According to the recent report by IMARC Group, titled “Artificial Intelligence in Healthcare Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” the global artificial intelligence in healthcare market reached a value of US$ 3.4 Billion in 2021. Artificial intelligence (AI) in healthcare uses several software programs with complex algorithms that can replicate human senses in the analysis, interpretation, and comprehension of medical data. AI aids in evaluating the symptoms and patterns of diseases to offer better support, guidance, and feedback to healthcare providers. Apart from performing clinical diagnosis, it also helps in drug development, providing proper treatment plans for the ailment detected, offering personalized medicine, and monitoring patients’ condition. The incorporation of AI in the healthcare industry has made drug discovery and development more cost-effective, time-efficient, and innovative. With the latest developments, individuals can now track their health status on smart wearable devices.
We are regularly tracking 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.
Global Artificial Intelligence in Healthcare Market Trends:
The outbreak of the coronavirus disease (COVID-19) has decreased the frequency of physical consultations due to lockdowns and social distancing measures. As a result, AI technologies are widely being used in the healthcare sector for offering virtual consultations, diagnosis, and treatment to patients. In addition to this, multiple biotechnology and pharmaceutical companies are adopting the latest technologies to expedite vaccine development for COVID-19, thereby spurring the growth of the market. Additionally, several companies raised investments in healthcare AI startups in 2019, which is acting as another major growth-inducing factor for the market. For example, a United Kingdom-based AI healthcare provider, Babylon Health, raised $550 million. Furthermore, possibilities of decreasing medical costs, along with the rising gap between healthcare professionals and the pool of patients, are expected to create a positive outlook for the market. For instance, AI imaging tools can screen chest X-rays for any signs of tuberculosis, which mitigates human work, thereby bridging the resource gap. Looking forward, IMARC Group expects the market to grow at a CAGR of 31.23% during 2022-2027.
- Based on the offering, the market has been divided into hardware, software, and services.
- On the basis of technology, the market has been categorized into machine learning, natural language processing, and context-aware computing.
- Based on the application, the market has been segregated into virtual nursing assistant, robot-assisted surgery, dosage error reduction, administrative workflow assistance, clinical trial participant identifier, fraud detection, preliminary diagnosis, and others.
- On the basis of the end user, the market has been classified into healthcare providers, pharmaceutical and biotechnology companies, patients, and others.
- Region-wise, the market has been segmented into Asia Pacific (South Korea, Indonesia, China, Japan, India, Australia, and Others), Europe (Germany, the United Kingdom, France, Spain, Italy, Russia, and Others), North America (Canada and the United States), Latin America (Mexico, Brazil, and Others), and Middle East and Africa.
- The competitive landscape of the market has been analyzed in the report, with some of the key players being Nvidia Corporation, Siemens Healthcare, Welltok Inc., Amazon Web Services Inc., Cloudmedx Inc., DeepMind, Enlitic Inc., General Vision Inc., Micron Technology Inc., Microsoft Corporation, Next It Corporation, Nuance Communications Inc., Google Inc., International Business Machines, iCarbonX, Intel Corporation, and Medtronic.
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