AI has emerged as a boon to control the COVID-19 pandemic and is widely being employed by policy makers, and medical professionals to manage the outbreak effect and accelerate its early detection, prevention, response, recovery and to pace the research.
AI in healthcare market was valued at $4,836.87million in 2019 and is projected to reach $99,491.58 million by 2027, registering a CAGR of 42.8% from 2020 to 2027.
Different interventions ranging from maintenance of patient records & electronic health records (EHR) to application in surgical procedures are gradually incorporating artificial intelligence, thereby revolutionizing healthcare and clinical settings.
The report provides a detailed analysis of the key market players namely
- Welltok, Inc.,
- Nvidia Corporation,
- Intel Corporation,
- IBM Corporation,
- Google Inc.,
- General Vision, Inc.,
- Microsoft Corporation,
- Next IT Corporation,
- Enlitic, Inc.,
- iCarbonX.
They have adopted different strategies such as expansions, partnerships, joint ventures, mergers & acquisitions, collaborations, and others to gain a stronghold in the industry.
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The growth of the global AI in Healthcare Market is driven by the ability of AI to improve patient outcomes, need to increase coordination between healthcare workforce & patients, increase in adoption of precision medicine, and a notable rise in venture capital investments. In addition, a rise in the importance of big data in healthcare is expected to fuel market growth. The market is expected to witness moderate growth during the forecast period, owing to a rise in the adoption of AI systems. Furthermore, technological advancements in AI systems are anticipated to augment market growth. Prospective of AI-based tools for elderly care and the untapped potential of emerging markets, such as China and India, are expected to present various opportunities for market expansion. However, an imprecise regulatory scenario and reluctance among healthcare professionals to adopt AI-based technologies are expected to hamper the market growth.
The report offers a detailed analysis of key segments of the global AI in the healthcare market based on offering, algorithm, application, end-user, and geography. Among algorithms, the natural language processing segment contributed to the highest share in 2019 and would maintain the leadership status by 2027. The deep learning segment would register the highest growth rate in 2019, owing to rise in usage of data mining, signal reduction, and image recognition.
Increase in adoption for precision medicine, surge in investments by venture capitalists, and rise in adoption of precision medicine drive the growth of the global AI in healthcare market. Considerable usage of big data in the healthcare industry would supplement market growth. However, a dearth of standard regulations and lack of adoption among healthcare professionals for the adoption of AI-based technologies would restrain the market growth. On the other hand, the untapped potential from emerging economies including China and India along with the usage of AI-based tools for caregiving of elders would offer various opportunities for the market.
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