According to our new research study on “Artificial Intelligence (AI) in Healthcare Market Forecast to 2027 – COVID-19 Impact and Global Analysis – by Component, Application, and End User,” the market is expected to reach US$ 107,797.82 million by 2027 from US$ 3,991.23 million in 2019; it is estimated to grow at a CAGR of 49.8% from 2020 to 2027. The report highlights trends prevailing in the market, and the factors driving and hindering the market growth. The growth of the artificial intelligence in healthcare market is attributed to the rising application of artificial intelligence in healthcare, growing investment in AI healthcare start-ups, and increasing cross-industry partnerships and collaborations. However, dearth of skilled AI workforce and imprecise regulatory guidelines for medical software is the major factor hindering the market growth.
Artificial intelligence in healthcare is the use of machine-learning algorithms and software to analyze, process and present complex medical and health care data. It has been widely used to support clinical decisions, improve workflows and predict health outcomes. Thus, wide application of AI in the healthcare sector is likely to propel the growth of the market. The growth of the artificial intelligence in healthcare market is attributed to the rising application of artificial intelligence in healthcare, growing investment in AI healthcare start-ups, and increasing cross-industry partnerships and collaborations. However, dearth of skilled AI workforce and imprecise regulatory guidelines for medical software is the major factor hindering the market growth.
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Microsoft, Koninklijke Philips N.V., Intel Corporation, General Electric Company, Alphabet Inc., NVIDIA CORPORATION, Nuance Communications, Inc., Siemens Healthineers AG, Arterys Inc., and Johnson & Johnson Services, Inc. are among the leading companies operating in the artificial intelligence in healthcare market.
Based on application, the artificial intelligence in healthcare market is segmented into robot assisted surgery, virtual assistants, administrative workflow assistants, connected machines, diagnosis, clinical trials, fraud detection, cybersecurity, dosage error reduction, and others. The clinical trials segment held the largest market share in 2019, and the robot assisted surgery segment is estimated to register the highest CAGR during the forecast period. Rising adoption of robotic surgeries due to better surgical outcomes offer lucrative opportunities for the growth of robotic assisted surgery segment.
The artificial intelligence in healthcare market is expected to witness substantial growth post-pandemic. The global healthcare infrastructure has observed that, in order to develop and maintain sustainable healthcare setup, utilization of computational technologies such as artificial intelligence becomes crucial. Moreover, majority of the market players have focused on development of AI-powered models to fight against coronavirus pandemic. In addition, several number of research centers and governments have actively participated in the building of robust AI technologies which are assisting the healthcare professionals to work efficiently even under shortage of resources. These factors will eventually drive the market growth.
The complexities related to interpreting images and conducting analysis result in the adoption of AI-based applications. With deep learning programs and expertise categorization, AI-based imaging systems are equipped with quick image reading algorithms, which further includes MRIs and CT scans. The system helps doctors and healthcare professionals to improve performance with better diagnostics and proves to be a vital tool in combating the shortage of radiologists in the hospital. As per the latest paper published in the Future Healthcare Journal in March 2020, AI will be integrated in the healthcare field for diagnosis and treatment approvals, patient engagement and adherence, and the healthcare workforce’s administrative events. For instance, AI-Rad Companion Chest CT, developed by Siemens Healthineers, is an AI-powered healthcare solution that can read the chest CT images, accomplish automatic measurements, and formulate the medical report with valuable clinical images and quantifications.
The report segments artificial intelligence (AI) in healthcare market as follows:
By Component
- Software Solution
- Hardware
- Services
By Application
- Robot Assisted Surgery
- Virtual Assistants
- Administrative Workflow Assistants
- Connected Machines
- Diagnosis
- Clinical Trials
- Fraud Detection
- Cybersecurity
- Dosage Error Reduction
- Others
By End User
- Hospitals & Healthcare Providers
- Patients
- Pharma & Biotech Companies
- Healthcare Payers
- Others
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