icometrix NV

CHICAGO, Oct. 19, 2023 /PRNewswire/ -- In the near future, Artificial Intelligence (AI) is poised to revolutionize the medical diagnostics industry, offering unprecedented accuracy and efficiency in disease detection and patient care. Through the integration of machine learning algorithms and advanced imaging technologies, AI-driven diagnostic systems will enable healthcare professionals to swiftly and accurately identify a wide range of medical conditions, from cancer and cardiovascular diseases to rare genetic disorders. This transformation promises faster and more cost-effective diagnoses, reduced human error, and ultimately, improved patient outcomes. As AI continues to advance, its role in medical diagnostics will not only enhance the capabilities of healthcare providers but also make healthcare more accessible and effective for people worldwide. Artificial Intelligence (AI) in Medical Diagnostics Market in terms of revenue was estimated to be worth $1.3 billion in 2023 and is poised to reach $3.7 billion by 2028, growing at a CAGR of 23.2% from 2023 to 2028 according to a new report by MarketsandMarkets. Growth in this market is majorly driven by the accessibility of funding for AI-based startups, and the mounting number of cross-industry partnerships & collaborations. However, Inadequate AI workforce and ambiguous regulatory guidelines for medical software are factors expected to restrain the market growth. Download an Illustrative overview: Browse in-depth TOC on "Artificial Intelligence (AI) in Medical Diagnostics Market" 401 - Tables 46 - Figures 341 - Pages Artificial Intelligence (AI) in Medical Diagnostics Market Scope: "Software segment is estimated to account for the largest share of the AI in Medical Diagnostics Market in 2023, by component" On the basis of components, the AI in medical diagnostics market is segmented into software, hardware, and services. In 2023, the software segment is expected to hold the largest share of this market, while the software segment is estimated to grow at a higher CAGR from 2023 to 2028. Software solutions empower healthcare providers to maintain a competitive edge, even in the face of challenges such as staffing shortages and the growing volume of imaging scans. "The In Vivo Diagnostics segment is estimated to account for the largest share of the AI in Medical Diagnostics Market in 2023, by application" On the basis of application, AI in medical diagnostics market is divided into in vivo and in vitro diagnostics. In 2023, the in vivo diagnostics segment is expected to hold the largest share of this market. Factors such as rising adoption of AI solutions by practitioners, as these solutions aid lower human errors and advance treatment efficacy. However, the in vitro diagnostics segment is estimated to register highest CAGR during forecast period. In Vitro diagnostics is conducted mainly conducted in diagnostic laboratories, pathologies, microbiology centers, and immunology centers. However, in Vitro diagnostics has high growth potential,as it is largely untapped, especially in emerging markets. "The Hospital segment is estimated to account for the largest share of the AI in Medical Diagnostics Market in 2023, by end user" On the basis of end users, AI in medical diagnostics market is segmented into hospitals, diagnostic imaging centers, diagnostic laboratories, and other end users. In 2023, the hospitals segment is expected to hold the largest share of this market. Growth in this segment is driven by rising use of minimally invasive processes in hospitals to focus on quality of patient care, and the mounting adoption of advanced imaging modalities to improve workflow efficiency. "North America to dominate the AI in medical diagnostics market in 2023" On the basis of region, AI in medical diagnostics market has been segmented into North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa. In 2023, North America is projected to account for the largest market share of this market. However, the Asia Pacific market is projected to register the highest CAGR during the forecast period. The high growth rate of the Asia Pacific market can be due to expanding number of cancer patients in Asia Pacific countries and growth approaches companies implement in emerging markets. Request Sample Pages: Artificial Intelligence (AI) in Medical Diagnostics Market Dynamics: Drivers: Influx of big data Growing number of cross-industry partnerships & collaborations Increasing demand for AI-based solutions to reduce work pressure on radiologists Rising government initiatives to drive AI-based technologies Availability of funding for AI-based startups Restraints: Reluctance among medical practitioners to adopt AI-based technologies Inadequate AI workforce and ambiguous regulatory guidelines for medical software Opportunities: Untapped emerging markets Growing potential of AI in imaging diagnostics for COVID-19 Increasing focus on developing human-aware AI systems Challenge: Budgetary constraints Unstructured healthcare data Data privacy concerns Limited interoperability for AI solutions Key Market Players of Artificial Intelligence (AI) in Medical Diagnostics Industry : Prominent players in AI in Medical Diagnostics market are Microsoft (US), NVIDIA