Market Trends of Artificial Intelligence In Ultrasound Imaging Industry
Cardiology Application is Expected to Record Highest CAGR Over the Forecast Period
Cardiac ultrasound, or echocardiography, is a noninvasive diagnostic modality that can provide detailed hemodynamic information in a short period at a patient's bedside. The application of artificial intelligence in cardiac ultrasound is expected to have a significant impact on the market due to the factors like the growing burden of cardiovascular diseases and new collaborations among the major market payers.
The use of artificial intelligence (AI) in echocardiography is currently the subject of extensive research, and this technology may be used to maximize the diagnostic utility of echocardiograms. According to the report published by the Cardiovascular Ultrasound journal in August 2021, it is possible to capture, recognize, and quantitatively evaluate echocardiograms with the help of AI robot technology. The pattern of echocardiography in the future will gradually change to offer useful auxiliary help for patients as AI technology advances which is expected to drive the market over the forecast period.
Furthermore, the new collaborations among the market players are expected to drive the growth of the market. For instance, in April 2022, DiA Imaging Analysis Ltd entered a collaboration with Intel to streamline artificial intelligence (AI) solutions used by echocardiography (Echo) labs. DiA's AI-based software, LVivo Seamless, automatically analyzes cardiac ultrasound images using the Intel Distribution of OpenVINO toolkit to optimize processing time by over 40% while maintaining accuracy. Hence, the collaborations increase the scope of artificial intelligence in cardiac ultrasound and improve the accuracy of imaging, and which is likely to create demand for the product, thereby contributing to the market growth over the study period.
North America is Expected to Hold a Significant Share in the Market Over the Forecast Period
The growing adoption of cutting-edge technology in healthcare systems and the rising incidence of chronic diseases in the region are driving the application of artificial intelligence in ultrasound in North America. The growing prevalence of chronic diseases like cardiovascular diseases and cancer increases the scope for the usage of ultrasound with artificial intelligence, which makes it easy to diagnose diseases.
Furthermore, the FDA issued an action plan in January 2021 to address the issue of locked-in models in FDA-approved AI applications, which includes a predetermined change control plan that permits future modification to their original devices within a specified range of "what to change" and "how to learn" while retaining safety. Hence, new actions by the government on AI applications within medical devices are likely to contribute to the market growth over the forecast period.
Furthermore, the new patent and product approvals in the market are expected to boost the market growth. For instance, in March 2022, Ultrasound AI, Inc., an artificial intelligence company dedicated to improving women's health, was awarded its first patent on International Women's Day for the software powering their groundbreaking predictive diagnostic medical technology, Preterm AI (PAI). PAI combines the power of ultrasound with artificial intelligence to predict preterm birth. Similarly, in February 2022, Butterfly Network Introduced Butterfly Blueprint and FDA-cleared AI guidance & interpretation software to support the practical application of ultrasound information. Thus, such product launches are likely to contribute to market growth over the forecast period.
