Growth 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. 

 

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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. 

 

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. 

 

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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The AI in medical diagnostics market has been segmented into four main regional segments, namely, North America, Europe, the Asia Pacific, and the Rest of the World. 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. 

 

The growing inclination of hospitals toward the automation and digitization of radiology patient workflow, increasing adoption of minimally invasive procedures in hospitals to improve the quality of patient care, and the rising adoption of advanced imaging modalities to improve workflow efficiency. 

 

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), Butterfly Network, Inc. (US), Prognos (US), Zebra Medical Vision (Israel), Viz.ai (US), Quibin (Spain), Qure.ai (India), Therapixel (France), and HeartFlow (US).