Pre and Post COVID-19 Market Analysis: Healthcare Artificial Intelligence (AI) Market Worth $51.3 billion by 2027 t a CAGR of 41.4%

According to this latest publication from Meticulous Research®, the healthcare artificial intelligence market is expected to grow at a CAGR of 41.4% from 2020 to reach to $51.3 billion by 2027.

𝐀𝐜𝐜𝐞𝐬𝐬 𝐅𝐫𝐞𝐞 𝐒𝐚𝐦𝐩𝐥𝐞 𝐑𝐞𝐩𝐨𝐫𝐭: https://www.meticulousresearch.com/download-sample-report/cp_id=4937

In recent years, AI is predominantly used in clinical research, robotic personal assistants, and big data analytics. Classic venture capitalists and corporate strategic investors are both investing generously in this space. The difference today is that new technologies are making such efforts much easier. Use of the cloud and the rapid digitalization of information has improved access to data and the speed of computation. Thus, due to the advantages offered by AI in healthcare, there is a rising funding for artificial intelligence and participation of larger companies in the acquisition of small companies, startups, and single technology firms. Venture capitalist (VC) investors have seen the concept of AI become mainstream and are investing accordingly.

Impact of COVID-19 on the Healthcare AI Market

The COVID-19 pandemic has put tremendous burden on the healthcare sector all over the world. Currently, hospitals are juggling due to limited resources and staff, which has hampered some surgeries and other medical procedures. According to the World Health Organization (WHO), as of April 2020, the COVID-19 pandemic has hit over 22,000 healthcare workers across 52 countries. Also, in severely affected regions, the influx of COVID-19 patients requiring continuous monitoring and ventilation is increasing rapidly, leading to an overloading of hospital systems and disrupting the routine treatment of chronic illness in patients, whose conditions are likely to get worsened if usual standard care is delayed.

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To manage the patients affected by pandemic and other chronic illness, AI adoption is seeing high growth across the globe. For instance, owing to the rising coronavirus cases globally, the U.S. FDA has approved ICU-specific platform developed by CLEW Medical (Israel). The product was designed to offer COVID care teams with advance warning on patients at high risk of serious symptoms. It can also help the hospitals to increase the time available for intervening early and planning ahead. Similarly, various AI based products employing data capturing ability and facilitating online consultation have seen large number of users in this pandemic. Therefore, AI is witnessing a high growth in adoption at present and is expected to see upward trajectory in the future as well.

On the basis of product & services, the overall healthcare artificial intelligence market is broadly segmented into software, hardware, and services. The software segment is estimated to command the largest share of the overall healthcare artificial intelligence market in 2020. The large share of this segment is mainly attributed to the factors such as its ability to reduce operational or administrative complexity, acceleration of data analysis with high accuracy, and rise in the software launch by the medical devices and healthcare IT companies. Further, due to the COVID-19 pandemic since November 2019, there is an expansion in the software solutions which helps the healthcare specialists to track the disease progression and recovery in COVID-19 patients, thereby helping in the crisis situation.

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On the basis of technology, the overall healthcare AI market is segmented into Machine Learning, Natural Language Processing, Context Aware Processing, and Querying Method. The NLP segment is estimated to command the largest share of the overall healthcare artificial intelligence market in 2020. The factors such as ability to collect large amount of data and handle big data, offering of organized physician documentation, and efficient back-end coding to optimize billing procedure are the major factors responsible for the largest share of this segment.

Based on end user, the healthcare artificial intelligence market is broadly segmented into hospitals and diagnostic centers, pharmaceutical and biopharmaceutical companies, healthcare payers, patients, and others which include Accountable Care Organizations, clinical research organizations, and managed care organizations. The hospitals and diagnostic centers segment is estimated to command the largest share of the overall healthcare artificial intelligence market in 2020. However, the healthcare payers segment is slated to grow at the fastest CAGR during the forecast period, due to growth in opting of healthcare insurance; and increasing inclination of healthcare facilities to have organized billing and accounts, health claims, and healthcare IT operations in their premises.

This research report analyzes major geographies and provides comprehensive analysis for North America (U.S., Canada), Europe (Germany, France, U.K., Italy, Spain, and Rest of Europe), Asia-Pacific (Japan, China, India, and RoAPAC), Latin America, and the Middle East & Africa. North America is estimated to dominate the global healthcare artificial intelligence market in 2020, followed by Europe and Asia Pacific. Well established IT infrastructure in healthcare, presence of innovative software vendors and venture capitalists, rising adoption of EHR, flourishing biopharmaceutical industry, rise in funding for new product development, and increasing number of startups for healthcare artificial intelligence in the region supported the largest share of the North America in the healthcare artificial intelligence market.

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The key players operating in the global healthcare artificial intelligence market are Microsoft Corporation (U.S.), Alphabet Inc. (U.S.), NVIDIA Corporation (U.S.), General Vision, Inc (U.S.), Intel Corporation (U.S.), IBM Corporation (U.S.), Welltok, Inc. (U.S.), General Electric Company (U.S.), Verint Systems Inc. (U.S.), and iCarbonX (China), among others.

Key questions answered in the report-

Which are the high growth market segments in terms of product & services, technology, application, end-users, and region/countries?
What was the historical market for healthcare artificial intelligence across the globe?
What are the market forecasts and estimates for the period of 2020-2027?
What are the major drivers, restraints, opportunities, and challenges in the global healthcare artificial intelligence market?
Who are the major players in the healthcare artificial intelligence market?
How is the competitive landscape and who are the market leaders in the global healthcare artificial intelligence market?
What are the recent developments in the global healthcare artificial intelligence market?
What are the different strategies adopted by the major players in the global healthcare artificial intelligence market?
What are the geographical trends and high growth regions/countries?

𝐀𝐜𝐜𝐞𝐬𝐬 𝐅𝐫𝐞𝐞 𝐒𝐚𝐦𝐩𝐥𝐞 𝐑𝐞𝐩𝐨𝐫𝐭: https://www.meticulousresearch.com/download-sample-report/cp_id=4937

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