Healthcare Artificial Intelligence (AI) Market Trends, Growth and Insights By Component (Hardware, Software, Services), Application (Robot-Assisted Surgery, Virtual Nursing Assistant, Dosage Error Reduction, Clinical Trial, Preliminary Diagnosis, Automated Image Diagnosis), Technology (Machine Learning, Querying Method, Natural Language Processing), End User (Hospital & Diagnostic Centers, Pharmaceutical & Biotechnology Companies Academic & Research Laboratories)
AI in Healthcare Market Overview
The Global AI in healthcare market is expected to appreciate rapidly to reach a whopping USD 12.21 billion by the end of 2023, at a CAGR of 51.9% during the forecast period of 2018 to 2023.
AI in Healthcare Market Dynamics
Artificial intelligence is being applied in a growing number of healthcare-related research projects. Illness detection, chronic disease management, and medication discovery are just a few of the important healthcare areas where AI is now being applied. AI provides more efficiency, which is predicted to lead to the development of new applications that are highly advantageous. The rising usage of AI in clinical trials to discover eligible people for investigation can also be related to the expansion of AI in healthcare. AI can also be utilized to alleviate the need for highly skilled healthcare staff. There is currently a rapidly developing human resource crisis in healthcare, and the need for healthcare is increasing, yet there are not enough healthcare professionals to meet the demand. AI in diagnostics, big data analytics, administrative chores, and other areas will certainly increase healthcare management efficiency, allowing clinicians to spend more time with patients and hence improve care quality.
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Healthcare institutions will not be able to use AI solutions without the proper permissions and legal approval, therefore strict limitations are predicted to limit market expansion. Furthermore, the expenses of AI systems are extremely high because it is still a relatively new technology that necessitates a significant investment in all of the components. These systems also necessitate routine maintenance and repair, which adds to the high cost of AI systems in healthcare, posing a challenge to the market’s growth. During the projection period, however, expenditures in R&D of AI systems for healthcare applications, as well as the growing desire for further advancement, are likely to generate potential prospects.
AI in Healthcare Market Segmental Analysis
The global artificial intelligence market is divided into components, applications, technologies, end-users, and regions.
Software, hardware, and services are the three primary categories of healthcare AI components. The hardware market is predicted to increase at the fastest rate, with a CAGR of 52.4 percent over the forecast period. Due to its importance in the setup of a fundamental AI framework, this segment also has the biggest AI in healthcare market share.
Virtual nursing assistants, robot-assisted surgery, dosage error reduction, clinical trials, preliminary diagnosis, and automated picture diagnosis are some of the AI applications in healthcare. Because it provides precision and flexibility in difficult procedures, the robot-assisted surgery segment has acquired the greatest share of the worldwide healthcare artificial intelligence market. The automated image diagnostic segment, on the other hand, has a lot of room for growth and is predicted to grow at a CAGR of 52.5 percent throughout the assessment period.
Natural language processing, machine learning, querying methods, and other technologies used in healthcare AI segment the global market. The machine learning sector holds the largest AI in healthcare market share and has the greatest growth potential during the projection period. Machine learning allows AI systems to learn without programming by allowing them access to data; the benefits of this are predicted to drive the segment’s growth at a CAGR of 52.4 percent.
Pharmaceutical and biotechnology firms, universities and research laboratories, and hospitals and diagnostic centers are the end-users of AI in healthcare. A substantial number of AI applications are projected to be used by hospitals and diagnostic centers. As a result, observations regarding the category show that it has a large size and a high CAGR of 52.7 percent during the predicted period.
AI in Healthcare Market Regional Overview
The Americas, Europe, Asia Pacific, and the Middle East and Africa are among the regions included in the AI in healthcare market analysis. The Americas now hold the biggest market share, which is expected to continue over the projection period. Due to the presence of a well-established healthcare system, developed countries such as the United States lead the regional AI in healthcare market in terms of growth. A burgeoning biotechnology industry and an increase in the usage of robot-assisted surgery are two significant factors that have propelled the Americas to the forefront. Because of the ongoing R&D initiatives in the region for healthcare AI, Europe is the second largest market. The region’s growth trajectory is comparable to that of the Americas, and the fast adoption of AI in healthcare is boosting market growth.
The Asia Pacific region is a fast-rising AI in healthcare market, with a CAGR of 52.4 percent predicted during the projection period. The region has a large patient population, which is driving up demand for high-quality chronic illness therapeutic care. The healthcare sector in the region is rapidly expanding as a result of increased investment. Meanwhile, due to a lack of advanced healthcare services in the majority of the region, the Middle East and Africa will grow slowly in comparison to other regions. The MEA region’s emerging economies are expected to have the greatest impact on market growth.
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AI in Healthcare Market Competitive Dynamics
Influential players that have been recorded in the reports competitive analysis include
- Intel Corporation
- DEEP GENOMICS
- Microsoft Corporation
- CloudMedx Inc.
- Next IT Corp.
- Stryker Corporation
- Koninklijke Philips N.V.
- IBM Watson Health
- General Vision
- General Electric
- NVIDIA Corporation
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