Artificial Intelligence (AI) in Medical Diagnostics Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020 - 2030

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Artificial Intelligence (AI) in Medical Diagnostics Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020 - 2030

Status : June, 2021 | Healthcare IT

Report Digest


Artificial Intelligence (AI) in Medical Diagnostics Overview

Artificial intelligence (AI) has shown transformative potential in medical and healthcare industry. In particular, the effects of AI penetration in medical diagnostics has expanded the canvas for offering high-quality patient care. Early disease detection is one of the key application where AI players are exploring game-changing potential and are zealously investing in deploying AI in radiology to complement the conventional procedures. The image recognition is perhaps the most compelling consumer proposition in the AI in medical diagnostics market. 

Algorithms have been learning and unlearning and relearning signs of diseases in millions of images clinicians extract from the target population. A key trend has been outsourcing these to developing economies to save cost.

Artificial Intelligence (AI) in Medical Diagnostics Key Trends

There has been flurry of activities in deep learning algorithms to advance the access to quality diagnostics and at low cost. This might be lifesaving in case of chronic conditions that may become fatal if not diagnosed timely. Patients that are at the receiving end are those with significant cardiovascular diseases risks.  Further, another dimension that spurs research in AI in medical diagnostics market is need for improving the accuracy of diagnosis, either through single or several images.

The internet of medical things is making vast strides, as is evident in the proliferation of AI-based apps. AI companies are keen on meeting the vast gap between the demand and supply of radiologists on one hand and on the other bringing down the cost of radiological examinations. On the whole, the key clinical proposition of AI in healthcare is use of AI apps in the detection of diseases and advance patient-centred care.

Artificial Intelligence (AI) in Medical Diagnostics Competitive Dynamics and Key Developments

Several recent research and development projects including pioneered by stalwart technology companies have underscored the trend of huge dollar flowing in the Ai in medical diagnostics market. A case in point is the advent of AI-based apps that improve breast cancer detection accuracy. Google, the globally prominent tech company, has demonstrated how a neural network-powered technology can allow easy and early detection of lung cancer. The prospect of AI-driven software in cancer detection presents a vast possibility. Another area which is showing vast prospect of detecting skin problems from the images of skin lesions. Such developments are expected to open new avenues for various industry stakeholders in the AI in medical diagnostics market. Companies are intensifying R&D for leveraging the potential of AI in multiple retinal diseases.

Some of the emerging incumbent players in the AI in medical diagnostics market are;

  • Zebra Medical Vision
  • Aidence
  • Day Zero Diagnostics
  • Enlitic, Inc.
  • Xilinx
  • Digital Diagnostics
  • Siemens Healthineers
  • Intel
  • IBM
  • NVIDIA

Artificial Intelligence (AI) in Medical Diagnostics Regional Assessment

On the regional front, North America has been a highly lucrative region. The vast prospects has been fuelled largely from rise in research and development of developing AI-apps for reducing the burden and prevalence of various chronic diseases. The regional market is expected to witnessed vast revenue streams from the relentless efforts by players in the ecosystem to bring AI and deep learning systems from bench to bedsite, notably in diseases that have substantial prevalence in countries such as the U.S. Asia Pacific is also a promising regional market, and is anticipated to make rapid strides in the near future. A key trend fueling growth is the growing penetration of AI in healthcare.

This study provides a particularized anatomy according to the L.E.A.P mechanism

  • Latest trends and cardinal growth prospects
  • Existing and future insights in growth
  • Ascensions in technology
  • Pain points

The regional analysis offers market assays across:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The study, prepared through the L.E.A.P mechanism adds a dimension of infallibility and assures precise information on all the growth dynamics.

Latest Trends and Cardinal Growth Prospects

The study assists in burnishing the knowledge of the stakeholder in terms of the emerging trends. The study provides an expansive coverage on the latest developments and novel profit-yielding sources that augur well with the market. A dedicated and determined team of experts conduct an out-and-out research on diverse aspects to offer ultimate breakthroughs in the market.

Existing and Future Insights in Growth

The interfusion of ubiquitous primary and secondary research through modern tools invites perfection and accuracy in every aspect. Primary research is circumspectly conducted through exhaustive interactions and interviews of experts. These valuable opinions are then neatly inducted in the report to allow the stakeholder for reaping the benefits. A treasure of secondary data is extracted via famed paid sources, yearly estimates and statements, renowned journals, and government documents. These sources assist in creating a robust database comprising existing and subsequent growth dynamics.

Ascensions in Technology

Diverse technological advancements and cutting-edge innovations in the market have been covered in this study to assist the stakeholder in research and development activities. Recent upgrades have also been added in the study, thus helping the stakeholder to paint the strokes of growth on the canvas of the market.

Pain Points

The study presents a plethora of challenges and obstacles that can hinder the growth of the market to allow the stakeholder to prepare their strategies accordingly.

The world ushered in the new decade with the shadow of the COVID-19 pandemic. The outbreak has damaged the growth prospects of several businesses and has crippled the entire economy. The study is in tandem with the changing dynamics of the market due to the SARS-CoV-2 outbreak. The study focuses on the coronavirus pandemic and analyses every aspect that impacts the growth positively or negatively.

An aerial perspective of the regions covered in this study enables the stakeholder to design strategies accordingly. The 360-degree assessment of every aspect associated with growth offers information on a rainbow of growth opportunities available across the market.

The exhaustive study motivates the stakeholder to take the 'LEAP' of faith and achieve success!

This report is the key to questions such as:

What are the prominent factors that will help in reshaping the market growth?

Which trends have the potential to bring expansive growth for the market?

What are the necessary strategies to overcome the ill-effects of the COVID-19 pandemic?

Which regions will emerge as champion growth contributors for the market?

Which aspects will serve as game-changers for the market?

What are the latest innovations in the market?

Which factors will hinder the growth of the market?