Healthcare AI Market size is set to surpass USD 34.5 billion by 2027, according to a new research report by Global Market Insights Inc.
Market growth is attributed to the increased utilization of telemedicine services incorporated with AI features in order to provide services remotely to patients. Additionally, implementation of big data analysis in healthcare services is also observed in the U.S. market to prevent opioid abuse. Furthermore, increasing need to reduce fraud and enhance data security in healthcare sector is augmenting the adoption of healthcare AI services.
Increasing usage of artificial intelligence in several areas will create growth opportunities
Artificial intelligence such as machine learning and natural language processing is also being used in treatment of mood and mental-health conditions. For instance, machine learning algorithms have been developed to detect words and intonations of speech that might indicate a mood disorder. This has enabled companies to develop more such algorithms, thereby creating growth opportunities for market. Moreover, artificial intelligence has been extensively used in intelligent personal health recorders such as wearable devices and electronic medical records (EMRS).
High capital investment may hamper the healthcare AI market expansion
The integration of healthcare artificial intelligence in the existing healthcare infrastructure is observed to remain capital sensitive. This involves upgradation of installed systems and networks, training and development healthcare professionals, installing surveillance systems as well as maintenance, among others. Further, as the volume of data increases, the need for storage and security intensifies, affecting the overall capital investment required. In addition, the demand for specialized manpower also increases for operations and maintenance purposes, thereby increasing the overall cost of AI integration.
Browse key industry insights spread across 120 pages with 79 market data tables & 14 figures & charts from the report, “Healthcare AI 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” in detail along with the table of contents:
Rising usage of healthcare artificial intelligence in drug discovery or research will foster the segment growth
The drug discovery segment in the healthcare AI market accounted for USD 1.2 billion in 2020 and is estimated to showcase 34.7% growth rate through 2027. Current drug discovery process is witnessing a paradigm shift to meet the growing needs of society and patients. Also, advancements in clinical research and personal digital assistants is expected to create growth opportunities for artificial intelligence technology in the coming years. Additionally, the use of artificial intelligence and its broadening horizons in research areas is likely to drive the industry growth. Furthermore, in drug research, the use of artificial intelligence streamlines the selection process of drug development. This helps investigators to focus on the promising drug candidates and identification of previously undiscovered pathways.
Introduction of innovative technology coupled with organized workshop in European countries will spur the regional growth
Europe healthcare AI market is slated to attain a CAGR of 33.8% till 2027. Acceptance of healthcare artificial intelligence in research areas and advancement in technology with respect to electronic health records (EHR) and eHealth is anticipated to accelerate the regional expansion. Numerous efforts undertaken by European Union to stimulate use of healthcare artificial systems are poised to favor the industry demand.
Companies undertake organic growth strategies to strengthen their business portfolio and revenue
The eminent players operating in the market include IBM Corporation, Modernizing Medicine, NVIDIA Corporation, Sophia Genetics. The industry leaders focus on strategies such as innovative product development & launches, mergers & acquisitions and collaboration to garner more revenue and sustain market competition.