AI In Healthcare Market : Emerging Technologies, Industry Size, Share, Sales Revenue, Key Players Analysis

Artificial intelligence is defined as an intelligent system that uses numerous human intelligence-based functions in fields including biology, computer science, mathematics, linguistics, psychology, and engineering. These functions include reasoning, learning, and problem-solving abilities. Algorithms and software are used in artificial intelligence in the healthcare industry to assess intricate medical data. In the healthcare industry, artificial intelligence is utilised to investigate the relationship between therapeutic approaches and patient outcomes. AI in healthcare has numerous uses in drug research, treatment regimens, and medication administration. It is employed in medical procedures like diagnosis, tailored medication, drug development, and patient care monitoring.

The market for artificial intelligence in healthcare is expanding as a result of rising healthcare data volumes and dataset complexity. These factors have made AI in healthcare increasingly necessary. The need for improvised healthcare services is also fueled by advancements in computer power, a drop in hardware costs, an increase in cross-industry alliances and collaborations, and a rise in the patient-to-healthworker ratio.

Furthermore, the market growth for the hardware segment is anticipated to be boosted by the development of advanced hardware systems that would aid in enhancing the efficiency and effectiveness of the AI software. For instance, Nvidia released graphics processing units in 2016, which were 20–50 times more efficient than central processing units and boosted the efficiency of applying deep learning. The adoption of AI in healthcare by numerous pharmaceutical and biotechnology companies worldwide to speed up vaccine or drug development procedures for COVID-19 is another significant reason driving the market’s present expansion.

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COVID-19 Impact on the Global AI in Healthcare Market

The latest report on the global AI in healthcare market offers full coverage of the current scenario of the market. The COVID-19 pandemic has brought about significant changes and disruptions to the worldwide economic landscape. However, the report expounds on the rapidly changing market scenario and assesses the current and future impact of the pandemic on this business sphere. The study also takes into account the positive impact of the pandemic on the global AI in healthcare market growth. Artificial intelligence is one of the greatest pillars for the global health crisis management. In these testing times, AI has significantly aided in healthcare practices and made disease diagnosis, drug discovery, and robot deliveries even more efficient.

Market Dynamics

The cost of healthcare is rising globally as a result of factors like the soaring demand for healthcare services, the rapid development of new, expensive prescription drugs and medical technologies, the rising incidence of chronic diseases and operational inefficiencies, and the rate of hospital readmissions and medical errors. In this situation, healthcare practitioners must gradually optimise the distribution of resources and assets. This can apply to the distribution of medical equipment, the hiring of medical staff, and other crucial areas of operations. The United States Institute of Medicine believes that this expense is about 29%; the Organization for Economic Cooperation and Development (OECD) estimates that 20% of global healthcare spending is wasted worldwide.

Some Highlights :

The hardware segment is projected to account for prominentshare in the artificial intelligence in healthcare market during the forecast period.

The market is seeing an increase in rivalry between established businesses and startups, which has resulted in the introduction of new goods as well as software and hardware solutions for machine learning algorithms and other software frameworks. Among the businesses that create hardware for the AI in healthcare market are NVIDIA (US), Intel (US), Micron (US), Xilinx (US), Google (US), General Vision (US), and Graphcore (UK). The main driver of the AI in healthcare market’s growth for hardware devices is the rising demand for hardware platforms with high computational power to run various AI applications.\

The virtual assistant segment is expected to register the healthy CAGR :

Virtual assistants are becoming more popular as a result of the growing requirement to communicate accurate medical information to vulnerable populations. AI-enabled medical management and health aid technologies combine speech recognition, ML, big data, NLP, and voice recognition to help patients in-between doctor visits and offer a powerful decision support system for inpatient treatment.

The leading companies operating in the global AI in healthcare market include IBM (Watson Health), AiCure, Atomwise, Inc., Lifegraph, APIXIO, Inc., Cyrcadia Health Inc., Enlitic, Inc., iCarbonX, Zebra Medical Vision Ltd., Butterfly Network, Inc., Insilico Medicine, Inc., Sophia Genetics, Pathway Genomics Corporation, Modernizing Medicine, Sense.ly, and Welltok, among others.

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Global AI in Healthcare Market Segmentation:

Technology Type:

Machine Learning
- Deep Learning
- Reinforcement Learning
- Supervised Learning
- Unsupervised Learning
- Others
Computer Vision
Context-Aware Computing
Natural Language Processing

Offering:

Software
- AI Platform
  - Machine Learning Framework
  - Application Program Interface
- AI Solutions
  - Cloud
  - On-Premise
- Deployment & Integration
- Support & Maintenance
Hardware
- Processor
  - GPU
  - MPU
  - ASIC
  - FPGA
- Network
- Memory