Artificial Intelligence in Healthcare Market : Release Latest Trends & Industry Vision 2028 | IBM Corporation, Google LLC, Medtronic Plc, Koninklijke Philips N.V.,

The Outbreak of COVID-19 Augment Growth of the Artificial Intelligence in Healthcare Market

The global artificial intelligence in healthcare market is estimated to be valued at US$ 3,285.0 million in 2020 and is expected to exhibit a CAGR of 56.2% over the forecast period (2020-2027), as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Artificial intelligence (AI) in healthcare is a term used to describe the use of AI and/or machine-learning to mimic human cognition in analysis, presentation, and comprehension of complex medical and health care data. Integrating Artificial intelligence (AI) in healthcare allows for a multitude of benefits, including automating tasks and analyzing big patient data sets to deliver better healthcare at a lower cost. AI in healthcare can literally change patients' lives, improving diagnostics and treatment and helping both the healthcare provider and patients make informed medical decisions quickly. AI can also help prevent deaths due to human errors. In short, AI in healthcare can enhance preventive care and quality of life, produce more accurate diagnoses and treatment plans, and lead to better patient outcomes.

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Competitive Landscape:

Major players operating in the global artificial intelligence in healthcare market are Atomwise Inc., CloudMedx Inc., Next IT Corporation, Microsoft Corporation, Nvidia Corporation, IBM Corporation, Medtronic Plc, Google LLC, and Koninklijke Philips N.V., among others.

Key Market Drivers:

Increasing adoption of artificial intelligence in healthcare is expected to boost growth of the artificial intelligence in healthcare market over the forecast period. For instance, in November 2021, GE's healthcare division debuted a variety of artificial-intelligence-powered systems and devices to improve imaging, diagnostics, genomic analysis, clinical workflows, and more.

Moreover, the outbreak of COVID-19 across the globe is expected to augment the growth of the artificial intelligence in healthcare market. For instance, in November 2020, Google Cloud launched new AI tools for healthcare users intended to combat challenges with healthcare data and unstructured digital text during the COVID-19 pandemic.

COVID-19 Impact Analysis:

Artificial intelligence is being used as a tool to support the fight against the ongoing COVID-19 pandemic. Soon after the pandemic was declared, the World Health Organization signaled that AI could be an important technology to manage the crisis caused by the virus. AI has been widely used in COVID-19, including diagnosis, clinical decision making, public health, social control, surveillance, vaccine development, therapeutics, combination with big data, operation of other core clinical services, and management of COVID-19 patients.

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Key Takeaways:

• The artificial intelligence in healthcare market is expected to exhibit a CAGR of 56.2% during the forecast period due to the increasing implementation of artificial intelligence in the healthcare industry. For instance, according to the World Health Organization (WHO), Artificial Intelligence (AI) holds great promise for improving the delivery of healthcare and medicine worldwide. AI can be used to assist with clinical care, to improve the speed and accuracy of diagnosis and screening for diseases, strengthen research & drug development, and/or support public health interventions, such as outbreak response, disease surveillance, and health systems management.

• Among regions, North America, Europe, and Asia Pacific are expected to witness robust growth in the artificial intelligence in healthcare market owing to the increasing use of AI in healthcare, the outbreak of COVID-19, advancements in big data analytics, growing need to reduce healthcare costs, and well-established healthcare infrastructure.

• For instance, in October 2021, The Icahn School of Medicine at Mount Sinai launched a new department dedicated to advancing artificial intelligence (AI) to transform health care. The Department of Artificial Intelligence and Human Health is the first department of its kind within a medical school in the United States.

• Moreover, in March 2022, Aster CMI Hospital and the Indian Institute of Science (IISc.) teamed up to launch an AI lab. The lab has been set up to build cutting edge AI products in the healthcare domain, and bridge the gap between clinical medicine and technology by training healthcare professionals in AI.

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About US:

Coherent Market Insights is a global market intelligence and consulting organization that provides syndicated research reports, customized research reports, and consulting services. We are known for our actionable insights and authentic reports in various domains including aerospace and defense, agriculture, food and beverages, automotive, chemicals and materials, and virtually all domains and an exhaustive list of sub-domains under the sun. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients.

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This release was published on openPR.