Artificial Intelligence in Healthcare Market to Reach Valuation of USD 95.65 Billion by 2028 - Rising Need to Reducing Cost on Healthcare and Saving Time on Complex Healthcare Datasets is Driving Market

Vantage Market Research

Jan 16, 2022

In terms of revenue, the Global Artificial Intelligence in Healthcare Market is expected to reach by 2028, growing at a CAGR of from 2022 to 2028. The key factors influencing the growth of the market are the growing need for reducing healthcare costs and reducing hardware costs by implementing software for storing data on AI platforms.

Key Findings

  • Under the offering segment software, sub-segment is anticipated to dominate the segment for Artificial Intelligence in Healthcare Market and grow at a substantial CAGR.
  • The machine learning sub-segment held a significant market share in 2021 as this is the most common way to diagnose and cure diseases.
  • expected to grow at the fastest CAGR over 2022 to 2028. This region is growing at a rapid pace due to upcoming key players and the rising up-gradation of AI in the healthcare sector.

Some of the key players dominating the Artificial Intelligence in the Healthcare Market include - .

Artificial Intelligence (AI) aims to mimic human cognitive functions. It is bringing a paradigm shift to healthcare, powered by the increasing availability of healthcare data and rapid progress of analytics techniques. AI can be applied to various types of healthcare data (structured and unstructured). Popular AI techniques include machine learning methods for structured data, such as the classical support vector machine and neural network, and modern deep learning, as well as natural language processing for unstructured data. Major disease areas that use AI tools include cancer, neurology, and cardiology. AI applications are applied in the three major areas of early detection and diagnosis, treatment, as well as outcome prediction and prognosis evaluation. Recently AI techniques have sent vast waves across healthcare, even fuelling an active discussion of whether AI doctors will eventually replace human physicians in the future.

North America is expected to hold a significant share in 2021 due to the high demand for AI in the healthcare sector. Countries like U.S and Canada are currently adapting AI in healthcare to store data and help diagnoses diseases. AI in healthcare played a vital role in the COVID-19 pandemic by helping patients’ analysis and helping cure the virus. This module was quickly used in other countries such as Germany, the U.K, India, China, as these were the major countries impacted by COVID-19. The increasing availability of healthcare data and rapid development of big data analytic methods have made possible the recent successful applications of AI in healthcare in North America.

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)