AI in Healthcare Market is anticipated to grow at a CAGR of ~51 % from 2019 to 2030.
Market Industry Reports (MIR) has published a new report titled “Artificial Intelligence in Healthcare Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2030.” According to the report, the global artificial intelligence in healthcare market is estimated to be over US$ 3.2 Billion in 2019. It is anticipated to grow at a CAGR of ~51 % from 2019 to 2030.
The growth of the Artificial Intelligence (AI) in Healthcare market can be attributed to several factors which have led to wide scale adoption of AI in healthcare industry. Moreover, the AI ability to improve patient outcomes coupled with growing requirement for better healthcare facilities owing to imbalance between health workforce and patients is anticipated to further contribute to the substantial growth of the global AI in Healthcare market. To obtain better insights regarding the market scenario prominent players are increasingly focusing on collaborative initiatives with several institutes and research centers to provide better healthcare facilities. For instance, in February 2019, IBM, an information technology company, teamed up with two separate academic centers named Brigham and Womens Hospital and, Vanderbilt University Medical Center, for the use of AI in addressing major public health issues. The company declared a 10-year partnerships and an investment of US$ 50 million for the research of artificial intelligence.
AI analyzes complex medical data from a large volume of healthcare data sets, and then uses the obtained acumens to assist clinical practice and provide accurate conclusions. AI technology can be utilized in various processes of medical industry including drug development, medical imaging, treatment process outlining, and patient monitoring among others. Healthcare industry produces a tremendous amount of data, and with the help of AI this data can be leveraged for reasonable outcomes in healthcare industry, thereby propelling the market of AI in Healthcare and promote growth at a faster pace.
Growing number of cross-industry partnerships and collaborations by the key players and increasing number of innovative startups have significantly contributed the growth of the artificial intelligence in healthcare market. For instance, in 20017, Intel Corporation has partnered with University of California San Francisco to create a deep learning analytics platform to deliver clinical decision support and predictive analytics capabilities to its users.
Browse key industry insights spread across 180 pages with market data tables & figures & charts from the report, AI in Healthcare Market by offering (Hardware, Software, and Services), Technology (Machine Learning, Natural Language Processing and, Context-Aware Computing), Application (Inpatient Care & Hospital Management, Medical Imaging & Diagnostics, Patient Data and Risk Analysis, and Virtual Assistant), End User (Patients, Hospitals & Providers, and Pharmaceutical & Biotechnology Companies) – Global Analysis & Forecast 2019-2030 in detail along with the table of contents:https://www.marketindustryreports.com/ai-in-healthcare-market/214
For deep learning-based AI solutions in healthcare, require large amount of personal data. The more data available, the more accurate will be the outcome. However, the medical data about the patients are the most sensitive information, and if any breach occurs, it can cause a huge loss. Therefore, concerns regarding security and interoperability surrounding AI in healthcare, may hinder the market growth to a certain extent.
Asia Pacific is estimated to witness the highest CAGR during the forecast period. Increasing implementation of precision medication, growing necessity to lower the prices of healthcare, and increasing applications of artificial intelligence centered tools in therapeutic care is anticipated to present a lucrative growth scenario for AI in healthcare market in this region.
The prominent players in the global artificial intelligence in healthcare market are NVIDIA Corporation, Intel Corporation, GENERAL ELECTRIC COMPANY, Siemens Healthcare Private Limited, Koninklijke Philips N.V., IBM, Google, Micron Technology, Inc., Medtronic, and Microsoft among others.
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