AI in Healthcare Market to Register a CAGR of 38.12% until 2031
The growing need to reduce healthcare costs & AI technologies are driving growth in the global AI in Healthcare market over the forecast period.
According to TechSci report on “AI in Healthcare Market - Global Industry Size, Share, Trends, Competition, Opportunities and Forecast, 2021-2031”, the Global AI in Healthcare Market will grow from USD 36.02 Billion in 2025 to USD 250.08 Billion by 2031 at a 38.12% CAGR. AI can reduce substantial healthcare spending while also delivering patient-centered care and compassion. Artificial
intelligence (AI) is booming in the medical profession. It also reduces drug research and development costs. Furthermore, end users are being pressured to deliver solutions more quickly as AI advances. AI can
assist in areas such as clinical activities, screening, diagnosis, and medical imaging, among others.
Automation and AI adoption
reduce human workload. The adoption of AI technology can create numerous new roles and opportunities. Still, the lack of a competent
workforce is a barrier to the industry. There is a lack of standardized
regulations and guidelines for medical device manufacturers to obtain
approval for AI implementations. Healthcare workers and physicians are reluctant to adopt AI-based solutions for patient care because they fear AI will
replace them in the future. The growing consumer adoption of digital health technologies has compelled healthcare professionals to adopt them as well, and physicians' preconceptions about them may pose a barrier.
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The global AI in healthcare
market is segmented by offering, technology, application, end user, competitive landscape, and region. Based on offering, the
market is further divided between software and hardware. The increasing adoption of AI-based software solutions by healthcare providers and patients is driving growth in the software segment. In September 2019, for
example, GE Healthcare partnered with five Chinese local software developers,
including 12Sigma technologies, Biomind, Shukun technology, Yizhun Medial AI,
and YITU technology, to collaborate on developing the Edison AI platform and
supporting GE Healthcare's smooth digital transformation. The software solutions
segment, by contrast, is expected to be profitable over the projected
period. The increased penetration of AI-based technologies in numerous
healthcare applications, such as cybersecurity, clinical trials, virtual assistants, robot-assisted surgeries, telemedicine, dose error reduction,
and fraud detection. Furthermore, the increasing number of strategic activities undertaken by major companies, such as alliances and seed investments, is contributing to growth potential.
Based on technology, the market is further divided into machine learning, computer vision, natural language processing, and context-aware computing. Machine learning has been a focus area of AI research and investment over the past ten years. The medical imaging segment of healthcare offers many
opportunities for machine learning and deep learning applications. A considerable number of
medical images can be used for computer vision models, which can then be
matched with validated patient diagnoses. These devices can therefore assist
clinicians in processing a greater number of patient cases while reducing
diagnostic errors.
Some of the major companies
operating in the global AI in healthcare market include:
- Google Health / DeepMind
- Tempus AI
- GE Healthcare
- Siemens Healthineers
- Philips Healthcare
- Teladoc Health
- Aidoc
- PathAI
- Butterfly Network
- Arterys
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“Based on region, the North American
region is estimated to hold the greatest share of 40.77% in the forecast period.
The expansion of AI in the healthcare market is being fueled by the well-established healthcare infrastructure and supportive government regulations that enable product-type commercialization. Moreover, increasing adoption of AI technology
across the continuum of care, particularly in the United States, and high
healthcare spending combined with the onset of the COVID-19 pandemic, which has
accelerated the adoption of AI in hospitals and clinics across the region,”
said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
AI in Healthcare Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Offering (Software v/s Hardware), By Technology (Machine Learning, Computer Vision, Natural Language Processing, Context-Aware Computing), By Application (Medical Imaging & Diagnostics, Robotic Surgeries, Drug Discovery, Inpatient Care & Hospital Management, Patient Data & Risk Analysis, Others), By End User (Healthcare Providers, Pharmaceutical & Biotechnology Companies, Patients, Others) By Region, Competition Forecast & Opportunities 2021-2031F”, has evaluated the future growth potential of global AI in healthcare
and provides statistics & information on market size, structure, and future
market growth. The report aims to provide cutting-edge market intelligence and help decision-makers make sound investment decisions. The report also identifies and analyzes emerging trends, essential drivers,
challenges, and opportunities in the global AI in healthcare market.
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