Market Research Future (MRFR) collected data on several factors including implications of COVID 19 Impact on Healthcare Artificial Intelligence Market and demographic challenges, showed how it could move forward in the coming years.
Healthcare Artificial Intelligence Market Analysis
Global Artificial Intelligence in Healthcare Market is expected to exhibit a robust CAGR of close to 52% over the forecast period from 2018 to 2023, according to the latest research report from Market Research Future (MRFR). The global healthcare artificial intelligence market is examined in detail in the report in order to identify the major growth trends that have driven the market’s movement over the historical review period. This information is further extrapolated to provide accurate information on the market’s likely growth patterns over the forecast period from 2018 to 2023. The leading players in the AI in Healthcare Market are also assessed in the report to give readers an accurate picture regarding the competitive landscape of the market.
The entry of artificial intelligence, or AI, in the healthcare sector has been gradual but robust, transforming the potential of the healthcare sector and improving decision making at every level from disease diagnosis to drug discovery and treatment. Healthcare artificial intelligence solutions are targeted at drawing the most accurate conclusions from the available data, as AI tools can make connections that humans can’t. Healthcare artificial intelligence tools are also adept at looking at big data sets in order to draw conclusions, rather than relying on smaller data sets that humans can access. This leads to better decision making and error minimization, which has emerged as the key trend in the healthcare sector in recent years.
The increasing use of big data analysis tools in research and diagnostic applications is likely to be a major driver for the Artificial Intelligence (AI) in Healthcare Market over the forecast period. AI-driven data analysis tools can provide the most accurate predictions in various areas including disease diagnosis, drug development, and testing. The increasing movement towards personalized medication has also driven the demand for healthcare artificial intelligence solutions, as AI tools can provide the perfect solutions with regard to drug formulation for individual patients. The increasing demand for accuracy in data-based decision making in the healthcare sector is likely to drive the demand from the healthcare artificial intelligence market over the forecast period.
The increasing demand for robotic surgery, which is more precise than surgery performed by humans and error-free, is also likely to be a major driver for the healthcare artificial intelligence industry over the forecast period.
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Healthcare Artificial Intelligence Market Companies Analysis:
Leading players in the global healthcare AI market include Deep Genomics, Next IT Corp., General Vision, Google, NVIDIA Corporation, IBM Watson Health, Intel Corporation, Koninklijke Philips NV, General Electric, Stryker Corporation, Microsoft Corporation, and CloudMedx Inc.
In December 2019, Sensyne Health, a leading UK-based developer of artificial intelligence technology for clinical trial applications, signed a new contract for research projects with Swiss drug developer Roche.
In July 2018, IBM Watson Health announced an extension in its partnership with the US Department of Veteran Affairs to use AI-driven tools to make cancer diagnoses more accurate.
Healthcare Artificial Intelligence Market Segmentation:
The global healthcare artificial intelligence market is segmented on the basis of component, application, technology, end user, and region.
By component, the global healthcare artificial intelligence market is segmented into hardware, software, and services.
By application, the global healthcare artificial intelligence market is segmented into robot-assisted surgery, virtual nursing assistants, dosage error reduction, clinical trials, preliminary diagnosis, and automated image diagnosis.
By technology, the global healthcare artificial intelligence market is segmented into machine learning, querying method, natural language processing, context-aware computing, and computer vision.
By end use, the healthcare artificial intelligence market is segmented into hospitals and diagnostic centers, pharmaceutical and biotech companies, and academic and research laboratories.
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Healthcare Artificial Intelligence Market Regional Analysis:
North America holds a dominant share in the global healthcare artificial intelligence market and is likely to remain the leading entity in the global market over the forecast period due to the advanced development of healthcare AI technology in the region and the widespread acceptance of AI tools in the healthcare sector. Europe is another major regional market for healthcare artificial intelligence solutions, accounting for more than 30% in the global market in 2017.