The Artificial Intelligence Diagnostics Market is estimated to be valued at US$ 5,773.6 Million in 2030

A newly published report by Coherent Market Insights reveals a sustainable growth in opportunities in the artificial intelligence diagnostics market. Coherent Market Insights’ analyst projected the artificial intelligence diagnostics market to be valued at US$ 5,773.6 Million in 2030.  It is expected to exhibit a CAGR of 21.2% over the forecast period 2023-2030.

Rising healthcare expenditure globally drives market growth. Artificial intelligence for improved diagnostics and precision medicine. Additionally, the heavy investments by pharma companies and governments across developed regions into AI-driven tools for clinical diagnosis is supplementing the market growth. These AI platforms can analyze large datasets, images and detect diseases or abnormalities much faster than humans which is positively impacting their adoption rate among clinics and hospitals worldwide.

Key Market Trends: Increasing adoption of cloud-based solutions and growing data collection through wearables-. The preference for cost-effective, scalable and flexible cloud platforms among healthcare organizations have made cloud-based AI diagnostic tools highly popular in recent times.

Furthermore, technologies like smartwatches and fitness trackers are generating huge amounts of health data that can be analyzed by AI algorithms to track vital signs, diagnose conditions and power predictive care. As wearable adoption expands driven by consumerization of healthcare, it will continue fueling the ability of AI in precision diagnosis going forward.

Artificial Intelligence Diagnostics Market Opportunities: By Component- The software segment is expected to hold the largest share of the artificial intelligence diagnostics market during the forecast period. Advancements in AI and machine learning algorithms have led to the development of various types of diagnostic software that can analyze medical images, detect diseases, and provide diagnosis. Major players are focusing on developing advanced AI-powered diagnostic software to improve clinical workflows and diagnostic accuracy.

On the basis of components -The hardware segment is anticipated to witness significant growth owing to the increasing adoption of AI-powered medical imaging devices and diagnostic tools across healthcare facilities. Various types of hardware such as MRI scanners, CT scanners, ultrasound machines, X-ray machines equipped with AI capabilities are being used for disease screening and integrated diagnostics. Leading OEMs are integrating AI into their existing imaging devices to offer improved functionality.

By Diagnostics Type– The cardiology segment is projected to dominate the market over the forecast period owing to the increasing integration of AI in cardiology practices. AI tools are being used for electrocardiogram (ECG) analysis, cardiac imaging, and arrhythmia detection. They help cardiologists in and automated diagnosis, risk assessment, treatment planning and reducing workload. Growing focus on preventive cardiology is also boosting the adoption of AI-powered cardiology diagnostic solutions.

Key Market Takeaways: The artificial intelligence diagnostics market is anticipated to witness a CAGR of 21.2% during the forecast period 2023-2030. This is owing to the growing investments by key players in development of advanced AI diagnostic solutions and rising focus on integrated healthcare delivery.

On the basis of components, the software segment is expected to hold a dominant position. This is owing to ongoing innovation in AI algorithms for medical imaging analysis and disease detection.

On the basis of diagnostics type, the cardiology segment is projected to hold the largest share over the forecast period. This is due to increasing awareness regarding heart diseases and integration of AI in echocardiography, electrocardiography, etc.

North America is expected to hold a dominant position over the forecast period. This is due to large healthcare expenditure, availability of advanced healthcare infrastructure and high adoption of AI technologies among healthcare providers.

Competitor Insights: Key players operating in the artificial intelligence diagnostics market include 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.

Recent Developments: In February 2021, Vuno signed a distribution agreement with CHC Healthcare Group to promote and distribute its AI products in Taiwan. More information in full report