Healthcare Artificial Intelligence (AI) Market Size, Share, Growth, Competitor Landscape, Company Profiles and Business Trends by 2027
Research Reports
Sep 19, 2022
Market Overview
An artificial intelligence system uses human intelligence-based functions from fields such as biology, computer science, mathematics, linguistics, psychology, and engineering. Among these functions are reasoning skills, learning abilities, and problem-solving skills. Algorithms and software are used in artificial intelligence in the healthcare industry to assess intricate medical data.
The market for artificial intelligence in healthcare is expanding as a result of rising healthcare data volumes and dataset complexity. These factors have made AI in healthcare increasingly necessary. The need for improvised healthcare services is also fueled by advancements in computing power, a drop in hardware costs, an increase in cross-industry alliances and collaborations, and a rise in the patient-to-health worker ratio.
By 2027, the Healthcare Artificial Intelligence (AI) Market is anticipated to grow at a CAGR of 51.9% and reach a value of USD12.22 billion.
The use of robotics and AI will significantly reduce the risk of coronavirus transmission by reducing human interaction, protecting frontline healthcare workers, office staff, and the general public, taking into account the virus’s highly contagious nature and ease of transmission of COVID-19 by human contact or exposed surfaces. One of the key breakthroughs currently driving the growth of the healthcare artificial intelligence market is the deployment of this technology by several pharmaceutical and biotechnology companies throughout the world to speed up vaccination or medicine production procedures for COVID-19.
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Market Segment
By Component
According to the component, the software industry for AI in healthcare is the largest and expanding the fastest. The dominance of this market can be attributed to the rising adoption of software among healthcare providers, payers, and patients. Software is a key component of AI systems.
By Application
Robot-assisted surgery, virtual nursing assistants, administrative workflow support, fraud detection, dose error reduction, clinical trial participant identifiers, preliminary diagnoses, and other applications make up the AI in the healthcare market.
By Technology
The market for technology used in artificial intelligence in healthcare is divided into machine learning, natural language processing, querying methods, and others. The machine learning market has the largest market share and the greatest growth potential for the anticipated era. Machine learning enables AI systems to learn without programming by giving them access to data; the advantages of this are anticipated to propel the segment’s growth at a CAGR of 52.4 percent.
Healthcare Artificial Intelligence Market Key Players
- DEEP GENOMICS
- Next IT Corp
- General Vision
- NVIDIA Corporation
- IBM Watson Health
- Intel Corporation
- Koninklijke Philips N.V
- GENERAL ELECTRIC
- Stryker
- Microsoft Corporation
- CloudMedx Inc
Regional Analysis
Because of its well-established healthcare infrastructure and favorable government laws for product-type commercialization, North America held the highest share of artificial intelligence in the healthcare market in 2020. These are the main reasons behind the industry’s expansion. A rise in the adoption of healthcare IT solutions increased funding for the development of AI capabilities, and major players working with universities and research institutions to develop cutting-edge AI algorithms that could be applied in the healthcare sector are all expected to cause Asia-Pacific to grow at the highest CAGR of 44.5% during the forecast period.
Industry News
As part of a USD 30 million deal with Sanofi, DarioHealth is now promoting the commercial presence of the company’s line of digital therapeutic solutions. A well-known chronic care company, DarioHealth provides AI-driven digital healthcare solutions for conditions like hypertension, diabetes, musculoskeletal, behavioral health, and weight management.
Philips introduced its two HealthSuite solutions in August 2021 to speed up the integration of informatics and healthcare systems.
Nvidia introduced its A10 and A30 GPUs for use in business servers in April 2021. Another solution introduced by Nvidia is called Morpheus, which enables cybersecurity developers to identify cyber breaches using AI technology.
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