Market Trends of Artificial Intelligence In IVD Industry
The Cardiology Segment is Expected to Hold a Significant Share in the Market During the Forecast Period.
Cardiovascular diseases (CVDs) such as heart disease, stroke, and hypertension are rising globally. As coronary artery disease (CAD) continues to pose a substantial global health burden, AI-driven advancements in diagnostic capabilities are helping to revolutionize early detection, risk assessment, and treatment planning. For instance, according to the Centers for Disease Control and Prevention in December 2023 reports that coronary artery disease affects approximately 20.5 million adults in the United States, establishing it as the most prevalent form of heart disease in the country in 2023. Therefore, these rising cases of CAD enhance diagnostic accuracy, streamline healthcare workflows, and ultimately improve patient outcomes through tailored, propelling the adoption of AI within the cardiology segment of the IVD market.
Additionally, AI analyzes complex data (images and medical history) to catch earlier CVDs like heart failure or arrhythmias and infectious diseases. This allows for faster, more personalized treatments and potentially prevents future heart attacks or strokes. For instance, as per the article published in the Cureus Journal in March 2024, AI methods accelerate the diagnosis and treatment of CVDs, including heart failure, atrial fibrillation, valvular heart disease, hypertrophic cardiomyopathy, and congenital heart disease.
Further, the article published in Springer Nature in November 2023 stated that the CE-mark approval from the Australian Therapeutic Goods Administration (TGA) establishes a significant regulatory approval of AI-based tools in infectious disease detection. Thus, the rising adoption of AI tools to identify cardiovascular and infectious diseases is anticipated to fuel the market's growth during the forecast period.
Hence, the growing cases of heart disease, such as coronary artery disease, and the rising adoption of AI methods in the diagnosis of CVDs are expected to continue to grow in the coming years.
North America is Expected to Hold a Significant Market Share During the Forecast Period
North America is experiencing growth driven by the increasing demand for early disease detection, the government's focus on funding, and the rising advancement in technology in the region.
The rising cancer cases propelled the adoption of AI in the North American IVD market by enhancing early detection capabilities, supporting personalized medicine approaches, improving healthcare efficiency, and driving innovation. For instance, according to the American Cancer Society, in January 2024, the United States will experience over 2.0 million new cancer diagnoses in 2024. Additionally, according to the Canadian Cancer Society, in May 2024, researchers projected 247,100 new cancer cases in Canada, translating to an average of 675 daily diagnoses in 2024. Thus, AI enhances early detection through advanced data analysis, improves diagnostic efficiency, and fosters research innovation for cancer, further increasing market expansion during the forecast period.
Also, the government focuses on funding for machine learning and artificial intelligence in the United States. For instance, according to the National Institute of Health, in March 2023, the US government invested USD 2,142 million in machine learning and artificial intelligence in healthcare. Therefore, the government's rising fundamental investment is anticipated to fuel the growth of the market during the forecast period.
Additionally, platforms such as Google Cloud focus on advancement in the application of AI in the healthcare industry. For instance, in October 2022, Google Cloud launched a groundbreaking solution called Medical Imaging Suite, aiming to transform how healthcare professionals handle and utilize medical imaging data. This industry-changing suite promotes accessibility, interoperability, and improved patient care. Thus, the advancements in platforms like Google Cloud's Medical Imaging Suite highlight the transformative impact of AI in healthcare. AI-driven solutions in IVD are revolutionizing diagnostic processes by enhancing the accuracy, efficiency, and accessibility of diagnostic tests, ultimately improving patient care outcomes, which will boost the growth of the market during the forecast period.
Due to factors like the increasing number of cancer cases, government initiatives to raise funds for machine learning and artificial intelligence, and the growing use of Google Cloud's AI in the healthcare industry, the market is expected to experience significant growth in the region.
