We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies. Cookie Policy.

Features Partner Sites Information LinkXpress
Sign In
Advertise with Us

Download Mobile App




Global Market for Machine Learning to Surpass USD 2 Billion by 2023

By HospiMedica International staff writers
Posted on 10 Aug 2018
Print article
The global market for machine learning in medical imaging is expected to record a robust growth and surpass USD 2 billion by 2023, driven by benefits such as enhanced productivity, increased diagnostic accuracy, more personalized treatment planning and improved clinical outcomes. However, the market is still in the innovator and early adopter phase, and will need to overcome several barriers before AI becomes mainstream in medical imaging. These are the latest findings of Signify Research (Cranfield, UK), an independent supplier of market intelligence and consultancy to the global healthcare technology industry.

AI appears well on its way to transform the diagnostic imaging industry and is expected to play a key role in enabling radiology departments to handle the ever-growing volume of diagnostic imaging procedures, despite the chronic shortage of radiologists around the world. Product development for AI-based medical image analysis tools has been gaining pace after the introduction of deep learning and affordable cloud compute (GPU) and storage. This has led to increased product availability from a wider selection of vendors, along with more accurate and sophisticated AI-based tools offering added functionalities.

However, there are several barriers to market growth such as a challenging regulatory process and the need for more large-scale validation studies. Additionally, the results from AI-based image analysis tools must be fully integrated into the radiologists' workflows and presented at the time of the primary read. Algorithm developers need to partner with imaging IT vendors to ensure their solutions are tightly integrated. Also, healthcare providers are reluctant to purchase AI tools from multiple companies due to vendor-specific integration challenges and administrative overheads. Algorithm developers must establish effective routes to market, such as distribution deals with established medical imaging vendors and a new breed of vendor-neutral AI platforms.

"The interest and enthusiasm for AI in the radiologist community has notably increased over the last 12 to 18 months and the discussion has moved on from AI as a threat, to how AI will augment radiologists. At the same time, there are emerging clinical applications where the use of AI has been shown to both improve clinical outcomes and deliver a return on investment for healthcare providers. Examples include software to detect and diagnose stroke and analysis tools to measure blood flow in non-invasive coronary exams," said Signify Research analyst Simon Harris.

"Up to now, the market has mainly been driven by the many start-ups and specialist companies who are applying machine learning to medical imaging, but the major medical imaging vendors are now ramping-up their AI activities. In the last year or so, we've also seen several of the world's technology giants apply their AI expertise to medical imaging, most notably China's Tencent and Alibaba. Over the coming years, the combined R&D firepower of the expanding ecosystem will knock down the remaining barriers and radiologists will have a rapidly expanding array of AI-powered workflow and diagnostic tools at their disposal," added Harris.

Related Links:
Signify Research

Gold Member
STI Test
Vivalytic Sexually Transmitted Infection (STI) Array
Gold Member
POC Blood Gas Analyzer
Stat Profile Prime Plus
Silver Member
Compact 14-Day Uninterrupted Holter ECG
NR-314P
New
Medical Gas Blender
BlenderBuddy 1

Print article

Channels

Critical Care

view channel
Image: The permeable wearable electronics developed for long-term biosignal monitoring (Photo courtesy of CityUHK)

Super Permeable Wearable Electronics Enable Long-Term Biosignal Monitoring

Wearable electronics have become integral to enhancing health and fitness by offering continuous tracking of physiological signals over extended periods. This monitoring is crucial for understanding an... Read more

Surgical Techniques

view channel
Image: NTT and Olympus have begun the world\'s first joint demonstration experiment of a cloud endoscopy system (Photo courtesy of Olympus)

Cloud Endoscopy System Enables Real-Time Image Processing on the Cloud

Endoscopes, which are flexible tubes inserted into the body's natural openings for internal examination and biopsy collection, are becoming increasingly vital in medical diagnostics. Their minimal invasiveness... Read more

Patient Care

view channel
Image: The newly-launched solution can transform operating room scheduling and boost utilization rates (Photo courtesy of Fujitsu)

Surgical Capacity Optimization Solution Helps Hospitals Boost OR Utilization

An innovative solution has the capability to transform surgical capacity utilization by targeting the root cause of surgical block time inefficiencies. Fujitsu Limited’s (Tokyo, Japan) Surgical Capacity... Read more

Health IT

view channel
Image: First ever institution-specific model provides significant performance advantage over current population-derived models (Photo courtesy of Mount Sinai)

Machine Learning Model Improves Mortality Risk Prediction for Cardiac Surgery Patients

Machine learning algorithms have been deployed to create predictive models in various medical fields, with some demonstrating improved outcomes compared to their standard-of-care counterparts.... Read more

Point of Care

view channel
Image: The PATHFAST hs-cTnI-II high-sensitivity troponin assay has been developed for the PATHFAST Biomarker Analyzer (Photo courtesy of Polymedco)

POC Myocardial Infarction Test Delivers Results in 17 Minutes

Chest pain is the second leading cause of emergency department (ED) visits by adults in the United States, generating over 7 million visits annually. In the event of a suspected heart attack, physicians... Read more
Copyright © 2000-2024 Globetech Media. All rights reserved.