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.
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. Thus, physicians are taking the help of the augmented abilities of AI and responding to the requirements efficiently and quickly.
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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.
Extensive growth in digital health has enabled healthcare providers to assist patients through novel treatment approaches. AI technologies offer doctors tools that help them better diagnose and effectively treat patients.
Doctors and radiologists believe that skills such as empathy and persuasion are human skills, and thus, technologies cannot completely rule out the presence of a doctor. Additionally, there is a concern that patients may show an excessive inclination toward these technologies and may forgo necessary in-person treatments, which might also challenge long-term doctor-patient relationships.
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.
However, healthcare providers are increasingly accepting the potential benefits of AI-based solutions and the spectrum of applications they serve. Hence, there is a possibility that in the coming years, doctors and radiologists will show more inclination toward AI-based technologies in healthcare.
According to the National Institute of Health and Family Welfare (NIHFW), in India, it is estimated that there are 2 to 2.5 million cancer patients at any given point of time; every year, about 0.7 million new cases are reported in the country. 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.
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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.
The global AI in medical diagnostics market has been segmented into North America, Europe, the Asia Pacific (APAC), and the Rest of the World (RoW). In 2019, North America accounted for the largest market share of 37.6%.
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