Growing need to reduce healthcare costs & AI technologies is driving the growth in global AI in Healthcare market in the forecast period.
According to TechSci report on, “AI in Healthcare Market – Global Industry Size, Share, Trends, Competition, Opportunities and Forecast, 2017-2027”, the Global AI in healthcare market stood at USD 8231.36 Million in 2021 and is expected to grow at a CAGR of 21.56% during the forecast period because of the growing need to reduce healthcare costs using it & AI technologies. AI can save massive healthcare spending while also delivering patient-centric care and devotion. Artificial intelligence (AI) is booming in the medical profession. It also lowers drug research and drug discovery expenses. Furthermore, end-users are being pushed to deliver solutions faster as AI advances. AI can assist in areas such as clinical activity, screening, diagnosis, and medical imaging, to name a few.
Automation and AI adoption reduce the workloads of humans. The adoption of AI technology can create a plethora of new roles and possibilities. Still, the lack of a competent workforce is a barrier to the industry. There is a lack of standardized regulations and guidelines for medical device manufacturers to obtain approval for AI implementations. Healthcare workers and doctors are reluctant to use AI-based solutions to treat patients because they believe that AI will replace them in the future. The growing consumer use of digital health technologies has compelled healthcare professionals to do the same, and doctors’ preconceptions about them could be a barrier.
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The global AI in healthcare market segmentation is based on offering, technology, application, end-user, competitional landscape, and regional distribution. Based on offering, the market is further divided between software and hardware. The increasing rate at which AI-based software solutions are being adopted by healthcare providers and patients is driving the growth of software segment. In September 2019, for example, GE Healthcare partnered with five Chinese local software developers, including 12Sigma technologies, Biomind, Shukun technology, Yizhun Medial AI, and YITU technology, to collaborate on developing the Edison AI platform and supporting GE Healthcare’s smooth digital transformation. The software solutions segment, on the other hand, is expected to be profitable over the projected period. The increased penetration of AI-based technologies in numerous healthcare applications, such as cybersecurity, clinical trials, virtual assistants, robot-assisted surgeries, telemedicine, dose error reduction, and fraud detection. Furthermore, the expanding number of strategic activities made by major companies, such as alliances and seed investments, are contributing to the growth potential.
Based on technology the market is further divided into machine learning, computer vision, natural language processing, context-aware computing. Machine learning has been one of the focus areas of AI research and investment over the past ten years in artificial intelligence. The medical imaging segment of healthcare offers many opportunities for machine and deep learning applications. A huge number of medical images can be used for computer vision models, which can then be matched with validated patient diagnoses. These devices can therefore assist clinicians in processing a greater number of patient cases while reducing diagnostic errors.
Some of the major companies operating in the global AI in healthcare market include:
- Alphabet Inc.
- Microsoft Corporation
- Intel Corporation
- NVDIA Corporation
- Medtronic Plc
- Koninklijke Philips NV
- Siemens Healthineers AG
- General Electric Company
- Micron Technology, Inc.
- Amazon Web Services Inc
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“Based on region, the North American region is estimated to hold the greatest share of 40.77% in the forecast period. The expansion of AI in the healthcare market is being fueled by its well-established healthcare infrastructure and supporting government laws for product type commercialization. Moreover, increasing adoption of AI technology across the continuum of care, particularly in the United States, and high healthcare spending combined with the onset of the COVID-19 pandemic, which has accelerated the adoption of AI in hospitals and clinics across the region.,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
AI in Healthcare Market- Global Industry Size, Share, Trends, Competition, Opportunities and Forecast, 2017-2027 By Offering (Software v/s Hardware) By Technology (Machine Learning, Computer Vision, Natural Language Processing, Context-Aware Computing By Application (Medical Imaging & Diagnostics, Robotic Surgeries, Drug Discovery, Inpatient Care & Hospital Management, Patient Data & Risk Analysis, Others) By End User (Healthcare Providers, Pharmaceutical & Biotechnology Companies, Patients, Others) By Region, Competition Forecast & Opportunities”, has evaluated the future growth potential of global AI in healthcare and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in global AI in healthcare market.
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