Adoption of advanced technologies by pharmaceutical companies and hospitals is driving the demand for artificial intelligence in healthcare market.
The global artificial intelligence (AI) in healthcare market is forecast to reach a market size of USD 61.59 Billion by 2027 and register a significantly high CAGR, according to a new report by Reports and Data. The healthcare sector is developing rapidly and using artificial intelligence to increase productivity and reducing the burden on healthcare workers. AI is used in healthcare sector for analysis of complex diagnostic and medical data.
Artificial intelligence helps medical professionals to retrieve information, interpret images, and plan therapy during medical procedures. It also eases the burden on healthcare workers. Government and private companies are focusing on incorporating artificial intelligence in research activities currently, to accelerate developments related to COVID-19 vaccines.
The growing trend of increasing use of precision medicines and increasing clinical trial processes is supporting demand for and deployment of artificial intelligence in the healthcare the sector. Increase in prevalence of chronic diseases and increasing geriatric population will contribute significantly to growth of the market. Players in the pharmaceutical market are increasingly adopting artificial intelligence to develop novel drugs and speed up overall processes. Artificial intelligence is used in research for cancer and disease management, which has been increasing in the recent past, and this is expected to drive growth of the artificial intelligence in the healthcare market over the forecast period.
Access Free sample PDF Copy of the Report @
The COVID-19 impact:
The market for artificial intelligence in healthcare has witnessed major increase in demand due to the coronavirus pandemic. Its usage minimizes the risk of transmission as it limits human interaction and shields frontline workers. Pharmaceutical companies are among the primary companies adopting AI for development of vaccines and to study different strains of the virus.
Further key findings from the report suggest
Growth in revenue from the hardware segment is relatively high due to increasing demand for advanced hardware from research and biopharmaceutical companies owing to need to deploy more advanced software and technologies.
Natural language processing (NLP) demand is increasing in the healthcare sector because of ability to search, analyze, and interpret vast volumes of patient data. NLP improves clinical documentation and makes computer-assisted coding more efficient, which is driving demand among healthcare professionals.
Hospitals & healthcare providers are rapidly adopting artificial intelligence due to the rising trend of telehealth in view of the COVID-19 pandemic and restrictions as a result of social distancing norms etc. AI includes the use of telediagnosis, tele-assessment, telemonitoring, and tele-interactions, for which demand been increasing substantially post the lockdown.
North America accounted for largest share in terms of revenue, as compared to other regions, in 2019 due to growing adoption of IT solutions and well-established healthcare sector. Government initiatives to adopt digital platforms in healthcare industry and sector is relatively robust in countries in the region, and is expected to continue to support growth of the market in the region.
Key participants include Microsoft Corporation, Intel Corporation, IBM, Amazon Web Services, Intel Corporation, Johnson & Johnson Services, Inc., Siemens Healthineers, General Electric, Google Inc., and Medtronic plc, among others.
Request for Custom Research @
For the purpose of this report, Reports and Data has segmented the global artificial intelligence in healthcare market on the basis of offering, technology, end-use, and region:
Offering Outlook (Revenue, USD Billion; 2017-2027)
Hardware
Processor
Memory
Network
Software
AI Solutions
AI Platform
Services
Deployment & Integration
Support & Maintenance
Technology Outlook (Revenue, USD Billion; 2017-2027)
Machine Learning
Supervised Learning
Unsupervised Learning
Deep Learning
Reinforcement Learning
Others
Context-Aware Computing
Natural Language Processing
Computer Vision
End-Use Outlook (Revenue, USD Billion; 2017-2027)
Hospitals & Healthcare Providers
Pharmaceuticals & Biotechnology Companies
Patients
Healthcare Payers
Others
Buy now your Exclusive copy of Report @
Regional Outlook (Revenue, USD Billion; 2017-2027)
North America
U.S.
Canada
Europe
Germany
UK
France
BENELUX
Rest of Europe
Asia Pacific
China
Japan
South Korea
Rest of APAC
MEA
Saudi Arabia
UAE
Rest of MEA
Latin America
Brazil
Rest of LATAM
Explore Reports and Data's Prime Analysis of the global Healthcare & Pharmaceutical Industry:
Drug Discovery Informatics Market Size, Share & Analysis, By Function (Docking, Sequencing & Target Data Analysis, Library & Database Preparation), By Solution (Software, Services), By Application (Drug Development, Drug Discovery), By End-Use (Biotechnology), And By Region, Segment Forecast To 2027
Respiratory Inhaler Devices Market Size, Share & Analysis, By Product Type (Dry Powder Inhaler, Metered Dose Inhaler, Nebulizer), By Mode of Operation (Digitally Operated Inhaler Devices), By Application (Chronic Obstructive Pulmonary Disease, Asthma), And By Region, Forecast To 2027
Healthcare Analytical Testing Services Market Size, Share & Analysis, By Type (Bioanalytical Testing Services, Method Development & Validation Services, Raw Material Testing Services, Physical Characterization Services, Stability Testing, Batch-Release Testing Services, Environmental Monitoring Services, Microbial Testing Services), By End-User (Pharmaceutical & Biopharmaceutical Companies, Medical Device Companies, Contract Research Organizations), And By Region, Forecast To 2028
About Reports and Data
Reports and Data is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target and analyze consumer behavior shifts across demographics, across industries and help client’s make a smarter business decision. We offer market intelligence studies ensuring relevant and fact-based research across a multiple industries including Healthcare, Technology, Chemicals, Power and Energy. We consistently update our research offerings to ensure our clients are aware about the latest trends existent in the market. Reports and Data has a strong base of experienced analysts from varied areas of expertise.
Contact Us:
John W
Head of Business Development
Reports and Data | Web:
Direct Line: +1-212-710-1370
E-mail: sales@reportsanddata.com
Read Full Press Release: