"AI-based medical diagnostic tools market to exhibit dynamic growth during the forecast period"
The global AI-based medical diagnostic tools market is increasing proficiently, expected to grow at a CAGR of 25.6%. Internationally, increasing prevalence of lifestyle diseases along with huge patient population has suggestively enhanced the growth of artificial intelligence in the healthcare industry. New FDA approvals of AI systems along with enhanced & integrated algorithms, and promising pipeline devices in the medical diagnostics industry are key factors driving the overall growth of AI-based medical diagnostic tools market globally.
Market Synopsis
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"Automated detection systems is expected to register higher growth by the end of 2027"
Advancement in detection systems along with its technological applications will enhance the future growth. AI-smart workplace culture and workforce is expanding significantly, has the capability to detect specific infections, lifestyle diseases, and many rare disease conditions. For e.g. In Jan 2019, FDA clears AI device (IDx-DR AI diagnostic system from IDx Technologies Inc.) for diagnosis of diabetic retinopathy along with its favorable use in digital pathology. The global tech companies are investing for further R&D in medical diagnostics and are reassuring the commercialization of AI devices in partnerships with smaller firms to meet the dynamic demand in the coming years.
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"Radiology services to witness a significant CAGR"
Increasing acceptance of AI-based solutions along with their quick and relevant services on a global level are factors expected for the growth of the market. Increasing applications using AI-chatbots, advancement in AI algorithms to recognize cancerous tissues, disease diagnosis, eye care, and innovations in decision support softwares will boost the overall demand in the healthcare industry. More intelligent software offerings along with huge opportunities in drug administration, hospital workflow administration, large patient data management & care, preliminary diagnosis, automated image diagnosis and cyber security will further spur revenue growth during the forecast period.
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"Increasing population, new FDA approval and the presence of top players holds the U.S. in dominant position"
In 2018, the U.S. contributed maximum revenue share in the AI-based medical diagnostic tools market due to growth and development in the AI-based software along with FDA approvals. Radiology services along with innovations in diabetic, cerebral disease treatment, cardiovascular diseases and oncology will drive the growth in the near future. For e.g. In May 2019, Aidoc’s AI algorithm received FDA approval for flagging pulmonary embolisms in radiology. Expansion of multispecialty hospitals, research centers, and other medical or emergency facilities in the U.S. and Europe region will boost the AI workforce very quickly in the coming years. However, huge number diagnostic systems in pipeline, less outcomes and awareness, risk of data security and strict FDA regulations are few limiting factors restraining the overall growth of the global market.
"Increased research and development with strong product pipelines in the developed regions"
Major players in the AI-based medical diagnostic tools market are Aidoc, Viz.ai, Inc. Arterys Inc., Icometrix, IDx Technologies Inc., MaxQ AI, Ltd., Imagen Ltd, Bay Labs, Inc., Zebra Medical Vision, Inc., Alivecor, ScreenPoint Medical and others. Smaller organizations and AI-based diagnostic solution providers are developing automated and smart technologies with integrated software tools. Partnerships and improved R&D will extemporize the expansion of AI-based diagnostic in the healthcare industry on a global scale.
Historical & Forecast Period
This study report represents analysis for each segment from 2017 to 2027 considering 2018 to be the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period from 2019 to 2027.
Market Segmentation
| ATTRIBUTE |
DETAILS |
| Research Period |
2017-2027 |
| Base Year |
2018 |
| Forecast Period |
2019-2027 |
| Historical Year |
2017 |
| Unit |
USD Million |
| Segmentation |
Diagnostic Tools (2017–2027; US$ Mn)
• Medical Imaging Tools
• Automated Detection Systems
• Other AI-based Diagnostic Tools
|
|
Application Segment (2017–2027; US$ Mn)
• Eye Care
• Oncology
• Radiology
• Cardiovascular
• Pathology
• Others (Orthopedics, Rare Disease)
|
|
Geography Segment (2017–2027; US$ Mn)
• North America (U.S., Canada)
• Europe (U.K., Germany, Rest of Europe)
• Asia Pacific (Japan, China, Rest of Asia Pacific)
• Latin America (Brazil, Mexico, Rest of Latin America)
• Middle East & Africa (GCC, Rest of Middle East & Africa)
|
The current report also comprehends qualitative and qualitative market valuation factors such as key market drivers, market trends, restraints and opportunities that gives a better market understanding of the overall AI-based medical diagnostic tools market. Additionally, the global report also comprises graphical representation of competitive landscape based on their market initiatives and strategies, product portfolio and business strengths.
Key questions answered in this report
- What are the current market trends and dynamics in the AI-based medical diagnostic tools market and valuable opportunities for emerging players?
- Which segment accounts for the fastest CAGR during the forecast period?
- Which diagnostic tools segment holds a larger market share and why?
- Are low and middle-income economies investing in the AI-based medical diagnostic tools market?
- What is the market trend and dynamics in emerging markets such as Asia Pacific, Latin America and Middle East & Africa?
