Market Overview: The global market size for AI in healthcare reached USD 7 billion in 2021 and is anticipated to exhibit a robust revenue Compound Annual Growth Rate (CAGR) of 46.7% throughout the forecast period. The growth of the market is attributed to the increasing demand for IT services and AI-driven solutions in the healthcare sector, substantial investments in modernizing healthcare systems globally, and advancements in specialized AI chips for efficient processing of health-related data.
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Competitive Landscape: The global AI in healthcare market is moderately consolidated, with key players like Google LLC, IBM Corporation, Microsoft Corporation, Intel Corporation, and NVIDIA Corporation. Companies are engaging in strategic alliances, research and development, and technological advancements to expand their portfolios and gain a strong market foothold.
Innovative developments, regulatory approvals, and partnerships, such as Enlitic’s approval for CXR-AI in Japan, showcase the industry’s dynamism and ongoing efforts to advance AI applications in healthcare.
Market Segmentation: The global AI in healthcare market is segmented based on offering, technology, application, end-use, and region.
- Offering Outlook: Hardware, Software, Services
- Technology Outlook: Machine Learning, Deep Learning, Context-Aware Computing, Natural Language Processing, Computer Vision
- Application Outlook: Virtual Assistants, Robot-assisted Surgery, Preliminary Diagnosis, Clinical Trials, Others
- End-use Outlook: Pharmaceutical and Biotechnology Companies, Healthcare Providers
Artificial Intelligence in Healthcare Market: Drive factors
The growth of the Artificial Intelligence (AI) in healthcare market is driven by various factors that contribute to its expansion and adoption. Key drive factors include:
- Increasing Demand for IT Services:
- The healthcare sector is experiencing a growing demand for IT services to provide advanced solutions, diagnoses, and prognoses. This demand is fueled by the need for more efficient and technologically advanced healthcare services.
- Rising Need for AI-Driven Solutions:
- There is a heightened demand for AI-driven solutions within the healthcare industry. This includes applications such as virtual assistants, robot-assisted surgery, preliminary diagnosis, and other innovative AI-based tools.
- Investments in Modernizing Healthcare Systems:
- Governments and healthcare organizations globally are increasing their investments to modernize healthcare systems. This includes the integration of AI technologies to improve patient care, streamline operations, and enhance overall efficiency.
- Advancements in Specialized AI Chips:
- The development and advancements in specialized AI chips, such as Graphics Processing Units (GPUs), Field-Programmable Gate Arrays (FPGAs), and Application-Specific Integrated Circuits (ASICs), contribute to the faster processing of health-related data. This efficiency is crucial for the effective implementation of AI in healthcare.
- Dependency on Clinical Data:
- The increasing dependency on clinical data to facilitate better healthcare services is a significant driver. AI is leveraged to analyze electronic medical records, enabling faster and more precise clinical decision-making, ultimately improving patient care.
- Accelerated Adoption of AI in Clinical Trials:
- AI is increasingly being adopted in clinical trials, where it accelerates the understanding of diseases, aids in patient identification, and contributes to the overall efficiency of the trial processes. This accelerates drug development and research activities.
- Enhanced Health Information Management:
- The integration of AI in health information systems enhances health information management. It reduces errors, ensures regulatory compliance, and contributes to the overall modernization of healthcare facilities, supporting the shift towards digital transformation.
- Positive Impact on Decision Support Systems:
- AI has a positive impact on decision support systems within healthcare. It assists healthcare professionals in making informed decisions by providing valuable insights derived from the analysis of large volumes of clinical data.
These drive factors collectively contribute to the dynamic growth of the AI in healthcare market, fostering innovation and technological advancements within the industry.
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