Artificial Intelligence In Healthcare Market Report, Industry Size, Growth, Share and Forecast 2027
According to the latest report by IMARC Group, titled, “Artificial Intelligence in Healthcare Market: Global Industry Trends, Share, Size, Growth, Opportunities and Forecast 2022-2027“ Provides a comprehensive analysis of the industry, including insights on the global artificial intelligence in healthcare market share. The global artificial intelligence in healthcare market size will reach a value of US$3.4 Billion in 2021. Going forward, IMARC Group expects the market to reach US$18.7 Billion by 2027, with a CAGR of 31.23% during 2022-2027.
Artificial intelligence (AI) refers to the simulation of human intelligence processes, such as decision making and problem solving, by computer systems. It is cost effective, improves customer experience and solves complex problems easily. It consists of expert systems, natural language processing, speech recognition, deep learning and computer vision. It relies on cognitive skills, such as learning, reasoning and self-correction, to acquire data and create instructions for completing a specific task. It provides more accurate predictions, helps in fast data collection and reduces the time for data-heavy tasks compared to humans. It lowers the workload by enabling multi-tasking, working without any break intervals, and facilitates decision-making. AI helps businesses perform and handle repetitive tasks while minimizing errors. It assesses digital assistance, such as chatbot support, which enables organizations to interact with users without any human involvement. It is used to predict weather conditions, improve a global positioning system (GPS) for trips and long drives, and provide suggestions and correct spelling errors as you type. It is also used in cyber security, image recognition, speech recognition and natural language processing (NLP), ride-sharing services and self-driving cars, and autopilot technology. Currently, there is an increase in the application of AI in the healthcare industry due to the growing incidence of chronic diseases, such as heart attacks, stroke and diabetes, around the world.
please note: We regularly track the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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Artificial Intelligence in Healthcare Market Trends and Drivers:
The increasing use of AI in the healthcare industry to research the relationship between treatment techniques and patient outcomes represents one of the primary factors driving the market. In addition, the increasing adoption of AI in the healthcare sector for medication management, treatment plans and drug discovery is driving the growth of the market. In addition, there is an increase in the use of AI in medical practices, such as diagnostic processes, drug development, personalized medicine and patient monitoring care, around the world. This, coupled with the growing need to reduce medical expenses and improve patient care, provides a positive market outlook. Apart from this, the increasing employment of AI in the healthcare sector to predict diseases quickly and accurately at the early stage based on historical health datasets is contributing to the market growth. Moreover, the increasing number of AI-based virtual assistants to assist e-consultation, track patient health and send medication alerts is positively impacting the market. Furthermore, increasing demand for AI-based automation systems for patient flow and creation of intensive care unit (ICU) capacity in healthcare facilities is boosting the growth of the market.
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Artificial Intelligence in Healthcare Market 2022-2027 Competitive Analysis and Segmentation:
The competitive landscape of the industry has also been examined along with the profiles of the key players.
- Amazon Web Services Inc.
- Cloudmedx Inc.
- Enlitic Inc.
- General Vision Inc.
- Google Inc.
- International Business Machines
- Intel Corporation
- Micron Technology Inc.
- Microsoft Corporation
- Next It Corporation
- Nuance Communications Inc.
- Nvidia Corporation
- Siemens Healthcare
- Welltok Inc.
The report has segmented the market on the basis of presentation, technology, application and end user.
Break up by offering:
Dissolution by technology:
- Machine learning
- Context-Aware Computing
- Natural language processing
Breakdown by Application:
- Robot-assisted surgery
- Virtual Nursing Assistant
- Administrative workflow assistance
- Fraud detection
- Reduction of dose error
- Clinical trial participant identifier
- Preliminary diagnosis
Breakdown by end user:
- Health care providers
- Pharmaceutical and Biotechnology Companies
Breakdown by region:
- North America
- Asian Pacific Ocean
- Latin America
- Middle East and Africa
Key highlights of the report:
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