Healthcare Artificial Intelligence Market is segmented by Product and Services (Software, Services), Technology (Machine Learning, NLP), Application (Medical Imaging, Precision Medicine, Patient Management), End User (Hospitals, Patients) and Geography.
The Healthcare Artificial Intelligence market is foreseen to grow at 41.4% CAGR from during the forecast period of 2021-2028 reaching a market size value of USD 51.45 billion by 2028.
Healthcare Artificial Intelligence entails the use of artificial intelligence, machine-learning algorithms as well as software to imitate human knowledge and cognition when it comes to analyzing, presentation, or understanding of complex medical information, medical diagnosis and healthcare data. The growth of this market is mainly attributed to factors such as, funding for healthcare artificial intelligence is increasing, increase in the demand for personalized therapy, a vast healthcare data, and the increasing application of artificial intelligence market. One restraint of this market is the reluctance and skepticism of several end-users in the adoption of AI technologies.
The rise of COVID-19 cases can be one of the negative factors that can hinder the growth of Healthcare Artificial Intelligence market since hospitals, medical clinics and research institutes have a surge when it comes to the volume of COVID-19 cases. Hospitals and clinics prioritized COVID-19 cases and is limited when it comes to physical interaction because controlling the spread of virus is of top priority. Another restraint is the disrupt in the supply chain with respect to manufacturing and distribution of Healthcare Artificial Intelligence equipment. The strict protocols and lock downs imposed by the governments globally, caused the decline of scheduled experiments and facility operations because most of it have already been postponed. The pandemic is a real challenge most especially in the healthcare sector because the resources and man power are limited taking into consideration that medical staffs are vulnerable to being infected.
Positively, the pandemic also brought about some changes that can aid this market. Although several markets, key players and end-users are reluctant to adopt artificial intelligence technologies in their operations, eletimes.com reported that AI technology can help the healthcare industry to prepare better in advance for the next pandemic because of the disease related data fetched by this type of technology. Consequently, by utilizing this type of advanced technology, healthcare cost might be significantly reduced. A number of healthcare providers now moved to adopt to a more standardized format of recording patient outcomes and handling large data that needs analysis as well as best treatment options based on patients’ records.
Key Findings in the Healthcare Artificial Intelligence Market
In terms of product and services, the software segment is projected to have the largest share accounted for in the market in 2020. Such growth is owing to factors like, reduction of operational and administrative difficulty, rapid data analysis without compromising accuracy, and emergence of software launches by major healthcare IT and medical devices companies.
In terms of end user, the hospitals and diagnostic centers segment is projected to have the largest overall share in the market in 2020. this is due to the collaborations of health sector with technology companies, ability of AI’s to aid in the preoperative planning, and the threats brought upon by COVID-19.
In terms of application, he hospital workflow management segment is anticipated to have the largest overall share in the market in 2020. this is mainly attributed to large amount of healthcare data gathered, management of medical records as well as its assembly and evaluation with regard to patient’s data, and the growing use of Chabot’s during engagements in customer service.
Regional Market Analysis
In term of region, the North America segment is projected to have the largest share accounted for in the market in 2020, but the Asia Pacific Region is projected to grow at the fastest CAGR in 2021-2028. This is due to the high demand of having coordination between the patient and healthcare providers, precision medicine is being adopted, emergence of diseases, and major capital investments made by major key players in the market.
Based on an extensive assessment, these major key players in the Real-World Healthcare Artificial Intelligence Market have a competitive landscape and utilizing key strategic developments to lead the industry over the past years until now. These companies are, Microsoft Corporation (U.S.), Alphabet Inc. (U.S.), NVIDIA Corporation (U.S.), General Vision, Inc (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).
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Industry Segmentation and Revenue Breakdown
Product & Services Analysis (Revenue, USD Million, 2021 - 2028)
Technology Analysis (Revenue, USD Million, 2021 - 2028)
• Machine Learning (ML)
• Natural Language Processing (NLP)
• Context Aware Processing
• Querying Method
Application Analysis (Revenue, USD Million, 2021 - 2028)
• Hospital Workflow Management
• Patient Data And Risk Analytics
• Medical Imaging And Diagnosis
• Drug Discovery
• Precision Medicine
• Patient Management
• Other Applications
(Other applications comprises of bioinformatics, wearable devices, and virtual assistance.)
End User Analysis (Revenue, USD Million, 2021 - 2028)
• Hospitals and Diagnostic Centers
• Pharmaceutical and Biopharmaceutical Companies
• Healthcare Payers
• Other End Users
(Other end users comprise of accountable care organizations, clinical research organizations, and managed care organizations)
Region Analysis (Revenue, USD Million, 2020 – 2028)
• United States
• United Kingdom
• South Korea
• Saudi Arabia
• Rest of World
• United States Healthcare Artificial Intelligence Industry Research Report
• Europe Healthcare Artificial Intelligence Industry Research Report
• Asia Pacific Healthcare Artificial Intelligence Industry Research Report
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