Medical Imaging Tools to Contribute Large Share to Artificial Intelligence in Healthcare Diagnosis Market during 2020–2027
NEW YORK, UNITED STATES, November 22, 2021 /EINPresswire.com/ — According to The Insight Partners latest study on “Artificial Intelligence in Healthcare Diagnosis Market Forecast to 2027 – COVID-19 Impact and Global Analysis Diagnostic Tool, Application, Service, and 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 report highlights the trends prevailing in the global artificial intelligence in healthcare diagnosis market, and drivers and deterrents pertaining to the market growth.
Report Coverage (Details)
Market Size Value in- US$ 3,639.02 million in 2019
Market Size Value by- US$ 66,811.97 million by 2027
Growth Rate- CAGR of 44.0% during 2020–2027
Forecast Period- 2020- 2027
Base Year- 2020
No. of Pages – 208
No. Tables- 78
Segments covered- By Diagnostic Tool; Application, End User, Service and Geography
Regional scope- North America; Europe; Asia Pacific; Latin America; MEA
Country scope- US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina
Report coverage- Revenue forecast, company ranking, competitive landscape, growth factors, and trends
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Artificial intelligence (AI) uses algorithms and software to perform certain tasks without human intervention and instructions. AI represents the integration of technologies such as machine learning, natural language processing, reasoning, and perception. It is used in healthcare for approximation of human cognition as well as the analysis of complex medical and diagnostic imaging data. The artificial intelligence in healthcare diagnosis market is driven by the ability of AI to provide improved outcomes; moreover, the growing need to increase coordination between healthcare workforce and patients also supports the market growth. The rise in the importance of Big Data in healthcare, increase in the adoption of precision medicine, and surge in venture capital investments also contribute to the market growth.
Increasing Investment in AI Healthcare Startups Drives Market Growth
Tokyo-based AI Medical Service, the Japanese startup developing the AI-powered technology to detect cancerous lesions from endoscopic footage, announced in October 2019 that it had secured about USD $43 million US (about 4.6 billion yen) in a Series B round. Healthcare analytics firm Tricog has raised USD $10.5 million in a Series B round of funding. Using Artificial Intelligence and Machine Learning, the startup helps in the wellness, screening, and diagnosis of acute as well as chronic heart diseases. The investment comes in from UTEC – The University of Tokyo Edge Capital, Japan; Aflac Ventures, LLC, Japan; TeamFund, USA; 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 globally. It also uses its virtual cardiology services to help in remote clinics.
Startups developing AI-driven imaging & diagnostic solutions are the major factors responsible for the growth of the market in the study period. China, the US, and the UK are emerging as a popular hub for healthcare innovations. China-based healthcare AI startups have benefited from the government’s AI-focused development strategy, inspiring investment, and private-public partnerships. Additionally, the British government has announced a National Artificial Intelligence Lab that will collaborate with Britain’s universities and technology companies to research on cancer, dementia, and heart disease. UK-based startups have benefited from the government’s robust library of patient data, as British citizen’s share their anonymous healthcare data with the British National Health Service.
COVID-19 Impacts on Artificial Intelligence in Healthcare Diagnosis Market
COVID-19 first began in Wuhan (China) during December 2019 and since then it has spread at a fast pace across the globe. The US, India, Brazil, Russia, France, the UK, Turkey, Italy, and Spain are some of the worst affected countries in terms confirmed cases and reported deaths. The COVID-19 has been affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns.
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Based on diagnostic tool, the artificial intelligence in healthcare diagnosis market is segmented into medical imaging tool, automated detection system, and others. In 2019, the medical imaging tool segment accounted for the largest share of the market. The growth of the segmental market is attributed to the rising number of FDA approvals for the AI-based medical imaging tools.
The hospital and clinic segment held the largest share of the market in 2019, and the segment is expected to register the highest CAGR in the market during the forecast period.
Artificial Intelligence in Healthcare Diagnosis Market: Competitive Landscape and Key Developments
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.
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A team of researchers from Beth Israel Deaconess Medical Center of Harvard Medical School, led by Dr. Andrew Beck, showed that data analysis through deep-learning decreased the error rate in breast cancer diagnosis by 85%. Machine learning algorithms were also been tested for the examination of melanoma by the researchers of Stanford University.
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Increasing Investment Artificial Intelligence in Healthcare Diagnosis Startups
Source: EIN Presswire