The size of the global AI in the healthcare diagnosis market is estimated to be growing at a CAGR of 20.2% from 2021 to 2026 and worth USD 5.8 billion by 2026.
COVID-19 wrecked the healthcare system, killing millions of people around the world. More workers, equipment, and other resources are required due to the pandemic. In the healthcare industry, artificial intelligence opens up a world of possibilities. In this coronavirus case, disease identification was crucial for coronavirus infection and other diseases. Coronavirus infection is more common in patients with other illnesses. As a result, the utilization of X-rays and CT scans for infection detection has skyrocketed. In treating individuals infected with SARS-CoV-2, chest computed tomography (CT) is an important technique.
Segmentation and quantification of pathological lung opacities, binary COVID-19 diagnosis, and differentiating COVID-19 from non-COVID-19 pneumonia are examples of COVID-19 circumstances where AI-based diagnosis is relevant. As a result, artificial intelligence is being rapidly adopted for coronavirus diagnosis in several nations. Furthermore, as the United States attempts to navigate the pandemic, the demand for AI-driven diagnostics grows as life sciences professionals gain and retain confidence in AI’s ability to track the spread of COVID-19 cases.
Furthermore, numerous businesses are attempting to develop new diagnostic tools for COVID-19. For instance, in June 2020, Zebra partnered with Apollo Hospitals Group, an IFC portfolio firm in India, to deploy its solutions to improve the speed and efficiency of COVID diagnosis. Furthermore, Medivolve and Marvel Diagnostics have completed the first stage of clinical testing for COVID-19 using BlowFISH, a non-invasive exhaled breath diagnostic method.
The global AI in the healthcare diagnosis market is expected to be driven by the increased incidence of cancer and increased investments and support from organizations.
Cancer remains the most severe disease, yet early detection is critical to a patient’s recovery. Deep learning is the most widely utilized AI in cancer detection in healthcare. AI enhances cancer diagnosis accuracy and speed, assists professional decision-making, and improves cancer health outcomes. According to a new paper published in the Journal of the National Cancer Institute, the AI system has achieved breast cancer screening sensitivity similar to that of a conventional breast radiologist. In addition, lung cancer mortality is reduced by using computed tomography (CT). AI in healthcare diagnosis is evolving due to growing investment in AI healthcare. Artificial intelligence in healthcare has recently received a lot of attention, and as a result, many firms and governments are investing in startups.
The National Cancer Institute-funded National Lung Screening Trial discovered that screening for low-dose helical CT lowered the risk of dying from lung cancer by 20% in those aged 55 to 74. As a result, artificial intelligence is being used to identify cancer more frequently. Thousands of AI start-ups are working on artificial intelligence, machine learning, and other AI technologies, emphasizing AI-driven imaging and diagnostic solutions. According to CB Insights’ most recent AI global financing study, AI start-ups raised $26.6 billion in 2019 from 2,235 investment transactions. The United States and the United Kingdom have long been tech hotspots, with the government even promoting AI start-ups. The UK government, for instance, has committed £20 million to 15 cutting-edge AI initiatives spanning from early cancer detection to clinical care and wearable medical devices. As a result, many start-ups are inspired to do business due to the increased investment, which leads to an increase in the expansion of AI in the healthcare diagnosis market.
Rising collaborations between companies to develop new diagnostic technology propel the global AI in the healthcare diagnosis market forward.
Because of its benefits and widespread application in diagnostics, artificial intelligence is attracting many pharmaceutical companies. As a result, several corporations are now collaborating with AI firms to build AI-powered solutions. For example, in February 2021, Google Cloud teamed with the mass-market medical technology firm Hologic to identify cervical cancer using its machine learning platform. Using artificial intelligence and digital optical imaging, Hologic’s cytology platform identifies precancerous lesions and cervical cancer cells. These advancements help organizations gain a competitive advantage as the demand for AI-based diagnostic solutions grows. As a result, the need for artificial intelligence in diagnostics has increased.
