Burlingame, Nov. 28, 2023 (GLOBE NEWSWIRE) -- According to Coherent Market Insights, The global artificial intelligence in drug discovery market was valued at US$ 1,502.9 Mn in 2022 and is forecast to reach a value of US$ 5,773.6 Mn by 2030 at a CAGR of 21.2% between 2023 and 2030.
Artificial intelligence can assist providers in a variety of patient care and intelligent health systems. Artificial intelligence techniques ranging from machine learning to deep learning are prevalent in healthcare for disease diagnosis, drug discovery, and patient risk identification. Numerous medical data sources are required to perfectly diagnose diseases using artificial intelligence techniques, such as ultrasound, magnetic resonance imaging, mammography, genomics, computed tomography scan, etc. Furthermore, artificial intelligence primarily enhanced the infirmary experience and sped up preparing patients to continue their rehabilitation at home.
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Market Statistics:
The global artificial intelligence (AI) diagnosis market is estimated to account for US$ 1,502.9 Mn in terms of value by the end of 2023.
Market Drivers:
Access to smart electronic medical records is expected to propel the growth of the global artificial intelligence (AI) diagnosis market during the forecast period.
For instance, Electronic Medical Records (EMRs) were introduced as a digital tool to assist in patient care at healthcare facilities. These records consist health information, diagnostic findings, medical treatment plans, and other health-related data. It can be unorganized & unstructured, making it difficult to mine the data accurately. The integration of AI and big data analytics can help enhance data management to further improve clinical trial findings, detect adverse drug events, and bring in precision in diagnosis & detection by understanding health record parameters. AI-integrated health records enable data categorization, which serves as a useful tool in medical diagnostics and medical imaging analysis.
These systems can further aid the healthcare personnel in clinical decision-making and crafting unique treatment plans. AI is expanding from diagnostic algorithms to personalizing treatment plans to surgical robots. As per a PubMed article, healthcare systems already possess large volumes of data records, and integrating AI would lead to efficient data management.
Market Opportunities:
Increasing use of AI in chronic disease management is expected to offer lucrative growth opportunities for players in the global artificial intelligence (AI) diagnosis market.
AI has an influential impact on chronic disease detection and management. According to WHO, in 2018, the estimated worldwide cancer incidence (cases per year) was nearly 18.1 million, which is expected to reach 22 million by 2034. Breast, lung, and colorectal are among the most common cancer types. Increasing incidence of cancer is expected to propel the demand for cancer diagnosis over the coming years.
As per the American Hospital Association’s article titled Health for Life in March 2018, an estimated 45% of the U.S. population, or 133 million people, suffer from at least one chronic condition. Over 1.7 million people die every year in the U.S. due to chronic conditions. Growing prevalence of chronic diseases is one of the crucial factors expected to boost demand for accurate diagnosis. It is also estimated that by 2025, 49% of the total U.S. population will be affected by chronic conditions. As per the U.S. CDC, many of these conditions are preventable through early diagnosis and adequate treatment plans. Increase in number of people suffering from chronic conditions is another key factor anticipated to drive the market over the forecast period. Moreover, the increase in prevalence of chronic diseases is leading to a rise in healthcare expenditure. Patients with chronic disorders are frequent users of the healthcare system. These patients account for nearly 76% of overall physician visits, around 81% of hospital admissions, and approximately 91% of all prescriptions filled.
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Market Trends:
In detection & diagnosis, AI & machine learning models can train from medical imagery, patient demographics, and health history to study medical history of other patients and recognize a pattern to provide early detection. In the treatment space, IBM Watson has made significant progress with recommending treatment plans, out of which, 99% have been coherent with the physicians’ decisions. AI-based systems can accurately detect conditions in patients before they become chronic. These systems can detect the risk of hypertension, heart disease, and prediabetes, allowing for early intervention & prevention strategies. Continuous monitoring of patient’s vitals through AI-enabled systems can detect a condition before further deterioration and predict the chances of hospitalization.
Market Restraints:
AI-integrated healthcare is a complex ecosystem and archaic regulatory infrastructure is hampering the acceptance & integration of it. AI-based software learns from continuous use and repeatability, however, the regulatory framework to accept its mechanism needs to evolve further. Traditional healthcare regulations governing pharmaceuticals and medical devices cannot be applied to AI systems, since they are constantly learning & developing newer algorithms. Since AI has characteristics of explicability and can be uninterpretable, the regulatory framework fails to keep up with its pace. Another concern regarding the regulatory framework with AI is the risk of managing data and privacy. In terms of privacy, European Law and Canadian Law no longer regard de-identified information as personal information, which can be used to train algorithms. However, anonymization & de-identification could lead to bias in information and deprive the algorithms for adequate data training.
Read complete market research report, "Artificial Intelligence Diagnostics Market, By Component, By Diagnostics Type, By Region, and Segment Forecast 2023-2030", Published by Coherent Market Insights.
Competitive Landscape:
Major players operating in the global artificial intelligence (AI) diagnosis market include Vuno Inc., CHC Healthcare Group, Aidoc, Imbio, Alivecor Inc., Digital Diagnostics, Retina AI, Canon Medical Systems USA, Healthy Io, Milliman Inc., GE Healthcare, Arterys, Alivecor Inc., Riverain, Lucid Health, Qure.AI, and Cardiologs, among others.
Detailed Segmentation:
- Global Artificial Intelligence Diagnostics Market, By Component:
- Software
- Hardware
- Services
- Global Artificial Intelligence Diagnostics Market, By Diagnostics Type:
- Cardiology
- Oncology
- Pathology
- Radiology
- Neurology
- Others
- Global Artificial Intelligence Diagnostics Market, By Geography:
- North America
- U.S.
- Canada
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Europe
- Germany
- U.K.
- Spain
- France
- Italy
- Russia
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- GCC Countries
- Rest of Middle East & Africa
- North America
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