The AI in Healthcare Market has experienced substantial growth, driven by the increasing prevalence of complex diseases, rising demand for precision medicine, and advancements in machine learning algorithms. According to a report by OMR, the market is projected to grow by a CAGR of around 51.5% during 2021-27. Due to this rapid growth, all the categories where AI is applicable in healthcare, such as Diagnosis, Biomarkers, Virtual nursing assistance, Drug Discovery, and Others, are also observing high growth of AI in the application.
One of the significant categories of healthcare attracting AI is diagnostic. The Global AI Clinical Diagnostic Market has witnessed remarkable progress, with AI-powered solutions revolutionizing disease diagnosis, patient care, and treatment planning. The reason is the increasing number of cancer, heart disease, diabetes, Alzheimer's, and various infections. This article will help understand factors driving the growth of the global AI clinical diagnostic market and recent development in the industry.
Key Factors Driving Market Growth
The global AI clinical diagnostic market is growing significantly due to the increasing number of diseases and market players investing in innovation in the industry. The key market players are Aidoc Medical, AliveCor, GE Healthcare, Imagen Technologies Inc., Vuno Inc., IDx Technologies Inc., Neural Analytics Inc., Siemens Healthineers AG, Riverain Technologies, and Zebra Medical Vision.
Enhanced Diagnostic Accuracy
AI-enabled diagnostic tools leverage machine-learning algorithms to analyze vast amounts of patient data, leading to improved accuracy and early detection of diseases such as cancer, cardiovascular disorders, and neurological conditions.
• A leading player in healthcare technology, Royal Philips, highlights an AI-powered integrated diagnostic approach at ECR 2023 through that fully interoperable smart imaging systems and informatics solutions connect teams in radiology, oncology, cardiology, and pathology to enhance clinical confidence and advance precision in diagnosis and treatment can be achieved.
Streamlined Workflow and Cost Efficiency
AI implementation optimizes clinical workflows, reduces operational costs, and minimizes human errors, resulting in more efficient patient care delivery and resource utilization.
• Qure.ai collaborated with Nuance Precision Imaging Network in April 2023 to enhance patient outcomes with AI-integrated workflows for care teams. It would help them achieve streamlined workflow and cost efficiency.
Integration of Big Data and Cloud Computing
AI solutions capitalize on the vast amount of medical data available, including electronic health records, genomics data, and medical images, stored on cloud-based platforms, thus enabling real-time insights and personalized treatment plans.
• Medidata, a Dassault Systèmes company, announced that Lambda Therapeutics is implementing Medidata's cloud-based clinical solutions – Rave EDC, Rave RTSM, and Rave Imaging to grow their clinical trial efficiency by automating and streamlining data management workflows, and securely delivering higher quality data for faster insights.
Recent Developments
The global AI clinical diagnostic market consistently welcomes innovation and developments to improve the diagnostic process. Governments, institutions, and healthcare companies globally support innovation in the clinical diagnostic market leading to new developments every day in the industry.
Collaborative AI Research Initiatives
Leading research institutions and healthcare organizations have joined forces to pool resources and expertise, fostering collaborative efforts in developing cutting-edge AI algorithms and diagnostic models.
• Philips and MIT IMES develop enhanced critical care data sets to give researchers and educators access to advanced clinical understanding and AI in healthcare.
• A new research collaboration between the University of Florida Health and Nuance will focus on developing and integrating AI-based radiology tools.
• Owkin Powers a New Era in Oncology Research with MOSAIC – An Unprecedented $50 Million Spatial Atlas of Cancer Cells.
Regulatory Approvals for AI-based Devices
Regulatory authorities in various regions have proactively granted approvals for AI-powered diagnostic devices, ensuring compliance with quality and safety standards and spreading widespread adoption.
• Anumana received the US FDA breakthrough device designation for its cardiac amyloidosis algorithm in June 2023.
• Ibex's Galen™ Prostate becomes the first standalone AI-powered Cancer Diagnostics Solution to obtain the CE mark under the IVDR in February 2023.
• SPASS got FDA clearance for an AI-based sepsis diagnosis solution in June 2023.
AI-driven Genomic Diagnostics
Integrating AI with genomics has opened new avenues for personalized medicine, enabling the identification of disease-specific genetic mutations and providing tailored therapeutic interventions.
• Ascend Cardiovascular announces a partnership with Us2.ai to integrate AI-assisted echocardiography into the cardiovascular workflow.
• For its unique blend of AI technology and expert scientific review, Genomenon has been awarded by Frost & Sullivan for Genomic Intelligence Solutions and Software for pharma and clinical diagnostics companies. It delivers deep genomic insights into genetic drivers of rare diseases and cancer.
• Cardio Diagnostics Holdings, Inc announced the expansion of its IP portfolio in Australia with notice of allowance of a patent application called “Compositions and Methods for Detecting Predisposition to Cardiovascular Disease."
• In July 2023, Genomenon acquired Boston Genetics for rapid human genome curation.
AI in Imaging Diagnostics
Advancements in AI algorithms have revolutionized medical imaging, enhancing the accuracy of radiological diagnosis and facilitating early disease detection with higher precision.
• Singapore approved Coreline Soft's AI imaging diagnosis solutions after the US, Europe, Japan, and Taiwan.
• In February 2023, South Africa-based Envisionit Deep AI received $1.65 million to expand access to medical imaging.
• Blackford and Biologics announced a partnership to accelerate the use of Diagnostic Imaging Data for AI-driven intelligence.
• Hackensack Meridian Health and Hologic became the first companies to use Google Cloud's new Medical Imaging Suite for cancer diagnostics.
To conclude that the global AI clinical diagnostic market is at the forefront of transformative healthcare solutions, revolutionizing disease diagnosis and treatment. With its potential to enhance diagnostic accuracy, streamline workflows, and facilitate personalized medicine, AI-driven clinical diagnostics hold promise for improving patient outcomes and healthcare system efficiencies. The market's steady growth trajectory, backed by genuine data and recent developments, reflects the industry's commitment to leveraging AI's potential to benefit humanity.
To say there is significant scope for further research in the convergence of AI and clinical diagnostics in a new era of healthcare, where intelligent insights drive precision medicine, setting the stage for a healthier, more sustainable future.