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 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.

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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.   

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. 

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. 

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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. 

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 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%. However, the APAC  market is projected to register the highest CAGR of 53.2% during the forecast period, primarily due to the growth strategies adopted by companies in emerging markets, improved medical diagnostic infrastructure.