Technological advances in the medical industry have brought enormous benefits to society by bringing about material improvements in quality of life and life expectancy. New technologies like artificial intelligence (AI) are reshaping the healthcare landscape in tremendous ways.
The use of AI is rapidly evolving to support functions ranging from robotic surgery to streamlining workflows in healthcare to managing medical resources and patients.
AI has gone a long way in assisting radiologists for more accurate and better decision support systems. AI is providing radiologists in several niches and subregions of radiation by improving the accuracy of predicting tumor malignancy and providing greater insight during diagnosis.
It supports the computational power of traditional wireless imaging technologies such as CAT scans and MRIs through complex algorithms such as deep learning and neural networks. These higher computational capabilities, in turn, continue to improve diagnostic imaging, providing improved and faster diagnostics.
Although AI-assisted diagnostic imaging is advancing at a faster pace, it is still relatively new in some industries where AI has been implemented. In the present scenario, the rate of adoption of AI in medical imaging is driving the growth of the healthcare sector at an unprecedented rate.
For example, in August 2020, University Medical Center (UMC) Utrecht and Philips launched a research partnership to improvise precision diagnostics through quantitative MRI technology along with AI-assisted diagnostic imaging.
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Impact of COVID-19 Pandemic Outbreak on AI-Assisted Diagnostic Imaging Market
Medical centers and hospitals are being overwhelmed by the scale of the novel coronavirus infection (COVID-19) spread. Virtual Healthcare Management Continuing technology trends such as telemedicine and artificial intelligence are critical to responding during this pandemic outbreak.
In times like these, we need a healthcare system that can reduce the number of manual tasks that can further reduce the number of staff. Big data analytics can also help monitor the spread of viruses.
Medical imaging also helps in detecting, monitoring and diagnosing diseases like COVID-19 because it helps doctors determine the severity of the disease by reviewing a CT scan or x-ray.
Therefore, the demand for AI-based diagnostic imaging solutions is increasing, which may further propel the market growth. Therefore, the AI-assisted diagnostic imaging market is expected to grow at a CAGR of 20-22% by the end of 2020, growing almost 5% YoY.
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AI Assisted Diagnostic Imaging Market: Market Dynamics
Improving treatment models with AI-based diagnostic imaging in medical environments
The advent of advanced AI tools and technologies is poised to play an important role in transforming the field of radiology and medicine in the near future. The greater adoption of AI in the healthcare sector, especially in radiology, is expected to provide organizations with an undue prospect in the current market for AI in medical imaging.
A key factor most likely to fuel the adoption of AI in medical imaging is the widening gap between the number of available radiologists and the number of scans from which data can be read.
Errors increased significantly as the workload and pressure to strengthen data interpretation procedures increased. This in turn presents a window of prospects for the participants in the AI-assisted diagnostic imaging market to increase their market presence.
Researchers and companies come together to create a proficient AI-based platform
The key players currently operating in the AI-assisted diagnostic imaging market are poised to work closely with healthcare provider education institutions and other stakeholders to develop cost-effective, technologically advanced AI-enabled platforms for healthcare professionals.
For example, in April 2019, the American College of Radiology (ACR) and Nvidia Corporation announced a collaboration to develop an open architecture AI system that will help radiologists create advanced diagnostic algorithms. Companies in the AI-assisted diagnostic imaging market are actively exploring potential benefits by developing new deep learning models for improved image interpretation.
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AI Assisted Diagnostic Imaging Market: Competitive Landscape
Some of the market players in the global AI-assisted diagnostic imaging market identified across the value chain are:
- Siemens Healthineers AG
- Nuance Communications
- Royal Phillips NV
- Arterys Co., Ltd.
- Samsung Electronics Co., Ltd.
- Zebra Medical Vision Inc.
- Resonance Health Co., Ltd.
- Bay Labs Inc.
- IBM Corporation
Here are some key strategies and developments in the global AI-assisted Diagnostic Imaging market:
In October 2019, Zebra Medical Vision partnered with Emergent Connect’s cloud-based PACS software provider to improve the medical experience and bring the power of artificial intelligence to Emergent Connect’s growing customer base.
AI-Assisted Diagnostic Imaging Market: Regional Outlook
North America holds a major share of the AI-assisted diagnostic imaging market owing to surging demand for artificial intelligence in the US healthcare market and the presence of a number of strong players in the region. In contrast, Europe’s adoption of AI diagnostic imaging is growing exponentially due to the growing adoption of advanced medical imaging technologies.
Additionally, emerging countries in the Asia Pacific region will continue to grow at a moderate pace during the forecast period owing to increased healthcare infrastructure development, rising healthcare costs, and government support to provide healthcare solutions.
The AI Assisted Diagnostic Imaging Market report is a compilation of first-hand qualitative and quantitative assessments by industry analysts as well as input from industry experts and industry participants across the value chain.
The report provides an in-depth analysis of parent market trends, macroeconomic indicators and driving factors, as well as market attractiveness by segment. The market report also maps the qualitative impact of various market factors on market segments and regions.
Regional analysis includes:
- North America (US Canada)
- Latin America (Mexico Brazil LATAM and other regions)
- Europe (Germany Italy UK Spain France Nordic countries BENELUX Russia Other Europe)
- East Asia (China Japan Korea)
- South Asia and Pacific (India Malaysia Indonesia Singapore Australia and New Zealand Rest of South Asia and Pacific)
- Middle East and Africa (GCC countries Turkey North Africa South Africa Rest of MEA)
AI Assisted Diagnostic Imaging Market: Segmentation
The AI-assisted diagnostic imaging market can be segmented on the basis of solutions, AI technologies, end users, image acquisition technologies, and geography.
solution:
- Software tool/platform
- service
- professional service
- management service
technology:
- deep learning
- machine learning
- computer vision recognition
- Etc
End users:
- hospital
- R&D Center
- Laboratories and Diagnostic Centers
- Etc
Acquired Skills:
- x-ray
- computed tomography
- magnetic resonance imaging
- ultrasound imaging
- molecular imaging
- Etc
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