AI-Based Medical Diagnostic Tools Market Set to Exceed USD 11.5 Billion by 2034: Global Surge in AI Start-up Funding Expands Diagnostic Systems Integration | TMR

AI-powered diagnostic systems deliver precise and efficient diagnoses, enabling healthcare professionals to develop timely and effective treatment plans. This integration of AI extends across various diagnostic tools, including X-rays, enhancing their capabilities on a broader scale.

WILMINGTON, Del., July 17, 2024 /PRNewswire/ — The market for AI-based medical diagnostic tools accounted for US$ 1.3 billion in 2023. A CAGR of 20.8% is expected from 2024 to 2034, culminating in a market value of US$ 11.5 billion by 2034. Medical diagnostic instruments based on AI require ongoing research and development.

In addition to enhancing the efficiency of existing algorithms, this involves investigating new artificial intelligence approaches such as deep learning, reinforcement learning, and federated learning for medical applications.

AI-based diagnostic tools can empower patients by providing them with personalized health information. Smartphone apps and AI-driven health monitoring gadgets can help patients manage their health and well-being more actively.

Medical specialists and facilities are often limited in underserved or distant places, so AI-based diagnostics can be especially helpful. Through the use of portable diagnostic devices and telemedicine platforms, Artificial Intelligence can increase access to healthcare for communities that have limited access to healthcare.

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Healthcare systems are expected to incorporate AI-based diagnostic technologies as they advance in sophistication and dependability. This integration may include seamless integration with clinical decision support systems and electronic health records (EHR) in order to speed up diagnosis for healthcare practitioners.

Key Findings of the Market Report

• AI-based medical diagnostic tools will be created in the market by the software segment.
• As consumers become more likely to suffer from cancer, demand for oncology AI-based medical diagnostics tools will increase.
• In 2023, diagnostic laboratories held the largest share of the market.
• In 2023, North America dominated the market in terms of market share.

Global AI-based Medical Diagnostic Tools Market: Growth Drivers

• Increasing chronic illness prevalence and an expanding need for accurate and timely diagnosis are two contributing factors. With AI-powered diagnostic tools, health care providers can detect diseases earlier and treat them more effectively, thus improving their accuracy, efficiency, and speed of diagnosis. Diabetes, cancer, and cardiovascular diseases are a few of the chronic diseases that have increased the need for novel diagnostic methods.
• AI-based diagnostic tools are becoming easier to incorporate into clinical practice as electronic health records (EHRs) become more widely adopted and data access increases.
• AI algorithms are being assessed and trained using substantial amounts of patient data by healthcare organizations and providers. As a result, diagnostic instruments that are more reliable and beneficial therapeutically are being developed.
• The healthcare sector is also embracing AI-based diagnostic tools on a larger scale as regulatory agencies become more aware of its potential to improve patient outcomes and reduce healthcare costs.
• As a result, AI-based medical diagnostics have a lot of potential for improving the accuracy, efficiency, and personalized treatment of patients, so they’re a great fit for the future.

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AI-based Medical Diagnostic Tools Market Report Scope:

Global AI-based Medical Diagnostic Tools Market: Regional Landscape

• Artificial intelligence-based medical diagnostic technologies are undergoing rapid scientific advancements in North America. AI-driven diagnostic technology is gradually being integrated into clinical operations in the area in order to improve patient outcomes and increase productivity.
• Regulatory agencies like Health Canada and the Food and Drug Administration (FDA) in the United States and Canada approve and oversee medical devices and diagnostic tools. The development of AI-based diagnostics in the future will be influenced by the way these regulatory bodies adapt their approval procedures to take into account the rapidly developing AI technologies while maintaining patient safety and efficacy.
• In North America, regulatory agencies such as the Food and Drug Administration (FDA) are essential to guaranteeing the security and efficacy of medical diagnostic devices powered by artificial intelligence (AI). To help businesses launch their products while maintaining patient safety and data security, the FDA has set guidelines for the validation and oversight of AI algorithms used in medical diagnostics. Because of this, North America continues to lead the way in AI-driven innovation in medical diagnostics, and further growth and adoption are anticipated.

Global AI-based Medical Diagnostic Tools Market: Competitive Landscape

AI-based medical diagnostic tool companies are expanding their customer bases through inorganic expansion. Brain tumors can be accurately detected by AI-based tools developed by medical diagnostic companies.

Key Players Profiled

• Microsoft
• Nvidia Corporation
• Merative L.P.
• Alphabet Inc.
• Intel Corporation
• Siemens Healthineers
• GE HealthCare
• Advanced Micro Devices Inc.
• Koninklijke Philips N.V.
• InformAI

Key Developments

• In October 2023, Microsoft launched new data and artificial intelligence solutions for healthcare organizations to unlock insights and improve patient care.
• In December 2023, Nvidia launched a series of cloud APIs that accelerate AI model development and deployment for medical imaging applications. Using Nvidia’s open-source Monai framework, the new offering extends Monai with cloud-native capabilities.

Global AI-based Medical Diagnostic Tools Market: Segmentation

By Component

• Software
• Services
• Hardware
• Memory
• Others (Network, etc.)

By Application

• Radiology
• Cardiology
• Neurology
• Oncology
• Others (Ophthalmology, Gynecology, etc.)

By End User

• Hospitals
• Diagnostic Laboratories
• Others (Ambulatory Surgical Centers, etc.)

By Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

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