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AI-based Medical Diagnostic Tools Market (2019-2027) growing at CAGR of 25.6%

AI-based Medical Diagnostic Tools Market
pic credit Credence Research

The latest market report published by Credence Research, Inc. “ The AI-based medical diagnostic tools market expected to grow at a CAGR of 25.6% during the forecast period from 2019 to 2027.

Market Insights

The global AI-based medical diagnostic tools market is growing efficiently from 2019 to 2027 accredited to the rise in interest for automated and holistic diagnosis along with upgraded technology expansion in the AI industry. The medical diagnostic tools/devices provide advice on patient’s health, and physical activity along with top applications including digital imaging, cloud-based platform for interaction, automated diagnosis and predictive analytics. Top corporations are distinguishing its AI-based solutions into actionable health diagnostics. The personalized medical technology companies in the U.S., France, Japan, Israel and U.K are gaining traction in the diagnostics industry, and additionally, they instruct and manage patient big data for future diagnostics. Moreover, rising incidences of chronic disorders along with wide applications of AI-based medical diagnostic tools in diabetes, oncology, cardiology diseases, eye care, infections and other complications will drive the growth of the market during the forecast period.

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Top companies are mainly focusing on FDA approval for AI-based devices. The growing number of partnerships with research centers and association by key AI workstations & laboratories globally will boost the active demand in the near future. For instance, in November 2018, ScreenPoint Medical received clearance from the U.S. FDA for Transpara detection and decision support software, innovated to assist radiologists with the reading of screening mammograms. Moreover, in April 2018, Viz.ai received FDA clearance for automated computed tomography perfusion software. However, burden of chronic disorders, less awareness related to AI usage in hospitals, high cost of services & administration and patient data security along with fewer diagnostic options are few factors restraining the overall growth of the AI-based medical diagnostic tools market on a global scale.

Key Market Movements:

  • Globally, the AI-based medical diagnostic tools is growing at a CAGR of 25.6% for the period from 2019 to 2027
  • The Europe and Asia Pacific market will grow at pace due to its improved healthcare infrastructure, higher patient pool and new AI technology expansion in the developing nations
  • Launch of IDx-DR, Accipio Ix, OsteoDetect, AF algorithm, Artyrys Oncology AI suite and many other diagnostic tools will further spur revenue growth during the forecast period
  • Increasing number of partnerships, strong pipeline devices for AI-based medical diagnostics, and improved medical care expenditure in the developed nations will drive the overall market growth
  • Major players in this vertical are Aidoc, Viz.ai, Inc., Arterys Inc., Icometrix, IDx Technologies Inc., MaxQ AI, Ltd., Imagen Ltd, Bay Labs, Inc., Zebra Medical Vision, Inc., Alivecor, ScreenPoint Medical and others.

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