AI In Diagnostics Market is Projected to Grow at a 23.1% CAGR, Reaching US$ 14.76 Billion by 2034 | Fact.MR Report

Push toward Reducing Human Errors and Improving Patient Outcomes Being Facilitated by Use of AI in Diagnostics: Fact.MR Report

Rockville, MD, Aug. 09, 2024 (GLOBE NEWSWIRE) — Fact.MR, a leading market research company, in its newly published research report, reveals that the Global AI in Diagnostics Market is estimated to reach a valuation of US$ 1.85 billion in 2024 and further expand at a high-value CAGR of 23.1% from 2024 to 2034.

Artificial intelligence (AI) is being increasingly sought after in diagnostics, revolutionizing patient care and making diagnostic services all the more accurate and efficient. Healthcare professionals are adopting AI technology for its ability to swiftly and accurately analyze complex medical data. This AI-driven approach reduces test result wait times significantly, enabling quicker diagnoses and earlier treatment initiation. Faster turnaround times for pathology reports and radiology scans are linked to improved outcomes and higher patient satisfaction.

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Beyond benefiting individual patients, the precision and efficiency of AI-assisted diagnostics allow medical institutions to manage larger patient volumes. This expanded capability makes diagnostic services more accessible to a broader population. As awareness grows about the speed and accuracy of AI-enhanced tests, more patients are seeking clinics that offer these advanced diagnostics. Increased demand is leading to greater investment in AI diagnostic tools, fostering innovation and broader acceptance in the healthcare sector.

Key Takeaways from Market Study:

• The global AI in diagnostics market is estimated to jump to a size of US$ 14.76 billion in 2034.
• The Canada market is forecasted to expand at a CAGR of 27.5% through 2034.
• The market for artificial intelligence in diagnostics in North America is analyzed to increase at a CAGR of 22% between 2024 and 2034.
• The South Korea market is projected to expand at a CAGR of 29.8% from 2024 to 2034.
• Based on different applications of AI, the oncology segment is estimated to hold a market share of 26.8% in 2024.

“Early detection of diseases and faster processing of medical data is helping doctors help patients with reduced emergencies. This trend is contributing to AI in diagnostics market growth,” says a Fact.MR analyst.

Leading Players Driving Innovation in the AI in Diagnostics Market:

Key industry participants like GE Healthcare; Imagen Technologies; Accenture; Deloitte; Cognizant; IBM Services; Infosys; Capgemini; Tata Consultancy Services (TCS); Wipro; Atos; DXC Technology; IBM Corporation; Google LLC; Microsoft Corporation; Butterfly Network; Zebra Medical Vision; Paige.AI; IDx Technologies; Prognos; Siemens Healthcare; Qure.ai., etc. are driving the AI in diagnostics industry.

Increased Use of Advanced Machine Learning and Language Processing:

Modern machine learning algorithms can now analyze medical images with previously unheard-of precision, identifying minute anomalies that would go unnoticed by human observers. This skill is especially revolutionary in the early diagnosis of neurological diseases and cancer.

Advances in natural language processing allow AI to quickly sort through enormous volumes of unstructured medical data, extracting critical information that helps with quicker, more accurate diagnosis. Furthermore, real-time health monitoring and early warning systems for ailments like cardiac rhythms and difficulties from diabetes are made possible by the integration of AI with wearable technology. These advancements in technology are cutting down on diagnostic mistakes and speeding up the period between the onset of symptoms and the start of therapy. Improved recovery rates and general health outcomes are the consequence of patients receiving more prompt and focused therapies.

AI is being used by healthcare systems worldwide more widely because of its demonstrable advantages in speeding up the healing process. This is encouraging further investment and innovation in this quickly developing industry.

AI in Diagnostics Industry News:

• Nutra Green Biotechnology Co., Ltd., Wolfson Berg Limited, Varion Lifesciences Pvt. Ltd., Sabinsa Corporation, and Cymbio Pharma Pvt. Ltd. are some of the key players in the forskolin market known for their strong distribution networks and innovation capabilities. Leading forskolin manufacturers employ strategies such as new product launches, mergers & acquisitions, collaborations & partnerships, and regional expansions to earn high profits.
• Cymbio Pharma Pvt. Ltd. is one of the trusted and prominent companies offering a large array of Coleus Extract. The company’s products are well-known for their high nutritional content and purity.

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More Valuable Insights on Offer:

Fact.MR, in its new offering, presents an unbiased analysis of the AI in diagnostics market for 2019 to 2023 and forecast statistics for 2024 to 2034.

The study divulges essential insights into the market based on component (software, hardware, services), application (cardiology, oncology, pathology, radiology, pulmonology, neurology, obstetrics/gynecology), modality (MRI, CT, X-ray, ultrasound), technology (machine learning, deep learning, natural language processing, computer vision, predictive analytics), and end use (hospitals, diagnostics imaging centers, diagnostics laboratories), across seven major regions of the world (North America, Western Europe, Eastern Europe, East Asia, Latin America, South Asia & Pacific, and MEA).

Segmentation of AI in Diagnostics Market Research

• By Component :
  • Software
  • Hardware
  • Services
• By Application :
  • Cardiology
  • Oncology
  • Pathology
  • Radiology
  • Pulmonology
  • Neurology
  • Obstetrics/Gynecology
• By Modality :
  • MRIs
  • CT
  • X-rays
  • Ultrasound
• By Technology :
  • Machine Learning
  • Deep Learning
  • Natural Language Processing
  • Computer Vision
  • Predictive Analytics

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