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Artificial Intelligence in Healthcare Diagnosis Market Business Opportunity to 2027 – Top Companies Icometrix, IDx Technologies, Zebra Medical Vision, Aidoc

The artificial intelligence in healthcare diagnosis market was valued at US$ 3,639.02 million in 2019 and is projected to reach US$ 66,811.97 million by 2027; it is expected to grow at a CAGR of 44.0% during 2020–2027.

Artificial intelligence (AI) uses algorithms and software to perform certain tasks without human intervention and instructions. AI represents the integration of technologies such as machine learning, natural language processing, reasoning, and perception. It is used in healthcare for approximation of human cognition as well as the analysis of complex medical and diagnostic imaging data. The artificial intelligence in healthcare diagnosis market is driven by the ability of AI to provide improved outcomes; moreover, the growing need to increase coordination between healthcare workforce and patients also supports the market growth. The rise in the importance of Big Data in healthcare, increase in the adoption of precision medicine, and surge in venture capital investments also contribute to the market growth.

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General Electric Company; Aidoc; Arterys Inc.; icometrix; IDx Technologies Inc; MaxQ AI Ltd.; Caption Health, Inc; Zebra Medical Vision, Inc.; Siemens Healthineers AG; and Koninklijke Philips N.V.; are among the prominent players in the artificial intelligence in healthcare diagnosis market. The market players are focused on partnerships and collaborations to sustain their position in the market. For instance, in June 2020, Zebra Medical Vision, Inc., collaborated with Apollo Hospitals chain for the deployment of AI-based tools across India, supported by the “India-Israel Industrial R&D and Technological Innovation Fund.” Moreover,  the AI COVID-19 solution will in anticipated collaboration on additional medical findings, such as tuberculosis (TB).

Factors such as the rising adoption of artificial intelligence in disease identification and diagnosis and increasing investments in AI healthcare startups are driving the growth of the AI in healthcare diagnosis market. However, the lack of skilled workforce and ambiguity of regulatory guidelines for medical software impede the market growth. Further, the increasing potential in emerging economies offers significant opportunities for the future growth of the global artificial intelligence in healthcare diagnosis market players.

Tokyo-based AI Medical Service, the Japanese startup developing the AI-powered technology to detect cancerous lesions from endoscopic footage, announced in October 2019 that it had secured about USD $43 million US (about 4.6 billion yen) in a Series B round. Healthcare analytics firm Tricog has raised USD $10.5 million in a Series B round of funding. Using Artificial Intelligence and Machine Learning, the startup helps in the wellness, screening, and diagnosis of acute as well as chronic heart diseases. The investment comes in from UTEC – The University of Tokyo Edge Capital, Japan; Aflac Ventures, LLC, Japan; TeamFund, USA; and Dream Incubator, Japan, and also saw participation from Inventus Capital and Blume Ventures. Using Artificial Intelligence and Machine Learning, the five-year-old startup has helped 3 million patients globally. It also uses its virtual cardiology services to help in remote clinics.

By Diagnostic Tool

  • Medical Imaging Tool
  • Automated Detection System
  • Others

By Application

  • Eye Care
  • Oncology
  • Radiology
  • Cardiovascular
  • Others

By Service

  • Tele-Consultation
  • Tele Monitoring
  • Others

By End User

  • Hospitals and Clinics
  • Diagnostic Laboratory
  • Home Care
    • Doctors
    • Patients

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