Artificial intelligence is fundamentally transforming the medical imaging industry, both in terms of diagnostic accuracy and productivity. Novel cognitive algorithms promise to offer several concrete prospects such as quantitative imaging, prognostic risk assessment, unceasing treatment monitoring, and above all, utmost diagnostic accuracy. AI, by any means, would never replace medical imaging professionals, however it would aid them by providing technologies enabling diagnostic paradigms at their disposal.
Acknowledging this massive potential of AI in addressing the incidence of enormous diagnostic errors, and in enhancing the productivity specific to clinical workflows, 39% of healthcare providers in the U.S., plan to make substantial investments in AI. The global market for AI-based medical imaging is expected to surpass $9 billion mark by 2029. Recognizing the billion-dollar opportunity, a significant number of companies are now developing AI-based solutions for medical imaging application. As of December 2018, we have identified more than 130 companies offering AI-based solutions revolutionizing medical imaging. The clinical incorporation of AI in medical imaging is expected to result in a potential $150 billion clinical savings to the U.S. healthcare system by 2026.
Despite substantial investments and strenuous efforts made by the visionaries of the healthcare industry to enlighten the benefits associated with incorporation of AI algorithms, the other side of the coin withholds several unanswered questions pertaining to the practical efficacy and profitability of the massive investments made into the cognitive algorithms. Hence, there arises the requirement of assessing the efficacy of each offering separately to the utmost granular level possible. The following instances provide insights pertaining to the real-world evidence associated with the incorporation of few emerging offerings catering to the AI-enabled medical imaging solutions market.