Artificial Intelligence In Healthcare Market to Worth US$ 18.7 Billion by 2027 - Industry CAGR of 31.23%

IMARC Group has recently released a new research study titled "Artificial Intelligence in Healthcare Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027" Offers a comprehensive analysis of the industry, which comprises insights on the global artificial intelligence in healthcare market.

What are the growth prospects of the artificial intelligence in healthcare industry?

The global artificial intelligence in healthcare market 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.

What is a artificial intelligence in healthcare?

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.

Impact of COVID-19:

We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.

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What are the major market drivers in the artificial intelligence in healthcare market?

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.

Artificial Intelligence in Healthcare Market 2022-2027 Competitive Analysis and Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global artificial intelligence in healthcare market, along with forecasts at the global, regional and country level from 2022-2027. Our report has categorized the market based on offering, technology, application and end-user.

Breakup by Offering:
Hardware
Software
Services

Breakup by Technology:
Machine Learning
Context-Aware Computing
Natural Language Processing
Others

Breakup by Application:
Robot-Assisted Surgery
Virtual Nursing Assistant
Administrative Workflow Assistance
Fraud Detection
Dosage Error Reduction
Clinical Trial Participant Identifier
Preliminary Diagnosis
Others

Breakup by End-User:
Healthcare Providers
Pharmaceutical and Biotechnology Companies
Patients
Others

Breakup by Region:
North America
Asia-Pacific
Europe
Latin America
Middle East and Africa

List of Major Key Players:

The major players in the market are
Amazon Web Services Inc.
Cloudmedx Inc.
DeepMind
Enlitic Inc.
General Vision Inc.
Google Inc.
International Business Machines
iCarbonX
Intel Corporation
Medtronic
Micron Technology Inc.
Microsoft Corporation
Next It Corporation
Nuance Communications Inc.
Nvidia Corporation
Siemens Healthcare
Welltok Inc.

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