The report titled “Global Artificial Intelligence in Healthcare Market: Demand Analysis & Opportunity Outlook 2027” delivers detailed overview of the global artificial intelligence in healthcare market in terms of market segmentation by offering, by technology, by application, by end-users and by region.
Artificial intelligence in healthcare is estimated to significantly reduce the cost of the treatments as there would be more accuracy in diagnosis with better predictions as well as prevention of a disease.
On the basis of offering, the global artificial intelligence in healthcare market is segmented into hardware, software, and services. The market is further segmented by technology into speech recognition, machine learning, querying method, natural language processing, and context aware processing; by application into medical research, diagnosing diseases, electrocardiography, laparoscopy, medical imaging, personalized health assessments, drug discovery, personalized medicine, and others and by end-users into diagnostic labs, hospitals, clinics, and others.
The global artificial intelligence in healthcare market is anticipated to record a CAGR of 45.3% over the forecast period i.e. 2019-2027.
Artificial intelligence in healthcare is being used in radiology, imaging, electronic health records and others which can be attributed to its low error rate, high speed, accuracy, precision and ability to complete a hazardous task without the involvement of humans. For instance, mishandling of samples for the detection of Hepatitis C or AIDS have been proven to be fatal for the laboratory technicians. Additionally, growing applications of AI in health care has resulted in improved outcomes along with transforming the elderly care through health and smart devices for home care by monitoring their daily activities.
Diagnosing a disease by looking for a pathogen under a microscope is not only labour intensive but also demands high accuracy and precision. AI is anticipated to transform this field, with the use of computers to obtain a more accurate, precise and detailed image as well as description of a pathogen. Geriatric diseases such as, osteoporosis, obesity, diabetes, dementia, atherosclerosis, cardiovascular diseases, and others demand quick detection, diagnosis and continuous supervision. The implementation of AI for diagnosing such diseases is anticipated to drive the growth of the market. Further, use of AI for detection of outbreaks andsources of epidemics which can be used as way of preventing the disease is also estimated to propel the growth of the market.
On the basis of regional analysis, the global artificial intelligence in healthcare market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in North America is anticipated to show a robust growth during the forecast period. This can be attributed to declining cost of hardware and improving computing technologies across this region. The market in North America is estimated to be followed by Europe and Asia Pacific on the back of increasing healthcare expenditure and progressing healthcare infrastructure in these regions.
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Cost Effective Treatments
Artificial intelligence in healthcare is estimated to significantly reduce the cost of the treatments as there would be more accuracy in diagnosis with better predictions as well as prevention of a disease. Additionally, use of artificial intelligence in medical coding has transformed the manual work required for documenting medical records.
However, inconsistency in availability and quality of data along with lack of skilled professionals isexpected to restrain the growth of the global artificial intelligence in healthcare market over the forecast period.
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Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
This report also provides the existing competitive scenario of some of the key players of the global artificial intelligence in healthcare market which includes company profiling of IBM Watson Health, Oncora Medical, Microsoft Corporation, NVIDIA Corporation, Atomwise Inc., iCarbonX, Medtronic Plc., Zephyr Health Inc., Next IT Corp, and other prominent players. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global artificial intelligence in healthcare market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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