(PharmaNewsWire.Com, September 24, 2021 ) According to a new market research report, "Artificial Intelligence (Ai) in Medical Diagnostics Market by Component (Software, Service), Application (In Vivo, Radiology, OBGY,MRI, CT, Ultrasound, IVD), End User (Hospital, Diagnostic Laboratory, Diagnostic Imaging Center)- Global Forecast to 2025" The global AI in medical diagnostics market is projected to reach USD 3,868 million by 2025 from USD 505 million in 2020, at a CAGR of 50.2% during the forecast period.
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.
The companies have a large market spread across various countries in North America, Europe, Asia Pacific, and the Rest of the World.
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.
AI and radiomics, which are being applied to X-ray and CT scans as advanced imaging tools in the detection and follow-up of COVID-19, have been able to diagnose the presence of the infection. This is because AI algorithms and radiomics used for chest X-rays can help undertake massive screening programs. For instance, Zhongnan Hospital (China) uses AI to interpret CT scans and identify COVID-19 symptoms when human radiologists are unavailable.
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. Thus, physicians are taking the help of the augmented abilities of AI and responding to the requirements efficiently and quickly.
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.
AI technologies offer doctors with tools that help them better diagnose and effectively treat patients. However, there is an observed reluctance among doctors about new technologies. For instance, there is a misconception among medical practitioners that AI will replace doctors in the coming years.
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.
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