Some of the primary driving factor for artificial intelligence in healthcare market expansion include the growing databases of patient health-related digital information, the rising desire for tailored treatment, and the rising demand to reduce healthcare costs. The growing global geriatric population, changing lifestyles, and rising prevalence of chronic diseases have all contributed to an increase in demand for early disease diagnosis and better understanding. Machine learning (ML) and artificial intelligence (AI) algorithms are becoming widely adopted and integrated into healthcare systems to effectively forecast diseases in their early stages based on past health statistics. The adoption of AI/ML technology was also fueled by the growing shortage of healthcare workers. As a result, AI algorithms may be trained to assess patient health data, assisting care practitioners in swiftly diagnosing the problem and designing an effective treatment plan. The ongoing Covid-19 pandemic, supportive government measures, and the increased number of mergers and acquisitions and technology partnerships all contributed to the market's growth and accelerated adoption rate of AI in healthcare. Following the initial deployment in the detection of Covid-19 positive patients utilising tailored patient information and data consolidation, AI/ML algorithms are now widely used in the speedy and accurate diagnosis of medical problems.
Region Analysis:
North America dominates the artificial intelligence in healthcare market due to its strong base of healthcare facilities, rising investment from key players in the growth of advanced devices, high adoption rate of minimally invasive procedures, availability of reimbursements, rising geriatric population, high healthcare spending combined with the onset of the Covid-19 pandemic, and rising number of research activities in this region. Due to increased government initiatives to promote awareness, rise in medical tourism, growing research activities in the region, ever-increasing geriatric population base, and growing demand for quality healthcare in the region, Asia-Pacific is expected to see significant growth during the forecast period of 2022 to 2029.
Key Development:
· Philips will launch two new HealthSuite solutions in August 2021. HealthSuite solutions enable health systems to integrate informatics applications that may be merged and scaled up or down to meet changing requirements. Philips HealthSuite technologies assist health systems achieve the triple aim by providing a single cloud infrastructure and Software-as-a-Service (SaaS) architecture that is connected, secure, future-ready, and cost-predictive.
· IBM introduced two-nanometer chip technology in May 2021. It will improve chip performance and efficiency while also assisting AI and cloud applications.
· IBM introduced enhanced storage solutions in April 2021, with the goal of making data more accessible and available for cloud and AI applications.
· Nvidia announced the launch of A30 and A10 GPUs for enterprise servers in April 2021.
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Segmentation:
The Global Artificial Intelligence in Healthcare Market accounted for US$ 6.2 billion in 2020 and is estimated to be US$ 151.88 billion by 2030 and is anticipated to register a CAGR of 38.1%. The global artificial intelligence in healthcare market has been segmented on the basis of solution, technology, application, end user, and region.
· The solution segment of the global artificial intelligence in healthcare market includes hardware, software & services.
· On the basis of technology, the global artificial intelligence in healthcare market has been segmented into Speech recognition, Querying Method, Natural Language Processing, Machine Learning, and Context Aware Processing.
· On the basis of application, the global artificial intelligence in healthcare market has been segmented into imaging & diagnostics, drug discovery, lifestyle management & monitoring, emergency room & hospital management, insights & risk analytics, wearable, virtual assistants, others.
· On the basis of end-user, the global artificial intelligence in healthcare market has been segmented into hospital, pharmaceutical organizations, diagnostic centers, clinics.
Competitive Analysis:
The key players operating in the global market of artificial intelligence in healthcare include IBM Corporation, Google, Inc., NVIDIA Corporation, Microsoft Corporation, iCarbonX, Next IT Corp., CloudMex Inc., Atomwise Inc., Zephyr Health Inc., Medtronic Plc., Koninkiljke Philips N.V., and Oncora Medical, Inc.
