AI in Healthcare Market size worth over $21bn by 2026
Published Date: January 6, 2021 Authors: Sumant Ugalmugle, Rupali Swain
AI in Healthcare Market size is set to surpass USD 21 billion by 2026, according to a new research report by Global Market Insights Inc.
Healthcare artificial intelligence has revolutionized by designing treatment plans, assisting in repetitive tasks, medication management, and drug discovery. It can also be effectively used for healthcare data management by collecting, storing, and normalizing the data.
Various application associated with healthcare artificial intelligence will create growth opportunities
Rising adoption of precision medicine over intuitive medicine to make health care simpler, more accessible, and less expensive should increase the usage of artificial intelligence technology. Few of the application of artificial intelligence includes image recognition to analyze large sets of MRI and CT scans to identify and diagnose malignant tumors with more accuracy than expert radiologists, thereby propelling the market growth. Moreover, the application of healthcare artificial intelligence for assisting and monitoring patients with their needs in the absence of clinical help in the form of a personal assistant is also looked upon as potential use of artificial intelligence technology.
Large scale of human unemployment may hamper the AI in healthcare market expansion
The acceptance of artificial intelligence in healthcare is likely to replace technicians with machines leading to large scale unemployment. The rampant use of artificial intelligence will make humans dependent on machines leading to high unemployment rate and diminishing of mental capabilities. For instance, in February 2016, the World Economic Forum reported that the rising use of robots will lead to a net loss of more than 5 million jobs in 15 emerging and developed countries by the end of 2020. Increasingly skilled jobs in the healthcare sector are also at risk of being replaced, thereby hampering the industry growth over the forecast timeframe.
Browse key industry insights spread across 139 pages with 79 market data tables & 14 figures & charts from the report, “AI in Healthcare Market Size By Application (Medical Imaging & Diagnosis, Drug Discovery, Therapy Planning, Hospital Workflow, Wearables, Virtual Assistants) Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2020 - 2026” in detail along with the table of contents:
Various application associated with deep learning technology in medical imaging and diagnosis will foster the segment growth
The medical imaging and diagnosis segment in the AI in healthcare market accounted for USD 417.7 million in 2019 and is estimated to showcase significant growth rate of 45.5% through 2026. Artificial intelligence is widely applicable in the medical imaging sector for the analysis and detection of cancer at early stages and helps to improve life expectancy of the patient. With recent deep learning techniques, artificial intelligence is enabling superhuman pattern recognition performance and is forecasted to become a game changer medical diagnostic. Thus, usage of healthcare artificial intelligence for various application will boost the industry expansion. Furthermore, various applications of deep learning technology in medical imaging and diagnosis includes tumor detection, tracking tumor development, blood flow quantification and medical interpretation.
Introduction of innovative technology coupled with organized workshop in European countries will spur the regional growth
Europe AI in healthcare market is poised to grow at a CAGR of 43.7% by 2026 owing to the adoption of healthcare artificial intelligence in research areas and advancement in technology with respect to electronic health records (EHR) and eHealth. Numerous efforts undertaken by European Union to stimulate use of healthcare artificial systems will favor the market demand. For instance, European Union introduced an innovative technology to develop EHR across Europe and named as the European Health Records Organization (EHRO).
Companies undertake inorganic growth strategies to strengthen their business portfolio and revenue
The eminent players operating in the market include IBM Watson Health, Modernizing Medicine, NVIDIA Corporation, Sophia Genetics among others. These industry leaders focus on strategies such as innovative product development & launches, mergers & acquisitions and collaboration to garner more revenue and sustain market competition.
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