Dec 15, 2020
COVID-19 Impact on Global Artificial Intelligence in Medical Imaging Market in the Healthcare Industry
- Nov 30, 2020
COVID-19 Impact on Global Artificial Intelligence in Medical Imaging Market in the Healthcare Industry
The current outbreak of coronavirus disease 2019 (COVID-19) caused by Severe Acute Respiratory Syndrome coronavirus-2 (SARS-CoV-2) has posed a severe danger to the community and has a major impact on the economy, (GDP) Gross Domestic Product, and business worldwide. The World Health Organization (WHO) has announced COVID-19, a pandemic having a high transmission rate that affects many lives. Spike-S protein interaction in SARS-CoV-2 with Ace-2 receptor present in the Human lungs is the primary reason for this high transmissibility. This is the main reason or greatest challenge in the Healthcare market and the biggest challenge for healthcare providers in the year 2020. In December 2019, Chinese health officials informed World Health Organization (WHO) about amid serious conditions when a cluster of 40 patients with pneumonia like symptoms, most of them are connected to Huanan Sea-food market. Looking towards the current condition it is not China who is suffering from global loss of any market since the number of cases graph in China is stabilized. Countries such as the U.S., India, Brazil, Russia, and many more countries across the globe face the loss in market and a decline in (GDP) Gross Domestic Product. After the declaration of pandemic many countries goes into a complete lockdown state, including China, India, the US, Russia and Germany among others in order to decrease the spread of COVID-19, some countries like China, New Zealand and South Korea succeed because of their strict laws and increased number of testing, Chinese company Baidus have initiated Heat mapping from which testing became easier and helped in the stabilization of graph. Still, the majority of the other countries including India & US has been drastically failed and hence are these were having much higher number of cases. Because of the contagion nature of COVID-19 the demand for Artificial Intelligence in Medical Imaging Market has increased. However, the growth is anticipated to be increased at a higher pace then it is now. Still, due to pandemic and lockdown globally the growth is subdued, it has also been forecasted by research analyst’s that after pandemic this growth will further increases. The reason for this increase in demand is due to covid-19, people are now more conscious about their health, further, more Artificial Intelligence reports generated are much more reliable than physical examination’s A.I. can detect even the finest crack in bone fracture X-rays, which is generally not possible for human eyes or physicians, this is the reason why Radiologist depend on A.I. more now. Due to COVID-19 medical imaging or diagnosis in the clinical specialties like Pulmonology, Cardiology, Breast, and Neurology markets will get huge revenue in the future. Apart from that, Liver, Prostate, and muscular imaging are some other clinical applications. Artificial Intelligence or machine learning can be implemented in X-rays, Computed Tomography, Magnetic Resonance Imaging, Ultrasound and Molecular Imaging among others. According to the weekly epidemiology report of 25 October 2020 by World Health Organization (WHO), 42 million cases of corona have been reported globally and 1157509 patients are dead due to the coronavirus. The outbreak of COVID-19 is having a huge impact on the healthcare industry, which also means the need for A.I. and machine learning to find some suitable compounds that can bind with Spike protein of SARS-CoV-2 and disrupt the binding of Ace-2 and Spike protein of SARS-CoV-2. Diagnosis point of view have discussed Artificial intelligence (AI) generated reports are more reliable if proper integration and practical applications is performed.
IMPACT ON DEMAND
Artificial intelligence (A.I.) and machine learning have already demonstrated there efficacy, accuracy, and refinement of results that’s why radiologists and pathologists know the value of Artificial intelligence (A.I.). Hence, they are looking to hasten their productivity and potentially improve their accuracy in Healthcare imaging and diagnosis of clinical abnormalities and problems related to patients.
Furthermore, another main dynamic factor powering the market growth presently is the implementation of this Artificial intelligence (A.I.) and machine learning, deep learning technology by multiple biotechnological and pharmaceutical companies globally to accelerate drug or vaccine development processes for the COVID-19.
Global Artificial intelligence (A.I.) in Medical Imaging Market is expected to gain market growth, and not just because of COVID-19. However, the impact of COVID-19 has slightly dampened (less growth which was expected) the development of Global Artificial Intelligence in Medical Imaging Market, but the demand for A.I was also higher from 2015 to 2020. Though it is clear that after COVID-19 pandemic is over, it will further boost the global Artificial Intelligence in Medical Imaging market because of the awareness in people about diseases and the increasing concern for physical care pulmonology sector, and cardiac sector especially the demand will be higher. Increasing implementation of deep learning in several healthcare applications, specifically in the zones of medical imaging, drug discovery and disease diagnostics, and the usage of various devices and sensors to monitor a patient's health status in real-time, are adding to the growth of the Artificial Intelligence market. The participation of multiple startups in the expansion of AI-driven imaging and diagnostic solutions is the key factor backing to the growth of the A.I. market. US, China and U.K are developing as popular hubs for healthcare innovations. Japan and South-Korea also hold the scope for developing the Artificial Intelligence (A.I.) market in healthcare with skilled workers and technologies they possess.
