US 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) and by End User (Hospitals and healthcare providers, patients, Pharmaceuticals and Biotechnological companies, Healthcare payers and others)- Growth, Trends, and Forecasts (2020 2028)
- Published Date: 2022-12-13
- Report ID: 141687
- Pages: 200
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Format:
Report Overview
The US AI in Healthcare market size was valued at USD 2.40 billion in 2020 and is forecasted to reach the market size of USD 43.40 billion by 2028, expanding at a compound annual growth rate (CAGR) of 43.6% from 2020 to 2028.
Artificial Intelligence can bring about substantial improvements to any process within the healthcare functions of operation and delivery. In January 2018, the University of Massachusetts Amherst Centre for Data Science partnered with Chan Zuckerberg Initiative (CZI) to fast-track healthcare research and development using artificial intelligence. AI is forecasted to cut down US healthcare costs by USD 150 billion in 2026. In the US, the White House partnered with AI research institutions to mine scientific literature to better understand COVID-19.
AI tools are expected to facilitate and enhance human work and not replace the work of human physicians and other healthcare staff. AI can foster preventative medicine and new drug discovery which significantly improves the quality of healthcare. IBM Watsons ability to pinpoint treatments for cancer patients and Googles healthcare app that organizes and stores healthcare data enabling easy access are some of the developments.
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 US AI in Healthcare market is driven by the influx of large and complex healthcare datasets. The increased demand for minimising healthcare expenditure further drivers the market. The need to cut down hardware costs by maximising computing efficiency fuels the market growth.
In addition to this, the market is driven by growing government initiatives and their collaboration with leading AI companies to promote implementation of AI in Healthcare.
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. US 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. Equilibrium between healthcare workforce and patients
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
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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