Artificial Intelligence in Diagnostics Market size was valued at USD 295.3 million in 2019 and predicted to register a CAGR of around 33.2% during period 2020 to 2027
OTTAWA, Nov. 19, 2020 (GLOBE NEWSWIRE) -- Precedence Research, Recently Published Report on “Artificial Intelligence in Diagnostics Market (By Component: Hardware, Software AG and Services; By Diagnosis Type: Radiology, Pathology, Cardiology, Oncology, Neurology, Chest and Lung, Others) - Global Market Size, Trends Analysis, Segment Forecasts, Regional Outlook 2020 - 2027”.
Artificial intelligence technology (AI) has progressed rapidly since 1980. This technology is employed to enhance manufacturing, cybersecurity, logistics and education. With the arrival of augmented computational power, accessibility of AI devices has also been improved. Artificial intelligence finds application in variety of areas such as image processing, image acquisition, follow-up plan, aided reporting, data mining, and data storage among others. Healthcare AI assists in patient care, hospital management and patient data management. Further, innovation of pioneering AI software in diagnostics comprising a combination of numerous data sources like CT, MRI, proteomics, genomics and patient data that helps in effectively detecting sickness and evaluating its development is also projected to push the growth of the market.
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Artificial intelligence based diagnostics using AI-based medical diagnosis devices provide a smaller turnaround time compared with outdated microscopic testing. Pathologists with the help of AI-based medical diagnosis may send images and data to numerous specialists across the world that augments identification, research and collaborative diagnosis, deprived of the requirement to physically transfer the specimen from one place to other. The automatic features of AI in pathology such as AI for decrease manual mistakes that are frequently observed in physical examinations and medical tests.
The introduction of AI platform is estimated to lift the clinical diagnosis growth by scaling up healthcare services across the globe. It is projected to deliver improved patient safety, outcome scrutiny, and data assortment. Progressions in data analytics is considered to upsurge the growth in the healthcare artificial intelligence industry during upcoming years. Enormous amount of data is produced each year in healthcare sector and ever-increasing volume of big data has created the requirement to implement artificial intelligence technology to handle this data resourcefully. Artificial intelligence has transformed the arena of healthcare by planning treatment plans, supporting in monotonous tasks, drug discovery and medication supervision. It is also very effectually utilized for healthcare data organization by gathering, normalizing and storing information.
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Rising need for diagnostic costs reduction, plummeting machine downtime and refining patient care, is one of the influencer using the practice of artificial intelligence in diagnostics. Additionally, upward demand for cost effective diagnostic methods, rapid diagnostic data generation and operative and effectual report analysis are certain other reasons foreseen to foster the AI in diagnostics demand in the healthcare industry. Nevertheless, high capital constraint may generate affordability concerns and hinder the growth of the industry to some extent.
North America led the Ai in diagnostics market with substantial share of revenue more than 55% in 2019. This is credited to escalating implementation of healthcare IT solutions in diagnosis, huge subsidy for improvement of AI-based diagnosis software and existence of well-organized healthcare sector. The U.S. conquered the overall revenue contribution of artificial intelligence in diagnostics sector in this region. Collective deployment and improvement of groundbreaking and innovative medical diagnosis software and existence of a huge number of organizations functioning across segments including network and mobile operations, in the U.S. are accelerating the growth of the market in the region.
However, Asia Pacific is considered to be most potential regional market for healthcare AI business. Healthcare AI in Asia Pacific is backed by expansions in biotechnology and pharmaceutical industry and rising R&D expenditure. Furthermore, existence of large patient pool will further prompt the need for improved healthcare services, increasing disposable income and emerging healthcare infrastructure will promote growth of Asia Pacific healthcare artificial intelligence sector during forthcoming years.
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Key Players & Strategies
Underlining tactical collaborations and partnerships amongst several healthcare facilities and AI solution suppliers is another aspect confidently supplementing market growth. For illustration, introduction of a machine learning tool named IBM Watson by IBM has further reinforced its market foothold in the AI in healthcare industry. It intended to accomplish its AI goals with the help of both inorganic and organic developments. Different players contending in the market arena include Siemens Healthcare GmbH, GE Healthcare, Aidoc, Imagen Technologies, AliveCor, Zebra Medical, Vision, Vuno Inc., IDx Technologies Inc., Neural Analytics, Riverain Technologies and others.
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