AI in Healthcare Market 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. For instance, the artificial intelligence research division of the Google has launched its Google Deepmind Health project for data mining of medical records to provide faster and better health services. Such advancements in big data analytics will augment the market growth.
Various application associated with healthcare AI will create growth opportunities
Rising acceptance 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 AI includes image recognition to analyze large sets of MRI and CT scans to identify and diagnose malignant tumors with more accuracy than expert radiologists. Moreover, the application of healthcare AI 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 adoption of AI 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. Increasingly skilled jobs in the healthcare sector are also at risk of being replaced, thereby hampering the market revenue over the forecast timeframe.
Diverse application associated with deep learning technology in medical imaging and diagnosis will foster the segment growth
The medical imaging and diagnosis application in the AI in healthcare market valued at USD 417.7 million in 2019 and is estimated to showcase significant growth rate of 45.5% till 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 AI for various application will boost the market value. Furthermore, various applications of deep learning technology in medical imaging and diagnosis includes tumor detection, tracking tumor development, blood flow quantification and medical interpretation.
Browse key industry insights spread across 139 pages with 79 market data tables & 14 figures & charts from the report, “Healthcare Artificial Intelligence 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:
Introduction of innovative technology coupled with organized workshop in European countries will spur the regional growth
Europe AI in healthcare market is anticipated to attain a CAGR of over more than 43.7% through 2026 on account of adoption of healthcare AI 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 industry growth. 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 market players operating in the AI in healthcare 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. For instance, in October 2020, AiCure launched OpenDBM, an open-source version of its computer vision and AI-powered digital biomarker platform. The platform’s transparent framework will give the scientific community access to AiCure’s digital biomarker algorithms and the ability to apply them to their own datasets to measure patient responses to treatment including facial, vocal and motor characteristics. This strategy is expected to add value to their existing business portfolio and generate revenue from its services.
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