AI in Healthcare Market Size, Leaders, Regional Analysis and Forecast Report 2024

The global artificial intelligence (AI) in healthcare market is expected to observe an extensive growth in the coming years, led by growing need for precision medicine, increasing application of big data in healthcare industry, and rising need for coordination between healthcare workforce and patients. The products in the global market are categorized as hardware, software and services, with software being the largest contributor in 2016 and the category is also projected to witness significant growth during the forecast period.

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Deep learning, natural language processing (NLP), querying method and context aware processing are some of the technologies used for AI in healthcare. The demand for NLP in healthcare has been growing mainly due to rise in unstructured clinical data. Since NLP technology extracts important clinical information from unstructured data and analyze it for enhancing processing and analytics.

The key factors that drive the growth of the industry include rise in need for coordination between healthcare workforce and patients, increasing application of Big Data in healthcare industry, ability of AI to improve patient outcomes, growing demand for precision medicine and increase in venture capital investments.

With the increasing use of big data in healthcare sector, the vast amount of data can be stored systematically, as big data makes it easier for hospital staff to work efficiently. In order to monitor blood pressure, heartbeat and respiratory rate sensors are used besides patient beds which alert the doctors and hospital staff if any change is observed in the patient condition. Big data also help to fight cancer and mapping the 3 billion DNA base pairs during treatment of cancer. Big data improves hospital administration by reducing the cost of care measurement and provide best clinical support.

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North America leads the global market due to presence of major AI providers including Intel Corporation, Google, Inc., IBM Corporation in the region. Other factors leading the market growth include, developed healthcare infrastructure, and growing aging population. Asia-Pacific is expected to witness the fastest growth during the forecast period. Increasing healthcare expenditure, continuously improving healthcare infrastructure due to growing medical tourism and growing aging population are the factors expected to support the growth of the Asia-Pacific AI in healthcare market.

MARKET SEGMENTATION

By Offering Type

Hardware
Software
Services
By Technology

Deep Learning
Natural Language Processing
Querying Method Metals
Context Aware Processing
By Application

Medical Imaging and Diagnostics
Patient Data and Risk Analysis
Precision Medicine
Drug Discovery
Virtual Assistant
Inpatient Care and Hospital Management
Wearables
Research
Robot Assisted Surgery
Fraud Detection
Others
By End User

Healthcare Providers
Pharmaceutical and Biotechnology Company
Healthcare Payers
Patients
Others

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This release was published on openPR.