Artificial Intelligence in Healthcare Market
The healthcare artificial intelligence market is expected to reach USD 12.22 Billion at of 51.9% CAGR during the forecast period 2022-2030.
The growing desire to reduce healthcare expenses, as well as increases in processing power and lower hardware costs, boost the healthcare artificial intelligence market. An increase in the number of collaborations and partnerships between various domains in the healthcare ecosystem, as well as a greater need to improve the quality of healthcare services as a result of the disconnect between patients and health workers.
Artificial intelligence allows doctors to use tools that help them diagnose and treat patients more accurately and quickly. However, doctors are hesitant to embrace modern technology, despite patients' increasing preference for them over in-person therapy. With this issue posing a threat to the doctor-patient connection and doctors' reluctance to use AI technology, the healthcare artificial intelligence market is likely to suffer a setback shortly.
Market Potential and Pitfalls
Artificial Intelligence has developed several applications in the healthcare sector, such as delivery of health services, detection of diseases, drug discovery, and management of chronic diseases. It ensures effectiveness and efficiency which is likely to trigger its adoption rate in the coming years. AI has also strengthened its foothold in the healthcare research sector for delivering accurate results. This has further contributed to the growth of the market throughout the estimated period. The technology also helps to overcome the human resource crisis by providing increased productivity by automation of complicated tasks. With the increased application of AI in the field of the medical imaging industry, drug discovery, genomics, and precision medicine combined with the rising personalized treatments customized according to the requirements of an individual patient, the global Artificial Intelligence in Healthcare market is estimated to flourish.
Major Key Players:
The major Artificial Intelligence in Healthcare Market Players are Deep Genomics, Next IT Corp., General Vision, Google, NVIDIA Corporation, IBM Watson Health, Intel Corporation, Koninklijke Philips N.V, General Electric, Stryker, Microsoft Corporation, and CloudMedx Inc.
Segment Analysis
The global Artificial Intelligence in Healthcare market has been segmented on the basis of component, application, technology, and end-users.
By mode of component, the healthcare AI market has been segmented into software, hardware, and services.
By mode of application, the healthcare AI market has been segmented into virtual nursing assistant, robot-assisted surgery, clinical trial, dosage error reduction, automated image diagnosis, and preliminary diagnosis. Among these, the robot-assisted surgery is predicted to occupy a significant share owing to the high flexibility and precision ensured by robot-assisted surgeries during performing complicated procedures.
By mode of technology, the healthcare AI market has been segmented into querying method, machine learning, and natural language processing. Among these, the machine-learning segment is predicted to experience the highest CAGR owing to the ability to handle multiple dimensional data while enabling a reduction in the process time cycle.
By mode of end-users, the global Artificial Intelligence in Healthcare market has been segmented into pharmaceutical biotechnology companies, hospital diagnostic centers, and academic research laboratories. Among these, the hospitals diagnostic centers occupy the largest market share owing to the extensive application of AI in diagnostic imaging and robotic surgeries.
Regional Analysis
The Americas has the biggest AI market share in healthcare, which is predicted to continue during the forecast period. A growing biotechnology industry and increasing uses of robot-assisted surgery are two of the key factors that have propelled the Americas to the forefront. An increasing need for better diagnosis and treatment facilities, an increase in demand for digital health systems, and a substantial presence in the area of important AI inventions and product developers are all factors favoring AI in healthcare market development.
Europe is the second-largest sector, because of ongoing RD in the healthcare AI field. The region's growth pattern is similar to that of the Americas, and the region's business growth is aided by the rapid acceptance of AI in healthcare. The Asia-Pacific region is a fast-growing market with a large number of people seeking high-quality chronic disease treatment. The healthcare sector in the region is quickly expanding due to rising spending.
Meanwhile, the Middle East and Africa would have slower growth than other regions due to a lack of specialized healthcare facilities in parts of the region. The rising healthcare artificial intelligence industry in the MEA region is predicted to have the most impact on business growth.
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