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AI in Healthcare Market expected to reach USD 33.42 Billion by 2026 with the CAGR of 46.21%

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AI in Healthcare Market expected to reach USD 33.42 Billion by 2026 with the CAGR of 46.21%

September 18
21:04 2020

AI in Healthcare Market is valued at USD 3.64 Billion in 2019 and expected to reach USD 33.42 Billion by 2026 with the CAGR of 46.21% over the forecast period.

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High imbalance between patients and medical staff, ability to improve patient care and the possibility of reducing medical costs are the major factors stimulating the growth of the Global AI in Healthcare Market

Scope of Global AI in Healthcare Market Report–

Artificial Intelligence (AI) in healthcare is the utilization of complicated algorithms and software to encourage human cognition in doing the analysis and understanding of complex healthcare data. Moreover, artificial intelligence is the ability of computer algorithms to approximate conclusions without human intervention. AI performs this with machine learning and deep learning algorithms. These algorithms can identify various patterns of behavior and prepare their own logic. AI in healthcare is changing the way information is collected, analyzed and developed for patient care. AI can bring new efficiencies to the hospital workflow, including planning, procedural time or selecting the right exam for the right patient, which will improve the quality of medical services and reduce costs treatment. The data can help hospital administrators optimize performance and improve the use of existing resources, saving time and costs. AI in healthcare has wide range of applications such as doing the repetitive jobs like analyzing tests, CT scans, data entry, X-Rays and other mundane tasks. It is also used in digital consultation, medication management and health monitoring.

Global AI in Healthcare market is segmented on the basis of product, technology, application and by region. Based on product, the market is segmented into hardware, software and services. Based on technology, the market is segmented into natural language processing, context aware processing, machine learning & querying method. Based on applications, the market is segmented into Robot-assisted surgery, virtual nursing assistant, clinical trial, preliminary diagnosis and others.

AI in Healthcare Companies

Medtronic Plc.

IBM Corporation

NVIDIA Corporation

Microsoft Corporation

Stryker Corporation

General Electric Company

General Vision, Inc.

Johnson & Johnson

Next IT Corp.

Google, Inc.

Siemens Healthineers GmbH

Deep Genomics, Inc.

Intel Corporation

Nuance Communications

Koninklijke Philips N.V etc.

The regions covered in this AI in Healthcare market report are North America, Europe, Asia-Pacific and Rest of the World. On the basis of country level, market of AI in Healthcare market is sub divided into U.S., Mexico, Canada, UK, France, Germany, Italy, China, Japan, India, South East Asia, GCC, Africa, etc.

Key Players for Global AI in Healthcare Market Report–

Key players of the AI in Healthcare market are Medtronic Plc., IBM Corporation, NVIDIA Corporation, Microsoft Corporation, Stryker Corporation, General Electric Company, General Vision, Inc., Johnson & Johnson, Next IT Corp., Google, Inc., Siemens Healthineers GmbH, Deep Genomics, Inc., Intel Corporation, Nuance Communications, Koninklijke Philips N.V etc.

 

Global AI in Healthcare Market Dynamics-

The main factor driving the growth of AI in the healthcare market is the growing demand for impromptu medical services due to the imbalance between healthcare workers and patients. The growing adoption rate of Big Data tools in the medical environment is one of the most important factors helping AI to grow in the healthcare market. With big data, you can easily store large amounts of data, such as that generated by multi-parameter sensors next to the patient’s bed. AI help you reduce errors in healthcare services. As per the National Healthcare Anti-Fraud Association, around 10 percent of total spending in healthcare is wasted due to human error or fraud which is mounts to $80 billion in cost annually. However, doctors are reluctant to adopt new technologies, the lack of carefully selected health data and concerns about data confidentiality are restricting growth in AI in Healthcare market. It is increasingly difficult to convince providers about AI being cost-effective solution, efficient, and safe solutions that provide convenience to physicians and provide better patient care. There is significant opportunity in taking care of elderly illnesses as they cannot always go to a doctor, AI helps track their vital signs, such as heart rate, blood pressure, body temperature, and respiratory rate etc.

Asia pacific is expected to Witness a Fastest Growth in the Global AI in Healthcare Market

North America has been the market leader so far and is expected to remain dominant in future in the global AI in Healthcare market majorly due to advanced healthcare sector, increased use of healthcare IT solutions (HIT) and increased funding for the development of these solutions. The United States has always been the main source of revenue for the industry and the situation will remain unchanged for the next few years. This is mainly due to government support initiatives in the use of digital platforms and technological improvements in the life sciences. Dignity Health a fifth largest healthcare system in the United States, uses Big Data and advanced analysis platforms to predict potential cases of sepsis at the earliest stage of the intervention. Through which they monitor 120,000 lives in 34 hospitals each month and manages 7,500 potential patients with sepsis each month. Asia Pacific is expected to witness the fastest growth, as a result of improved HIT infrastructure, continued adoption of medical technology, and active government initiatives in medical technology. In March 2019, the Korean Ministry of Information and Communication Science and Technology announced that it would conduct an experiment on Dr. Answer, an AI-based precision medicine service, in December of the same year.

Key Benefits for Global AI in Healthcare Market Report–

Global market report covers in depth historical and forecast analysis.

Global market research report provides detail information about Market Introduction, Market Summary, Global market Revenue (Revenue USD), Market Drivers, Market Restraints, Market opportunities, Competitive Analysis, Regional and Country Level.

Global market report helps to identify opportunities in market place.

Global market report covers extensive analysis of emerging trends and competitive landscape.

Global AI in Healthcare Market Segmentation:–

By product:- Hardware, Software, Services

By technology:- Natural Language Processing, Context Aware Processing, Machine Learning, Querying Method

By Application:- Robot-Assisted Surgery, Virtual Nursing Assistant, Clinical Trial, Preliminary Diagnosis, Dosage Error Reduction, Automated Image Diagnosis

Regional & Country Analysis
North America, U.S., Mexico, Canada , Europe, UK, France, Germany, Italy , Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of Middle East and Africa

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