AI-powered diagnostic systems deliver precise and efficient diagnoses, enabling healthcare professionals to develop timely and effective treatment plans. This integration of AI extends across various diagnostic tools, including X-rays, enhancing their capabilities on a broader scale.
WILMINGTON, Del., July 17, 2024 /PRNewswire/ -- The market for AI-based medical diagnostic tools [https://www.transparencymarketresearch.com/global-ai-based-medical-diagnostic-tools-market.html] accounted for US$ 1.3 billion in 2023. A CAGR of 20.8% is expected from 2024 to 2034, culminating in a market value of US$ 11.5 billion by 2034. Medical diagnostic instruments based on AI require ongoing research and development.
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In addition to enhancing the efficiency of existing algorithms, this involves investigating new artificial intelligence approaches such as deep learning, reinforcement learning, and federated learning for medical applications.
AI-based diagnostic tools can empower patients by providing them with personalized health information. Smartphone apps and AI-driven health monitoring gadgets can help patients manage their health and well-being more actively.
Medical specialists and facilities are often limited in underserved or distant places, so AI-based diagnostics can be especially helpful. Through the use of portable diagnostic devices and telemedicine platforms, Artificial Intelligence can increase access to healthcare for communities that have limited access to healthcare.
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Healthcare systems are expected to incorporate AI-based diagnostic technologies as they advance in sophistication and dependability. This integration may include seamless integration with clinical decision support systems and electronic health records (EHR) in order to speed up diagnosis for healthcare practitioners.
Key Findings of the Market Report
-- AI-based medical diagnostic tools will be created in the market by the
software segment.
-- As consumers become more likely to suffer from cancer, demand for
oncology AI-based medical diagnostics tools will increase.
-- In 2023, diagnostic laboratories held the largest share of the market.
-- In 2023, North America dominated the market in terms of market share.
Global AI-based Medical Diagnostic Tools Market: Growth Drivers
-- Increasing chronic illness prevalence and an expanding need for accurate
and timely diagnosis are two contributing factors. With AI-powered
diagnostic tools, health care providers can detect diseases earlier and
treat them more effectively, thus improving their accuracy, efficiency,
and speed of diagnosis. Diabetes, cancer, and cardiovascular diseases
are a few of the chronic diseases that have increased the need for novel
diagnostic methods.
-- AI-based diagnostic tools are becoming easier to incorporate into
clinical practice as electronic health records (EHRs) become more widely
adopted and data access increases.
-- AI algorithms are being assessed and trained using substantial amounts
of patient data by healthcare organizations and providers. As a result,
diagnostic instruments that are more reliable and beneficial
therapeutically are being developed.
-- The healthcare sector is also embracing AI-based diagnostic tools on a
larger scale as regulatory agencies become more aware of its potential
to improve patient outcomes and reduce healthcare costs.
-- As a result, AI-based medical diagnostics have a lot of potential for
improving the accuracy, efficiency, and personalized treatment of
patients, so they're a great fit for the future.
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AI-based Medical Diagnostic Tools Market Report Scope:
Report Coverage Details Forecast Period 2024-2034 Base Year 2020-2022 Size in 2023 US$ 1.3 Bn Forecast (Value) in 2034 US$ 11.5 Bn Growth Rate (CAGR) 20.8 % No. of Pages 156 Pages Segments covered By Component, By Application, By Region, By End-user
Global AI-based Medical Diagnostic Tools Market: Regional Landscape
-- Artificial intelligence-based medical diagnostic technologies are
undergoing rapid scientific advancements in North America. AI-driven
diagnostic technology is gradually being integrated into clinical
operations in the area in order to improve patient outcomes and increase
productivity.
-- Regulatory agencies like Health Canada and the Food and Drug
Administration (FDA) in the United States and Canada approve and oversee
medical devices and diagnostic tools. The development of AI-based
diagnostics in the future will be influenced by the way these regulatory
bodies adapt their approval procedures to take into account the rapidly
developing AI technologies while maintaining patient safety and
efficacy.
-- In North America, regulatory agencies such as the Food and Drug
Administration (FDA) are essential to guaranteeing the security and
efficacy of medical diagnostic devices powered by artificial
intelligence (AI). To help businesses launch their products while
maintaining patient safety and data security, the FDA has set guidelines
for the validation and oversight of AI algorithms used in medical
diagnostics. Because of this, North America continues to lead the way in
AI-driven innovation in medical diagnostics, and further growth and
adoption are anticipated.
Global AI-based Medical Diagnostic Tools Market: Competitive Landscape
AI-based medical diagnostic tool companies are expanding their customer bases through inorganic expansion. Brain tumors can be accurately detected by AI-based tools developed by medical diagnostic companies.
Key Players Profiled
-- Microsoft
-- Nvidia Corporation
-- Merative L.P.
-- Alphabet Inc.
-- Intel Corporation
-- Siemens Healthineers
-- GE HealthCare
-- Advanced Micro Devices Inc.
-- Koninklijke Philips N.V.
-- InformAI
Key Developments
-- In October 2023, Microsoft launched new data and artificial intelligence
solutions for healthcare organizations to unlock insights and improve
patient care.
-- In December 2023, Nvidia launched a series of cloud APIs that accelerate
AI model development and deployment for medical imaging applications.
Using Nvidia's open-source Monai framework, the new offering extends
Monai with cloud-native capabilities.
Global AI-based Medical Diagnostic Tools Market: Segmentation
By Component
-- Software
-- Services
-- Hardware
-- Memory
-- Others (Network, etc.)
By Application
-- Radiology
-- Cardiology
-- Neurology
-- Oncology
-- Others (Ophthalmology, Gynecology, etc.)
By End User
-- Hospitals
-- Diagnostic Laboratories
-- Others (Ambulatory Surgical Centers, etc.)
By Region
-- North America
-- Europe
-- Asia Pacific
-- Latin America
-- Middle East & Africa
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