Austria Artificial Intelligence (AI) in Diagnostics Market Analysis

Austria Artificial Intelligence (AI) in Diagnostics Market Analysis


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Austria's Artificial Intelligence (AI) in the diagnostics market is projected to grow from $4.0 Mn in 2022 to $xx Mn by 2030, registering a CAGR of xx% during the forecast period of 2022 - 2030. The market will be driven by the aging population with the associated growing ailment burden and the strong-paced technical advancement. The market is segmented by component & by diagnosis. Some of the major players include IBM Watson Health, Siemens Healthineers, and Contextflow.

ID: IN10ATDH002 CATEGORY: Digital Health GEOGRAPHY: Austria AUTHOR: Vidhi Upadhyay

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Austria Artificial Intelligence (AI) in Diagnostics Market Executive Summary

Austria's Artificial Intelligence (AI) in the diagnostics market is projected to grow from $4.0 Mn in 2022 to $xx Mn by 2030, registering a CAGR of xx% during the forecast period of 2022 - 2030. Austria's healthcare system is essentially universal, and service accessibility is typically strong, with full financial protection for deprived areas provided through several exemptions from expense regulations. The Austrian healthcare system is intricately regulated. Austria's healthcare system consists of 271 hospitals and clinics with around 64,800 accessible beds. General hospitals provide for around 64% of hospital beds, specialty clinics and rehabilitation facilities account for 26.6%, and sanatoriums or long-term care institutions account for 7%.

Artificial intelligence (AI) has the potential to transform the area of medical diagnostics in Austria by enhancing diagnosis accuracy, effectiveness, and speed. AI systems can scan massive volumes of medical data, such as patient histories, laboratory results, and medical imaging, to detect trends and make predictions. AI examines medical pictures like X-rays, CT scans, and MRIs to discover and diagnose diseases including cancer, heart disease, and neurological problems. Many hospitals and research organizations in Austria, including the Medical University of Vienna, the Vienna General Hospital, and the Center for Medical Statistics, Informatics, and Intelligent Systems at the Medical University of Vienna are investigating the application of AI in medical imaging.

austria artificial intelligence in diagnostics market analysis

Market Dynamics

Market Growth Drivers

The aging population and associated growing ailment burden, universal health insurance, the strong pace of technical advancement, and bad lifestyle choices, especially high smoking, and alcohol use rates, are the four key drivers in Austria's medical device industry. Moreover, The Institute of Bioinformatics at Johannes Kepler University Linz is working on AI algorithms to forecast the risk of different diseases like cancer, cardiovascular disease, and diabetes. AI is being utilized by the Institute of Pathology at the Medical University of Graz to examine tissue samples of breast cancer patients in order to uncover biomarkers that may be used to predict therapy response. Some hospitals and healthcare institutions in Austria, notably the Vienna General Hospital and the Austrian Health Institute, are employing AI to evaluate electronic health information. Such advances in Austria are expected to drive market expansion in the future.

Market Restraints

The European Union (EU) Medical Device Regulation (2017), which set new, considerably tighter registration, licensing, and auditing standards for all medical devices, is the most major market limitation. Obtaining reimbursement may be a big hurdle for firms developing novel medicines. There is a lack of centralized, standardized data-sharing infrastructure in Austria, which might make accessing and analyzing medical data challenging. There are other technological constraints that might make developing and deploying AI diagnostic tools challenging, such as the requirement for strong computer infrastructure and specific knowledge in machine learning and data processing. There may be doubts about how AI diagnostic tools access and use patient data, which can make gaining regulatory clearance and public confidence challenging.

Competitive Landscape

Key Players

  • GE Healthcare
  • IBM Watson Health
  • Siemens Healthineers
  • Philips Healthcare
  • Google Health
  • AliveCor, Inc.
  • Riverain Technologies
  • Contextflow (AUT)
  • Medicus AI (AUT)
  • ImageBiopsy Lab (AUT)

Notable Deals

February 2023, GE HealthCare to Acquire Caption Health The acquisition adds AI-enabled image guiding to the ultrasound device portfolios of GE HealthCare's $3 billion Ultrasound division.