Healthcare professionals can now give patients novel treatment alternatives because of the rapid growth of digital health. Doctors can use AI technologies to help them diagnose and treat patients more quickly. On the other hand, doctors have been slow to embrace new technology. For example, among medical experts, there is a common conviction that AI will someday replace doctors. Empathy and persuasion are human abilities, according to doctors and radiologists, and technical developments cannot eliminate the need for a doctor. Additionally, there is a risk that patients will become unduly reliant on these technologies and neglect crucial in-person treatments, jeopardizing long-term doctor-patient relationships.
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KEY MARKET INSIGHTS:
- Based on Technology, machine learning in the AI healthcare diagnosis market is predicted to develop at the quickest rate throughout the forecast period. The use of numerous sensors and devices to track a patient’s health status in real-time and the growing acceptance of deep learning in many healthcare applications, particularly in the sectors of medical imaging, disease diagnostics, and medication discovery, is accelerating the market growth. Advances in AI and deep learning will likely make disease detection more efficient over the next few years.
- Based on components, the software category has moved to the industry’s top in terms of revenue. This significant sum can be attributed to AI-based technology for healthcare diagnostics. One of the primary factors driving the market is the rising need for AI-powered and cloud-based enhanced diagnostic solutions that improve diagnostic precision while reviewing medical images of a patient.
- Depending on the situation, the radiology sector is predicted to be the fastest-growing segment during the forecast period, owing to the increasing development of AI-based software available for diagnostic imaging; radiological imaging detection is critical in clinical patient care. Due to its high-end performance in image recognition, machine/deep learning with Convolutional Neural Networks (CNNs) has recently gotten a lot of press. The most prevalent radiological imaging modalities are chest and lung radiographs, which account for many large datasets presently available to AI researchers, allowing them to accurately diagnose clinical conditions like pneumonia, pneumothorax, edema, and fibrosis.
- Neurology is the second-largest market segment. The neurological illnesses epilepsy, Alzheimer’s disease, Parkinson’s disease, ischemic brain stroke, and multiple sclerosis are among those for which AI diagnostics can provide early detection and precise diagnosis.
- According to end-user, the Hospital and Healthcare Provider segment had the most market share in 2020. The sector is predicted to grow at the quickest rate in the market during the forecast period. Because AI aids in delivering better therapies, particularly to babies with complicated defects, the use of AI in hospitals has expanded as the prevalence of chronic disorders like cancer and unusual illnesses has increased.
- The market for AI in healthcare diagnosis is projected to be dominated by North America during the forecast period. This is due to the growing use of healthcare IT solutions in medical diagnosis, the presence of a well-established healthcare firm, and substantial funding for AI-based diagnosis software development. As a result, the United States has a monopoly on artificial intelligence diagnostics in North America.
- Due to its strong growth rate, the Asia Pacific market is expected to be the most profitable throughout the projection period. In addition, increased non-profit investments and cost savings, and rising government initiatives to encourage healthcare providers and other healthcare organizations to adopt AI-based diagnostic technologies are expected to propel AI’s growth in the diagnosis market in the Asia Pacific over the forecast period.
- The market’s major players include Vuno Inc., Caption Health, Inc., Siemens Healthineers AG, AliveCor, Riverain Technologies, LLC, Welltok Inc., Microsoft Corporation, Digital Diagnostics, GE Healthcare, Quibin, IBM Corporation, Koninklijke Philips N.V., Google LLC, IDx Technologies Inc., Medtronic Plc, Zebra, and others.
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SEGMENTS COVERED IN THIS REPORT:
- Computer Vision
- Context-Aware Computing
- Machine Learning
- Natural Language Processing
- Deployment & Integration
- Support & Maintenance
- AI Platform
- AI Solutions
- Chest & Lung Scanning
- Healthcare Payers
- Hospitals & Healthcare Providers
- Pharmaceuticals & Biotechnology Companies
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
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