According to The Insight Partners latest study on “Artificial Intelligence in Healthcare Diagnosis Market Forecast to 2027 – COVID-19 Impact and Global Analysis by Diagnostic Tool, Application, Service, 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 market growth is mainly attributed to the rising adoption of AI in disease identification and diagnosis, and increasing investments in AI healthcare startups. However, the lack of skilled workforce and ambiguity in regulatory guidelines for medical software impede the market growth. Furthermore, the increasing potential in emerging economies offers significant opportunities for the growth of the global artificial intelligence in healthcare diagnosis market during the forecast period.
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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.
These players are focused on product development and innovation to sustain their position in the market. For instance, in May 2020, Aidoc received approval from the US Food and Drug Administration for the use of its algorithms for the “adjunctive” detection of findings associated with COVID-19 diagnosis. This solution is among the supporting technologies for the traditional COVID-19 diagnostic tests procedures, such as serological tests and nasopharyngeal swabs, and others.
The healthcare industry has always been at the forefront in terms of innovation and development. Continuous mutations in virulent microbes make it difficult to stay ahead of the prevalence curve. However, with the help of artificial intelligence and machine learning algorithms, the healthcare sector continues to advance, creating new treatment options as well as helping people live longer and healthier. The Lancet Digital Health, in one of its studies, compared the performance of deep learning (a form of AI) in the diagnosis of diseases using medical imaging versus that carried out by healthcare professionals, by utilizing a sample of studies conducted during 2012–2019. As per the study results, in the past few years, AI has become more precise in identifying disease diagnosis in these images and has become a available source of diagnostic information. With advancements in AI, the efficiency of deep learning-based diagnosis is likely to increase in the coming years. Moreover, it can help doctors with diagnoses and notify when patients are becoming weak so that the medical intervention can occur sooner before the need for hospitalization; this can save costs for both hospitals and patients. Additionally, the precision of machine learning enables the detection of diseases such as cancer quickly, thus saving lives.
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Prominent players in the artificial intelligence in healthcare diagnosis market are focusing on organic strategies such as product launch, product approval, and geographic and manufacturing expansion. These strategies are helping market players to strengthen their market positions along with widening their geographic footprints. Additionally, various companies are undergoing other strategic alliances such as acquisitions to garner their significance and remain competitive in the market. A few of the essential vital developments from the industry are mentioned below:
In 2020 – Zebra Medical Vision, Inc. entered into a collaboration with Apollo Hospitals chain, for the deployment of AI-based tools at scale across India, supported by the ‘India-Israel Industrial R&D and Technological Innovation Fund.’ Moreover, this deployment of the intracranial hemorrhage, the AI COVID-19 solution will in anticipated collaboration on additional medical findings, such as tuberculosis (TB).
In 2020 – Siemens Healthineers AG introduced Ysio X.pree x-ray system that supports image acquisition using AI. The product is AI-Rad Companion Chest X-ray software offers decision support for radiographic thorax images with AI
In 2020 – Aidoc received approval from the U.S. Food and Drug Administration for the use of company’s algorithms for “adjunctive” detection of findings associated with COVID-19. This solution is among the supporting the models for the traditional COVID-19 diagnostic tests, such as serological tests and nasopharyngeal swabs, and others.
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