The global AI in diagnostics market size is calculated at USD 1.74 billion in 2025 and is expected to reach around USD 12.65 billion by 2034, growing at a CAGR of 24.64% for the forecasted period.
Ottawa, Dec. 12, 2024 (GLOBE NEWSWIRE) — The global AI in diagnostics market size was valued at USD 1.40 billion in 2024 and is predicted to hit around USD 10.15 billion by 2033, a study published by Towards Healthcare a sister firm of Precedence Statistics.
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Exploring the Growth Potential of the Market
Implementing AI technologies in diagnostic procedures has redefined medical diagnosis. AI in diagnostics refers to the use of AI technologies to enhance the diagnosis process. Incorporating AI and machine learning (ML) algorithms in diagnostic tools analyzes vast volumes of data from various sources, such as genetic information, patient records, and medical images, and provides insights for accurate and efficient diagnosis. The rising adoption of AI technologies in the healthcare industry contributes to market expansion. Moreover, the need for faster diagnosis processes can have a positive impact on the market. AI fosters development in radiology, pathology, cardiology, and cancer diagnosis.
With the growing need for high-end imaging techniques, implementing AI and ML algorithms in diagnostic tools is on the rise, as they enable real-time medical data analysis. The development of ML and natural language processing technologies has enhanced AI capabilities in diagnostics, leading to detailed insights into disease patterns. Moreover, the increasing incidence of chronic diseases worldwide and the rising awareness about early disease detection and prevention are projected to boost the growth of the market in the coming years.
Major Trends in the AI in Diagnostics Market:
Need for Faster and Accurate Imaging: Implementing AI technologies advances imaging tools by improving their efficiency, effectiveness, and precision. Such tools help to accurately diagnose various diseases, such as cancer, cardiovascular diseases, and neurological diseases. Moreover, AI decreases the possibility of errors and accelerates diagnostic procedures, leading to improved decision making.
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Rising Demand for Efficient Healthcare Solutions: As the global population continues to age and chronic diseases continue to develop at an alarming rate, there is a need for better, more effective, and faster diagnostic methods. AI-powered diagnostic systems can rapidly process huge amounts of data compared to traditional diagnostic systems, thereby reducing time. Moreover, AI-powered systems lead to decreased healthcare costs and optimize diagnostic procedures.
Increasing Investments in Personalized Medicines: With the growing emphasis on personalized medicines, there is a significant rise in investments by government entities. AI is transforming the overall development process of personalized medicine. It analyzes genetic information and patient data to tailor treatments. Moreover, it helps in biomarker identification for various diseases such as cancer, cardiovascular diseases, and orphan diseases.
High Demand for Personalized Screening: AI helps tailor screening programs based on an individual’s risk factor. It provides a smarter method of preventive health screening and disease detection that focuses on targeting patients more effectively. The rising need for early detection of diseases further contributes to market growth. AI-driven diagnostic tools help diagnose symptoms at an early stage, thus reducing future risks.
Insights from Key Regions
North America’s Sustain Dominance in the AI in Diagnostics Market: What till 2034?
North America dominated the market with the largest share by 53% in 2023. This is mainly due to its well-established healthcare sector. In addition to this, North America, particularly the United States, is at the forefront of adopting cutting-edge healthcare technologies. Healthcare providers across the region are investing heavily in AI-driven diagnostic equipment to automate diagnostic procedures and reduce errors. With the rising burden of cancer, Alzheimer’s disease, and other infectious diseases, there is a heightened need for effective diagnostic solutions. Moreover, rising technological advancements lead to rapid development of AI-driven diagnostic tools, contributing to regional market growth.
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Government Investments to Drive Asia’s Market
The AI in diagnostics market in Asia Pacific is anticipated to expand at the fastest rate during the forecast period. The rising government investments in advancing healthcare infrastructure are a major factor contributing to regional market growth. Countries like India and China are investing heavily in advanced healthcare technologies to enhance patient care. Rising awareness among individuals about early disease detection and management can have a positive impact on the market. Moreover, the healthcare sector is investing in AI technologies to automate workflow. Increasing collaborations between healthcare providers and tech giants, the rising prevalence of chronic diseases, and the growing adoption of advanced healthcare solutions are expected to boost the market in the region.
