Healthcare Artificial Intelligence Market Overview
The global healthcare artificial intelligence market is likely to thrive at a healthy CAGR of over 51.9% during the review timeframe. The report further predicts that the market will attain USD 12.22 Billion by the end of 2027, says Market Research Future (MRFR).
Artificial intelligence technologies enable doctors to use tools that use faster and more accurate diagnosis and effective treatment. The global healthcare artificial intelligence market has registered enormous growth in the last few years. The market’s growth is mainly credited to the elevating need to bring down healthcare costs. Furthermore, the factors such as reduction in hardware cost, growing number of collaborations and partnerships, heightened need to improve the quality of healthcare services, and soaring focus on creating human-aware AI solutions and systems are also projected to boost the market’s growth over the assessment era. On the other hand, the high costs associated with these AI systems will likely hamper the market’s growth.
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Healthcare Artificial Intelligence Market Segment Analysis
The global market for healthcare artificial intelligence has been fragmented into numerous segments based on end-user, technology, application, component, and region.
Based on components, the global market for healthcare artificial intelligence is divided into services, software, and hardware.
Based on application, the global market for healthcare artificial intelligence is split into automated image diagnosis, clinical trial, virtual nursing assistant, preliminary diagnosis, dosage error reduction, and robot-assisted surgery.
Based on technology, the global market for healthcare artificial intelligence is divided into computer vision, natural language processing, machine learning, context-aware computing, and querying method.
The healthcare artificial intelligence market is split into academic & research laboratories, hospital & diagnostic centers, and pharmaceutical & biotechnology companies based on end-user.
Healthcare Artificial Intelligence Market Regional Analysis
The global market for healthcare artificial intelligence is studied across five major regions: the Middle East and Africa, Asia-Pacific, Europe, Latin America, and the Middle East & Africa.
The MRFR report suggests that the North American region is anticipated to account for the largest share in the global healthcare artificial intelligence market over the forecasted era. The major aspects causing an upsurge in the regional market’s growth are the increasing applications of robot-assisted surgery and the rising biotechnology industry. Furthermore, factors such as the significant presence of major AI innovations, increase in demand for digital health systems, and growing need for better diagnostic and treatment facilities are also projected to positively impact the regional market’s growth.
The European region is anticipated to secure the second position in the global healthcare artificial intelligence market over the assessment era. The regional market’s growth is mainly credited to continuous R&D activities.
The healthcare artificial intelligence market for the Asia-Pacific region is expanding speedily and is projected to register a CAGR of 52.4 percent over the assessment era. The regional market’s growth is credited to the wide number of patients continuously seeking high-quality therapeutic treatment and the increased healthcare spending.
The Middle East & African region is anticipated to record the least growth over the assessment era due to the shortage of specialized healthcare facilities.
Healthcare Artificial Intelligence Market Competitive Analysis
The global healthcare artificial intelligence market is well-known for the presence of a wide number of players. The growing number of research & development activities is projected to intensify the competition over the coming years. the global market for healthcare artificial intelligence has prominent leaders such as CloudMedx Inc, Stryker, Koninklijke Philips N.V, IBM Watson Health, Google, Next IT Corp, Microsoft Corporation, GENERAL ELECTRIC, Intel Corporation, NVIDIA Corporation, General Vision, DEEP GENOMICS, and several others.
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Recent Developments
- March 2022- Mayo Clinic has recently announced the launch of its artificial intelligence startup program with four early-stage health tech companies. Mayo Clinic Platform_Accelerate, a 20-week program, focuses on helping AI-based startups get market-ready by providing access to Mayo Clinic experts in regulatory, clinical, business, and technology domains, emphasizing AI model validation and clinical readiness.
- March 2022- Aimpoint Digital happily announced that Aimpoint Labs’s new venture is now fully functional. Well-reputed data and analytics consulting and solutions development firm, Aimpoint Digital is focused on assisting businesses to grow into analytics-driven organizations by obtaining tangible value from data.
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