Artificial Intelligence in Healthcare Market To witness Phenomenal Growth in 2021 to 2027

Artificial intelligence in healthcare is the use of machine-learning algorithms and software to analyze, process and present complex medical and health care data. It has been widely used to support clinical decisions, improve workflows and predict health outcomes. Thus, wide application of AI in the healthcare sector is likely to propel the growth of the market. The growth of the artificial intelligence in healthcare market is attributed to the rising application of artificial intelligence in healthcare, growing investment in AI healthcare start-ups, and increasing cross-industry partnerships and collaborations. However, dearth of skilled AI workforce and imprecise regulatory guidelines for medical software is the major factor hindering the market growth.

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The artificial intelligence in healthcare market was valued at US$ 3,991.23 million in 2019 and it is projected to reach US$ 107,797.82 million by 2027; it is expected to grow at a CAGR of 49.8% from 2020 to 2027.

Microsoft, Koninklijke Philips N.V., Intel Corporation, General Electric Company, Alphabet Inc., NVIDIA CORPORATION, Nuance Communications, Inc., Siemens Healthineers AG, Arterys Inc., and Johnson & Johnson Services, Inc. are among the leading companies operating in the artificial intelligence in healthcare market.

Based on application, the artificial intelligence in healthcare market is segmented into robot assisted surgery, virtual assistants, administrative workflow assistants, connected machines, diagnosis, clinical trials, fraud detection, cybersecurity, dosage error reduction, and others. The clinical trials segment held the largest market share in 2019, and the robot assisted surgery segment is estimated to register the highest CAGR during the forecast period. Rising adoption of robotic surgeries due to better surgical outcomes offer lucrative opportunities for the growth of robotic assisted surgery segment.

The artificial intelligence in healthcare market is expected to witness substantial growth post-pandemic. The global healthcare infrastructure has observed that, in order to develop and maintain sustainable healthcare setup, utilization of computational technologies such as artificial intelligence becomes crucial. Moreover, majority of the market players have focused on development of AI-powered models to fight against coronavirus pandemic. In addition, several number of research centers and governments have actively participated in the building of robust AI technologies which are assisting the healthcare professionals to work efficiently even under shortage of resources. These factors will eventually drive the market growth.

The complexities related to interpreting images and conducting analysis result in the adoption of AI-based applications. With deep learning programs and expertise categorization, AI-based imaging systems are equipped with quick image reading algorithms, which further includes MRIs and CT scans. The system helps doctors and healthcare professionals to improve performance with better diagnostics and proves to be a vital tool in combating the shortage of radiologists in the hospital. As per the latest paper published in the Future Healthcare Journal in March 2020, AI will be integrated in the healthcare field for diagnosis and treatment approvals, patient engagement and adherence, and the healthcare workforce's administrative events. For instance, AI-Rad Companion Chest CT, developed by Siemens Healthineers, is an AI-powered healthcare solution that can read the chest CT images, accomplish automatic measurements, and formulate the medical report with valuable clinical images and quantifications.

Pathologists are implementing artificial intelligence (AI) to precisely identify cancer cells amidst healthy cells in a human body. In particular, deep learning-based pattern recognition methods can develop pathology by integrating radiologic, clinical, and genomic data to diagnose diseases and predict patient prognoses accurately. After the Food and Drug Administration (FDA) approvals for primary disease diagnosis applications, digital pathology is becoming the new standard of care. For instance, Google's AI, Lymph Node Assistant (LYNA), a deep-learning tool, can accurately differentiate metastatic cancer with a 99% greater accuracy rate than human pathologists. Moreover, pathologists who used LYNA reported that it gave time-saving outcomes during tasks.

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There is an unprecedented increase in the aging population worldwide, particularly in growing economies such as Europe, Japan, and China. According to the data of World Population Ageing 2017, the global population aged 60 years or above was ~962 million in 2017; further, the number of the elderly population is anticipated to reach almost 2.1 billion by 2050. Therefore, the aging population requires constant supervision and quick analysis on health-related issues, which, in turn promotes the adoption of AI-based systems in healthcare sector.

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