WASHINGTON, Oct. 10, 2022 (GLOBE NEWSWIRE) -- According to a report by Vantage Market Research, the global Artificial Intelligence in Healthcare Market made USD 6.60 billion in 2021, and it is expected to reach USD 95.65 billion by 2028, growing at a CAGR of 46.1% from 2021 to 2028. This is mainly because AI technology is becoming more useful in genomics and drug discovery.
The Research Provides:
- A comprehensive analysis of the size of the industry
- Emerging and existing trends
- Future estimations
- Important players
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Artificial Intelligence in Healthcare: A Global Artificial Intelligence in Healthcare Market Research Report provides key analysis of the market status of Artificial Intelligence in Healthcare with the best facts and figures, meaning, definition, SWOT analysis, expert opinions, and the most recent developments across the globe. [Global Artificial Intelligence in Healthcare Market Research Report] The size of the market, sales, price, revenue, gross margin, market share, as well as the cost structure, growth rate, and market share, are all calculated in the research. The revenue generated from the sales of this study and technologies by various application segments and Browse Market data Tables are analyzed in this analysis.
The several market circumstances that directly impact the expansion of Artificial Intelligence in Healthcare Market are discussed in depth throughout the study on that market. The report study on Artificial Intelligence in Healthcare includes information on market factors such as the market dynamics, including drivers, restraints, challenges, threats, potential growth opportunities, market trends, development patterns, financial information, latest technologies, innovations, leading competitors, and regional analysis of the market. The report also includes an overview of artificial intelligence in healthcare.
Furthermore, the surging need for improvised healthcare services due to imbalance between health workforce and patients is also anticipated to augment the growth of the Global Artificial Intelligence in Healthcare Market, states Vantage Market Research, in a report, titled “Artificial Intelligence in Healthcare Market by Offering (Hardware, Software, Services), by Technology (Machine Learning, NLP, Context-aware Computing, Computer Vision), by Application (Robot-Assisted Surgery, Virtual Nursing Assistant, Administrative Workflow Assistance, Fraud Detection), by End User (Healthcare Providers, Pharmaceutical & Biotechnology Companies, Patients, Payer), by Regions (North America, Europe, Asia Pacific, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.
List of Prominent Players in the Artificial Intelligence in Healthcare Market:
- 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)
- Oncora Medical (US)
The Artificial Intelligence in Healthcare Market is Segmented as Below:
- Offering (Hardware, Software, Services)
- Technology (Machine Learning, NLP, Context-aware Computing, Computer Vision)
- Application (Robot-Assisted Surgery, Virtual Nursing Assistant, Administrative Workflow Assistance, Fraud Detection, Dosage Error Reduction, Others)
- End User (Healthcare Providers, Pharmaceutical & Biotechnology Companies, Patients, Payer)
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Market Dynamics:
Driver: Rising Potential of AI Technology in Genomics and Drug Discovery to Fuel Global Artificial Intelligence in Healthcare Market
AI applications in clinical genomics liable to perform operations that are not possible to perform with the help of human intelligence and are error prone when applied with standard statistical approaches. The various steps that are adapted to address in clinical genomic analysis include variant calling, variant classification, genome annotation, and phenotype-to-genotype correspondence. They can also be used in genotype-to-phenotype predictions. Here, we describe the major classes of problems that have been addressed by AI in clinical genomics. AI algorithms can easily learn biases from a single genome and produce superior variant calls. Furthermore, AI is widely used in target discovery and early drug discovery in order to analyze data sets, form hypotheses and generate novel insights, predict binding affinity and other pharmacological properties of molecules, allow filtering for drug-like properties of molecules and reduce complexity in protein design. Additionally, it is used in design and processing of preclinical experiments to reduce time, money, and uncertainty in planning experiments, decode open- and closed-access data on reagents and get actionable insights and automate sample analysis with a robotic cloud laboratory, among others. Thus, the increasing application of AI is augmenting the growth of the AI in healthcare industry in the years to come.
Opportunity: Development of Human-aware AI Systems to Stimulate Market Growth
Human-aware augmented intelligence combines the skills of humans and artificial intelligence (AI) techniques. This helps to achieve better performance over either the human or the technology can alone. Additionally, the increasing interference of human with AI techniques has resulted in interpretation and presentation challenges like proper communication problems associated with automating parts and intelligent control of crowdsourcing parts. Interpretation challenges include understanding human input and presentation challenges include problems delivering the AI system’s output and feedback. Thus, the improvement of human-aware AI systems remains the primary opportunity for AI developers and healthcare industry. Furthermore, in the healthcare sector, it is very useful in monitoring patients, help in analysis, diagnosis and create treatment plans personalized to the individual, and deliver care for the elderly and disabled people, among other prospects.
Segment Summary:
- Based on offering, the Global Artificial Intelligence in Healthcare Market is bifurcated into software, hardware, & services. The software segment held a largest share in 2021 owing to the increase in the adoption of AI software solutions by healthcare organizations.
