Artificial Intelligence in Healthcare Market Size By Application (Medical Imaging & Diagnosis, Drug Discovery, Therapy Planning, Hospital Workflow, Wearables, Virtual Assistants), COVID-19 Impact Analysis, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2021 - 2027

Industry trends

Artificial Intelligence (AI) in Healthcare Market size exceeded USD 4.2 billion in 2020 and is anticipated to grow at over 33.7% CAGR between 2021 and 2027. Growing application of artificial intelligence in the field of drug discovery, medical imaging, precision medicine and genomics coupled with increasing personalized treatments will drive the market growth.
 

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Moreover, the use of artificial intelligence and its broadening horizons in research areas is observed to foster the market expansion. For instance, artificial intelligence is used for advanced treatments in oncology. The technology aids in detection of abnormalities in X-rays and MRIs, which can often be overlooked by the human eye.
 

The COVID-19 outbreak had a positive influence on healthcare artificial intelligence market owing to the growing awareness and acceptance of digital health. Adoption of artificial intelligence in healthcare settings has enabled smooth workflows as well as real-time patient monitoring, among others.
 

Novel applications of artificial intelligence in healthcare

Artificial intelligence is noted to be employed in healthcare applications such as bladder volume prediction and epileptic seizure prediction, among others. Furthermore, artificial intelligence as allows the application of machine learning and natural language processing in treatment of mood and mental-health conditions. For instance, several machine learning algorithms have been developed to detect words and intonations of speech that might indicate a mood disorder. In addition, artificial intelligence has been extensively used in intelligent personal health recorders such as wearable devices and electronic medical records (EMRS).
 

Security concerns regarding patient data may slow down the AI in healthcare market demand

Security concerns regarding patient data may hamper the industry expansion. The implementation of AI solutions such as electronic health records, e-prescriptions, medical apps require stringent data security. Breach in data security can result in incurring huge losses of critical and confidential information including medical records, which often contain social security numbers, insurance IDs, addresses and medical details, hence, adversely impacting the reputation and results of operations. Further, common cyber security threats include uncoordinated individual attempts to gain unauthorized access to information technology systems that are directed at the physicians, hospitals, its customers, and its third-party service providers.
 

Medical imaging and diagnosis application segment will continue to showcase significant demand

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The medical imaging & diagnosis segment captured around 24.6% market share in 2020. Artificial intelligence is widely applicable in the medical imaging sector for the analysis and detection of cancer at early stages. It allows real-time monitoring, improving the patient’s life expectancy. With recent deep learning techniques, artificial intelligence is enabling superhuman pattern recognition performance in the field of medical imaging and diagnostic. In addition, deep learning also finds application in tumor detection and development, blood flow quantification as well as medical interpretation. This enabled customers to opt for such artificial intelligence solutions.
 

Various government initiatives and funding for big data analytics in North America

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North America AI in healthcare market size is expected to observe over 33% growth rate through 2027, on account of the robust adoption trends registered by digital technologies in healthcare. Various government initiatives and funding in U.S. are focusing on encouraging the industry progression of healthcare AI.
 

Increased funding for big data analytics is a key aspect for improving healthcare artificial intelligence in the region. For instance, artificial intelligence has started transforming the healthcare by leveraging big data analytics to optimize better healthcare services. Similarly, IBM Watson examines patient’s data and provides treatment plans by combining attributes from external research, patient’s file, and clinical expertise.
 

A blend of organic and inorganic strategies pave growth opportunities for companies operating in the market

Prominent companies operating in the healthcare artificial intelligence market include IBM Corporation, Modernizing Medicine, NVIDIA Corporation, Sophia Genetics. New product launch & approval and partnerships are the most adopted business strategies to sustain market position.
 

The AI in healthcare market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2016 to 2027, for the following segments:

Market, By Application

• Medical Imaging & Diagnosis
• Drug Discovery
• Therapy Planning
• Hospital Workflow
• Wearables
• Virtual Assistants
• Others

The above information is provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • The Netherlands
  • Sweden
• Asia Pacific
  • China
  • India
  • Japan
  • Australia
  • Singapore
• Latin America
  • Brazil
  • Mexico
• Middle East & Africa
  • South Africa
  • Saudi Arabia