In the global healthcare arena, artificial intelligence (AI) has emerged as a disruptive transformational force. In the patient care continuum, both providers and applicants have benefited from the profound influence of AI-driven instruments. The healthcare space has grown and developed on an unprecedented scale over the past decade, and the role of AI integration in this sector has been extremely important. Healthcare AI provides companies with numerous opportunities to draw on state-of-the-art technologies and deliver more successful treatments, ranging from chronic diseases such as cancer to radiological procedures and risk evaluation. AI provides several advantages over conventional analytical approaches and decision-making processes in the healthcare space.
In order to achieve specific patient outcomes, health-related AI technologies are aimed at promoting and innovating care procedures. Vanguard AI-powered systems and instruments have been developed by several world-renowned medical institutions, including the Memorial Sloan Kettering Cancer Center, the British National Health Services (NHS), and the Mayo Clinic. In clinical activities such as disease diagnosis, medication development, development of treatment plans, patient monitoring & care, and development of personalized medicine, these instruments find broad use. In addition, by designing different AI algorithms for healthcare, many tech conglomerates, such as Google, Apple, and IBM, have also forayed into the healthcare space in recent years.
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Key Highlights From The Report
- A major expansion of global AI in the healthcare industry has resulted in developments in AI and data analytics. Artificial intelligence is now being implemented by hospitals and other healthcare organizations around the world to strengthen their organizational programs, helping them to broaden cost savings, boost patient satisfaction, and meet the increasing demands of staffing and labor.
- The rising amount of healthcare data, the increasing need to reduce increasing healthcare costs, the increasing complexity of datasets, the growing disparity between patients and the healthcare workforce, and the increasing need to develop computational capacity and reduce hardware costs are some of the other important factors that drive the growth of the global AI in the healthcare sector.
- However, the absence of a professional or tech-savvy workforce and reluctance among many medical practitioners to adopt AI-based innovations are the main constraints for global AI in healthcare market development.
- In 2019, with an unprecedented USD 653.9 million market value, North America dominated the global AI in the healthcare market. During the forecast years, the region is expected to retain its market-leading position. The growth of AI in the region’s healthcare market is mainly due to the increasing adoption of HCIT solutions and the increasing emphasis on health management.
- Asia Pacific AI in the healthcare market is likely to show lucrative growth over the projected period, owing to unique factors, such as growing R&D spending, rising population disposable incomes, increasing developments in the pharmaceutical and biotechnology sectors of the country, as well as an expanding pool of patients.
- The leading companies operating in the global AI in healthcare market include IBM (Watson Health), AiCure, Atomwise, Inc., Lifegraph, APIXIO, Inc., Cyrcadia Health Inc., Enlitic, Inc., iCarbonX, Zebra Medical Vision Ltd., Butterfly Network, Inc., Insilico Medicine, Inc., Sophia Genetics, Pathway Genomics Corporation, Modernizing Medicine, Sense.ly, and Welltok, among others.
- IBM had acquired RedHat in July 2019 to pair its innovation and industry expertise with RedHat’s open hybrid cloud technologies. Together, the companies developed a next-generation hybrid multi-cloud platform for healthcare organizations to help them securely manage medical data and deploy the applications on multiple public and private clouds and premises.
- In March 2020, EBSCO Information Services collaborated with IBM Watson Health to provide access to organizations for evidence-based drug and disease information, which could help them cope with severe infectious diseases, including COVID-19.
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Global AI in Healthcare Market Segmentation:
Technology Type Outlook (Revenue, USD Billion; 2017-2027)
- Machine Learning
- Deep Learning
- Reinforcement Learning
- Supervised Learning
- Unsupervised Learning
- Others
- Computer Vision
- Context-Aware Computing
- Natural Language Processing
Offering Outlook (Revenue, USD Billion; 2017-2027)
- Software
- AI Platform
- Machine Learning Framework
- Application Program Interface
- AI Solutions
- Cloud
- On-Premise
- Deployment & Integration
- Support & Maintenance
- Hardware
- Processor
- GPU
- MPU
- ASIC
- FPGA
- Network
- Memory
Application Outlook (Revenue, USD Billion; 2017-2027)
- Inpatient Care & Hospital Management
- Medical Imaging & Diagnostics
- Lifestyle Management & Patient Monitoring
- Drug Discovery & Research
- Patient Data & Risk Analysis
- Virtual Assistants
- Healthcare Assistance Robots
- Emergency Room & Surgery
- Precision Medicine
- Mental Health
- Wearables
- Cybersecurity
End-User Outlook (Revenue, USD Billion; 2017-2027)
- Pharmaceuticals & Biotechnology Companies
- Hospitals & Healthcare Providers
- Healthcare Payers
- Patients
- Others (ACOS and MCOS)
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Regional Outlook (Revenue, USD Billion; 2017-2027)
- North America
- U.S.
- Mexico
- Canada
- Asia Pacific
- India
- Japan
- South Korea
- China
- Rest of Asia Pacific
- Europe
- UK
- Germany
- Italy
- France
- Spain
- Rest of Europe
- Latin America
- Brazil
- Middle East & Africa
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