Healthcare Artificial intelligence in healthcare industry Market is projected to grow up to 46.5% CAG...

Artificial intelligence in healthcare industry Market is projected to grow up to 46.5% CAGR during the forecasting period 2021-2027.

A computer's artificial intelligence can assist it in performing any task without the need for human intervention. For various situations, it employs a variety of algorithms and software to assist the machine in instilling perception and reasoning. A wide range of applications for artificial intelligence (AI) are found in the healthcare sector, for example, drug discovery and precision medicine. Additional applications include analysing patient medical data, forecasting disease onset, and customising treatment for each individual patient. To combat the viral infection, government agencies, research organisations, and other organisations are rapidly implementing artificial intelligence in order to find a viable treatment.

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Key Driving Factors: Rise in the demand for Artificial intelligence in healthcare industry

In the healthcare market, the major factors driving growth are the increasing volume of healthcare data and increasing complexity of datasets driving the need for AI, the intensifying need to reduce soaring healthcare costs, improving computing power and declining hardware costs, the increasing number of cross-industry collaborations, and the growing imbalance between hygienic practises and medical practises. In addition, the adoption of this technology by numerous pharmaceutical and biotechnology companies throughout the world to expedite vaccine or drug development processes for COVID-19 is a significant factor driving the market's current growth. 

The increasing use of smartphones and artificial intelligence technologies among patients and healthcare professionals is increasing the popularity of virtual assistants. Furthermore, robot-assisted surgeries were identified as the most promising segment in the market for artificial intelligence in healthcare as of 2020. Surgical robot manufacturers are forming a slew of strategic alliances with data analytics companies and artificial intelligence technology providers, which is largely responsible for this development.

This report offers the major market player’s profiles, such as  NVIDIA Corporation (NVIDIA) (US), Intel Corporation (Intel) (US), International Business Machines Corporation (IBM) (US), Google Inc. (Google) (US), Microsoft Corporation (Microsoft) (US), Amazon Web Services (an, Inc. subsidiary) (AWS) (US), General Vision, Inc. (US), General Electric (GE) Healthcare (US), Siemens Healthineers (Germany), Medtronic plc (US), Johnson & Johnson Services, Inc. (Johnson & Johnson) (US), and Koninklijke Philips N.V. (Netherlands).

Opportunities: AI in healthcare industry assists in expanding the market for top players

AI is now covering a wide range of healthcare applications. In particular, it has been used for signal and image processing, and for predictions of function changes such as in urinary bladder control, epileptic seizures, and stroke predictions. Several apps that use artificial intelligence to offer personalized health assessments and home care advices. Government funded and commercial initiatives artificial intelligence  exploring robotic systems and app to support people living at home which conditions such as early as possible stage dementia and prevent hospital admissions. AI in healthcare is expected to grow fast over the forecast period. This growth is seen through development and innovations in entrepreneurship start-ups established in Asia Pacific countries. Rise in the number of government initiatives encouraging healthcare providers and other healthcare organizations to adopt AI-based technologies and increasing investments by various private companies and non-profit organizations to improve clinical outcomes, achieve better information exchange, and cost reductions are some of the major factors anticipated to drive the market for AI in healthcare in the region during the forecast period. 

By End User:

The artificial intelligence in healthcare market is segmented based on the type of offering, algorithm, application, end user, and geographic location. It is divided into three categories based on what it offers: hardware, software, and services. According to the algorithm, it is divided into four categories: deep learning, querying method, natural language processing, and context aware processing. Robot-assisted surgery, virtual nursing assistant, administrative workflow assistance, fraud detection, dosage error reduction, clinical trial participant identifier, preliminary diagnosis, and other applications are included in the application segment. Depending on the end user, the market can be divided into four categories: healthcare providers, pharmaceutical and biotechnology companies, patients, and payers. It is divided into four regions: North America, Europe, Asia-Pacific, and Latin America and the Caribbean.

The Global artificial intelligence in healthcare industry market report has been categorized as below

By Offering

  • Hardware

  • Processor

    • MPU

    • GPU

    • FPGA

    • ASIC

  • Memory

  • Network

  • Software

  • AI Solutions

    • On-Premises

    • Cloud

  • AI Platform

    • Machine Learning Framework

    • Application Program Interface

  • Services

  • Deployment & Integration

  • Support & Maintenance

By Technology

  • Machine Learning

    • Deep Learning

    • Supervised Learning

    • Reinforcement Learning

    • Unsupervised Learning

    • Others

  • Natural Language Processing

  • Context-Aware Computing

  • Computer Vision

By End-Use Application

  • Patient Data & Risk Analysis

  • Inpatient Care & Hospital Management

  • Medical Imaging & Diagnostics

  • Lifestyle Management & Patient Monitoring

  • Virtual Assistants

  • Drug Discovery

  • Research

  • Healthcare Assistance Robots

  • Precision Medicine

  • Emergency Room & Surgery

  • Wearables

  • Mental Health

  • Cybersecurity

By End User

  • Hospitals & Healthcare Providers

  • Patients

  • Pharmaceuticals & Biotechnology Companies

  • Healthcare Payers

  • Others (ACOS and MCOS)

By Region

  • North America

  • Europe

  • Asia Pacific

  • Rest of the World

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Published Date : July-2021