AI in Medical Diagnostic: Introduction
- AI in medical diagnostics is the integration of deep learning, data insights, and algorithms for the early detection of life-threatening and critical diseases to ensure preventive treatment and quality analysis.
- AI in medical diagnostics enable healthcare facilities to automate the diagnosis process and reduce the workload by providing effective support while dealing with large data and imaging.
- AI in medical diagnostics is used in acute abnormalities, cancer, chronic diseases, and provides valuable insights to radiologists in identifying minor symptoms of cardiac arrhythmias and predict stroke outcomes, which further assists in managing the dosage parameters and reduce radiation risks.
- AI in medical diagnostics empowers healthcare facilities in disease classification, precise disease detection, and decision making through a holistic treatment approach.
- The AI in medical diagnostic market is anticipated to grow due to the rising demand for data-driven treatments that are more efficient and the growing scope of AI in medical applications.
Global AI in Medical Diagnostic Market: Dynamics
Global AI in Medical Diagnostic Market: Key Drivers
- Increasing demand for time-saving diagnosis processes in developed economies is anticipated to fuel the growth of the AI in medical diagnostic market during the forecast period.
- Government investment in healthcare infrastructure to provide advance medical treatment, growing concerns about work pressure on medical staff, and integration of data-centric treatment due to easily accessible information is projected to boost the AI in medical diagnostic market over the forecast period.
- Growing awareness in the healthcare industry about the crucial benefits of deep learning and advanced analytics for drug prescription along with preventive health measures is further anticipated to boost the market across the globe.
- However, the rising potential of data breach and concerns regarding protection of critical information from cyber-attacks is a major challenge which is anticipated to hamper the growth of the AI in medical diagnostic market during the forecast period.
Impact of Covid-19 on the Global AI in Medical Diagnostic Market
- Increasing cases of Covid across the globe have resulted in a significant burden on healthcare facilities. The Covid-19 pandemic fuels the market of AI-based medical diagnosis as AI algorithms can be integrated with laboratory tests and computed tomography (CT) findings for early detection of Covid-19 among patients. The AI in medical diagnostic market is projected to register significant growth amid the Covid-19 pandemic considering the demand for after Covid effect diagnosis using AI.
North America to dominate the Global AI in Medical Diagnostic Market
- In terms of region, the global AI in medical diagnostic market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America.
- North America dominated the AI in medical diagnostic market in the year 2020, attributed to rapid integration of AI due to R&D advancement by leading companies operating in the region along with the early introduction of AI-driven platforms in several end-user segments.
- Asia Pacific has promising development opportunities in AI in medical diagnostics due to a rising geriatric population in the region and government initiatives in countries such as China to integrate high-end solutions to overcome challenges associated with unequal medical resources distribution.
Global AI in Medical Diagnostic Market: Competition Landscape
The AI in medical diagnostic market is highly competitive with global organizations competing with each other. Startups are entering the market due to a growing demand for AI in healthcare. Major players are focusing on acquisitions, partnerships, mergers, and joint ventures as key strategies to gain a competitive edge. Government initiatives in developed economies to boost healthcare facilities with artificial intelligence technology is expected to fuel the market access rate of new entrants. However, higher initial investment associated with company operations in AI in medical diagnostics is the major challenge for small and medium-size industries to expand in the emerging market.
Key Players Operating in the Global AI in Medical Diagnostic Market Include:
- Butterfly Network
- Day Zero Diagnostics
- Digital Diagnostics
- Enlitic, Inc.
- GE Healthcare
- Microsoft Corporation
- Siemens Healthineers
- Zebra Medical Vision
Global AI in Medical Diagnostic Market: Research Scope
Global AI in Medical Diagnostic Market, by Component
Global AI in Medical Diagnostic Market, by Technology
- Machine Learning
- Context-aware Computing
- Computer Vision
Global AI in Medical Diagnostic Market, by Diagnosis Type
- Neurology & Cardiology
- Chest & Lungs
Global AI in Medical Diagnostic Market, by Region
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
- South America
- Rest of South America
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.