AI-Assisted Diagnosis Market Technology Innovations, New Market Facts, Analysis, Forecast to 2027

Artificial intelligence (AI) in healthcare is the use of complex algorithms and software to mimic human perception in the analysis, interpretation, and understanding of complex health data and healthcare. AI is an intelligent system that relates to various human intelligence-based functions such as reasoning, learning, and problem-solving services on different disciplines such as Biology, engineering, mathematics, computer programming, and psychology. Moreover the integration of artificial intelligence (AI) and machine learning methods within the healthcare industry makes drug discovery and development a new, timely and cost-effective technology. AI tools are quickly used to detect and detect viruses and to provide information and learning.

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Drivers:

Increasing use of AI in a variety of healthcare settings, especially in medical imaging, diagnostics, and drug discovery, use of a variety of sensors and devices to track a patient's health status in real time, growing investments and funding for AI in healthcare are the main factor driving the growth of the AI-assisted diagnosis market. For instance, in February 2019, IBM Corporation announced a 10-year partnership, including an investment of US$ 50 million in AI research, with Vanderbilt University Medical Center and Brigham and Women’s Hospital.

Moreover, increasing focus on providing personalized customer service in real time, is driving the growth of the AI-assisted diagnosis market.

Restraints:

The vague legal status and doubts of healthcare professionals using AI-based technology is expected to hamper market growth. AI technology provides clinicians with tools to help them better diagnose and treat patients more effectively. However, doctors are hesitant about new technologies, which is expected to hinder growth of the AI-Assisted Diagnosis Market.

Regional Insights:

According to regional analysis, AI-assisted diagnosis market is divided into North America, Europe, Asia Pacific, and Rest of the world. North America is expected to witness significant growth in the global market during the forecast period. This is due to growing adoption of IT health solutions for clinical trials, the availability of a well-established healthcare sector, and the high cost of AI-based software development. The U.S. is leading the market for artificial intelligence in North America due to the deployment and development of new and advanced medical diagnostic software and the presence of a large number of players working in categories, such as mobile and network operations, in the country.

Competitive Landscape:

Some of the key players of the AI-assisted diagnosis market are NVIDIA Corporation (NVIDIA) (US), Intel Corporation (Intel) (US), IBM Corporation (IBM) (US), Google LLC (Google) (US), Microsoft Corporation (Microsoft) (US), General Electric X-ray Corporation (GE Healthcare) (US), Siemens Healthineers AG (Germany), Amazon Web Services, Inc. (AWS) (US), Johnson&Johnson (US), Koninklijke Philips N.V.(Netherlands), General Vision Services (GVS) (General Vision) (US), Cloudmex Inc. (US), Oncora Medical, Inc. (US), Catalia Health Inc. (US).

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Key Developments:

In March 2020, IBM Watson Health and EBSCO Information Services partnered to provide access to evidence-based drug and disease information that can help support clinicians and individuals as they cope with infectious diseases, including COVID-19.

In July 2019, IBM acquired RedHat. Red Hat’s open hybrid cloud technologies are now paired with IBM’s innovation and industry expertise.

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