- According to IDC, by 2025, generative AI (GenAI) will save as much as 10% of clinician’s time, translating into an estimated US$100 billion in annual healthcare savings in Asia/Pacific excluding Japan (APEJ) to realize more workflow automation and efficiency.
AI in Diagnostics Market Segmentation
By component, the software segment accounted for the largest share of the market in 2023 and is expected to grow at the fastest rate during the forecast period. This is mainly due to the rising adoption of diagnostic software to accelerate diagnostic procedures. The software leverages AI algorithms to analyze vast amounts of data, accelerating diagnostic procedures.
By diagnosis, the neurology segment accounted for the dominant share of the market in 2023. This is mainly due to the rise in cases of neurodegenerative disorders. AI-driven diagnostic tools are capable of analyzing MRI and CT images to find minute anomalies, which help in early detection and management of the condition.
Competitive Landscape
Key players competing in the AI in diagnostics market are Siemens Healthineers, GE Healthcare, Niramai, Imagen Technologies, AliveCor Inc., Digital Diagnostics, Inc., Paige, Vuno, Inc., Google Health, Riverain Technologies, Philip Healthcare, IBM Watson Healthcare, Qure AI, Zebra Medical Vision, Inc., Neural Analytics, Predible Health, Aidoc. These players are making efforts to innovate and hold the maximum share of the market.
- In August 2024, Siemens Healthineers honored Qure.ai with the Startup Award. The Siemens Healthineers Startup Award 2024 commemorates Qure.ai’s significant contributions to improving the diagnosis of tuberculosis, stroke, and musculoskeletal conditions through innovative artificial intelligence solutions. The partnership between Qure.ai and Siemens Healthineers seeks to transform the world’s healthcare system by creating healthcare more accessible, equitable, and sustainable.
Recent Developments in the AI in Diagnostics Market
- In August 2024, Healthians launched an AI-driven video analysis tool. This innovative tool enables users to understand their health reports by providing clear explanations and insights into their test results.
- In June 2024, Aidoc announced the launch of its new product that has the capacity to enhance clinic volumes as well as patient care through the application of artificial intelligence.
- In June 2024, AliveCor announced that the U.S. Food and Drug Administration (FDA) granted its Kardia 12L ECG System, an AI-powered handheld ECG system.
- In June 2022, Bayer introduced Calantic Digital Solutions, a new cloud-hosted platform delivering access to digital applications, including AI-enabled programs, for medical imaging. The offering contains tools to help triage critical patient findings for expedited review, improve lesion detection, and automate tasks.
Browse More Insights of Towards Healthcare:
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- The global healthcare navigation platform market was valued at USD 10.10 billion in 2023 and is expected to grow to USD 24.83 billion by 2034, rising at a CAGR of 8.52% from 2024 to 2034.
Segments Covered in the Report
By Component
- Software
- Hardware
- Services
By Diagnosis
- Neurology
- Radiology
- Cardiology
- Oncology
- Pathology
- Chest and Lung
- Others
By Region
- North America
- Asia Pacific
- Europe
- Latin America
- Middle East and Africa (MEA)
View in-depth TOC of AI in Diagnostics: https://www.towardshealthcare.com/table-of-content/ai-in-diagnostics-market-sizing
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About Us
Towards Healthcare is a leading global provider of technological solutions, clinical research services, and advanced analytics to the healthcare sector, committed to forming creative connections that result in actionable insights and creative innovations. We are a global strategy consulting firm that assists business leaders in gaining a competitive edge and accelerating growth. We are a provider of technological solutions, clinical research services, and advanced analytics to the healthcare sector, committed to forming creative connections that result in actionable insights and creative innovations.
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