Healthcare Artificial Intelligence (AI) Market Size, Trends, Growth Insights By Application (Robot-Assisted Surgery, Virtual Nursing Assistant, Dosage Error Reduction, Clinical Trial, Preliminary Diagnosis, Automated Image Diagnosis), Component (Hardware, Software, Services), Technology (Machine Learning, Querying Method, Natural Language Processing), End User (Hospital & Diagnostic Centers, Pharmaceutical & Biotechnology Companies Academic & Research Laboratories) – Global Forecast till 2023
Artificial Intelligence in Healthcare Market Overview
As per the analysis conducted by Market Research Future (MRFR), the global artificial intelligence in healthcare market is estimated to garner a market value of USD 12.22 billion while expanding at a CAGR of 51.9% during the assessment period from 2018 to 2023.
The increasing volume of healthcare data and the growing complexities of datasets are expected to increase the need for AI, which can grow the market in the coming time. The increasing healthcare data and rising amount of cross-industry alliances and agreements are predicted to strengthen the industry in the forecast tenure. On the contrary, the high costs associated with AI systems are anticipated to hamper the market growth during the assessment tenure. However, the emerging players in the developing countries are likely to offer lucrative opportunities that can counter the impeding cause and augment the AI in healthcare market size.
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The transmission of COVID-19 through human contact can be controlled by the usage of robots and AI, which can lessen the risk of transmission by reducing human contact, protecting administrative staff and healthcare workers. For example, NCS Singapore deployed Robotic Process Automation (RPA) solution to automate the admission, discharge, and transfer of patients, which was initially performed manually.
Artificial Intelligence in Healthcare Market Segmentation
The segmental analysis of the global artificial intelligence in healthcare market is done by technology, types, application, and end-user.
The technology-based segments of the global Artificial Intelligence in Healthcare Market are pattern recognition, context awareness, language and image processing, deep learning, querying, and others.
The types-based segments of the global Artificial Intelligence in Healthcare Market are software, hardware, and services. Among all, the hardware segment is estimated to procure the maximum growth while thriving at a CAGR of 52.4% during the assessment tenure.
The application-based segments of the global Artificial Intelligence in Healthcare Market are clinical trials, virtual nursing assistants, robot-assisted surgery, preliminary diagnosis, automated image diagnosis, and dosage error reduction. Among all, the automatic image diagnostic segment is likely to witness the highest CAGR of 52.5% during the assessment timeframe.
The end-user segments of the global Artificial Intelligence in Healthcare Market are pharmaceutical & biotechnology companies, academic & research laboratories, and hospitals & diagnostic centers. Among all, the hospitals and research centers are expected to procure significant traction during the forecast period.
Artificial Intelligence In Healthcare Market Regional Analysis
The global Artificial Intelligence in Healthcare Market is predicted to be dominated by North America during the forecast period. The rapid expansion of the biotechnology industry in the region can be recognized as one of the most significant cause that can grow the regional market. The on-going AI innovations and launch of products are anticipated to be another salient cause that can strengthen the market during the forecast period. Furthermore, the rising partnerships among key players are expected to enhance the AI in healthcare market during the forecast period.
For example, BioMarin and Deep Genomics have announced their collaboration to discover and develop oligonucleotide drug candidates for four rare diseases. The partnership is anticipated to aid in propelling the market growth during the forecast period. On the other hand, APAC is projected to be the fastest-growing market while thriving at a CAGR of 52.4 percent during the review tenure. The rising number of startups in the region is expected to contribute significantly in the coming tenure. For instance, Healthtech startup MFine has raised USD 16 million in funding led by Heritas Capital. Europe is anticipated to procure the second largest market share during the forecast period. The rise of the European market can be attributed to the increasing R&D investment. MEA can display sluggish growth during the projection period. The Middle East countries are anticipated to make a significant contribution in developing the regional market owing to their economic stability.
Artificial Intelligence In Healthcare Market Key Players
Some of the renowned players of the global Artificial Intelligence in Healthcare Market are Medtronic Plc., IBM Corporation, NVIDIA Corporation, Microsoft Corporation, Intel Corporation, Deep Genomics, Inc., Siemens Healthineers GmbH, Google, Inc., General Electric Company, CloudMedx Inc., Koninklijke Philips N.V., General Vision, Inc., Johnson & Johnson, Stryker Corporation, and others.
Artificial Intelligence In Healthcare Industry News
Nuance Communications, based out of Boston, has acquired Saykara, a Seattle health-tech startup.
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The Saudi Data and Artificial Intelligence Authority (SDAIA) announced that it has partnered with Dutch Technology Company Royal Phillips to support the usage of AI in the Kingdom’s healthcare sector.
The state government of Telangana has announced the plan to invest in AI for public healthcare and improve its infrastructure.
Highmark Health, based out of Pittsburgh, and Google Cloud announced a six-year strategic collaboration to leverage analytics, cloud, and AI to power the organization’s digital health initiatives.
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