AI in Diagnostics Gaining Mainstream Attention to Limit Human Errors and Optimize Resource Usability
Automation in diagnostics is a fast-growing trend and is anticipated to supplement massive growth for AI in diagnostics market, finds out Adroit Market Research in a freshly released business intelligence report.
Diagnostic testing finds ample adoption as a unique and reliable practice to address, identify and solve patient discomfort and pain-points, besides ensuring superlative safety.
However, diagnostics as an industry is backed by data driven assessment wherein several diagnostic tests are dependent on manually accomplished input assessment to arrive at logical conclusions pertaining to patient symptoms.
However, manual intervention suffers huge bottlenecks such as resource intensive, high probability of human errors, besides involving high costs and being thoroughly dependent on human resources.
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The AI in Diagnostics market was valued at USD 412.8 million in 2020 and is expected to grow at a CAGR of 35.5% over the forecast period from 2020 to 2028. The rise in the number of diagnostic start-ups in healthcare Artificial Intelligence (AI) coupled with enormous investments by venture capitalist companies to develop innovative technologies that allow fast and efficient diagnostic procedures due to the continuous increase in the number of patients suffering from chronic diseases supports the growth of the market.
Leading Market Participants Investing in Patent Generation Initiatives to Ensure Safety and Compliance
To offset such challenges, data science approach is becoming quite relevant in diagnostics, allowing AI and machine learning approaches gain mainstream attention, thus improving diagnostic results, precision and effective cost management. AI in diagnostics is adequately addressing persistent challenges such as misdiagnosis and unexpected errors.
Leading market participants in global AI in diagnostics market are investing substantially towards improving their AI learning machines. Market players are also investing towards patenting their products to ensure high safety, compliance with regulatory standards. With high dependence on image based diagnostics, AI in diagnostics is anticipated to experience ravishing acceptance to improve outcomes of radiology and pathology practices.
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Developed Economies such as North American Countries to Sustain Maximum Revenue Potential
Soaring preferences of high end advanced diagnostic technology is creating ample growth opportunities for AI in diagnostics. The growth is also supported by adequate government initiatives and optimistic opportunities in healthcare infrastructure development.
IN the coming years, matured nations across developed regions such as North America and Europe are predicted to hold the lion's share as AI technology is highly advanced in these regions, various market players have dedicated facilities in the region and astonishing emergence of new market players which collectively support high potential growth spurt in these regions.
Key players serving the global market include Aidoc, AliveCor, GE Healthcare, Imagen Technologies, Vuno Inc., IDx Technologies Inc., Siemens Healthcare GmbH, Neural Analytics, Riverain Technologies, Zebra Medical Vision, among other prominent players.
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Key segments of the global AI in Diagnostics market
Component Overview, 2018-2028 (USD Million)
Application Overview, 2018-2028 (USD Million)
Chest and Lung
Regional Overview, 2018-2028 (USD Million)
Rest of Europe
Rest of Asia Pacific
Middle East & Africa
What does the report include?
The study on the global AI in Diagnostics market includes analysis of qualitative market indicators such as drivers, restraints, challenges and opportunities
Additionally, the market competition has been evaluated using the Porter’s five forces analysis
The study covers qualitative and quantitative analysis of the market segmented on the basis of class and Industry. Moreover, the study provides similar information for the key geographies.
Actual market sizes and forecasts have been provided for all the considered segments
The study includes the profiles of key players in the market with a significant global and/or regional presence
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Adroit Market Research is an India-based business analytics and consulting company incorporated in 2018. Our target audience is a wide range of corporations, manufacturing companies, product/technology development institutions and industry associations that require understanding of a market’s size, key trends, participants and future outlook of an industry. We intend to become our clients’ knowledge partner and provide them with valuable market insights to help create opportunities that increase their revenues. We follow a code– Explore, Learn and Transform. At our core, we are curious people who love to identify and understand industry patterns, create an insightful study around our findings and churn out money-making roadmaps.
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