AI in Diagnostics Market Growth and Key Insights
The global AI in diagnostics market was valued at $1.12 billion in 2023 and is projected to reach $12.65 billion by 2034, growing at a CAGR of 24.64%. This growth is driven by AI’s ability to reduce human error and improve diagnostic accuracy, aiding healthcare professionals in making better treatment decisions.
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Key Insights of the AI in Diagnostics Market
- North America held the largest market share, accounting for 53% in 2023.
- Asia Pacific is expected to see the fastest growth during the forecast period.
- Software was the leading component in the market in 2023 and is anticipated to grow the quickest.
- In terms of diagnosis, neurology dominated the market in 2023.
- The radiology segment is expected to experience the fastest growth during the forecast period.
AI in Diagnostics Market Trends
- Technological Advancements: AI in healthcare boosts efficiency and reduces errors, driving market growth.
- Rising Chronic Disorders: Increasing cases of chronic diseases highlight the need for early and advanced diagnostic solutions.
- Expanding Medical Device Sector: Growth in the medical device industry, fueled by investments and collaborations, supports market expansion.
- Growing Research and Development: Ongoing research for early detection of chronic conditions is another key factor propelling market growth.
Radiology Segment: The Fastest Growing in AI Diagnostics
The radiology segment is expected to grow at the fastest rate in the AI in diagnostics market during the forecast period. AI has significant potential in radiology, already making a transformative impact on healthcare. AI algorithms are simplifying data interpretation and improving the diagnostic process, helping to address the growing demand for radiologists in the face of increasingly complex data. When combined with the expertise of radiologists and physicians, AI can enhance healthcare even further.
For example, in April 2024, Bayer and Google Cloud announced a partnership aimed at improving radiology and patient care. Bayer will use Google Cloud’s generative AI capabilities to expand its innovation platform, speeding up the development of AI-driven healthcare applications with a focus on radiology.
Our Table of Content (TOC) covers key healthcare market segments, materials, technologies and trends—helping you navigate market shifts and make informed decisions: https://www.towardshealthcare.com/table-of-content/ai-in-diagnostics-market-sizing
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