According to the latest report by IMARC Group, titled, “Artificial Intelligence in Healthcare Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027“, The global artificial intelligence in healthcare market size reached a value of US$ 3.4 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 18.7 Billion by 2027, exhibiting a CAGR of 31.23% during 2022-2027.
Artificial intelligence (AI) refers to the simulation of human intelligence processes, such as decision-making and problem-saving, by computer systems. It is cost-effective, improves customer experience, and solves complex problems easily. It comprises expert systems, natural language processing, speech recognition, deep learning, and computer vision. It relies on cognitive skills, such as learning, reasoning, and self-correction, to acquire data and create instructions for completing a specific task. It offers more accurate predictions, aids in fast data collection, and reduces the time for data-heavy tasks as compared to humans. It lowers the workload by enabling multi-tasking, operates without any break intervals, and facilitates decision-making. AI assists businesses in performing and handling repetitive tasks while minimizing errors. It assesses digital assistance, such as chatbot support, which allows organizations to interact with users without any involvement of human beings. It is used to predict weather conditions, enhance a global positioning system (GPS) for trips and long drives, and provide suggestions and correct spelling errors while typing. It is also employed in cybersecurity, image recognition, speech recognition and natural language processing (NLP), ride-sharing services and self-driving cars, and autopilot technology. At present, there is a rise in the application of AI in the healthcare industry due to the growing prevalence of chronic diseases, such as heart attacks, stroke, and diabetes, around the world.
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Artificial Intelligence in Healthcare Market Trends and Drivers:
The increasing utilization of AI in the healthcare industry to research the connection between treatment techniques and patient outcomes represents one of the primary factors driving the market. Besides this, the rising adoption of AI in the healthcare sector for medication management, treatment plans, and drug discovery is propelling the growth of the market. Additionally, there is an increase in use of AI in medical practices, such as diagnostic processes, drug development, personalized medicines, and patient monitoring care, across the globe. This, coupled with the growing need to minimize medical expenses and enhance patient care, is offering a positive market outlook. Apart from this, the rising employment of AI in the healthcare sector to predict diseases quickly and accurately in the early stage based on historical health datasets is contributing to the market growth. Moreover, the increasing number of AI-based virtual assistants to assist e-consultation, track patient health, and send medication alerts is positively influencing the market. Furthermore, the escalating demand for AI-based patient flow automation systems and intensive care unit (ICU) capacity creation in healthcare facilities is bolstering the growth of the market.
The competitive landscape of the industry has also been examined along with the profiles of the key players.
Amazon Web Services Inc.
General Vision Inc.
International Business Machines
Micron Technology Inc.
Next It Corporation
Nuance Communications Inc.
Artificial Intelligence in Healthcare Market 2022-2027 Competitive Analysis and Segmentation:
The report has segmented the market based on offering, technology, application and end-user.
Breakup by Offering:
Breakup by Technology:
Natural Language Processing
Breakup by Application:
Virtual Nursing Assistant
Administrative Workflow Assistance
Dosage Error Reduction
Clinical Trial Participant Identifier
Breakup by End-User:
Pharmaceutical and Biotechnology Companies
Breakup by Region:
Middle East and Africa
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