Corporation (US), Merative (US), Intel Corporation (US), Google (US), Siemens Healthineers (Germany), GE HealthCare (US), Digital Diagnostics Inc. (US), Advanced Micro Devices, Inc. (US), InformAI (US), HeartFlow, Inc. (US), Enlitic, Inc. (US), icometrix (Belgium), Aidence (Netherlands), Butterfly Network, Inc. (US), Nano-X Imaging LTD. (Israel), Viz.ai, Inc (US), Quibim (Spain), Qure.ai (India), Therapixel (France), Aidoc (US), Koninklijke Philips N.V. (Netherlands), Lunit, Inc. (South Korea), EchoNous, Inc. (US), and Brainomix (UK). Recent Developments: In September 2023, Mayo Clinic (US) and GE HealthCare (US) collaborated on research and product development programs to better equip clinicians and help diagnose and treat medical conditions. In January 2023, Intel Corporation (US) launched 4th Gen Intel Xeon Scalable processors (code-named Sapphire Rapids), the Intel Xeon CPU Max Series (code-named Sapphire Rapids HBM) and the Intel Data Center GPU Max Series (code-named Ponte Vecchio), delivering a leap in data center performance, efficiency, security and new capabilities for AI, the cloud, the network and edge, and the world's most powerful supercomputers. In October 2022, Google Cloud (US) launched Medical Imaging Suite, a new industry solution that makes imaging healthcare data more accessible, interoperable, and useful. Google Cloud enables the development of AI for imaging to support faster, more precise diagnosis of images, increased productivity for healthcare workers, and improved care access and patient outcomes. In January 2022, Siemens Healthineers (Germany) and Ohio State Wexner Medical Center (US) partnered to provide cutting-edge imaging and treatment technology to Ohio State patient care, research institutions, and the surrounding regions. The alliance offers cutting-edge radiation oncology and advanced imaging modalities on the Outpatient Care West Campus. Get 10% Free Customization on this Report: Artificial Intelligence (AI) in Medical Diagnostics Market Advantages: Improved Accuracy: AI systems can analyze vast amounts of medical data with precision, reducing the likelihood of human errors in diagnosis and increasing the accuracy of results. Early Disease Detection: AI can detect diseases at an earlier stage when treatment is often more effective, potentially saving lives and reducing healthcare costs. Efficiency: AI streamlines the diagnostic process, providing rapid results and reducing the time patients spend waiting for diagnoses, which can lead to quicker treatment and better outcomes. Cost Reduction: AI can reduce the cost of medical diagnostics by automating tasks and increasing the efficiency of healthcare professionals, making healthcare more accessible and affordable. Personalized Medicine: AI can analyze patient data to tailor treatment plans, taking into account individual genetic, lifestyle, and environmental factors, thus enhancing the effectiveness of treatment. Remote Diagnostics: AI enables remote diagnostics and telemedicine, improving access to healthcare in remote or underserved areas, and during global health crises like pandemics. Data Analysis: AI can process vast amounts of data from various sources, such as medical records, images, and patient histories, to assist in complex diagnostic processes and research. Continuous Monitoring: AI can provide real-time monitoring of patients, alerting healthcare providers to changes in health status and enabling timely interventions. Enhanced Imaging: AI can enhance the quality of medical imaging, such as MRI and CT scans, allowing for more accurate and detailed diagnoses. Research and Drug Discovery: AI aids in drug discovery, identifying potential compounds and accelerating the development of new treatments, ultimately advancing medical science. Reduced Physician Workload: AI can handle routine, time-consuming tasks, allowing physicians to focus more on patient care and complex cases. Consistency: AI systems provide consistent results, eliminating variations that can occur due to human factors and making diagnostic and treatment processes more reliable. These advantages highlight the transformative potential of AI in the medical diagnostics market, improving patient care, increasing efficiency, and advancing the capabilities of healthcare professionals. Related Reports: Diagnostic Imaging Market - Global Forecasts To 2028 Ultrasound Market - Global Forecasts to 2028 Breast Imaging Market - Global Forecasts to 2028 Diagnostic Imaging Services Market - Global Forecasts to 2027 Nuclear Imaging Equipment Market - Global Forecasts to 2025 About MarketsandMarkets™: MarketsandMarkets™ has been recognized as one of America's best management consulting firms by Forbes, as per their recent report. MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients. Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes. The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing. Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry. To find out more, visit ™.com or follow us on Twitter, LinkedIn and Facebook. Contact: Mr. Aashish Mehra MarketsandMarkets™ INC. 630 Dundee Road Suite 430 Northbrook, IL 60062 USA: +1-888-600-6441 Email: [email protected] Research Insight: Visit Our Website: Content Source: Logo: SOURCE MarketsandMarkets

