Artificial Intelligence In Healthcare Diagnosis Market A Latest Research Report To Share Market Insights And Dynamics

The artificialintelligence in healthcare diagnosis market was valued at US$ 3,639.02 millionin 2019 and is projected to reach US$ 66,811.97 million by 2027; it is expectedto grow at a CAGR of 44.0% during 2020–2027.

Artificial intelligence (AI) uses algorithms and software to perform certain tasks without human intervention and instructions. AIrepresents the integration of technologies such as machine learning, natural language processing, reasoning, and perception. It is used in healthcare for approximation of human cognition as well as the analysis of complex medical and diagnostic imaging data. The artificial intelligence in healthcare diagnosismarket is driven by the ability of AI to provide improved outcomes; moreover, the growing need to increase coordination between healthcare workforce and patients also supports the market growth. The rise in the importance of Big Data in healthcare, increase in the adoption of precision medicine, and surge in venture capital investments also contribute to the market growth.

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Company Profiles

  • General Electric Company
  • Aidoc
  • Arterys Inc.
  • Icometrix
  • IDx Technologies Inc
  • MaxQ AI Ltd.
  • Caption Health, Inc.
  • Zebra Medical VisionInc.
  • Siemens Healthineers AG
  • Koninklijke Philips N.V

Based on end user, the global artificial intelligence in healthcare diagnosis market is segmented into hospital and clinic, diagnostic laboratory, and home care. The hospital and clinic segment held the largest share of the market in 2019, and the segment is expected to register the highest CAGR in the market during the forecast period.The adoption of AI has increases in hospitals with the rise in the prevalence of chronic diseases such as cancer and rare diseases as the technology assist in providing better treatments, especially to newborns with complex disorders. In 2018, ~9.6 million people died due to cancer worldwide. With the analysis of over 1.7 million new cancer cases and more than 606,000 expected cancer deaths in 2019, advancements in cancer diagnostic methods and medication options are need of the time. Advanced AI are capable of drastically altering cancer diagnosis landscape and treated through machine  learning to distinguish imagery of tissue containing cancerous cells from pictures of healthy tissue such advantages offered by AI will further increase the adoption in the hospitals and clinics.

A team of researchers from Beth Israel Deaconess Medical Center of Harvard Medical School, led by Dr. Andrew Beck, showed that data analysis through deep-learning decreased the error rate in breast cancer diagnosis by 85%. Machinelearning algorithms were also been tested for the examination of melanoma by the researchers of Stanford University. Apart from reviewing the diagnostic skills of the tool, the researchers results were reviewed by certified dermatologists. Also, artificial intelligence can classify skin cancer as accurately as dermatologists. Further, the researchers studied the commercially available tools for the discovery of colorectal cancer, ColonFlag (in Europe), or LGI Flag (in the US, and found that the machine-learning algorithm identified.

Tokyo-based AI Medical Service, the Japanese startup developing the AI-powered technology to detect cancerous lesions from endoscopic footage, announced in October 2019 that it had secured about USD $43 million US (about 4.6 billion yen) in a Series B round. Healthcare analytics firm Tricog has raised USD $10.5 million in a Series B round of funding. Using Artificial Intelligence and Machine Learning, the startup helps in the wellness, screening, and diagnosis of acute as well as chronic heart diseases. The investment comes in from UTEC - The University of Tokyo Edge Capital, Japan; Aflac Ventures, LLC, Japan; TeamFund, USA; and Dream Incubator, Japan, and also saw participation from Inventus Capital and Blume Ventures. Using Artificial Intelligence and Machine Learning, the five-year-old startup has helped 3 million patients globally. It also uses its virtual cardiology services to help in remote clinics.

Artificial Intelligence in healthcare is one of the most significant technological advances in medicine thus far. Startups developing AI-driven imaging & diagnostic solutions are the major factors responsible for the growth of the market in the study period. China, the US, and the UK are emerging as a popular hub for healthcare innovations. China-based healthcare AI startups have benefited from the government’s AI-focused development strategy, inspiring investment, and private-public partnerships. Additionally, the British government has announced a National Artificial Intelligence Lab that will collaborate with Britain’s universities and technology companies to research on cancer, dementia, and heart disease. UK-based startups have benefited from the government’s robust library of patient data, as British citizen’s share their anonymous healthcare data with the British National Health Service.

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Posted by on Monday July 13 2020, 4:59 AM EDT. All trademarks acknowledged. Filed under Biotechnology, Business & Financial Services, Business Services, Diagnostics, Featured Press Release, Healthcare, Life Sciences, Medical Devices, Software & Services, Technology Hardware & Equipment, Technology, Media, & Telecommunications. Comments and Trackbacks closed. Follow responses: RSS 2.0

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