Growth in this market is primarily driven by government initiatives to increase the adoption of AI-based technologies, increasing demand for AI tools in the medical field, growing focus on reducing the workload of radiologists, influx of large and complex datasets, growth in funding for AI-based start-ups, and the growing number of cross-industry partnerships and collaborations.
Pandemics such as COVID-19 require investments for additional manpower, equipment, consumables, and other resources to ensure 100% preparedness for safety in hospitals and, if needed, eventual treatment of patients. The COVID-19 pandemic is an accelerator for AI technology by creating opportunities for leveraging these tools for healthcare advancement.
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Similarly, the Tampa General Hospital (Florida, US) uses an AI-driven technology to screen individuals for COVID-19 before they interact with the hospital staff and other patients. The Massachusetts General Hospital (Boston, US) also used AI-powered robots, which obtain vital signs and provide care to COVID-19 patients. This allows healthcare staff to potentially reduce human contact, which is important to curb the spread of the disease.
Providence St. Joseph Health (Seattle, US) used an AI-powered chatbot that screened and triaged more than 40,000 patients, categorizing them by the level of care needed and freeing doctors and nurses to focus on at-risk individuals in an unprecedented time of one week.
The growing awareness of the benefits offered by AI techniques and their wide application areas has led to the increased adoption of these products and services in the healthcare market. Various leading companies in the healthcare market are entering into partnerships and collaborations with leading AI technology providers to come up with innovative AI-based solutions for applications in healthcare.
Due to the growing demand for novel AI-based techniques in the medical diagnostics market, such developments are helping companies gain momentum in terms of developing advanced products and tools.
Currently, many healthcare professionals have doubts about the capabilities of AI solutions in terms of accurately diagnosing patient conditions. Considering this, it is challenging to convince providers that AI-based solutions are cost-effective, efficient, and safe solutions that offer convenience to doctors as well as better care for patients.
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Primarily due to the growth strategies adopted by companies in emerging markets, improved medical diagnostic infrastructure, increasing geriatric population, rising prevalence of cancer, favorable government initiatives for AI in healthcare, and the increasing number of COVID-19 positive patients.
Furthermore, the healthcare sectors in emerging economies, such as India and China, are rapidly growing, resulting in the introduction of new medical technologies with a special focus on advanced imaging equipment.
All these factors, coupled with the growing population in these countries, are expected to increase the medical imaging data volumes in their respective healthcare systems. This provides a great untapped development opportunity for AI-based solutions in emerging countries.
Key Market Players
Some of the prominent players operating in the AI in medical diagnostics market are Microsoft Corporation (US), NVIDIA (US), IBM (US), Intel (US), Siemens Healthineers (Germany), GE Healthcare (US), Digital Diagnostics (US), Xilinx (US), InformAI (US), Enlitic (US), Day Zero Diagnostics (US), Aidence (Netherlands).
Medical technology defines any technology used to preserve the health of people suffering from a wide range of diseases.
Of course, nothing can beat the unique health properties proper nutrition can give to the body (Here comes the term nutrition technology - eg green juices).
Unlike pharmaceutical technology that focuses mainly on treatment, medical technology contributes effectively to the diagnosis, monitoring, and treatment of almost every disease or condition that affects our health.Since pharmacology products are understood as medical devices, the correct separation is that medicinal products affect chemicals or metabolize the body, while medical devices have mechanical action such as simple patches healing ulcers, syringes, thermometers or protective gloves, wheelchairs, hearing aids.
Diagnostic machines such as ultrasounds, CT and MRI scans, implantable materials such as artificial cardiac valves, pacemakers, vascular grafts and articles of arthroplasty belong to the same category.In recent years computer technology has given a unique boost to medical technology both in the observance, analysis and immediate processing of a huge amount of medical data, as well as in solutions using "smart" devices with built-in sensors and installed integrated medical algorithms, revealing impressive possibilities with so-called Computational Biomedicine, and introducing new dimensions to medicine with so-called collaborative care.
Today there are 500,000 medical devices registered in order to improve or extend human life, with the common denominator of the beneficial effect on health and quality of life.
They make a decisive contribution to living longer, better and empowering citizens to contribute to society dynamically for longer, while also contributing to the sustainability of healthcare systems.
