AI-Based Medical Diagnostic Tools Market Report Changing Trends to Watch and Strategic Moves – Hunter Women’s Chronicle
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In this report, you will learn about the AI-based medical diagnostic tools market which is expected to reach a total market size of USD 7 billion by 2023. You can also learn more about emerging healthcare trends to patients and forecasts of this market and an interactive dashboard presenting the main players here.
The market for AI-based healthcare diagnostic tools is to replace the manual process undertaken by experts in hospitals. The global AI-based healthcare diagnostic tools market was valued at USD 7.51 billion at the end of 2016, and it is expected to reach USD 31 billion by 2024.
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What is an AI-based medical diagnostic tool?
The introduction of artificial intelligence is the most significant trend in the global medical diagnostic tools market. Artificial intelligence enables decision support using machine learning to assess, select and order treatment for specific medical information.
Experienced physicians are successfully using AI-assisted diagnostic applications for new therapeutic knowledge along with training given to use these applications. These AI-enabled app predictive diagnostics are able to drive a physician or patient toward measured awareness and action to improve the overall quality of their health by learning online behavioral patterns for prevention and disease control.
Advantages and disadvantages of AI-based medical diagnostics
Artificial intelligence is a resourceful, inexpensive and available technology. If you are serious about increasing your sales and profitability, you need to consider AI as part of your marketing strategy. The goal of AI-based content creation is to automatically complete the content creation process without human intervention.
Market size and segmentation
The report forecasts the market size to grow from USD 209.28 million in 2016 to USD 265.59 million by 2021, with a CAGR of 3.2%. It categorizes the market based on different geographical levels i.e. North America, Europe, Asia-Pacific and Rest of the World. The estimated size of each segment for each of these geographic segments is provided in detail
Technologies adopted in the industry
Artificial Intelligence is uncyclable. AI collaboration with capabilities, IoT and machine learning advancements have taken the world by storm. In this report, we have concisely described the paradigm shift observed owing to the development of AI technologies in the medical diagnostic tools market.
Growth of key players
The North American market for AI-based medical diagnostic tools reached a value of US$1,159 million in 2018, according to the report by Research. Moreover, research experts advocate a marked increase in business activity over the forecast period (2019-2020).
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Porter’s Five Forces Analysis
With the growing demand for AI-based medical diagnostic tools, which helps to categorize market segments and identify growth opportunities for industry players, the major drivers are expected to be primarily driven by the development of nanotechnology testing and stem cell-based technologies. This could help increase the number of clinical trials tenfold.
The AI-based medical diagnostic tools market has raised a lot of anticipation among global players. After careful analysis, some of the major game-changing trends to watch out for are: The Artificial Intelligence Based Medical Diagnostic Tools Market is expected to grow at a CAGR of 15.01% over the period 2019-2025.