Artificial intelligence (AI) is being used to deploy efficient and precise inventions that will help care for people with chronic diseases, such as cancer, and hopefully find a cure for them.
New York, Oct. 05, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Global AI in Healthcare Market: Analysis By Component, By Algorithm, By Application, By End User, By Region Size & Forecast with Analysis d “impact of COVID-19 and forecasts until 2027” – https://www.reportlinker.com/p06325450/?utm_source=GNW
AI algorithms improve system accuracy by allowing them to analyze training data, enabling people to gain unprecedented insights into treatment variability, care processes, diagnoses and patient outcomes . In 2021, the global AI in healthcare market was valued at US$6.71 billion and is expected to reach US$41.70 billion by 2027.
Rising demand for faster clinical trials due to increasing number of patent expirations, Rising demand for increasing adoption of surgical robots, Rising funding for medical robot research, Rising adoption of virtual assistants due to the increasing penetration of smartphones, would impact the demand for AI in the healthcare market in the coming years. The AI in healthcare market is expected to grow at a CAGR of 37.48%, during the forecast period 2022-2027.
Market Segmentation Analysis:
By component: The report divides the global AI in healthcare market into three components: software solutions, hardware and services. The software solutions segment held nearly half of the market share in 2021. High imbalance between patients and medical staff, ability to improve patient care, and opportunity to reduce medical costs are some of the major factors that have encouraged the adoption of AI software solutions in healthcare, in historical years.
By Algorithm: According to the report, the global AI in healthcare market is divided into four algorithms: natural language processing, query method, context-aware processing, and deep learning. The natural language processing segment accounted for the major share of 46% of the market in 2021, owing to the increase in the use of signal reduction, data mining and image recognition, which are an integral part of most AI protocols.
By Application: According to the report, the global AI in healthcare market is segmented into ten applications: Clinical tracks, robot-assisted surgery, connected machines, fraud detection, virtual assistants, administrative workflow assistants, diagnosis, reduction of dosing errors, cybersecurity and others. . The clinical trials segment accounted for a share of approximately 23% in 2021, owing to the increasing number of patent expirations and the growing demand for faster and more accurate clinical trials to meet the need for new drug discoveries.
By end users: the report divides the global AI in healthcare market into five end users: hospital and healthcare providers, pharmaceutical and biotech companies, patients, healthcare payers and others. In 2021, the hospital and healthcare provider segment held approximately 28% of the market, driven by the upward trend of telehealth due to the COVID-19 pandemic and restrictions resulting from distancing standards social, etc
By Region: According to this report, the global AI in healthcare market can be divided into four major regions: Asia-Pacific (China, Japan, India, South Korea, and Rest of Asia-Pacific), North America (United States, Canada and Mexico), Europe (Germany, United Kingdom, France, Italy, Spain and Rest of Europe) and Rest of the world. The North American AI in healthcare market recorded a market share of around 40% in 2021, mainly due to the increase in the number of AI startups in the healthcare sector, of the growing adoption of machine learning in the medical sector, driving the growth of AI in the healthcare market in countries like the United States and Canada.
As the United States continues to be a leading AI region in North America in the healthcare market, which explains the growing adoption of AI technology across the continuum of care , high healthcare spending combined with the outbreak of the COVID-19 pandemic is accelerating the adoption of AI in hospitals and clinics across the region.
Global AI in Healthcare Market Dynamics:
Growth Drivers: Surgical robots are not only designed to assist complex surgeries but are also being tested to perform automated surgeries through AI and machine learning. AI helps surgical robots to reason and perform cognitive functions such as decision making, problem solving, voice recognition, etc., which helps grow AI in the healthcare market. In addition, the market is expected to grow owing to increasing volume of healthcare data, rising potential of AI-based tools for elderly care, rising investment in healthcare agreements, AI in healthcare, the rapid adoption of wearable devices, the growing penetration of online pharmacy, and more.
Challenges: Implementing AI solutions such as electronic health records, electronic prescriptions, medical apps require stringent data security. AI has several useful applications in healthcare. However, the adoption of AI in industry is limited due to data privacy concerns. The other challenge facing AI in the healthcare market is the reluctance of physicians to adopt AI-based technologies, etc.
Trends: A major trend that is accelerating in AI in the healthcare market is the growing shift to home healthcare. Moving more home care through telemedicine enables the use of wearable devices and data analytics, and would lead to more opportunities for AI and other technologies to be harnessed. Hence, the emergence of various pandemic diseases presents a lucrative opportunity for the growth of the global AI in healthcare market. More market trends are believed to augment the growth of AI in healthcare market over the forecast period, including shortage of skilled labor, upsurge in demand for personalized medicine , the growing number of cross-sectoral partnerships and collaborations, etc.
COVID-19 impact analysis and way forward:
COVID-19 has had a favorable impact on the market. The adoption of artificial intelligence and machine learning technologies has increased due to COVID-19. The outbreak has demonstrated the power and sophistication that artificial intelligence can bring to the healthcare industry, fundamentally transforming the business. As the number of patients in hospitals increased, so did the adoption and implementation of robot-assisted medical surgeries, artificial intelligence-based virtual assistants, hospital care robots and other technologies. .
Competitive landscape and recent developments:
The AI in healthcare market is fragmented with the presence of a large number of players dominating across the globe. Key Players in the AI in Healthcare Market are:
Alphabet Inc. (Google)
Johnson & Johnson Ltd.
Amazon.Com, Inc. (Amazon Web Services, Inc.)
Microsoft Corp. (Microsoft Azure)
Koninklijke Philips NV
Siemens Healthineers AG
General electricity company
Babylon Holdings Limited
What about NetBase?
Cloudmedx Health Inc.
Major players are constantly investing in strategic initiatives, such as launching new products, introducing their products in emerging markets and more, to maintain a competitive edge in this market. In 2020, Aidoc and Imbio partnered to integrate AI technologies into medical image analysis for pulmonary embolism to improve detection and treatment regimens. In 2019, Partners Healthcare collaborated with FUJIFILM Sonosite to develop AI-based ultrasound technology, improve the accessibility of this technology for the healthcare fraternity, and improve the quality of diagnostic care.
Read the full report: https://www.reportlinker.com/p06325450/?utm_source=GNW
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