex algorithms and imaging technologies, AI-based diagnostic systems will enable healthcare professionals to temporarily and as it should be identified a wide diversity of medical conditions, from cancer to cardiovascular disease to rare genetic diseases. This transformation promises faster, more cost-effective diagnostics. , reduced human error, and ultimately better patient outcomes. As AI continues to advance, its role in medical diagnosis will not only improve the functions of healthcare providers, but also make healthcare more available and effective to others around the world.
Artificial intelligence (AI) in the medical diagnostics market in terms of revenue is estimated at $1. 3 billion in 2023 and is expected to reach $3. 7 billion by 2028, with growth of 23. 2% between 2023 and 2028, according to a new report by MarketsandMarkets. The expansion of this market is mainly due to the accessibility of investment for AI-based startups and the growing number of cross-industry partnerships and collaborations.
However, insufficient AI and ambiguous regulatory standards for medical software are expected to limit the expansion of the market.
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Artificial Intelligence (AI) in Medical Diagnostics Market Scope:
Report Coverage
Details
Market Revenue in 2023
$1. 3 billion
Estimated until 2028
$3. 7 billion
Growth Rate
Growing at a CAGR of 23. 2%
Market length available for
2017-2028
Forecast period
2023-2028
Forecast Units
Value (billions of U. S. dollars)
Report Coverage
Revenue Forecasts, Competitive Landscape, Growth Drivers, and Trends
Segments covered
Component, Application, End User, and Region
Geographies Covered
North America (U. S. ) It is available in the U. S. and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, and RoE), Asia Pacific (Japan, China, India, and RoAPAC), Latin America, the Middle East, and Africa.
Report Highlights
Up-to-Date Financial Information / Player Product Portfolio
Key Market Opportunities
Untapped Emerging Markets
Key Market Drivers
Growing Demand for AI-Based Solutions to Reduce Workload for Radiologists
“Software is estimated to account for the largest percentage of the AI market in medical diagnostics in 2023, through components”
On the basis of components, the medical diagnostics AI market is segmented into software, hardware, and services. In 2023, the software segment is expected to hold the largest percentage in this market, while the software segment is expected to grow at a higher rate. CAGR from 2023 to 2028. Software responses enable healthcare providers to gain a competitive advantage, even in the face of demanding situations such as staffing shortages and the increasing volume of imaging exams.
“It is estimated that in vivo diagnostics will account for the largest percentage of AI in the medical diagnostics market in 2023, through its application”
Based on its applications, AI in the medical diagnostics market is divided into in vivo and in vitro diagnostics. In 2023, the in vivo diagnostics segment is expected to hold the largest percentage in this market. Factors such as the increasing adoption of AI responses through professionals, as those responses help decrease human error and improve the potency of treatments. However, the in vitro diagnostics segment is estimated to register the highest CAGR during the forecast period. In vitro diagnostics are basically performed in diagnostic laboratories, pathologies, microbiology centers and immunology centers. However, in vitro diagnostics has great potential for expansion as it is largely untapped, especially in emerging markets.
“It is estimated that the hospital will account for the largest percentage of AI in the medical diagnostics market in 2023, through the end user”
On the basis of end-users, the medical diagnostics AI market is segmented into hospitals, diagnostic imaging centers, diagnostic laboratories, and other end-users. In 2023, the hospital segment is expected to hold the largest percentage in this market. This segment is driven by the increasing use of minimally invasive processes in hospitals to focus on the quality of patient care and the increasing adoption of complex imaging modalities for workflow efficiency.
“North America to Dominate the Medical Diagnostics AI Market in 2023”
On the basis of region, the medical diagnostic AI market has been segmented into North America, Europe, Asia-Pacific, Latin America, the Middle East, and Africa. In 2023, North America is expected to account for the largest percentage of the market in this market. However, the Asia-Pacific market is expected to register the highest CAGR during the forecast period. The higher expansion rate of the Asia-Pacific market may be due to the increasing number of cancer patients in Asia-Pacific countries and the expansion approaches implemented through corporations in emerging markets.
