AI in Diagnostic Imaging Market Registers Growth as Healthcare Sector Exhibits Demand for More Precise and Definitive Diagnosis: Fact MR Study
The multi-billion dollar worth market is likely to register double digit growth in response to the advent of digitization in the healthcare sector. Among technologies available, the software solutions category will represent the leading market share.
Rising awareness about the benefit of AI techniques and their applications in healthcare to offer precise diagnosis have resulted in surge in the adoption of AI-based diagnostic imaging. Numerous companies operating in the healthcare sector are collaborating with prominent AI technology providers to develop innovative AI-based solutions for healthcare applications.
For instance, Google's DeepMind division has collaborated with the Moorfields Eye Hospital in December 2019, to enhance prior eye disease diagnostics and assist eye doctors in examining the risk of eye problems in a patient. Such developments in the market are expected to propel the demand for AI-Based diagnostic imaging procedures in the health care industry.
“The COVID-19 outbreak has created a high demand for advance diagnostic technologies. The unprecedented pandemic created opportunities for AI-enabled computer systems as startups and tech giants alike delved into discovering solutions for mitigating and containing the virus,” says a lead analyst at Fact.MR.
China to Dominate the AI-Based Diagnostic Imaging Market in Asia
According to Fact.MR, China has emerged as a leading market for AI in diagnostic imaging followed by Japan. Owing to the rising prevalence of chronic diseases and increasing medical tourism in Asia Pacific countries along with favorable reimbursement policies, the region has become a center point for the adoption of AI technologies in healthcare.
The presence of some of the tech giants has been giving tailwinds to growth registered in China. For instance, Demo Academy, the Chinese tech giant Alibaba’s research institute, has developed a diagnostic algorithm to identify novel coronavirus cases using Computed Technology (CT) scan. The AI model integrated in the system was trained to sample data derived from over 5000 cases of novel coronavirus.
In 2020, China accounted for over 24% of new cancer cases and 30% of cancer-related deaths across the globe, as per a report by the Chinese Medical Journal. Thus, the demand for effective diagnostic procedures to curb the rising incidence of cancer is estimated to propel the growth of the AI-Based diagnostic imaging market in the country.
Some of the market players in the health care sector are increasingly making use of AI diagnostic to manage the shortage of physicians. For instance, Zhongnan Hospital, one of the market leaders in China, uses AI to identify COVID-19 symptoms and interpret CT scans when human radiologists are not available. This creates a significant demand for efficient diagnostic procedures, in turn, bolstering the market growth for AI-Based diagnostic imaging.
The Fact.MR study also profiles leading players in the AI in diagnostic imaging market:
· Canon Inc.
· GE Healthcare
· Siemens Healthineers
· DeepMind Technologies
· Subtle Medical Inc.
· Samsung Healthcare
· Butterfly Network Inc.
· Koninklijke Philips N.V.
Key Questions Answered by the Report
· The report offers insight into AI in diagnostic imaging demand outlook for 2021-2031
· The market study also highlights projected sales growth of technologies implemented to support AI in diagnostic imaging between 2021 and 2031
· AI in diagnostic imaging market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends
· AI in diagnostic imaging market survey presents evaluation of current market size and technological advancements within the industry
· AI in diagnostic imaging market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others
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