Rising Demand for Data-Driven Treatment Solutions Fosters AI in Medical Diagnostic Market

Rising demand for diagnostic time efficient processes in developed countries along with increasing demand for data-driven treatment solutions is expected to fuel the growth in the global AI in medical diagnostic market in coming years. Moreover, rising awareness in healthcare industry regarding the benefits of advanced analytics as well as deep learning for preventive health measures as well as drug prescriptions is also anticipated to offer players in the global AI in medical diagnostic market lucrative opportunities in the near future. On the other hand, increasing risk of data and privacy breach along with rising concerns regarding the safety of the critical and confidential patient information from cyber-attacks can pose as a major challenge for the development of the global AI in medical diagnostic market in coming years. Segments in the global AI in medical diagnostic market, categorized by the component include hardware, services, and software.

Rising cases of COVID-19 infections across the world have burdened the healthcare facilities all over the world. The current pandemic situation is anticipated to fuel growth in the global AI in medical diagnostic market owing to flexible nature of AI technologies along with their rising applications in pathological tests as well as in computed tomography or CT findings for the early detection of novel corona virus amongst patients. Categories in the global AI in medical diagnostic market segmented by the technology include machine learning, computer vision, context aware computing, and NLP. Segments in the global AI in medical diagnostic market by the type of the diagnosis include oncology, chest and lungs, pathology, neurology and cardiology, and radiology, among others.

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North America Leads the AI in Medical Diagnostic Market

Key regions assessed in the report on the global AI in medical diagnostic market include Europe (including France, Italy, Germany, the United Kingdom, and rest of the Europe), Middle East and Africa (including Gulf Cooperation Council countries, South Africa, and rest of the Middle East and Africa), North America (including Canada, the United States, and rest of the North America), South America (including Brazil and rest of the South America), and Asia Pacific (including Japan, South Korea, China, India, and rest of the Asia Pacific).

North America region held the dominant share in the global AI in medical diagnostic market in 2020. This trend is anticipated to continue over the next few years owing to high integration rate of AI technologies in medical industry, coupled with early introduction of AI enabled platforms in various end use industries, including healthcare, in the region. Furthermore, Asia Pacific is another region expected to record significant growth in the global AI in medical diagnostic market in coming years. Key factors driving the advancement of the Asia Pacific AI in medical diagnostics market include increasing elderly population as well as government initiatives to integrate latest technological solutions in medical infrastructure in the region.

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Players in AI in Medical Diagnostic Market Engaged in M & A and Joint Ventures

Major incumbent players functioning within the global AI in medical diagnostic market are Butterfly Network, Digital Diagnostics, GE Healthcare, IBM, Intel, NVIDIA, Quibin, Siemens Healthineers, Viz.ai, Zebra Medical Vision, Aidence, Day Zero Diagnostics, Enlitic, Inc., HeartFlow, InformAI, Microsoft Corporation, Prognos, Qure.ai, Therapixel, and Xilinx. The competitive landscape of the global AI in medical diagnostic market is highly competitive. A host of new start-ups are entering the industry owing to the increased demand for AI in medical diagnostic market.

Majority of established vendors in the global AI in medical diagnostic market are engaged in mergers and acquisitions, partnerships, as well as joint ventures in order to gain a competitive edge in the industry. Various governments of developed countries are issuing initiatives in order to include AI technologies to further the advancement of the hospitals and other healthcare infrastructure in their countries. On the other hand, high initial cost of investment required for company operations may pose as a significant challenge for the small and medium sized enterprises in the global AI in medical diagnostic market

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