Artificial Intelligence In The Diagnostic Market Rising Demand, Evolving Trends, Future Perspectives, Size, Share And Forecast To 2033

The Business Research Company recently released a comprehensive report on the Global Artificial Intelligence In The Diagnostic Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

According to The Business Research Company's, The artificial intelligence in the diagnostic market size has grown exponentially in recent years. It will grow from $3.06 billion in 2023 to $4.29 billion in 2024 at a compound annual growth rate (CAGR) of 40.3%. The growth in the historic period can be attributed to rising disease burden, data availability, cost reduction, regulatory support, increasing awareness.

The artificial intelligence in the diagnostic market size is expected to see exponential growth in the next few years. It will grow to $16.24 billion in 2028 at a compound annual growth rate (CAGR) of 39.5%. The growth in the forecast period can be attributed to personalized medicine trends, rapid increase in healthcare data, global health challenges, increased investments, enhanced integration with healthcare systems. Major trends in the forecast period include collaboration and investment, advancements in technology, data privacy and security concerns, rise of explainable ai (xai), expanding role of computer vision.

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Market Drivers and Trends:

The rising prevalence of chronic diseases is expected to propel the growth of AI in the diagnostics market going forward. Chronic diseases are long-term health conditions that persist over an extended period, often for a person's lifetime. The incorporation of AI-based diagnostic processes in chronic diseases enables early detection, prediction, and enhanced decision support systems, remote monitoring of patients, cost reduction, and tailoring treatments to individual patients by analyzing their genetic makeup and disease progression. For instance, in September 2023, according to the World Health Organization, a Switzerland-based specialized agency of the United Nations, there were 41 million fatalities annually, constituting 74% of non-communicable disease (NCD) or chronic disease-related deaths worldwide. Further, around 17.9 million deaths are attributed to cardiovascular diseases, 9.3 million deaths from cancer, 4.1 million deaths from chronic respiratory diseases, and 2.0 million deaths from diabetes. Therefore, the rising prevalence of chronic diseases is driving the growth of AI in the diagnostics market.

Major companies operating in the AI in diagnostics market are developing new technologies, such as AI modules, to gain a competitive edge in the market. An AI module is a self-contained software component that encapsulates specific AI capabilities or functionalities. For instance, in March 2023, Qritive, a Singapore-based provider of AI-powered solutions, launched QAi Prostate for prostate cancer diagnosis. QAi Prostate can efficiently recognize the most common form of prostate cancer, potentially improving diagnostic accuracy and reducing false positives. The tool helps pathologists distinguish cancerous from non-cancerous tissue areas, aiding in informed treatment decisions. QAi Prostate can prioritize cases for faster diagnosis and reporting, improving efficiency and patient care.

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Major Key Players of the Market:

Major companies operating in the artificial intelligence in the diagnostic market report are Google LLC, Microsoft Corporation, Intel Corporation, IBM Corporation, Siemens Healthineers, Koninklijke Philips N.V., GE Healthcare Technologies Inc., Paige.AI Inc., HeartFlow Inc., Aidoc Medical Ltd., AliveCor Inc., Butterfly Network Inc., Imagen Technologies, Digital Diagnostics Inc., Brainomix Ltd., NovaSignal Corp., Enlitic Inc., Nano-X Imaging LTD., EchoNous Inc., Zebra Medical Vision Ltd., Aidence B.V., Neural Analytics Inc., IDx Technologies Inc., icometrix N.V., Vuno Inc.

Artificial Intelligence In The Diagnostic Market 2024 Key Insights:

• The artificial intelligence in the diagnostic market is expected to grow to $16.24 billion in 2028 at a compound annual growth rate (CAGR) of 39.5%.
• Transforming Healthcare Through AI's Vital Role In Diagnosing And Managing Chronic Diseases
• Advancements In AI Computing Platforms For Diagnostic Solutions
• North America was the largest region in the artificial intelligence in diagnostics market in 2023

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