Artificial Intelligence (AI) in Healthcare Market to be a Gateway to Future
Global Artificial Intelligence (AI) in the Healthcare Market worth USD USD 6.60 Billion billion in 2021 is expected to reach a market size of USD USD 95.65 Billion billion by 2028, at a CAGR of 46.1%. The healthcare sector is rapidly evolving and is using artificial intelligence to increase productivity and reduce the burden on health workers. AI is used in the healthcare sector to analyze complex diagnostic and medical data.
Artificial Intelligence helps medical professionals find information, interpret images, and plan treatments during medical procedures. Government and the private sector are focused on incorporating artificial intelligence into current research activities, in order to accelerate development related to the COVID-19 vaccine. Artificial Intelligence technology has played a key role in the ongoing COVID-19 epidemic and has had a positive impact on related markets. AI algorithms can be trained with chest CT images, history of exposure, symptoms, and laboratory findings to quickly diagnose patients with COVID-19.
The growing trend of increasing drug use and the increase in clinical trial procedures support the need and distribution of practical expertise in the healthcare sector. The increase in chronic diseases and the increase in the number of adults will have a significant impact on the market growth as well. Artificial Intelligence is being used in cancer research and disease control, which has been increasing in recent times, and this is expected to further the growth of Artificial Intelligence in the Healthcare Market in the forecast period.
Concerns about the safety of patient data could disrupt the growth of the industry. Implementation of AI solutions such as electronic health records, e-doctor instructions, medical applications requires strict data protection. Violations of data security can lead to significant loss of important and confidential information including medical records, which often contain social security numbers, insurance IDs, addresses, and medical information, hence adversely affecting image and career outcomes. In addition, common online security threats include unsolicited attempts to access unauthorized access to information technology programs targeted at physicians, hospitals, their clients, and third-party service providers.
The share of the medical imaging and diagnostic market accounted for approximately 24.6% of the market share by 2020. Artificial intelligence is very active in the field of medical imaging to diagnose and diagnose cancer early. With the latest in-depth learning techniques, artificial intelligence allows for more practical human vision recognition in the field of medical imaging and diagnostics.
The market for Artificial Intelligence in Healthcare is dominated by North America in 2020, with the North America region expected to grow at a much faster CAGR at the time of forecasting. Factors that can promote the growth of Artificial Intelligence in the Healthcare Market require a growing need for collaboration between healthcare professionals and patients, increased acceptance of effective drugs, increased disease growth, and dramatic growth in business investment. In addition, factors such as significant use of big data in the healthcare sector, new technological growth, and demand from China also support the growth of the AI healthcare market in the APAC region.
Key players in the profiles of the global healthcare industry intelligence industry are - Koninklijke Philips (Netherlands), Intel (US), Microsoft (US), Nvidia (US), IBM (US), Siemens Healthineers (Germany), Medtronic (US), Micron Technology (US), Google (US), General Electric Company (US), General Vision (US), Amazon Web Services (US), Johnson & Johnson (US), Enlitic (US), Lunit (South Korea), CloudmedX (US), and Oncora Medical (US) . These companies are also expanding their portfolio to meet the needs of the current epidemic situation, which is also one of the factors that reflects the growing penetration of health care application applications. For example, Qventus has implemented AI-based patient flow systems to assist health facilities in this epidemic situation. Solutions include long-term stay preparation, ICU and med-surge capacity creation, COVID status planner, and critical resource management.
Browse the full Report - Artificial Intelligence in Healthcare Market by Offering (Hardware, Software, Services), by Technology (Machine Learning, NLP, Context-aware Computing, Computer Vision), by Application (Robot-Assisted Surgery, Virtual Nursing Assistant, Administrative Workflow Assistance, Fraud Detection), by End User (Healthcare Providers, Pharmaceutical & Biotechnology Companies, Patients, Payer), by Regions (North America, Europe, Asia Pacific, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)