Transforming Healthcare: The Rise of Artificial Intelligence in Medical Diagnostics

[Snehal Shaha]

The application of AI in medical diagnostics is growing at a fast pace owing to factors such as growing government initiatives to drive the adoption of AI-based technologies, rise in adoption of AI solutions by radiologists to reduce workload, the influx of big data, availability of funding for AI-based startups, and the growing number of cross-industry partnerships & collaborations.
However, the lack of a skilled AI workforce, ambiguity in regulations, and the reluctance among medical practitioners to adopt these solutions are factors expected to restrain the market growth.
The report Artificial Intelligence (AI) in Medical Diagnostics Market is projected to reach USD 5.5 billion by 2027 from USD 1.0 billion in 2022, at a CAGR of 39.9% during the forecast period.
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Key Market Dynamics:
1 DRIVERS
1.1 Influx of big data
1.2 Growing number of cross-industry partnerships & collaborations
1.3 Increasing demand for AI-based solutions to reduce work pressure on radiologists
1.4 Rising government initiatives to drive AI-based technologies
1.5 Availability of funding for AI-based startups
2 RESTRAINTS
2.1 Reluctance among medical practitioners to adopt AI-based technologies
2.2 Inadequate AI workforce and ambiguous regulatory guidelines for medical software
3 OPPORTUNITIES
3.1 Untapped emerging markets
3.2 Growing potential of AI in imaging diagnostics for COVID-19
3.3 Increasing focus on developing human-aware AI systems
4 CHALLENGES
4.1 Budgetary constraints
4.2 Unstructured healthcare data
4.3 Data privacy concerns
4.4 Limited interoperability for AI solutions
Market Segmentations: -
• The AI in medical diagnostics market is segmented based on components: software and services. The services segment dominated the market in 2021, while the software segment is estimated to grow at a higher CAGR during the forecast period. Software solutions help AI in healthcare providers gain a competitive edge despite the challenges of being short-staffed and facing increasing imaging scan volumes.
• The application market in AI in the medical diagnostics market is segmented into in vivo and in vitro diagnostics. The in vivo diagnostics segment commanded the largest share of 96.8% of this market in 2021. The large share of this segment can be attributed to the growing adoption of AI solutions by practitioners, as these solutions help reduce human errors and improve treatment efficacy.
• Based on end users, the AI in medical diagnostics market is segmented into hospitals, diagnostic imaging centers, diagnostic laboratories, and other end users. The hospitals segment commanded the largest share of 64.1% of this market in 2021.
Regional Analysis: -
The AI in medical diagnostics market has been segmented into four main regional segments: North America, Europe, the Asia Pacific, and the Rest of the World. In 2021, North America accounted for the largest market share of this market.
However, the Asia Pacific market is projected to register the highest CAGR during the forecast period. The high growth rate of the Asia Pacific market can primarily be attributed to the growth strategies companies adopt in emerging markets, improved medical diagnostics infrastructure, rising geriatric population, increasing prevalence of cancer, and the implementation of favorable government initiatives.
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Recent Developments:
• In 2021, Microsoft (US) partnered with Truveta (US) that will apply the power of Microsoft Azure and AI to help Truveta achieve its vision of saving lives with data.
• In 2021, IBM (US) collaborated with Humana Inc. (US). Humana deploys IBM’s Watson Assistant for Health Benefits; this is an AI-enabled virtual agent built in the IBM Watson Health Cloud.
• In 2020, Intel (US) partnered with the Maricopa County Community College District (MCCCD) (US) to launch the first Intel-designed AI associate degree program in the US. It enabled thousands of students to land healthcare, automotive, industrial, and aerospace careers.
• As of December 2019, Google's DeepMind division (US) is working with the Moorfields Eye Hospital in the UK. This development aims to improve prior eye disease research and assist eye doctors in assessing the risk of a patient’s eye problem and directing them to medical care based on the urgency of the condition.
Top Key Players: -
Prominent players in this market are Microsoft (US), NVIDIA (US), IBM (US), Intel Corporation (US), Google, Inc.(Subsidiary of Alphabet, Inc) (US), Siemens Healthineers (Germany), GE Healthcare (US), Digital Diagnostics, Inc (US), Xilinx (US), InformAI LLC (US), HeartFlow, Inc (US), Enlitic, Inc (US), Day Zero Diagnostics, Inc(US), Aidence (Netherlands), Butterfly Network, Inc. (US), Prognos Health (US), Nanox AI (Israel), Viz.ai, Inc (US), Quibin (Spain), Qure.ai (India), Therapixel (France), Aidoc (Israel), Koninklijke Philips N.V. (Netherlands), Lunit. Inc (South Korea), EchoNous Inc. (US)