On the other hand, growing healthcare expenditure and hospitals will further boost various opportunities that will lead to Artificial Intelligence (A.I.) growth in the medical imaging market. Some companies are launching new products to increase their revenue by meeting the emergent need.
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Globally the surge in the demand of Artificial intelligence (A.I.) in medical Imaging market is going to be observed due to the infectious nature of COVID-19 which could be spread via touch, mucous droplets, use of clothes among other and due to lockdown the advancement and the pace for development which was expected is likely reduced, but in coming few years the growth is going to be much higher with increasing awareness of health in people, and more accurate results from Artificial intelligence (A.I.).
IMPACT ON SUPPLY
Due to COVID-19, most of the market supply has been disrupted. Lockdown imposed by many countries is why imports and exports for many markets have been slackened. Global artificial intelligence in the medical imaging market is highly fragmented. The major players have used various strategies such as, expansions, new product launches, joint ventures, agreements, partnerships, acquisitions, and others to increase their footprints in this market. A.I. based medical imaging products rely on the vast supply of medical case data to train the machine model, for that machine learning and deep learning is utilized. This is done to prepare its algorithms and find the patterns in the images and identify specific anatomical markers.
For instance: To find cracks in X-rays we need to first train the model by using training data collected from various databases, hospital data and surveillance among others. After that can provide the test data to machine which then provide us accurate results.
Through a severe analysis of patterns in a given digital image, the imaging algorithms can derive metrics and output that match the radiologist's analyses, which can be useful for quick diagnosis.
Supply of this data is somewhat hampered due to COVID-19: Due to lockdown imposed globally, easy accessibility of hospital data cannot train the machine learning model and without that, artificial intelligence (A.I.) cannot be implemented. The supply chain for data is broken, but this is not entirely true, since most of the patient data is tore on cloud services or databases one could contact the officials and buy that data also, many websites such as Kaggle, github are the example which store data and freely accessible for anyone.
- Better and increasing numbers of diagnostic procedures carried out is expected to drive the market growth and supply for new products.
- Ability and accomplishment of personalized treatment, improved procedures and treatment of the patients are also expected to drive the market growth and concern for physical fitness wearable devices and increase the supply of A.I market.
On the other hand,
- Lack of integration and practical applications of artificial intelligence is expected to restrain the growth.
- High cost and reluctance of adoption of these systems is also expected to restrain market growth.
- Due to COVID-19 easy accessibility of data from hospitals to train machine learning models is not possible.
KEY INITIATIVES BY MARKET PLAYERS DURING COVID-19
Major competitors currently present in the market are BenevolentAI, OrCam, Babylon, Freenome Inc., Clarify Health Solutions, BioXcel Therapeutics, Ada Health GmbH, GNS Healthcare, Zebra Medical Vision Inc., Qventus Inc, IDx Technologies Inc., K Health, Prognos, Medopad Ltd., Viz.ai Inc., Voxel Technology, Renalytix AI plc, Beijing Pushing Technology Co. Ltd., PAIGE, mPulse Mobile, Suki AI Inc., BERG LLC, Zealth Inc., OWKIN INC., and Your.MD.
For instance: A company name BAIDUS implements A.I. to its best during COVID-19 pandemic and this is the major reason why china is having very less number of cases and the graph is flattened. BAIDUS use A.I. in the general camera spreaded across China, then with the help of Heatmapping, they are able to conduct rapid testing and hence able to flattened the number of confirmed cases graph.
COVID-19 virus is likely to leave a long-lasting impact on each market sector. The pandemic of COVID-19 prompted citizens to deal with confusion regarding the virus and its control. The virus poses a risk not just too human life. Still, it has also produced economic distress and severe emotional strain, people are losing their jobs, and every sector has been suffering, which creates turmoil in everyone minds. It is now fashioned to wear masks and gloves due COVID-19 a new system of hygiene is developed worldwide. Though it cannot be said that Artificial Intelligence are not needed earlier. However, the highly contagious nature of the virus and its ease of spread via droplets or even fomites to be known to some extent, the demand of Artificial Intelligence in Medical Imaging and the healthcare field are further increases. Not just for imaging but for the R&D to make a drug or vaccine for the virus. With an increased number of cases, countries should also implement Artificial intelligence (A.I.) such as China did to keep the number of check cases. Artificial intelligence (A.I.) used in imaging gives accurate, reliable, and precise results because it learns from the previous and vast amount of data, so it can detect even slight variations in medical imaging reports and hence the reports which cannot easily detect by a radiologist or human eye can be detected by Artificial intelligence (A.I.) developed machines.