Healthcare Artificial Intelligence Market Overview
Healthcare Artificial Intelligence Market size is projected to register a CAGR of 51.9% and acquire a USD 12.22 Billion during the forecast period. Healthcare Artificial Intelligence Market refers to the applicability of artificial intelligence technology in various domains related to the healthcare industry. Healthcare is a concern of every individual irrespective of age. Artificial intelligence solutions are mainly used by pharmaceutical or biopharmaceutical companies. Healthcare artificial intelligence technology includes the usage of virtual assistants, surgery robots, inpatient care bots., etc, to complete a said task. These help in case of emergency or when patients flow is more.
The usage of artificial intelligence in healthcare was highlighted as many patients had to be treated during pandemic situations COVID’19. As it was infectious, the front-line workers, to some extent, were hesitant as it was life-threatening. The usage of this technology in drug making or vaccination proved to be a good source as the production was more than in normal cases. The only drawback is it requires skilled professionals to operate it. Lack of skilled professionals may disturb the healthcare artificial intelligence market. Artificial intelligence technology in healthcare provides better and fast services and does not completely eradicate human support.
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Healthcare Artificial Intelligence Market Segmentation
The healthcare artificial intelligence market can be segmented based on offering, application, technology, and geography. According to the geography segment, the market can be further divided into North America, Europe, Asia-Pacific, and the rest of the world. The market can be divided into hardware, software, and others according to the offering segment. The market can be grouped based on computer vision, natural language processing, machine learning, and context-aware computing according to the technology segment. According to the application segment, the market is divided into inpatient care and patient data, Hospital management, risk analysis, medical imaging and diagnostics, virtual assistant, drug discovery, lifestyle monitoring and management, research, healthcare assistant robots, mental health, emergency room, surgery, etc. The end-user segment is related to the service provider’s segment. Patients, hospitals & health care providers, pharmaceuticals companies, healthcare payers, etc. come under this group.
Healthcare Artificial Intelligence Market Regional Classification
When analysed geographically, North America has the largest share in the healthcare artificial intelligence market. The software segment in the offering category has the largest share, while the hospitals have the major share in the providers or end-users category. In the technology segment, medical imaging and diagnostics have the largest share in the market size, followed by drug discovery and healthcare assistants.
Healthcare Artificial Intelligence Market Competitive Outlook
Some of the key players profiled in the report include Google, NVIDIA Corporation, IBM Watson Health, Intel Corporation, Koninklijke Philips N.V., DEEP GENOMICS, Next IT Corp., General Vision, General Electric, Stryker, Microsoft Corporation, CloudMedx Inc.
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The need for healthcare cost reduction, decrease in hardware cost, and computing power boost the health artificial intelligence market. The benefits of artificial intelligence solutions enjoyed in the healthcare industry have attracted many investments in different domains. The artificial intelligence solutions used by the pharmaceutical and biopharmaceutical companies worldwide to develop the vaccine or drug development process have allowed a rise in the Healthcare Artificial Intelligence Market. A focus on reducing the cost incurred on the adoption of artificial intelligence in healthcare will be fruitful in driving the market positively.
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