Belgium-based brain imaging AI company icometrix announced it received a CPT III code from the American Medical Association enabling reimbursement of its FDA-cleared brain MRI quantification software. icometrix AI-supported quantitative brain analysis software provides metrics for cerebral MRI scans to help clinicians diagnose, monitor and evaluate treatment responses in patients with neurological conditions, such as Alzheimer's disease and dementia, multiple sclerosis, epilepsy, stroke and Parkinson's disease. The CPT code will allow qualified healthcare professionals to report their use of icometrix brain imaging AI software as a practice expense. THE LARGER TREND icometrix received $18 million in funding in 2019 to grow its brain software. The Belgium company garnered FDA clearance for its icobrain-ctp offering in February 2020. Last month, the company announced it was awarded a grant from the Michael J. Fox Foundation to research brain MRI biomarkers for Parkinson's disease in collaboration with a neurology and neurological sciences professor at Stanford Medicine. In March, icometrix received a £1,417,658 ($1,798,944) grant from the National Institute for Health and Care Research to accelerate research in the imaging of multiple sclerosis. Another company using AI software to help providers diagnose brain disorders is South Korean health tech company Neurophet. In April, it obtained certification from Singapore's Health Sciences Authority for its AI-enabled degenerative brain disease diagnosis assistant software.

LEUVEN, Belgium and BOSTON, June 6, 2023 /PRNewswire/ -- Icometrix world leader in imaging artificial intelligence (AI) solutions for people with neurological conditions, has been awarded a grant from The Michael J. Fox Foundation for Parkinson's Research (MJFF) to continue efforts in research towards brain MRI biomarkers for Parkinson's disease (PD). The research is led in collaboration with co-principal investigator Kathleen Poston, MD, professor of Neurology & Neurological Sciences at Stanford Medicine. Nearly 10 million people worldwide are living with PD. The most common symptoms include motor problems such as shaking, stiffness as well as difficulties with walking and balance. In addition, approximately 30% of patients with PD develop cognitive problems in the early stages of the disease, with a life-long risk of up to 80%. However, PD is extremely diverse with no two people experiencing the disease in the same way. This highlights the need for a personalized prognosis and treatment approach. "PD monitoring is typically performed based on clinical scores that are subjective and do not allow for a fine-grained evaluation of disease characteristics. Early and specific prediction of the disease progression is therefore challenging. It also restricts our understanding of the underlying neurodegenerative pathophysiology and thereby hampers research on disease modifying therapies in an already highly diverse PD population," explains Annemie Ribbens, VP Science & Trials at icometrix. "With this research, we aim to evaluate brain MRI patterns of PD patients that identify, early on, patients at risk for cognitive or motor problems." This grant from The Michael J. Fox Foundation supports the development of a regulatory cleared solution to automatically analyze brain MRI scans to improve monitoring of PD patients in clinical routine, as well as for patient selection and outcome assessment in multi-center drug development trials. This PD-specific MRI solution will be added to the CE-marked* and FDA-cleared icobrain portfolio of icometrix that also contains solutions for Multiple Sclerosis, Alzheimer's disease, epilepsy, stroke and traumatic brain injury. The first promising results of this project were presented at ADPD on April 1st 2023. Brain MRI scans from Stanford and MJFF's landmark, Parkinson's Progression Markers Initiative (PPMI),were evaluated in terms of volumetric patterns and correlated to corresponding clinical scores for motor and cognitive function. The results show that regional brain volumetry assessment can serve as an important biomarker in prediction and differentiation of PD patients at risk for motor and/or cognitive disability progression. About icometrix Founded in 2011, icometrix (Leuven, Belgium | Boston, MA, USA) strives for data-driven insights and personalized patient care, supported by AI. icometrix offers a portfolio of eight regulatory approved AI solutions to assist healthcare with various challenges; icobrain extracts data from brain MRI and CT scans for the radiological reporting and clinical management of neurological disorders such as multiple sclerosis, brain trauma, epilepsy, stroke, dementia, and Alzheimer's disease. icompanion, a digital platform, and mobile app helps people with MS and their care team to monitor clinical symptoms and treatments efficiently and objectively. Today, icometrix is internationally active and integrated into more than 100 clinical practices. In addition, icometrix supports pharmaceutical companies in phase I-III trials as well as in Real-World Evidence (RWE) studies through imaging and data services, and digital health strategy. * CE 1639 icobrain mr and icobrain ct is CE marked as class Im device