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(Publishing-NewsWire.com, July 20, 2022 ) According to a new market research report, ‘Artificial Intelligence in Medical Diagnostics Market By Component (Software, Services), Specialty (Radiology, Cardiology, Neurology, Obstetrics/Gynecology, Ophthalmology), Modality (MRI, CT, X-ray, Ultrasound), End User (Hospital, Diagnostic Center) - Global Forecast to 2029,' published by Meticulous Research®, the AI in medical diagnostics market is expected to grow at a CAGR of 36.2% during the forecast period to reach $9.38 billion by 2029.
AI in medical diagnostics consists of AI software and services that aid healthcare professionals in identifying the diagnosis of different diseases. AI-based software solutions can analyze the data from a diagnostic procedure and either help triage patients by flagging abnormal medical images or suggest the healthcare professional a suitable diagnosis. AI in medical diagnostics integrates deep learning, data insights, and algorithms to detect life-threatening and critical diseases. It automates the diagnosis process and reduces the workload on healthcare professionals.
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The main factors driving the AI in medical diagnostics market are the growing need for the adoption of AI in medical diagnosis due to the high rate of errors in medical diagnosis, shortage of healthcare professionals, and increasing prevalence of chronic diseases. Furthermore, the high growth potential in emerging economies and the growing number of cross-industry partnerships & collaborations are expected to provide significant growth opportunities for this market.
However, the reluctance to adopt AI technologies due to a lack of trust is expected to restrain the growth of this market to a notable extent. In addition, factors such as regulatory barriers and privacy and security concerns regarding patient data are the major challenges to the growth of this market.
The Impact of COVID-19 on the Artificial Intelligence in Medical Diagnostics Market
The outbreak of the COVID-19 pandemic in 2020 was a global public health challenge. The number of cases was skyrocketing, and many countries had a huge burden on the health system. The COVID-19 disease mainly affects the lungs of the patients. Hence, cardiothoracic imaging in COVID-19 cases is a common diagnostic practice to identify the severity of the disease. The number of research studies using AI techniques to diagnose COVID-19 rapidly increased in 2020. Many studies were focused on describing the diagnosis of COVID-19 from chest CT images using AI technology. Several studies proved that AI models might be as accurate as experienced radiologists in diagnosing COVID-19.
CT scans were identified as the key modality for diagnosing COVID-19 at the onset of the disease. Healthcare professionals identified the severity of the disease from features like shadows over the patients’ lungs. A single patient had approximately 300 CT images, which took a doctor a lot of time to analyze with the naked eye. Also, radiologists needed to compare with earlier scans, increasing pressure on the healthcare staff. In such situations, AI-based systems can analyze CT images within 20 seconds, with an accuracy rate above 90% (Source: Nature Biomedical Engineering Journal). In addition, UC San Diego Health (U.S.) engineered a new method to expedite the diagnosis of pneumonia, a condition associated with severe COVID-19. This early detection helps doctors quickly triage patients to appropriate levels of care even before the COVID-19 diagnosis is confirmed. In May 2020, Mount Sinai Health System (U.S.) implemented artificial intelligence to analyze COVID-19 patients for rapid diagnosis based on CT scans and patient data. Thus, the advantages offered by AI technology have increased its adoption in medical diagnostics during the pandemic.
The AI in medical diagnostics market is segmented based on component, specialty, modality, end user, and geography. The study also evaluates industry competitors and analyzes the market at the country level.
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Based on component, in 2022, the software segment is estimated to account for the largest share of the AI in medical diagnostics market. The large market share of this segment is attributed to the high demand for AI-based software solutions to deliver a quick and accurate medical diagnosis, the growing number of new software approvals & launches, and the rising shortage of specialists.
Based on specialty, in 2022, the radiology segment is estimated to account for the largest share of the AI in medical diagnostics market. The large market share of this segment is attributed to the growing demand for AI in medical imaging, increasing chronic disorders, an increasing number of new software products for AI in radiology, and the increasing global shortage of radiologists. In addition, the benefits of AI for radiologists in terms of non-interpretive data, such as reducing noise in medical images, creating high-quality images from lower doses of radiation, enhancing magnetic resonance image quality, and automatically assessing image quality, also supports the growth of this segment.
Based on modality, in 2022, the CT-scan segment is estimated to account for the largest share of the overall AI in medical diagnostics market. The large market share of this segment is attributed to the advantages that AI-based solutions offer, such as improved operational efficiency, reduced noise in medical images, and reduced patient backlogs and wait times. Additionally, the increasing patient pool prescribed for CT scans and growing numbers of products specific for CT scans supports the growth of this segment.
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Based on end user, in 2022, the hospitals segment is estimated to account for the largest share of the AI in medical diagnostics market. The large share of this segment is attributed to the increasing number of patients undergoing diagnostics procedures in hospitals, the robust financial capabilities of large hospitals to acquire high-cost AI-based software & services, the growing shortage of physicians, and the outbreak of the COVID-19 pandemic.
Based on geography, in 2022, North America is estimated to account for the largest share of the AI in medical diagnostics market, followed by Europe and Asia-Pacific. Some of the major factors driving the growth of the North American AI in medical diagnostics market include technological developments, increasing number of new product approvals, a high adoption rate of AI in healthcare, the presence of key market players, and established IT infrastructure in the healthcare sector. However, Asia-Pacific is slated to register the highest growth rate in the AI in medical diagnostics market during the forecast period. The high market growth in Asia-Pacific is attributed to the high growth opportunity due to the increasing prevalence of various chronic & infectious diseases, the increasing number of AI-based startups, especially in China and India, increasing funding, and a large potential of AI in addressing the gap in the healthcare infrastructure in the region
The report also includes an extensive assessment of the component, specialty, modality, end user, and geography, and key strategic developments adopted by leading market participants in the industry over the past four years (2019–2022). In recent years, the AI in medical diagnostics market has witnessed numerous product launches, approvals, agreements, collaborations, partnerships, and acquisitions.
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The key players profiled in this market study are Siemens Healthineers AG (Germany), GE Healthcare (U.S.), Aidoc Medical Ltd. (Israel), International Business Machines Corporation (U.S.), AliveCor, Inc. (U.S.), VUNO Inc. (South Korea), Digital Diagnostics Inc. (U.S.), NovaSignal Corp. (U.S.), Riverain Technologies (U.S.), NANO-X IMAGING LTD (Israel), Imagen Technologies (U.S.), Koninklijke Philips N.V. (Netherlands), Agfa-Gevaert Group (Belgium), HeartFlow, Inc. (U.S.), and Arterys Inc. (U.S.).