Market Trends of North America Artificial Intelligence In Healthcare Industry
The Medical Imaging and Diagnostics Segment is Anticipated to Register Significant Growth Rate During the Forecast Period
- Artificial intelligence-based medical imaging and diagnostics support healthcare professionals in identifying problem areas or details that the human eye may miss. It enables healthcare providers to make the most appropriate treatment decisions for their patients. AI can be used to identify cancer, triage crucial discoveries in medical imaging, flag acute abnormalities, assist radiologists in prioritizing life-threatening patients, diagnose cardiac arrhythmias, forecast stroke outcomes, and assist with chronic disease management.
- Factors such as an increase in the adoption of AI-based medical imaging and diagnostic tools in hospitals, a rise in chronic diseases, and funding initiatives to develop AI-based imaging devices are expected to fuel the segment's growth over the forecast period. For instance, as per the American Cancer Society, the burden of breast cancer increased significantly in the United States, and the total number of cases ramped from 300,590 in 2023 to 313,510 in 2024. Thus, owing to the high prevalence and increase in the probability of acquiring breast cancer among females, the demand for AI-based medical imaging is likely to rise, fueling the segment growth over the forecast period.
- Furthermore, an increase in regulatory approvals for AI-based medical imaging tools is likely to drive the segment growth across North America. For instance, in May 2023, GE HealthCare received the US FDA 510(k) clearance of Precision DL. This novel deep learning-based image processing software is included in the company's Effortless Recon DL portfolio. Precision DL offers image quality performance benefits that are related to hardware-based time-of-flight (ToF) reconstruction, including improved contrast-to-noise ratio, contrast recovery, and quantitative accuracy.
- Similarly, in June 2022, Lunit AI Solutions received commercial approval from Health Canada for its artificial intelligence suite for radiology, Lunit INSIGHT. The approved product has provided an accurate AI solution for breast mammography. Thus, such growing regulatory approvals are projected to accelerate segment expansion over the projected period.
- Thus, owing to the increase in strategic activities by the key players and the rise in chronic diseases that require accurate medical imaging, the medical imaging and diagnostics segment is expected to witness significant growth over the forecast period.
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The United States is Expected to Witness Significant Growth During the Forecast Period
- The United States is expected to witness significant market growth due to factors such as the advanced healthcare infrastructure, the presence of major industry participants, the high adoption of advanced healthcare technologies, supportive government legislation, and the launch of AI-based healthcare services.
- In June 2023, the National Institute of Standards and Technology (NIST) introduced a new public working group on artificial intelligence (AI) that built on the success of the NIST AI Risk Management Framework to understand the rapidly advancing technology. The team is also planning to explore the specific opportunities in generative AI technologies in areas such as health, environment, and climate change. Thus, such huge investments and strategic activities by the US government are expected to drive market growth over the forecast period.
- Moreover, the growing funding and investments to integrate AI in healthcare and increase its adoption are projected to accelerate the country’s market growth over the forecast period. For instance, in May 2024, Peterson Ventures funded Videra Health with USD 5.6 million to boost the development of AI-based tools for screening and monitoring mental health in the United States.
- In addition, in March 2024, Limbic AI raised USD 14 million to strengthen mental health artificial intelligence (AI) technology in the United States. Thus, such funding and investments are likely to bring new avenues for industry, which is anticipated to accelerate the country’s market growth over the study period.
- Moreover, key market players are engaged in partnerships, collaborations, acquisitions, mergers, and service launches to sustain themselves in the US market. For instance, in January 2023, HARMAN, a subsidiary of Samsung Electronics Co. Ltd, introduced its Intelligent Healthcare Platform designed to help healthcare and life sciences enterprises in their journey toward personalized customer-centric services.
- Similarly, in September 2022, California-based NVIDIA launched the NVIDIA IGX platform for high-precision edge AI to advance human-machine collaboration across manufacturing, logistics, and healthcare. Thus, such advanced healthcare service launches in the United States are likely to increase the demand for artificial intelligence in the industry, thereby contributing to the market growth over the forecast period.
- Therefore, due to rising government initiatives to support the digital healthcare industry in the United States and the surge in AI-based healthcare service launches, the country is expected to witness significant growth over the forecast period.
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