The AI-based medical diagnostic tools market is expected to exhibit dynamic growth during the forecast period
The global market for AI-based medical diagnostic tools is increasing proficiently and is expected to grow at a CAGR of 25.6%. Internationally, the increasing prevalence of lifestyle diseases along with the huge patient population have suggestively enhanced the growth of artificial intelligence in the healthcare industry. New FDA approvals of AI systems, enhanced and integrated algorithms, and promising pipeline devices in the medical diagnostics industry are key factors driving the overall growth of the AI-based medical diagnostic tools market globally.
Market Synopsis
Automated detection systems are expected to register higher growth by the end of 2027.
Advancements in detection systems and their technological applications will enhance their future growth. AI-smart workplace culture and workforce are expanding significantly and have the capability to detect specific infections, lifestyle diseases, and many rare disease conditions. For e.g., In January 2019, the FDA cleared an AI device (the IDX-DR AI diagnostic system from IDx Technologies Inc.) for the diagnosis of diabetic retinopathy along with its favorable use in digital pathology. Global tech companies are investing in 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.
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 to drive the growth of the market. Increasing applications using AI chatbots, advancements in AI algorithms to recognize cancerous tissues, disease diagnosis, eye care, and innovations in decision support software 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, and care, preliminary diagnosis, automated image diagnosis, and cyber security, will further spur revenue growth during the forecast period.
An increasing population, new FDA approval, and the presence of top players hold the U.S. in a dominant position.
In 2018, the U.S. contributed the maximum revenue share in the AI-based medical diagnostic tools market due to growth and development in AI-based software along with FDA approvals. Radiology services, along with innovations in diabetic and cerebral disease treatment, cardiovascular diseases, and oncology, will drive growth in the near future. For e.g., In May 2019, Aidoc's AI algorithm received FDA approval for flagging pulmonary embolisms in radiology.
The expansion of multispecialty hospitals, research centers, and other medical or emergency facilities in the U.S. and Europe will boost the AI workforce very quickly in the coming years. However, the huge number of diagnostic systems in the pipeline, the lack of outcomes and awareness, the risk of data security, and strict FDA regulations are a 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 Inc., IDx Technologies Inc., MaxQ AI Ltd., Imagen Ltd., Bay Labs Inc., Zebra Medical Vision Inc., Alivecor Inc., ScreenPoint Medical Inc., 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 expedite the expansion of AI-based diagnostics in the healthcare industry on a global scale.
Historical and Forecast Period
This study report represents the analysis of each segment from 2017to2027,considering 2018to be the base year. The compound annual growth rate (CAGR) for each of the respective segments is estimated for the forecast period from 2019 to 2027.
Market Segmentation
The current report also encompasses qualitative and qualitative market valuation factors such as key market drivers, market trends, restraints, and opportunities that give a better understanding of the overall AI-based medical diagnostic tools market. Additionally, the global report also comprises a graphical representation of the competitive landscape based on their market initiatives and strategies, product portfolios, and business strengths.
Key questions are answered in this report.
What are the current market trends and dynamics in the AI-based medical diagnostic tools market, and what are the 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 are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and the Middle East and Africa?
Frequently Asked Question:
The market for AI-based Medical Diagnostic Tools Market is expected to reach USD$ XX in 2027.
The AI-based Medical Diagnostic Tools Market is expected to see significant CAGR growth over the coming years, at 25.6%.
The report is forecasted from 2019 -2027.
The base year of this report is 2018.
Icometrix Inc., IDx Technologies Inc., MaxQ AI Ltd., Imagen Ltd., Bay Labs Inc., Zebra Medical Vision Inc., Alivecor Inc .are some of the major players in the global market.
