Global AI in Healthcare Market: Segmented by Product (AI Integrated Hardware, Software and Services), by Technology (Machine Learning, Natural Language Processing, Context Aware Computing and Computer Vision), by End Use Application (Patient data and risk analysis, Inpatient care and hospital management, Medical imaging and diagnostics, Lifestyle management and remote patient monitoring, Virtual Assistants, Drug discovery, Research, Healthcare Assistance Robots, Precision medicine, Emergency room and surgery, Wearables, Mental Health and Cybersecurity), by End User (Hospitals and healthcare providers, patients, Pharmaceuticals and Biotechnological companies, Healthcare payers and others), Region( North America, Europe, Asia Pacific and rest of the world)- Growth, Trends, and Forecasts (2020 2028)
- Published Date: 2022-12-13
- Report ID: 141686
- Pages: 200
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Format:
Report Overview
The Global AI in Healthcare market size was valued at USD 4.88 billion in 2020 and is forecasted to reach the market size of USD 88.26 billion by 2028, expanding at a compound annual growth rate (CAGR) of 43.6% from 2020 to 2028.
Artificial Intelligence has made life easier in all aspects. Healthcare is not an exception. Advances in medicine, supported by progress in public health, research, innovation and technology have significantly reduced morbidity and mortality. The healthcare sector is developing rapidly by making use of Artificial Intelligence to increase productivity while reducing the huge burden on healthcare workers.
AI has various applications in healthcare. It enables medical practitioners to retrieve information, interpret images acquired during scans and make treatment plans for the medical procedures. In addition to the clinical aspect, Artificial Intelligence is also proving beneficial in research activities. Globally, government and private organizations are initiating the incorporation of Artificial Intelligence in their research endeavours to accelerate developments surrounding COVID-19 vaccines.
AI has gained significant traction during the pandemic from combining scientific papers on coronaviruses to searching CT scans for COVID-19 symptoms. The White House partnered with AI research institutions to mine scientific literature to better understand the disease. Even amid economic uncertainties due to COVID-19, Healthcare AI companies have gained numerous opportunities to thrive upon owing to the reason that they minimize human interaction, thus minimising the risk of transmission and shielding the frontline workers.
Market Drivers
The market is driven by the increasing influx of large and complex healthcare datasets. In addition to this, there is a rise in need to reduce healthcare costs at the same time, increase computing power by minimising hardware costs.
In addition to this, the market is fuelled by growing government initiatives and their collaboration to promote implementation of AI in Healthcare. A rise in mergers and acquisitions and portfolio expansions further contribute towards market growth.
There is an imbalance between the healthcare workforce and the patients. Artificial Intelligence restores this balance, further fuelling the market growth. Increase in use of precision medicines and clinical trial processes demands the deployment of Artificial Intelligence which further propels the market. Increased funding for Research and Development in the field contributes to the growth of the market. It is also driven by the ongoing COVID-19 pandemic.
Type of Artificial Intelligence in Healthcare
The AI technologies that play an important role in healthcare are as follows:
- Machine learning neural networks and deep learning
- Natural language processing
- Rule-based expert systems
- Physical robots
- Robotic process automation
The most common form of AI is Machine Learning which is a statistical technique for fitting models to data and to learn by training models with data.
1. Global AI in Healthcare Market Overview............................................
A. Market Size
2. Market Growth Drivers .
A. Influx of large and complex healthcare datasets
B. Need to reduce healthcare costs
C. Need to reduce hardware costs
D. Need to increase computing power
E. Growing Government initiatives
F. Mergers and Acquisitions by major players
G. Increase in use of Precision Medicine and clinical trials
H. Increased R&D Funding
I. COVID-19 Pandemic
3. Types of AI related to healthcare........................................................................
A. Machine learning neural networks and deep learning
B. Natural language processing
C. Rule-based expert systems
D. Physical robots
E. Robotic process automation
4. Global AI in Healthcare Market Segmentation...............................
A. Product
I. AI Integrated Hardware
II. Software
III. Services
B. Technology
I. Machine Learning
II. Natural Language Processing
III. Context Aware Computing
IV. Computer Vision
C. End Use Application
I. Patient data and risk analysis
II. Inpatient care and hospital management
III. Medical imaging and diagnostics
IV. Lifestyle management and remote patient monitoring
V. Virtual Assistants
VI. Drug discovery
VII. Research
VIII. Healthcare Assistance Robots
IX. Precision medicine
X. Emergency room and surgery
XI. Wearables
XII. Mental Health
XIII. Cybersecurity
D. End User
I. Hospitals and healthcare providers
II. Patients
III. Pharmaceuticals and Biotechnological companies
IV. Healthcare Payers
V. Others
E. Region
I. North America
II. Europe
III. Asia Pacific
IV. Rest of the World
5. AI Major Products Market Share..............................
A. Market Analysis, Insights and Forecast By Revenue
6. Competitive Landscape...
A. Major Players
7. Key Company Profiles..
8. Healthcare Policies and Regulatory Landscape...
A. Policy changes and Reimbursement scenario
9. Factors Driving Future Growth..
A. New Trends and Development of AI in Healthcare market
B. Future Opportunities
10. Conclusion.............................................................................................................
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