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Northbrook, IL 60062 -- (SBWIRE) -- 05/25/2023 -- Artificial Intelligence (AI) in Medical Diagnostics Market in terms of revenue was estimated to be worth $1.0 billion in 2022 and is poised to reach $5.5 billion by 2027, growing at a CAGR of 39.9% from 2022 to 2027. The new research study consists of an industry trend analysis of the market. The new research study consists of industry trends, pricing analysis, patent analysis, conference and webinar materials, key stakeholders, and buying behaviour in the market. The application of AI in medical diagnostics is growing at a fast pace owing to factors such as rising government initiatives to drive the adoption of AI-based technologies, increasing adoption of AI solutions by radiologists to reduce work pressure, 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.
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Key Market Player:
Prominent players in this artificial intelligence in medical diagnostics 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).
Driver: Influx of big data
With the increasing digitization and adoption of information systems in the healthcare industry, big data (large and complex data) is generated at various stages of the care delivery process. In the medical diagnostics industry, big data comprises information generated from clickstream and web & social media interactions; readings from medical devices, such as sensors, ECGs, X-rays, healthcare claims, and other billing records; and biometric data, among other sources. Big data and analytical solutions have grown exponentially in sophistication and adoption in the last decade with the growing adoption of EHRs, digitized laboratory slides, and high-resolution radiology images among healthcare providers. Healthcare is one of the top five big data industries, especially in the US. In the coming years, the volume of big data in medical diagnostics is expected to increase due to the use of bidirectional patient portals, which allow patients to upload data and images to their EMRs. The need to efficiently manage the ever-increasing volume of large and complex medical diagnostic data is compelling the healthcare industry to turn its focus toward various AI-based solutions
Restraint: Reluctance among medical practitioners to adopt AI-based technologies
Extensive growth in digital health has enabled healthcare providers to assist patients through novel treatment approaches. AI technologies offer doctors tools that help them diagnose and effectively treat patients better. However, there is an observed reluctance among doctors in the acceptance of new technologies. For instance, medical practitioners have a misconception that AI will replace doctors in the coming years. Doctors and radiologists believe that skills such as empathy and persuasion are human skills; thus, technologies cannot completely rule out the presence of a doctor. Additionally, there is a concern that patients may be excessively inclined toward these technologies and may forgo necessary in-person treatments, which might also challenge long-term doctor-patient relationships. Several healthcare professionals have doubts about AI capabilities in accurately diagnosing patient conditions. Therefore, it is challenging to convince providers that AI-based solutions are cost-effective, efficient, and safe solutions that offer doctors convenience and better patient care. However, healthcare providers are increasingly accepting the potential benefits of AI-based solutions and the spectrum of applications it serves. Hence, there is a possibility that in the coming years, doctors and radiologists will be more inclined toward AI-based technologies in healthcare.
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"Software segment is expected to grow at the highest rate during the forecast period."
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 healthcare providers gain a competitive edge despite the challenges of being short-staffed and facing increasing imaging scan volumes.
"The Nurse Call system segment is estimated to account for the largest share of the global market in 2022"
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.
"The Hospital segment is estimated to account for the largest share of the AI in medical diagnostics market."
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. The large share of hospital segment can be attributed to the rising number of diagnostic imaging procedures suggested as treatment options in hospitals, the inclination of hospitals toward the digitization of radiology patient workflow and automation of treatment procedures, rise in use of minimally invasive procedures in hospitals to focus on quality of patient care, and the rising adoption of advanced imaging modalities to improve workflow efficiency.
"North America to dominate the AI in medical diagnostics market in 2022"
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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