- Based on technology, the Artificial Intelligence in Healthcare Market is divided into machine learning, computer vision, natural language processing, and context aware processing. The natural language processing segment is expected to grow at a significant CAGR of from 2022 to 2028. This is attributable to the increase in implementation of image recognition and data mining to uncover abnormalities in imaging data and accelerate the treatment.
- Based on application, the Artificial Intelligence in Healthcare Market is divided into robot-assisted surgery, virtual nursing assistant, administrative workflow assistance, fraud detection, dosage error reduction, clinical trial participant identifier, preliminary diagnosis, and others. The clinical trials participant identifier projected to grow at the fastest CAGR from 2022 to 2028. This is owing to the increase in demand for faster clinical trials for new drug development.
- Based on end user, the artificial intelligence in healthcare market is segmented into healthcare providers, pharmaceutical & biotechnology companies, patients, and payer. The healthcare providers segment held the largest share in 2021. The pharmaceutical & biotechnology companies’ segment is anticipated to grow at a fastest CAGR from 2022 to 2028.
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COVID-19 Impact Analysis:
The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the healthcare industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
- Impact Assessment of COVID-19 Pandemic
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- Quarterly Market Revenue Forecast by Asia Pacific 2021 & 2022
- Key Strategies Undertaken by Companies to Tackle COVID-19
- Long Term Dynamics
- Short Term Dynamics
The report on Artificial Intelligence in Healthcare Market highlights:
- Assessment of the market
- Premium Insights
- Competitive Landscape
- COVID Impact Analysis
- Historic Data, Estimates and Forecast
- Company Profiles
- Global and Regional Dynamics
Regional Analysis:
North America Dominates the Global Artificial Intelligence in Healthcare Market
North America has dominated the Global Artificial Intelligence in Healthcare Market in 2021 and is likely to continue the same trend during the forecast period. This is attributable to the early adoption of AI technologies, growing collaborations and partnerships, and supportive government initiatives across the region. Furthermore, the presence of major market players and the rising elderly population are also expected to support the regional growth of the market.
Asia Pacific is likely to witness fastest growth in the Artificial Intelligence in Healthcare Market during the forecast period. This is attributable to the rise in development and innovations and establishment of new start-ups in the emerging economies like the India, and China in the region. Additionally, the increasing adoption AI-based technologies by healthcare organizations, Research and Development activities and government expenditure on healthcare facilities are also expected to support the growth of the artificial intelligence in healthcare market in near future.
Browse market data Tables and Figures spread through 187 Pages and in-depth TOC on "Artificial Intelligence in Healthcare Market by Offering (Hardware, Software, Services), by Technology (Machine Learning, NLP, Context-aware Computing, Computer Vision), by Application (Robot-Assisted Surgery, Virtual Nursing Assistant, Administrative Workflow Assistance, Fraud Detection), by End User (Healthcare Providers, Pharmaceutical & Biotechnology Companies, Patients, Payer), by Regions (North America, Europe, Asia Pacific, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)".
Key questions answered in the report:
- What is Artificial Intelligence in Healthcare?
- How big is the Artificial Intelligence in Healthcare market?
- What is Artificial Intelligence in Healthcare product use for?
- Who are the key players in the Artificial Intelligence in Healthcare market?
- What is the scope of growth in the Artificial Intelligence in Healthcare market?
- What are the key trends in the Artificial Intelligence in Healthcare market report?
- What is the core strategy for growth in the Artificial Intelligence in Healthcare market?
- Which is base year calculated in the Artificial Intelligence in Healthcare market report?
- How will the Artificial Intelligence in Healthcare Market change in the upcoming six years?
- What are the risks involved in investing in the Artificial Intelligence in Healthcare market?
- Which regional Artificial Intelligence in Healthcare market will show the highest and rapid growth?
- What are the main opportunities for growth in the Artificial Intelligence in Healthcare market?
- What are the core strategies of key players in the Artificial Intelligence in Healthcare market?
This market titled “Artificial Intelligence in Healthcare Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:
| Report Attribute | Details |
| Market Size in 2021 | USD 6.60 Billion |
| Projected Market Size in 2028 | USD 95.65 Billion |
| CAGR Growth Rate | CAGR of 46.1% from 2022–2028 |
| Base Year | 2021 |
| Historic Years | 2016 - 2020 |
| Forecast Years | 2022 – 2028 |
| Segments Covered | Offering: - Hardware, Software, Services Technology: - Machine Learning, NLP, Context-aware Computing Application: - Robot-Assisted Surgery, Virtual Nursing Assistant, Administrative Workflow Assistance End User: - Healthcare Providers, Pharmaceutical & Biotechnology Companies, Patients |
| Quantitative Data - Units | Revenue in USD Million/Billion and CAGR from 2022 to 2028 |
| Regions Covered | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
| Countries Covered | U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others |
| Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis. |
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