Artificial Intelligence in Healthcare Diagnosis Market Increasing Investment in AI Healthcare Startups Drives Market Growth
According to the latest study on “Artificial Intelligence in Healthcare Diagnosis Market Forecast to 2027 - COVID-19 Impact and Global Analysis Diagnostic Tool, Application, Service, and End User,” the market was valued at US$ 3,639.02 million in 2019 and is projected to reach US$ 66,811.97 million by 2027; it is expected to grow at a CAGR of 44.0% during 2020–2027. The report highlights the trends prevailing in the global artificial intelligence in healthcare diagnosis market, and drivers and deterrents pertaining to the market growth.
Artificial intelligence (AI) uses algorithms and software to perform certain tasks without human intervention and instructions. AI represents the integration of technologies such as machine learning, natural language processing, reasoning, and perception. It is used in healthcare for approximation of human cognition as well as the analysis of complex medical and diagnostic imaging data. The artificial intelligence in healthcare diagnosis market is driven by the ability of AI to provide improved outcomes; moreover, the growing need to increase coordination between healthcare workforce and patients also supports the market growth. The rise in the importance of Big Data in healthcare, increase in the adoption of precision medicine, and surge in venture capital investments also contribute to the market growth.
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Artificial Intelligence in Healthcare Diagnosis Market Competitive Landscape and Key Development
General Electric Company; Aidoc; Arterys Inc.; icometrix; IDx Technologies Inc; MaxQ AI Ltd.; Caption Health, Inc; Zebra Medical Vision, Inc.; Siemens Healthineers AG; and Koninklijke Philips N.V.; are among the prominent players in the artificial intelligence in healthcare diagnosis market.
The market players are focused on partnerships and collaborations to sustain their position in the market. For instance, in June 2020, Zebra Medical Vision, Inc., collaborated with Apollo Hospitals chain for the deployment of AI-based tools across India, supported by the “India-Israel Industrial R&D and Technological Innovation Fund.” Moreover, the AI COVID-19 solution will in anticipated collaboration on additional medical findings, such as tuberculosis (TB).
Factors such as the rising adoption of artificial intelligence in disease identification and diagnosis and increasing investments in AI healthcare startups are driving the growth of the AI in healthcare diagnosis market. However, the lack of skilled workforce and ambiguity of regulatory guidelines for medical software impede the market growth. Further, the increasing potential in emerging economies offers significant opportunities for the future growth of the global artificial intelligence in healthcare diagnosis market players.
Increasing Investment in AI Healthcare Startups Drives Market Growth
Artificial Intelligence in healthcare is one of the most significant technological advances in medicine thus far. Startups developing AI-driven imaging & diagnostic solutions are the major factors responsible for the growth of the market in the study period. China, the US, and the UK are emerging as a popular hub for healthcare innovations. China-based healthcare AI startups have benefited from the government’s AI-focused development strategy, inspiring investment, and private-public partnerships. Additionally, the British government has announced a National Artificial Intelligence Lab that will collaborate with Britain’s universities and technology companies to research on cancer, dementia, and heart disease. UK-based startups have benefited from the government’s robust library of patient data, as British citizen’s share their anonymous healthcare data with the British National Health Service.
Tokyo-based AI Medical Service, the Japanese startup developing the AI-powered technology to detect cancerous lesions from endoscopic footage, announced in October 2019 that it had secured about USD $43 million US (about 4.6 billion yen) in a Series B round. Healthcare analytics firm Tricog has raised USD $10.5 million in a Series B round of funding. Using Artificial Intelligence and Machine Learning, the startup helps in the wellness, screening, and diagnosis of acute as well as chronic heart diseases. The investment comes in from UTEC - The University of Tokyo Edge Capital, Japan; Aflac Ventures, LLC, Japan; TeamFund, USA; and Dream Incubator, Japan, and also saw participation from Inventus Capital and Blume Ventures. Using Artificial Intelligence and Machine Learning, the five-year-old startup has helped 3 million patients globally. It also uses its virtual cardiology services to help in remote clinics.
Artificial Intelligence in Healthcare Diagnosis Market: Segmental Overview
In terms of diagnostic tools, the medical imaging tool segment held the largest share of the artificial intelligence in healthcare diagnosis market in 2019; it is expected to continue to be a leader shareholder during the forecast period. The growth is mainly ascribed to the increasing FDA approvals of AI-based medical imaging tools. However, the automated detection system segment is expected to register the highest CAGR during the forecast period due to increasing adoption of these tools in infectious disease diagnostics.
Based on end user, the global artificial intelligence in healthcare diagnosis market is segmented into hospital and clinic, diagnostic laboratory, and home care. The hospital and clinic segment held the largest share of the market in 2019, and the segment is expected to register the highest CAGR in the market during the forecast period. The adoption of AI has increases in hospitals with the rise in the prevalence of chronic diseases such as cancer and rare diseases as the technology assist in providing better treatments, especially to newborns with complex disorders. In 2018, ~9.6 million people died due to cancer worldwide. With the analysis of over 1.7 million new cancer cases and more than 606,000 expected cancer deaths in 2019, advancements in cancer diagnostic methods and medication options are need of the time. Advanced AI are capable of drastically altering cancer diagnosis landscape and treated through machine learning to distinguish imagery of tissue containing cancerous cells from pictures of healthy tissue such advantages offered by AI will further increase the adoption in the hospitals and clinics.
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