The global artificial intelligence in healthcare market is expected to reach a market size of USD 61.59 Billion by 2027 and register a substantially high CAGR over the forecast period, according to a new report by Reports and Data. Artificial intelligence (AI) in healthcare market revenue growth is driven by increasing efficiency in drug discovery and advancement in precision medicine, which is resulting in rising demand and application of these solutions globally. Rise in prevalence of chronic diseases, and increasing global elderly population is expected to continue to support the growth of the market.
Application of artificial intelligence in clinical procedures to check patient’s vital signs, ask required questions, and give prescriptions to patients are accelerating its adoption in technologically advanced region. The technology is also used to give reminders and alert healthcare workers during medical procedures. The advancement in deep learning technology is also propelling the growth for artificial intelligence in healthcare market.
Rising prevalence of complex diseases and need for novel surgery is also driving increasing deployment of artificial intelligence technologies in healthcare sector. However, hesitance among healthcare professionals to adopt artificial intelligence due to some perceived limitations currently is expected to negatively impact growth of the market to a certain extent.
The COVID-19 impact:
COVID-19 outbreak has affected the artificial intelligence (AI) in healthcare market positively. AI is playing a crucial role in dealing with the pandemic. The application of artificial intelligence in healthcare has exploded as several biopharmaceuticals and government companies are deploying the technology to study the virus and develop an effective vaccine. It is also helping in managing the information through personalized learning and information.
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Further key findings from the report suggest
- The software segment accounted for higher revenue share in artificial intelligence in healthcare market in 2019. Several companies are developing innovative software for different medical applications. Rise in adoption of AI healthcare informatics will also encourage the growth of the segment.
- Development and deployment of machine learning in healthcare sector and for critical research in related fields has been increasing substantially in recent years, thus driving revenue growth of this segment. For instance, Google has developed machine learning algorithms to help identify cancerous tumors, and Stanford University is using deep learning algorithm to identify skin cancer in humans.
- Artificial intelligence is resulting in rising adoption of technologies in healthcare settings as it can improve patient care and outcomes in hospitals. Autonomous robots help professionals during surgeries, and also deliver medicine and food to patients – ensuring limited human contact with infected patients – during the pandemic.
- Asia Pacific region grew at a faster rate during the forecast period due to the improvement in healthcare infrastructure, increase in healthcare startups, and adoption of advanced technologies.
- Key participants include Microsoft Corporation, Intel Corporation, IBM, Amazon Web Services, Intel Corporation, Johnson & Johnson Services, Inc., Siemens Healthineers, General Electric, Google Inc., and Medtronic plc, among others.
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For the purpose of this report, Reports and Data has segmented the global artificial intelligence in healthcare market on the basis of offering, technology, end-use, and region:
Offering Outlook (Revenue, USD Billion; 2017-2027)
- AI Solutions
- AI Platform
- Deployment & Integration
- Support & Maintenance
Technology Outlook (Revenue, USD Billion; 2017-2027)
- Machine Learning
- Supervised Learning
- Unsupervised Learning
- Deep Learning
- Reinforcement Learning
- Context-Aware Computing
- Natural Language Processing
- Computer Vision
End-Use Outlook (Revenue, USD Billion; 2017-2027)
- Hospitals & Healthcare Providers
- Pharmaceuticals & Biotechnology Companies
- Healthcare Payers
Regional Outlook (Revenue, USD Billion; 2017-2027)
- North America
- Asia Pacific
- Latin America
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