AI in diagnostics market size to ‘hit $8.54bn by 2033’
CONSUMER NEWS
The global artificial intelligence in diagnostics market size was $1.61 billion in 2024 and is projected to hit around $8.54 billion by 2033, growing at a CAGR of 20.37% during the forecast period 2024 to 2033.
According to Precedence Research, North America dominated the market with a revenue share of 57.14% in 2023.
The US artificial intelligence in diagnostics market size was valued at $530 million in 2023 and is expected to reach $3,570 million by 2033, growing at a CAGR of 20.84% from 2024 to 2033.
On the basis of components, the software segment accounted for 46% of revenue share in 2023.
Neurology diagnosis segment
Based on diagnosis type, the neurology diagnosis segment has captured a revenue share of more than 25% in 2023.
The advances in digital biomarkers technology which uses real-time monitoring systems for early disease diagnosis and prediction has also enhanced the AI in diagnostics market growth.
Medical diagnosis refers to the process of determining a disease or condition that matches with an individual’s symptoms and signs. The diagnostic procedures can be of different types such as laboratory tests (blood, urine), imaging tests (PET, CT scan, MRI), endoscopy. The process of diagnosing and determining the results of these tests can be complicated and may lead to misdiagnosis.
In today’s AI-driven world, the use of deep learning algorithms and AI tools in diagnostics can improve the accuracy, speed and efficiency for diagnosing patients with minimal errors. The introduction of AI tools in diagnostics has revolutionised the healthcare industry with supporting the doctors in advanced disease diagnosis and providing personalised treatments to patients with better judgements and quick results.
Patient outcomes
The application of AI tools in diagnostics has led to analysing medical images for assessing disease progression, predicting patient outcomes, processing and storing of patient data which includes electronic health records (EHRs), identifying patterns and anomalies in patient data and symptom checkers for providing potential diagnosis.
Moreover, the rising prevalence of chronic and non-communicable diseases (NCDs) is fuelling the market growth of AI in diagnostics as the demand for advanced and digital healthcare solutions is increasing worldwide. The rapid developments in cutting-edge AI tools in diagnostics and the surging investments in R&D of industries in enhancing diagnostic proficiency for improved patient outcomes is driving the market.--TradeArabia News Service
