Artificial Intelligence in Healthcare Market is projected to grow from USD 6.9 billion in 2021 to USD 67.4 billion by 2027, it is expected to grow at a CAGR of 46.2% from 2021 to 2027. Increasing application of AI in healthcare such as patient data and risk analysis, inpatient care and hospital management, healthcare imaging and diagnostics, lifestyle management and monitoring, and virtual assistants, emergency rooms, mental health, and surgery procedures are fueling the market growth of the artificial intelligence in healthcare market. Availability of big data in healthcare and increasing adoption of AI-based tools in healthcare facilities are other factors driving market growth during 2021–2027
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The services segment is projected to foresee highest CAGR during the forecast period
AI is a complex method as it requires the implementation of sophisticated algorithms for a wide range of applications in patient data and risk analysis, lifestyle management and monitoring, precision medicine, inpatient care and hospital management, medical imaging and diagnostics, drug discovery, and virtual assistants, among others. Hence, for the successful deployment of AI, there is a need for deployment and integration, and support and maintenance services. Big technology companies such as Microsoft (US), and Google (US) are providing cloud services for AI in healthcare applications.
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Machine learning technology to hold largest size of AIin healthcare market during the forecast period
ML is being implemented in healthcare to deal with large volumes of data, where the time previously dedicated to poring over charts and spreadsheets is now being used to seek intelligent ways to automate data analysis. It is used to streamline administrative processes in hospitals, map and treat infectious diseases, and personalize medical treatments. Machine learning includes various technologies, such as deep learning, supervised learning, unsupervised learning, and reinforcement learning.
The key players operating in the artificial intelligence in healthcare market
- IncludeIntel (US),
- Koninklijke Philips (Netherlands),
- Microsoft (US),
- IBM (US),
- Siemens Healthineers (Germany).
Europe region is expected to create high market opportunity in artificial intelligence in healthcare market during the forecast period.
The major factors driving the growth of the market in the region include the surging adoption of AI-based tools in R&D for drug discovery, favorable government initiatives to encourage technological developments in the field of AI and robotics, growing EMR adoption leading to the generation of large volumes of patient data, increasing venture capital funding, rising healthcare expenditure, and growing geriatric population.
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