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Artificial Intelligence (AI) in the dynamics of the diagnostics market:
Drivers:
Data influx
Increasing cross-sectoral partnerships and collaborations
Growing Demand for AI-Based Solutions to Reduce Workload for Radiologists
Growing Projects to Advertise AI-Based Technologies
Availability of funding for AI-based startups
Restrictions:
Doctors’ reluctance to AI-based technologies
Inadequate AI Workforce and Ambiguous Regulatory Guidelines for Medical Software
Opportunities:
Untapped Emerging Markets
Growing Potential of AI in COVID-19 Imaging
Growing in the Progression of Human-Aware AI Systems
Challenge:
Budget constraints
Unstructured data
Data Privacy Concerns
Limited interoperability for AI solutions
Key Players in the Artificial Intelligence (AI) Market in the Medical Diagnostics Industry:
The major players in Medical Diagnostic AI market are Microsoft (United States), NVIDIA Corporation (United States), Merative (United States), Intel Corporation (United States), Google (United States), Siemens Healthineers (Germany), GE HealthCare (United States), Digital Diagnostics. Inc. (U. S. ), Advanced Micro Devices, Inc. (U. S. ), InformAI (U. S. ), HeartFlow, Inc. (U. S. ), Enlitic, Inc. (United States), icometrix (Belgium), Aidence (Netherlands), Butterfly Network, Inc. (United States), Nano-X Imaging Ltd. (Israel), Viz. ai, Inc (United States), Quibim (Spain), Qure. ai (India), Therapixel (France), Aidoc (United States), Koninklijke Philips N. V. (Netherlands), Lunit, Inc. (South Korea), EchoNous, Inc. (U. S. ) and Brainomix (United Kingdom).
RECENT DEVELOPMENTS:
In September 2023, Mayo Clinic (USA) and GE HealthCare (USA) announced that the Mayo Clinic (USA) and GE HealthCare (USA) announced that the Mayo Clinic (USA) and GE HealthCare (USA) announced that the Mayo Clinic (USA) and GE HealthCare (USA)U. S. Department of T They collaborated on studies and product progression systems to better equip clinicians to diagnose and treat medical conditions.
In January 2023, Intel Corporation (US) introduced the fourth-generation Intel Xeon Scalable processors (codenamed Sapphire Rapids), the Intel Xeon CPU Max series (codenamed Sapphire Rapids HBM), and the Intel Data Center GPU Max series (codenamed Ponte Vecchio). delivering a breakthrough in performance, efficiency, security, and new features for knowledge centers for AI, the cloud, network, and the edge, as well as the world’s most rugged supercomputers.
In October 2022, Google Cloud (US) introduced the Medical Imaging Suite, a new industry solution that makes medical imaging knowledge more accessible, interoperable, and useful. Google Cloud enables the progression of AI for imaging towards faster, more accurate symbol diagnosis and increased productivity. for health professionals, and increased access to care and outcomes for patients.
In January 2022, Siemens Healthineers (Germany) and Ohio State Wexner Medical Center (USA) announced that Siemens Healthineers (Germany) and Ohio State Wexner Medical Center (USA) announced that Siemens Healthineers (Germany) and Ohio State Wexner Medical Center (USA) were awarded the Nobel Peace Prize. U. S. Department of T partnered to supply imaging and treatment generation to patient care, research institutes, and surrounding spaces in the state of Ohio. The alliance offers radiation oncology and complex imaging modalities at the West Ambulatory Care Campus.
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Advantages of the Artificial Intelligence (AI) market in Medical Diagnostics:
Improved accuracy: AI systems can analyze gigantic amounts of medical knowledge accurately, reducing human error in diagnosis and extending the accuracy of results.
Early stumbling upon diseases: AI can stumble upon diseases at an earlier stage, when treatment is most effective, potentially saving lives and reducing healthcare costs.
Efficiency: AI streamlines the diagnosis process, provides rapid effects, and reduces the amount of time patients spend waiting for a diagnosis, which can lead to faster treatment and better outcomes.
Cost reduction: AI can take over medical diagnoses by automating responsibilities and extending the power of healthcare professionals, making healthcare more available and affordable.
Personalized medicine: AI can analyze the patient’s knowledge to tailor treatment plans, taking into account individual genetic factors, lifestyle, and environment, achieving greater treatment effectiveness.
Remote diagnosis: AI enables remote diagnosis and telemedicine, gaining better access to physical care in remote or underserved areas and in global fitness crises such as pandemics.
Data analysis: AI can process gigantic amounts of knowledge from a variety of sources, such as medical records, images, and patient histories, to facilitate complex investigations and diagnostic procedures.
Continuous monitoring: AI can provide real-time patient tracking, alert physical care providers to changes in physical condition, and enable immediate interventions.
Improved imaging: AI improves the quality of medical images, such as MRIs and CT scans, enabling more accurate and detailed diagnoses.
Drug research and discovery: AI contributes to drug discovery, compound identity, and accelerating the progression of new treatments, advancing medical science.
Reduced workload for clinicians: AI can take care of the regimen and time-consuming tasks, allowing clinicians to focus more on patient care and complex cases.
Consistency: AI systems deliver consistent results, eliminating variations that can occur due to human issues and making diagnosis and treatment processes more reliable.
These benefits highlight the transformative perspective of AI in the market of medical diagnostics, patient care, expanding efficiency, and advancing the roles of healthcare professionals.
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