Medical Imaging Tools To Significantly Contribute To Artificial Intelligence In Healthcare Diagnostics Market Over The Period 2020-2027
NEW YORK, UNITED STATES, Nov. 22, 2021 /EINPresswire.com/ – According to Insight Partners’ latest study on Artificial Intelligence in Healthcare Diagnostics Market Forecast to 2027 – COVID Impact- 19 and Global Analysis, Application, Service, and End-User Diagnostic Tool â, the market was valued at US $ 3,639.02 million in 2019 and is expected 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 prevailing trends in the global Artificial Intelligence in Healthcare Diagnostics market along with the drivers and deterrents related to the market growth.
Report Coverage (Details)
Market Size Value in – US $ 3,639.02 million in 2019
Market Size Value of US $ 66,811.97 Million by 2027
Growth rate – CAGR of 44.0% during 2020-2027
Forecast period 2020-2027
Baseline year – 2020
Number of Pages – 208
No. Tables – 78
Segments covered by the diagnostic tool; Application, end user, service and geography
Regional scope – North America; Europe; Asia Pacific; Latin America; AEM
Country Scope – US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina
Report Coverage: Revenue Forecast, Company Rank, Competitive Landscape, Growth Factors and Trends
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Artificial intelligence (AI) uses algorithms and software to perform certain tasks without human intervention or instruction. AI represents the integration of technologies such as machine learning, natural language processing, reasoning and perception. It is used in healthcare for the approximation of human cognition as well as for the analysis of complex medical imaging and diagnostic data. Artificial intelligence in the healthcare diagnostics market is driven by AI’s ability to deliver better results; In addition, the growing need for increased coordination between healthcare personnel and patients is also supporting the growth of the market. The increasing importance of Big Data in healthcare, increasing adoption of precision medicine, and increasing venture capital investments are also contributing to the growth of the market.
Increasing Investments in AI Healthcare Startups Drives Market Growth
Tokyo-based AI Medical Service, the Japanese startup developing AI-based technology to detect cancerous lesions from endoscopic images, announced in October 2019 that it had raised around US $ 43 million (around US $ 4 million). , 6 billion yen) in a Series B round. Healthcare analytics firm Tricog raised US $ 10.5 million in a Series B round of funding. Using intelligence artificial and machine learning, the startup helps in the well-being, screening and diagnosis of acute and chronic heart disease. The investment comes from UTEC – University of Tokyo Edge Capital, Japan; Aflac Ventures, LLC, Japan; TeamFund, United States; 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 around the world. He also uses his virtual cardiology services to help in remote clinics.
The startups developing AI-based imaging and diagnostic solutions are the main factors responsible for the growth of the market during the study period. China, the United States and the United Kingdom are emerging as a popular hub for healthcare innovations. Chinese healthcare AI startups have benefited from the government’s AI-driven development strategy, inspiring investments, and public-private partnerships. Additionally, the UK government has announced a national artificial intelligence lab that will collaborate with UK universities and tech companies on cancer, dementia and heart disease research. UK-based startups have benefited from the government’s strong library of patient data as UK citizens share their anonymous health data with the British National Health Service.
Impacts of COVID-19 on Artificial Intelligence in the Healthcare Diagnostics Market
COVID-19 started in Wuhan, China in December 2019 and since then it has spread at a rapid rate across the world. The United States, India, Brazil, Russia, France, United Kingdom, Turkey, Italy and Spain are among the most affected countries in terms of confirmed cases and reported deaths. COVID-19 has affected economies and industries in various countries due to lockdowns, travel bans and business closures.
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Based on diagnostic tool, artificial intelligence in healthcare diagnostic market is segmented into medical imaging tool, automated detection system, and others. In 2019, the medical imaging tools segment accounted for the largest share of the market. The growth of the segmental market is attributed to the growing number of FDA approvals for AI-based medical imaging tools.
The hospitals and clinics segment held the largest share of the market in 2019 and the segment is expected to register the highest CAGR of the market during the forecast period.
Artificial Intelligence in Healthcare Diagnostics Market: Competitive Landscape and Key Developments
General electricity company; Aidoc; Arteries Inc .; icometrix; IDx Technologies Inc; MaxQ AI Ltd. ; Legend Health, Inc; Zebra Medical Vision, Inc .; Siemens Healthineers AG; and Koninklijke Philips NV; are among the leading players in the artificial intelligence market in healthcare diagnostics.
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A team of researchers from Beth Israel Deaconess Medical Center at Harvard Medical School, led by Dr. Andrew Beck, showed that analyzing data through deep learning reduced the error rate in diagnosing breast cancer. 85% breast. Machine learning algorithms were also tested for the examination of melanoma by researchers at Stanford University.
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