(MENAFN- EIN Presswire) AI in Healthcare market Size
AI in healthcare market was valued at $8.23 billion in 2020, and is estimated to reach $194.14 billion by 2030, growing at a CAGR of 38.1% from 2021 to 2030.
PORTLAND, OREGON, UNITED STATES, February 22, 2023 /einpresswire.com / -- ai in healthcare market was valued at $8.23 billion in 2020, and is estimated to reach $194.14 billion by 2030, growing at a CAGR of 38.1% from 2021 to 2030. Artificial intelligence assists machines to perform any task without human interventions. It uses different algorithms and software that help the machine to inculcate perception and reasoning for various situations. AI is widely applicable in the healthcare sector for various purposes such as drug discovery and precision medicine. In addition, it is used to analyze a patient's medical data, predict disease onset, and personalize treatment provided to the patient.
List of Key Players :
Some of the key players operating in the global AI in healthcare market include Welltok, Inc., Intel Corporation, Nvidia Corporation, Google Inc., IBM Corporation, Microsoft Corporation, General Vision, Inc., Enlitic, Inc., Next IT Corporation, and iCarbonX.
Download Sample Report
Covid-19 Scenario:
Artificial intelligence technologies are widely being employed by policymakers, and medical professionals to manage the outbreak effect and accelerate its early detection, prevention, response, recovery and to pace the research. Furthermore, the companies are increasingly focusing on expanding their geographical reach and introducing newer, innovative solutions through various strategies, including partnerships, product launches, and collaborations. In April 2020, Microsoft investment USD 20 million to help in COVID-19 research with the use of artificial intelligence technology and data sciences, mainly focusing on hospital resources, diagnostics, and other critical areas. In addition, rise in investments in AI by start-ups propels the market growth. For instance, Analytics 4 life, a Toronto-based start-up, raised around USD 29.0 million to develop a new medical imaging technology, using AI algorithms for cardiac diagnostics.
Buy Now
By offering segment, the Artificial intelligence in healthcare market is divided into hardware, software, and services. The software segment was the major revenue contributor in 2020 and is anticipated to remain dominant with a CAGR of 37.7% during the forecast period. Surge in adoption of AI-driven healthcare informatics solutions and healthcare operational support by hospitals and other healthcare service providers are expected to drive the market growth owing to the increased development of AI-based software solutions.
By region, the Artificial intelligence in healthcare market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. North America accounted largest share in 2020, and is expected to remain dominant throughout the forecast period with A CAGR of 35.6%. Rise in number of government initiatives and increase in investments by various private companies to improve clinical outcomes, achieve better information exchange, and cost drive the growth of Artificial intelligence in healthcare market.
The impact of the COVID-19 pandemic has positively affected various healthcare-related markets, one of them being AI in healthcare. At present, AI technologies are playing a crucial role to combat the pandemic.
Though the use of AI in healthcare is not a new notion, its application in the COVID-19 outbreak situation has proven its prospects in the sector. The AI tools are rapidly being used to detect & diagnose the virus and retort to the outbreak through personalized information and learning.
The AI in healthcare market is segmented on the basis of offering, algorithm, application, end user, and region. By offering, the market is divided into hardware, software, and services. By algorithm, it is classified into deep learning, querying method, natural language processing, and context aware processing. By application, it is classified into robot-assisted surgery, virtual nursing assistant, administrative workflow assistance, fraud detection, dosage error reduction, clinical trial participant identifier, preliminary diagnosis, and others. By end user, it is fragmented into healthcare providers, pharmaceutical & biotechnology companies, patients, and payers. Region-wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
For Purchase Inquiry
KEY FINDINGS OF THE STUDY
By offering, the software segment was the highest contributor to the market in 2020.
By application, the robot-assisted surgery segment was the highest contributor to the market in 2020.
By end user, the healthcare providers segment is projected to grow at a significant CAGR of 37.2% from 2021 to 2030.
By region, North America garnered largest revenue share of 35.6%.in 2020, whereas Asia-Pacific is anticipated to grow at the highest CAGR of 44.5% during the review period.
About Allied Market Research:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of 'Market Research Reports' and 'Business Intelligence Solutions.' AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains. AMR offers its services across 11 industry verticals including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverages, Energy & Power, Semiconductor & Electronics, Automotive & Transportation, ICT & Media, Aerospace & Defense, and BFSI.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of the domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
David Correa
Allied Analytics LLP
+ +1 503-894-6022
email us here
Visit us on social media:
facebook
twitter
linkedin