According to Government, 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 COVID-19 pandemic is an accelerator for AI technology by creating opportunities for leveraging these tools for healthcare advancement.
According to market research industry, "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.
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.
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.
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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.
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.
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.
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Primarily due to the growth strategies adopted by companies in emerging markets, improved medical diagnostic infrastructure, increasing geriatric population, rising prevalence of cancer, favorable government initiatives for AI in healthcare, and the increasing number of COVID-19 positive patients.