Artificial Intelligence Diagnostics Market is Estimated to Witness High Growth Owing to Opportunity of Improving Accuracy in Disease Diagnosis

 

Artificial intelligence

Artificial intelligence (AI) diagnostics utilizes various techniques such as deep learning, machine learning, and natural language processing to analyze medical data such as CT scans, X-rays, MRI images, and text from patient records to identify diseases and recommend treatment options. AI diagnostics provides advantages such as non-invasive, fast, and accurate diagnosis by leveraging large amounts of healthcare data. The need for AI diagnostics is increasing in the healthcare industry as it aids clinicians in arriving at precise diagnosis, especially for complex diseases, thereby helping improve patient care and outcomes. The global Artificial Intelligence Diagnostics Market is estimated to be valued at US$ 1,502.9 Mn in 2023 and is expected to exhibit a CAGR of 21% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Opportunity:
One of the major opportunities for growth of the artificial intelligence diagnostics market is its ability to improve accuracy in disease diagnosis. AI has the potential to analyze large volumes of medical data, including images, reports and patient records, which helps in detection of diseases with high accuracy. This is beneficial considering the limitations of human diagnosis which may involve human errors, variability and bias. By leveraging deep learning algorithms, AI systems can identify subtle patterns and abnormalities missed by radiologists and clinicians. This enhances diagnostic precision and reduces probability of misdiagnosis. With growing integration of AI into clinical decision support systems, the market is expected to witness significant demand during the forecast period.

Porter's Analysis

Threat of new entrants: The high capital requirements and need for strong expertise pose barriers for new entrants in this market. However, entry of startups with innovative technologies poses a moderate threat.

Bargaining power of buyers: Individual buyers have low bargaining power due to limited purchasing decision influence and high switching costs. However, larger healthcare providers and organizations have moderate bargaining power.

Bargaining power of suppliers: Major technology players and diagnostic device manufacturers have significant bargaining power being a concentrated and specialized supplier base supplying proprietary solutions.

Threat of new substitutes: Emerging alternatives for disease screening and diagnosis through other modalities like predictive assays and genetic testing pose a moderate threat.

Competitive rivalry: The presence of multiple global and regional players focusing on technological advancements drives high competitive rivalry.

SWOT Analysis

Strengths: The AI tools can analyze large amounts of data, recognize patterns and help increase efficiency and accuracy of disease diagnosis compared to human-based assessment alone.

Weaknesses: Lack of large curated datasets for training the algorithms and risks of skewed or biased diagnosis due to dataset or algorithm limitations. Potential reluctance amongst some practitioners to depend on AI-based diagnostic recommendations.

Opportunities: Increasing digitization of healthcare, growing chronic disease burden and demand for fast, affordable diagnostic solutions. Untapped growth potential in developing markets.

Threats: Data privacy and security threats due to handling of sensitive patient information. Regulatory restrictions on clinical use and reimbursement of AI diagnostic solutions in some regions.

Key Takeaways

The global Artificial Intelligence Diagnostics Market is expected to witness high growth. The market in North America region currently dominates due to advanced healthcare infrastructure and early adoption of AI technologies. However, Asia Pacific region is expected to grow at the fastest pace owing to rising healthcare expenditures, increasing burden of chronic diseases, and growing focus of players entering emerging markets in the region.

Key players operating in the Artificial Intelligence Diagnostics Market are Vuno Inc., CHC Healthcare Group, Aidoc, Imbio, Alivecor Inc., Digital Diagnostics, Retina AI, Canon Medical Systems USA, Healthy Io, Milliman Inc., GE Healthcare, Arterys, Alivecor Inc., Riverain, Lucid Health, Qure.AI, and Cardiologs, among others. Vuno Inc., which offers AI-powered imaging analytics platform for pediatric chest radiographs, has shown strong growth recently. While global medical devices giants like Canon Medical Systems and GE Healthcare have a significant presence offering AI solutions integrated with their diagnostic imaging products.

Regional analysis for Asia Pacific region fastest growing region comprises increasing healthcare investments by governments, rising incidence of chronic diseases, and focus of global players on emerging Asia Pacific countries with large patient pools and growth potential for diagnostic technologies. India, China and other Southeast Asian countries are expected to be major revenue generators owing to their large populations and improving healthcare access.

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