AI in Medical Diagnostics: A Market Analysis from 2018-2027, Highlighting Key Players, Types, Applications, Regional Trends, Opportunities, Challenges, and Risk Factors in the Competitive Landscape

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Douglas, Jan. 20, 2023 (GLOBE NEWSWIRE) — Douglas Insights has once again enhanced its comparison engine, enabling market researchers, analysts, industry professionals, and organisations to recognise market trends, growth drivers, restrictions, barriers, and projections in the AI in medical diagnostics market. Douglas Insights is among the first comparison engines in the world, providing market research reports, data analytics, and in-depth insights. The digital platform gives researchers accessibility to a comprehensive selection of market reports, including both public and private market reports, and allows them to compare different reports by Price, Date of Publication, Table of Contents and Publisher Rating. 

The use of AI in medical diagnostics includes services and software applications that help medical practitioners diagnose various ailments. AI-based software systems can analyse data from a diagnosis and either assist in the quality of nursing care by highlighting suspicious medical images or offer a relevant diagnosis to the healthcare practitioner. To identify important and life-threatening disorders, AI in medical diagnostics combines algorithms, data insights, and deep learning. The diagnosing procedure is automated, which lightens the load on the medical staff. 

The covid19 pandemic propelled AI in the medical diagnosis market to new heights as the accurate diagnosis of the disease required increased use of Artificial Intelligence. Furthermore, there was a lack of medical staff due to excessive patients and healthcare providers falling sick due to the disease as well. The covid19 diagnosis from CT images of the chest employed AI technology and was the subject of numerous investigations. According to some studies, AI models may be just as reliable as seasoned radiologists at detecting COVID-19. From aspects like shadowing over the lungs, medical practitioners were able to gauge the extent of the sickness.

Without AI, a doctor would otherwise have to spend a great deal of time analysing over 300 CT images! 

The desire for low-cost diagnostic methods, efficient and effective report analysis, and speedy diagnostic analysing of data, together with enhancing patient healthcare and minimising unplanned downtime, are major factors fuelling the market’s expansion. In addition, improvements in deep learning and AI are anticipated to make disease diagnosis more accurate over the upcoming years. Market expansion is encouraged by the growing use of AI-based diagnostics in developed regions. Technology developments in the healthcare industry have been a key factor in fortifying the global healthcare network during the last few years. 

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The software sector is anticipated to hold the greatest market share for artificial intelligence in medical diagnostics during 2022, along with the hospital sector, CT Scan sector, and Radiology sector. 

The market for AI in medical diagnostics is expected to develop at the fastest rate in the Asia-Pacific region due to the high growth potential brought on by rising rates of various infectious and chronic illnesses, increased funding, rising number of start-ups using AI, particularly in India and China, and the enormous potential to close the regions healthcare infrastructure gap. 

North America is anticipated to hold the greatest market share for AI in medical diagnostics in 2022, with Asia-Pacific and Europe right behind. Technological advancements, an increase in the number of new software authorisations, an increasing adoption percentage of AI in healthcare, the existence of key market players, and a defined IT infrastructural facility in the healthcare industry are a few of the important components propelling the expansion in the North American region for AI in the medical diagnostics market. 

On the other hand, it is predicted that the unwillingness to adopt AI technology owing to a lack of confidence may significantly impede this market’s growth. Additionally, legal restrictions, confidentiality issues, and security issues are some of the biggest obstacles to this market’s expansion.

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Countries Covered in the report are as below:

  • North America – United States, Canada, and Mexico
  • Europe – United Kingdom, Germany, France, Italy, Russia, Spain & Rest of Europe
  • Asia-Pacific – China, India, Japan, South Korea, Australia & Rest of APAC
  • Latin America – Brazil, Argentina, Peru, Chile & Rest of Latin America
  • Middle East and Africa – Saudi Arabia, UAE, Israel, South Africa

 Key questions answered in this report

  • COVID 19 impact analysis on global AI in Medical Diagnostics industry.
  • What are the current market trends and dynamics in the AI in Medical Diagnostics market and valuable opportunities for emerging players?
  • What is driving AI in Medical Diagnostics market?
  • What are the key challenges to market growth?
  • Which segment accounts for the fastest CAGR during the forecast period?
  • Which product type segment holds a larger market share and why?
  • Are low and middle-income economies investing in the AI in Medical Diagnostics market?
  • Key growth pockets on the basis of regions, types, applications, and end-users
  • What is the market trend and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?

Unique data points of this report

  • Statistics on AI in Medical Diagnostics and spending worldwide
  • Recent trends across different regions in terms of adoption of AI in Medical Diagnostics across industries
  • Notable developments going on in the industry
  • Attractive investment proposition for segments as well as geography
  • Comparative scenario for all the segments for years 2018 (actual) and 2028 (forecast)

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