Artificial Intelligence in Diagnostics Market - The Impact of AI in Healthcare Industry 2021
Artificial Intelligence (AI) is the potential of the computer-controlled robot or computer to carry out tasks that are usually associated with intelligent beings. AI is revolutionizing the methods used for diagnosis in the healthcare sector and is growing at a rapid pace. The algorithms self-calibrate by learning how test results are interpreted by an expert clinician technician and then apply the derived knowledge to automate future routine analysis and ultimately eliminating the manual tests for patient testing.
Global Artificial Intelligence in Diagnostics Market: Growth Factors
The rising penetration of AI in healthcare sector, increasing adoption of the advanced technology by the patients & physicians for diagnosis of the disease, and ability of AI to enhance the process of decision-making are some of the factors fuelling the growth of the global artificial intelligence in diagnostics market. A programmed AI-driven software can spot signs of certain diseases precisely in CT scans, MRIs and X-rays. In a recent research, Google has proved that a neural network can be trained to identify signs of lung cancer faster and earlier as compared to a trained radiologist. Moreover, most of the diagnostic tests requires manual analysis & inputs, which makes them expensive, time consuming, and leaves space for human errors. In such case, AI overcomes all these factors and focuses majorly on enhancing the accuracy of diagnostics and improves patient safety. All these advantages of AI in diagnostics are also contributing to the growth of the global artificial intelligence in diagnostics market. Furthermore, the recent covid-19 pandemic has resulted in rising adoption of AI in medical diagnostics, thereby creating huge opportunities for the growth of the global artificial intelligence in diagnostics market. However, lack of expertise and high cost of installation may hamper the growth of the market.
With the rapid spread of covid-19 all over the world, the medical diagnostics and hospitals are under sheer pressure and experiencing huge burden of patients affected by the virus. This has led to accelerated adoption of AI in medical diagnostics as AI-based solutions and tools have the ability to work quickly. For detection of covid-19 and for designing curative therapies, it is necessary to have knowledge about its mechanism of infection as well as lung parenchyma damage distribution. With the use of deep learning models for automated classification and detection of covid-19 on CT scans, AI-based tools and solutions for medical image analyses can improve the computed tomography in the diagnosis of covid-19 as well as assess the severity of the disease in patients by quantifying lung involvement. Moreover, for patient triage and management most of the companies are involved in making X-ray and CT AI-powered solutions for healthcare systems. Thus, the outbreak of covid-19 is spurring the growth of the global artificial intelligence in diagnostics market.
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Global Artificial Intelligence in Diagnostics Market: Segmentation
Global artificial intelligence in diagnostics market is bifurcated based on components, diagnosis types, and region. Based on components, the market is fragmented into software, hardware, and services. Among this, software segment is anticipated to hold dominant share in the market. Factors such as development of AI-based software for diagnostic solutions to increase the test precision are contributing to major market share of software segment. Based on diagnosis type, the global artificial intelligence in diagnostics market is divided into oncology, cardiology, radiology, pathology, neurology, chest & lung, and others.
Global Artificial Intelligence in Diagnostics Market: Regional Analysis
North America is expected to hold major share of the global artificial intelligence in diagnostics market. Factors contributing to the growth of the market in this region include high adoption rate of AI in healthcare sector by public & private organizations, large government funding for healthcare sector especially in the United States, availability of skilled work force, etc. However, Asia Pacific is expected to be the most remunerative market and anticipated to register high CAGR over the forecast period. Factors such as increasing government initiatives to strengthen healthcare sector and growing adoption of advanced technologies in the field of healthcare is accelerating the growth of artificial intelligence in diagnostics market in this region.
Global Artificial Intelligence in Diagnostics Market: Competitive Players
IDx Technologies Inc, Imagen Technologies, Neural Analytics, Aidoc, GE Healthcare, Zebra Medical Vision, Riverain Technologies, Siemens Healthcare GmbH, Vuno Inc., and AliveCor are some of the key players operating in the global artificial intelligence in diagnostics market.
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