AI in Healthcare Market Future Outlook, Emerging Trends By 2023
Global Healthcare Artificial Intelligence Market 2020 is poised to expand at a CAGR of 51.9% during the review period (2018 to 2023).
Healthcare Artificial Intelligence (AI) Market Highlights
The applications of artificial intelligence are likely to lead marketing and financial applications such as demand analysis, risk management, financial growth estimation, and others. Another promising business indicator is the growing introduction of artificial intelligence in healthcare that duplicates the retail sector. In tandem with the interests of giants such as Google and Microsoft, the exponential rise in seed and startup capital has resulted in considerable excitement for the industry. This, combined with the attractive scaling and expanding economy, has resulted in a burst of business investment.
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Google and Microsoft are the first data-driven artificial intelligence firms with profoundly rooted Machine learning and cloud applications and strategies. This positions them and these other firms at a crucial advantage over others. Medical drivers provide time and cost savings from the identification of image and speech characteristics through automatic diagnosis. IBM Watson has a substantial vital edge in this area and is an industry leader. Oncology has received the most significant consumer interest in the application of AI diagnosis. Other industry drivers are the acceptance of robotic surgery and precision medicine, clinical trials, and others.
Healthcare Artificial Intelligence (AI) Market Segmental Analysis
The global healthcare artificial intelligence market is segmented based on technology, components, applications, and end-user.
Based on the component, global artificial intelligence in the healthcare market is categorized into software, hardware, services.
Based on the application, the market is segmented into, clinical trial, virtual nursing assistant, dosage error reduction, preliminary diagnosis, robot-assisted surgery automated image diagnosis.
Based on the technology, the market is segmented into querying methods, machine learning, and natural language processing.
Based on the end-user, the market is segmented into pharmaceutical & biotechnology companies,hospital & diagnostic centers, academic & research laboratories.
Healthcare Artificial Intelligence (AI) Market Regional Overview
The global healthcare AI market, based on region, is divided into Europe, Asia-Pacific, the Americas, and the Middle East and Africa.
In 2017, the Americas accounted for the highest market share and were expected to lead the worldwide AI market for healthcare. Thanks to the rising biotechnology industry, developing cases of robotic surgery, and a well-developed healthcare system, the Americas is the largest regional market. The US has the highest number of registered hospitals in the region; however, a shortage of healthcare professionals is anticipated in the coming years. AI will aid with the monitoring of health records, medical care, and hospital technology software, and will further mitigate those issues. Furthermore, the aging population, declining healthcare workers in North American countries, growing demand for enhanced diagnostic and treatment facilities, growing demand for digital health systems, and substantial involvement of major AI technology and software developers in the area are other factors that support business growth.
In 2017, Europe accounted for the second-largest market share due to comprehensive healthcare AI R&D and expanded investment, as well as growing technological acceptance within the country.
Asia-Pacific is expected to report a healthy CAGR during the forecast period due to the growing therapeutic demand for chronic diseases and the rapidly shifting healthcare sector. On the other hand, due to less accessibility to health care, lack of knowledge, and rigid government rules and regulations, the Middle East and Africa are expected to see sluggish development.
Healthcare Artificial Intelligence (AI) Market Competitive Dashboard
The eminent players profiled in the Healthcare Artificial Intelligence (AI) Market report are IBM Corporation, Koninklijke Philips N.V., NVIDIA Corporation, Intel Corporation, Microsoft Corporation, Deep Genomics, Inc., General Electric Company, Siemens Healthineers GmbH, Google, Inc., CloudMedx Inc., Johnson & Johnson, General Vision, Inc., Stryker Corporation, Medtronic Plc., and others.
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