The healthcare industry has undergone significant changes in the past few years, moving from outdated paper recording systems to more efficient and integrated systems. AI healthcare usually contains physical devices, payment interfaces, and patient-generated health data. This data explosion not only helps extract and manage this information but also makes better use of the data for insights and recommendations. Artificial intelligence (AI) increasingly used to improve the depth of data analysis capabilities and automate key healthcare services.
Artificial intelligence tools are capable of processing large amounts of data, and making real-time recommendations, can significantly reduce the administrative burden on medical systems. Moreover, healthcare data management has effectively managed by artificial intelligence by designing treatment plans, assisting in repetitive tasks, medication management, and drug discovery and can also be effectively used for collecting, storing, and normalizing the data.
The global artificial intelligence healthcare market expected to grow with a significant rate in the forecast period, 2020-2027. The healthcare artificial intelligence market helps in reducing costs, which is a significant driver of many healthcare plans. The AI applications in healthcare designed to address specific, real-world use cases to make the patient diagnosis, monitoring, and treatment more efficient, accurate, and used by people around the world.
The growing demand for the global healthcare artificial intelligence market due to its application in the field of drug discovery, medical imaging industry and coupled with increasing personalized treatments to an individual patient’s requirement, will help in driving the demand of the global healthcare artificial intelligence market. Owing to the tools of AI, Data mining, and machine learning (computer-based language), accelerate the speed of healthcare delivery services and fast disease diagnosis and monitoring will further increase the demand of the healthcare artificial intelligence market in the forecast period.
Recently, to provide faster and better health services and maintaining data of medical records, the artificial intelligence research division of Google has launched the Google Deepmind Health project. Owing to the rise in demand for the healthcare artificial intelligence market, the developing healthcare infrastructure and rising disposable income and developments in the pharmaceutical and biotechnology sectors have triggered the demand of the healthcare market.
Rising disposable income of consumers has affected the lifestyle, eating habits, and increased the stress level. Owing to, these factors the major health diseases are caused, which results in the growing use of medical facilities. Thus, it has triggered the growth of artificial intelligence in the healthcare sector.
Earlier, the records or data of the hospital written manually, which becomes difficult for the doctor to find the patient medical history. Thus, the diagnosis of a patient’s disease by the doctor at an early stage was tough. Therefore, the rise in Artificial intelligence, which runs on the computer-based algorithms, helps in data mining and keeping records of patients and manage the entire working cycle of the hospital administration function.
Based on offering, the global healthcare artificial intelligence market classified into Hardware, Software, and Services. The hardware segment projected to witness the highest growth rate during the forecast period from 2020-2027. Continuous software innovation that caters to the needs of the healthcare sector helps the software segment capture a significant share in 2019.
Based on technology, the global artificial intelligence healthcare market categorized into Machine Learning, NLP, Context-Aware Computing, and Computer Vision. Among all of them, the machine learning segment expected to witness the highest growth during the forecast period as the internal components of AL protocols helps in the use of signal reduction, data mining, and image recognition, which helps in reducing the cost of maintaining records and identifies the problem on time.
Based on application, the global artificial intelligence healthcare market segregated into Virtual Nursing Assistant, Robot-assisted Surgery, Fraud Detection, Administrative Workflow Assistance, Clinical Trial Participant Identifier, Dosage Error Reduction, Clinical Trial Participant Identifier, Preliminary Diagnosis, and Others. Clinical trials captured significant market share in 2019, as pharmaceutical companies are focusing on integrating clinical triad with artificial intelligence for a better solution. Apart from it, artificial intelligence in robotic-assisted surgery platforms triggered market growth in 2019, owing to applications for automating surgery rather than manual surgery.
Based on End-users, the global artificial intelligence healthcare market categorized into Healthcare Provider, Pharmaceutical & Biotechnology Company, Patient, and Payer. Pharmaceutical and Biotechnology companies will witness to grow at the highest CAGR in the forecast period, 2020-2027. It is owing to the increasing dependence on artificial intelligence, which provides safety and security of the patient’s life and their medical records.
Based on geography, the global artificial intelligence healthcare market segmented into North America, Europe, Asia Pacific, and Middle East & Africa. North America holds major market share in the healthcare AI market in 2019 and anticipated to maintain its dominance throughout the future period. Owing to the demand for affordable healthcare, Improving IT infrastructure, and favorable government norms expected to trigger the market growth of the healthcare AI market.
Companies such as NVIDIA, Intel, IBM, Google, Microsoft, AWS, General Vision, GE Healthcare, Siemens Healthineers, and others are prominent players in e artificial intelligence healthcare market.