Artificial Intelligence in Healthcare Market

Artificial Intelligence in Healthcare Market: By Offering, Technology, Application, End User, and Geography

Market Synopsis

Global Artificial Intelligence in Healthcare market is projected to attain a value of USD 178.66 Billion by 2030 from USD 8.75 Billion at a CAGR of 45.80% during the forecast period, 2022–2028.

Artificial intelligence (AI) is the fourth industrial revolution. It has become one of the most important areas in technology and it touches almost everything we do today. AI is developing rapidly, with some experts even saying that its progress will be faster than previous revolutions. The landscape of healthcare costs includes many unmet needs across the spectrum of care settings that can be solved by data-driven insight enabled by artificial intelligence technologies. This is good news for healthcare providers who are looking to automate labor-intensive processes while improving accuracy, quality, and safety. As a result, demand for Artificial Intelligence in Healthcare solutions has increased lately because providers are seeking access to better tools which can meet their clinical needs.

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Use of AI in Healthcare is at a Nascent Stage, but it has the Potential to Revolutionize Healthcare Industry

The use of AI in healthcare is at a nascent stage, but it has the potential to revolutionize the industry. Artificial intelligence can potentially lead to $150 billion annual savings for the US economy and could help create up to 400,000 new jobs by 2035. This market is estimated at $6 billion and growing rapidly because there is an increased demand for machine learning solutions in healthcare settings. Research indicates that more than 80 percent of patients would like their physicians or other healthcare professionals to make data-driven decisions that improve their outcomes as well as enhance patient satisfaction. In 2016 alone, Google's DeepMind Health platform applied its artificial intelligence systems to analyze the anonymized health data of more than one million NHS patients. A new research project involving DeepMind is looking at how AI technology can assess eye scans to identify those people with impaired sight who are at risk of developing eye disease.

Segmentation:

The global Artificial Intelligence in Healthcare market is segmented into offering, technology, application, and end user. On the basis of offering the market is segmented into hardware, software, and services. Based on technology market is categorized into machine learning, NLP, context-aware computing, computer vision. On the basis of application the market is segmented into robot-assisted surgery, virtual nursing assistant, administrative workflow assistance, fraud detection, dosage error reduction, clinical trial participant identifier, preliminary diagnosis, and others. Based on end user, the market categorized into (healthcare providers, pharmaceutical & biotechnology companies, patients, and payer)

Machine Learning to Drive Demand for AI in Healthcare

Machine learning in healthcare is expected to be the most in-demand use case of AI driven by analytics and natural language processing. The increased adoption of natural language processing in EHRs enables machines to comprehend unstructured records such as physician notes, transcribe them into structured data, and present it to care providers in a usable format to make faster decisions. "Deep learning," which uses artificial neural networks that have multiple layers that progressively analyze information with each layer passing data forward for further analysis, is being adopted across industries including healthcare. Machine learning allows computers to learn from vast amounts of data rather than follow a defined set of instructions making it useful for healthcare applications such as detecting early signs of disease or optimizing drug discovery through imaging data.

Machine learning technologies and techniques can help to improve the quality of healthcare and reduce wasteful spending and this is where we believe the largest market opportunity lies, as it could increase access to care, enhance patient outcomes and support providers with better decision making.

North America to Dominate Artificial Intelligence in Healthcare Market

US is the major market for AI in healthcare, but Asia will be the fastest growing market because of increasing demand for AI in healthcare to deliver better patient care at reduced costs. Advancement in Artificial Intelligence technology is being accepted by many industries around the world. Artificial Intelligence (AI) has begun its way into healthcare industry with focus on diagnostic and treatment planning field. Many companies in the region are also planning to launch many new products by 2022 which will help them provide better patient care at reduced costs. The main reason behind growing demand of AI is the cost savings that they can offer by reducing human errors made in diagnosing or treating patients. Oncology is one of the industries where even 5 percent error rate per diagnosis can result in 50,000 lives lost annually according to World Health Organization's report. Also providing personalized treatments for cancer patients is another field where AI can make an impact.

Competitive Landscape

Koninklijke Philips (Netherlands), Intel (US), Microsoft (US), Nvidia (US), IBM (US), Siemens Healthineers (Germany), Medtronic (US), Micron Technology (US), Google (US), General Electric Company (US), General Vision (US), Amazon Web Services (US), Johnson & Johnson (US), Enlitic (US), Lunit (South Korea), CloudmedX (US), and Oncora Medical (US) are some of the key players in the global Artificial Intelligence in Healthcare market.

The Artificial Intelligence in Healthcare is Segmented as Follows: