Artificial Intelligence (AI) in Medical Diagnostics Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020 - 2030

  • Single User License $3500

Artificial Intelligence (AI) in Medical Diagnostics Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020 - 2030

Status : January, 2023 | Healthcare IT

Report Digest

Artificial Intelligence (AI) in Medical Diagnostics Overview

Artificial intelligence (AI) has shown transformative potential in medical and healthcare industry. In particular, the effects of AI penetration in medical diagnostics has expanded the canvas for offering high-quality patient care. Early disease detection is one of the key application where AI players are exploring game-changing potential and are zealously investing in deploying AI in radiology to complement the conventional procedures. The image recognition is perhaps the most compelling consumer proposition in the AI in medical diagnostics market. 

Algorithms have been learning and unlearning and relearning signs of diseases in millions of images clinicians extract from the target population. A key trend has been outsourcing these to developing economies to save cost.

Artificial Intelligence (AI) in Medical Diagnostics Key Trends

There has been flurry of activities in deep learning algorithms to advance the access to quality diagnostics and at low cost. This might be lifesaving in case of chronic conditions that may become fatal if not diagnosed timely. Patients that are at the receiving end are those with significant cardiovascular diseases risks.  Further, another dimension that spurs research in AI in medical diagnostics market is need for improving the accuracy of diagnosis, either through single or several images.

The internet of medical things is making vast strides, as is evident in the proliferation of AI-based apps. AI companies are keen on meeting the vast gap between the demand and supply of radiologists on one hand and on the other bringing down the cost of radiological examinations. On the whole, the key clinical proposition of AI in healthcare is use of AI apps in the detection of diseases and advance patient-centred care.

Artificial Intelligence (AI) in Medical Diagnostics Competitive Dynamics and Key Developments

Several recent research and development projects including pioneered by stalwart technology companies have underscored the trend of huge dollar flowing in the Ai in medical diagnostics market. A case in point is the advent of AI-based apps that improve breast cancer detection accuracy. Google, the globally prominent tech company, has demonstrated how a neural network-powered technology can allow easy and early detection of lung cancer. The prospect of AI-driven software in cancer detection presents a vast possibility. Another area which is showing vast prospect of detecting skin problems from the images of skin lesions. Such developments are expected to open new avenues for various industry stakeholders in the AI in medical diagnostics market. Companies are intensifying R&D for leveraging the potential of AI in multiple retinal diseases.

Some of the emerging incumbent players in the AI in medical diagnostics market are;

  • Zebra Medical Vision
  • Aidence
  • Day Zero Diagnostics
  • Enlitic, Inc.
  • Xilinx
  • Digital Diagnostics
  • Siemens Healthineers
  • Intel
  • IBM

Artificial Intelligence (AI) in Medical Diagnostics Regional Assessment

On the regional front, North America has been a highly lucrative region. The vast prospects has been fuelled largely from rise in research and development of developing AI-apps for reducing the burden and prevalence of various chronic diseases. The regional market is expected to witnessed vast revenue streams from the relentless efforts by players in the ecosystem to bring AI and deep learning systems from bench to bedsite, notably in diseases that have substantial prevalence in countries such as the U.S. Asia Pacific is also a promising regional market, and is anticipated to make rapid strides in the near future. A key trend fueling growth is the growing penetration of AI in healthcare.

The reports at TMR Research provide qualitative solutions that break the barriers of doubt or uncertainties when the stakeholders plan to expand their growth reach. The researchers compile the necessary information that enlightens the CXOs about the current growth opportunities in a specific market and enables them to make the most of the opportunities.

TMR Research is a leader in developing well-researched reports. The expertise of the researchers at TMR Research makes the report stand out from others. TMR Research reports help the stakeholders and CXOs make impactful decisions through a unique blend of innovation and analytical thinking. The use of innovation and analytical thinking while structuring a report assures complete and ideal information of the current status of the market to the stakeholders.

TMR Research has rich experience in developing state-of-the-art reports for a wide array of markets and sectors. The brilliance of the experts at TMR Research and their alacrity to conduct thorough research and create phenomenal reports makes TMR Research better than others.

5-Point Growth Formula

The 5-point growth formula developed by TMR Research provides an insight to the stakeholders and CXOs about the current situation in the market. The growth formula makes the report a perfect companion for the stakeholders and CXOs.

The 5-point growth formula includes the following points:

  • Current and Future Threats
  • Accurate Trend Analysis
  • Regional Assessment
  • Industrial Analogy
  • COVID-19 Impact

Current and Future Threats

Along with studying the opportunities necessary for growth, threats are also an important aspect to look upon for the companies and stakeholders in a specific sector. TMR Research studies every negative aspect that will hinder the growth of a specific area of business and includes it in the report. The stakeholders and CXOs will have the benefit of assessing the threat and take the necessary steps to prevent the hindrance caused due to the threats.

Accurate Trend Analysis

Keeping up with the latest trends is crucial in any business or sector. While stakeholders are aware of the trends that are on the surface, TMR Researchers find trends that are deeply entrenched in the particular market or sector. The reports are constantly updated with the latest trends so that the stakeholders and CXOs can derive benefits from the trends and generate good revenues.

Regional Assessment

Demography forms an important part of the growth pattern of all the markets. Diving deep into the demographics enables maximum output from specific areas. The TMR Research team assesses every region and picks out the vital points that have a large impact on the growth of a market.

Industrial Analogy

The analysts at TMR Research conduct an all-round analysis on the competitive landscape of the market. The observations recorded by the analysts are added to the reports so that every stakeholder gets a glimpse of the competitive scenario and frame their business plans according to the situation.

COVID-19 Impact

The COVID-19 outbreak has changed the growth projections of numerous sectors and businesses. The analysts at TMR Research have conducted a conscientious survey on the markets after the pandemic struck. The analysts have put forth their brilliant and well-researched opinions in the report. The opinions will help the stakeholders to plan their strategy accordingly.

The reports offer answers to the top 7 questions that revolve around the growth of the market

  • What are the diverse growth parameters influencing the market?
  • Which regions will contribute largely to the growth of the market
  • What are the recent innovations and technological advancements in the market?
  • What are the emerging trends across the market?
  • How has COVID-19 affected the market?
  • What will be the post-pandemic scenario of the market?
  • What are the major threats that will dent the growth prospects of the market?