Healthcare Policies and Regulatory Landscape

The Federal Ministry of Health is in charge of developing and implementing healthcare legislation in Austria, including those governing the use of AI in medical diagnosis. The ministry collaborates with other government agencies and professional groups to ensure that AI diagnostic tools fulfill high safety and effectiveness criteria. The Austrian Agency for Health and Food Safety (AGES) is a government body in Austria that is in charge of ensuring the safety and quality of medical equipment and diagnostic instruments.

Reimbursement Scenario

The statutory national health insurance policy in Austria covers 99% of the population and is based on 21 separate statutory insurance carriers, each with some rather varying price and coverage structures. In general, insurance carriers cover treatment considered essential and effective, with a moderate to considerable co-payment for dental and eye care, as well as health aids. Diagnostic equipment developed for use in a hospital environment must be formally recognized as a reimbursable treatment under the Austrian LKF (Austria's disease-related group points system). The reimbursement decision is based on the findings of a panel convened by the Ministry of Health, which includes physicians, insurance companies, and public officials.

1. Executive Summary
1.1 Digital Health Overview
1.2 Global Scenario
1.3 Country Overview
1.4 Healthcare Scenario in Country
1.5 Digital Health Policy in Country
1.6 Recent Developments in the Country

2. Market Size and Forecasting
2.1 Market Size (With Excel and Methodology)
2.2 Market Segmentation (Check all Segments in Segmentation Section)

3. Market Dynamics
3.1 Market Drivers
3.2 Market Restraints

4. Competitive Landscape
4.1 Major Market Share

4.2 Key Company Profile (Check all Companies in the Summary Section)

4.2.1 Company
4.2.1.1 Overview
4.2.1.2 Product Applications and Services
4.2.1.3 Recent Developments
4.2.1.4 Partnerships Ecosystem
4.2.1.5 Financials (Based on Availability)

5. Reimbursement Scenario
5.1 Reimbursement Regulation
5.2 Reimbursement Process for Diagnosis
5.3 Reimbursement Process for Treatment

6. Methodology and Scope

Artificial Intelligence (AI) in Diagnostics Market Segmentation

  • By Component Outlook Type (Revenue, USD Billion):
    • Software
    • Hardware
    • Services
  • By Diagnosis Outlook Type (Revenue, USD Billion):
    • Cardiology
    • Oncology
    • Pathology 
    • Radiology
    • Chest and Lung
    • Neurology
    • Others

Insights10 will provide you with the reports within 10 key parameters which are:

  1. Market Overview
  2. Market Growth Drivers & Restraints
  3. Epidemiology of Disease Type
  4. Market Segmentation
  5. Market Share
  6. Competitive Landscape
  7. Key Company Profiles
  8. Healthcare Policies & Regulatory Framework
  9. Reimbursement Scenario
  10. Factors Driving Future Growth

Based on our many years of experience, we believe that these are the parameters that are critical to decision-making for business stakeholders. Our focused approach to developing reports focused on 10 key parameters, enabled us to arrive at the name “Insights10”.

 

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The study on the market covers the analysis of the leading geographies such as Asia-Pacific, Africa, Europe, Middle East, North America, and  Latin America for the period of 2022 to 2030. The qualitative analysis covers the industry landscape and trends, market opportunities, competitive landscape, and policy and regulatory scenario, and the quantitative analysis covers different market estimates and forecasts.

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We make sure to finalize the numbers in alignment with the market research. Firstly, our internal experts ensure thorough validation and checking to ensure accurate and precise analysis and then validation is also done using a multiple-data analysis model. Two-level validation is done and entails the finalization of the report scope and the way of representation pattern.

 

 

Stage III: Interpretation and Presentation

Analysis & Interpretation: The information gathered is then analyzed and synthesized. The second series of interviews are done if necessary to check and validate. The future opportunities are analyzed by understanding product commercialization and many other factors. It also comprises the analysis of data discrepancies observed across various data sources. Information procured from secondary and primary results is then, interpreted by considering the following parameters: (a partial list)

  • Establishing market drivers and trends
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The foreign exchange rates are calculated on the respective dates and for the respective regions covered in the study.

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Last updated on: 24 February 2023
Updated by: Shivam Zalke

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