Healthcare Artificial Intelligence Market to Reach $51.3 Billion by 2027, Growing at a CAGR of 41.4% from 2020 With COVID-19 Impact- Meticulous Research® Analysis
The growth of this market is primarily driven by factors such as increasing funding for healthcare artificial intelligence, growing demand for personalized therapy, large pools of healthcare data, and the role of AI in reducing healthcare costs. Moreover, the growing potential of AI-based tools for the geriatric population provides growth opportunities for players operating in the healthcare artificial intelligence market. However, reluctance to adopt AI technologies restrains the growth of this market.
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Artificial intelligence in healthcare uses complex algorithms and software to imitate human cognition in the analysis, interpretation, and comprehension of complicated medical and healthcare data. AI tools can support human providers in delivering faster service, diagnosing issues, and analyzing data to identify trends or genetic information that would predispose someone to a particular disease. Healthcare artificial intelligence products comprise software, hardware, and services that are used to discover links between genetic codes, power surgical robots, or even to maximize hospital efficiency. Artificial intelligence simplifies the lives of patients, doctors, and hospital administrators by performing tasks that are typically done by humans but in less time and at a fraction of the cost. Owing to the recent outbreak of coronavirus (COVID-19), this market is expected to expand in the coming years as artificial intelligence platforms and software help in the faster diagnosis of diseases and reduce the load on hospital staff.
The overall healthcare artificial intelligence market is segmented based on product & solution, technology, application, end user, and geography.
Based on product & solution, the overall healthcare artificial intelligence market is categorized into software, hardware, and services. In 2020, the software segment is estimated to account for the largest share of the overall healthcare artificial intelligence market. This large share can be attributed to the software's ability to reduce operational or administrative complexity and accelerate data analysis with high accuracy, and a rise in the number of software launches by the medical device and healthcare IT companies. Due to the COVID-19 pandemic, there has been a rise in the demand for software solutions, which can help healthcare specialists track disease progression and recovery in COVID-19 patients. However, the services segment is expected to register the highest CAGR by 2027 due to a rise in the adoption of AI-driven healthcare informatics solutions by hospitals and other healthcare service providers and their ability to improve customer insights and customer engagement, thereby increasing the accessibility of data from supply chain operations.
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Based on technology, the natural language processing segment is estimated to account for the largest share of the overall healthcare AI market in 2020, owing to its ability to collect large amounts of data and handle big data and the high demand for AI technology during the COVID-19 pandemic.
Based on application, the drug discovery segment is estimated to account for the largest share of the overall healthcare AI market in 2020, owing to the increasing demand for pharmaceuticals, growing government initiatives to support drug development programs, and an increase in the production of vaccines and antibodies to fight the COVID-19 pandemic.
Based on end user, the overall healthcare artificial intelligence market is categorized into hospitals & diagnostic centers, pharmaceutical & biotechnology companies, healthcare payers, patients, and others, including Accountable Care Organizations (ACOs), clinical research organizations, and managed care organizations. In 2020, the hospitals & diagnostic centers segment is estimated to account for the largest share of the overall healthcare AI market due to several driving factors such as the rising focus of technology companies on collaborations with hospitals, AI's ability in assisting preoperative planning in hospitals, and growing patient volumes due to the coronavirus pandemic. On the other hand, the others end user segment, which includes ACOs, clinical research organizations, and managed care organizations, is expected to record the highest CAGR by 2027 due to the increasing adoption of AI among these end users.
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Based on geography, the global healthcare artificial intelligence market is categorized into five major regions, namely North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa, with a further analysis of major countries in these regions. In 2020, North America is estimated to account for the largest share of the global healthcare artificial intelligence market. Well established IT infrastructure in healthcare, the presence of innovative software vendors and venture capitalists, the rising adoption of EHR, the rise in funding from the biopharmaceutical sector for new product development, and the increasing number of healthcare artificial intelligence startups are the major factors driving the growth of this regional market. On the other hand, the Asia-Pacific market is expected to record the highest CAGR by 2027 due to the growing prevalence of chronic illnesses leading to increased hospitalizations, government initiatives to improve healthcare infrastructure, and growing awareness regarding the use of AI in the region.
Some of the key players operating in the global healthcare artificial intelligence market are Microsoft Corporation (U.S.), Alphabet Inc. (U.S.), NVIDIA Corporation (U.S.), NextIT Corporation (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.
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