Healthcare Artificial Intelligence Market size shall reach a value of $62,678.1 Million in 2027, growing with a CAGR of 41.5% during the forecast period of 2020 to 2027.
Healthcare Artificial Intelligence Market Growth and Trends
The increasing volume of healthcare data along with rising complexities of datasets triggers the need for AI. The need to reduce spiralling healthcare costs, enhancing computing power and declining hardware costs, increasing cross-industry collaborations and partnerships, and growing imbalance between health workforce and patients are driving the demand for imprsovised healthcare services, thus positively impacting the market growth as multiple pharmaceutical and biotechnology companies across the world are adopting advanced AI techniques to speed up vaccine or drug development processes for Covid-19. Increasing adoption of deep learning in several healthcare applications, particularly in medical imaging, drug discovery, disease diagnostics, and the use of different sensors and devices to track a patient’s health status in real time are further supplementing the growth of the market. Precision medicine and genomics coupled with increasing personalized treatments customized to suit an individual patient’s requirement will drive the global market. Increasing artificial intelligence technology to perform data mining and expedite healthcare delivery services and applications for disease monitoring and diagnosis will further augment the market growth in the coming years. An ever-increasing volume of big data has generated the need to adopt artificial intelligence technology for efficient data management. It can also be effectively used for healthcare data management by collecting, storing, and normalizing the data to provide faster and better health services. Development of data software that is technologically upgraded will foster the market growth. Artificial intelligence is algorithms which are capable of analysing complex research data, and hence can be used to predict the outcome in a wide range of scenarios.
However, high capital requirement may affect affordability, hindering the market growth. On the contrary, AI is showing advancement in clinical research as it has the ability to overcome several clinical trial challenges like matching eligible patients for research and monitoring adherence and data collection.
Healthcare Artificial Intelligence Market Growth and Trends
United States accounts for the largest and top share in the Healthcare Artificial Intelligence Market due to the companies like Microsoft (US), Intel Corporation (US), Amazon Web services, Google, International Business Machines Corporation, which ranked first in the Healthcare Artificial Intelligence Market. The Asia Pacific is estimated to grow at a rate of 44.4%. Other geographical regions like the Middle East and Africa, Latin America contribute a fair share in the market’s development. The United Kingdom boomed the market with £150 million shares in the revenue. Canada market reached a size of over 90 billion dollars. China’s economy is expected to grow at a rate of 30%, and by 2030 it will be declared as an AIl Global leader in terms of healthcare. Other countries that are significantly growing are Russia, Norway, Sweden, Canada, India, and France.
