AI in Healthcare Market projected a CAGR of 52.3% during the forecast period, 2020-2026
Published | February 2020
According to BlueWeave Consulting the global AI in Healthcare market is estimated to reach US$ 37.9 Billion by 2026 with a growing CAGR of 52.3 % during the forecast period 2020- 2026. Several factors driving growth are the increasing need to reduce healthcare costs, rising importance of big data in healthcare, increased acceptance of precision medicine and raising hardware costs. Increasing applicability of AI-based software in medical care and growing investment in venture capital can also be attributed to the surge in demand for this technology. For example, Care Predict, Inc. is using AI technology to track changes in behavioral patterns and activity to predict health issues early.
Increasing number of cross-industry partnerships are expected to boost the healthcare sector's adoption of AI, which is further responsible for its lucrative growth rate. GNS Healthcare entered into a cross-industry partnership with Alliance and Amgen in September 2018 to conduct oncology clinical trials. The goal of the collaboration was to use data from clinical trials and Artificial Intelligence (AI) to identify factors that improve treatment responses in patients with metastatic colorectal cancer (CRC).
Rise in focus on improving quality of patient care by utilizing artificial intelligence contributing with significant growth rate in global AI in Healthcare market during the forecast period
AI adoption in healthcare is increasing, with an increased focus on improving patient care quality through the use of artificial intelligence in various aspects of healthcare services, such as virtual assistants & surgeries. The AI-based technologies, such as clinical decision support systems & voice recognition software, help streamline hospital workflow procedures, and optimize medical care, thus improving patient experience. Incorporating AI into healthcare has multiple advantages for both patients and healthcare providers. AI, such as, allows personalized treatment, based on health conditions and past medical history. In addition, AI-based software can be used for continuous health monitoring, which in effect can ensure prompt care & treatment and may ultimately decrease hospital stay. On the other side, medical practitioners ' unwillingness to adopt new technology, a drastic lack of predetermined and uniform regulatory guidelines, a shortage of curated health care data and data privacy issues impede the market's potential to attain higher grounds.
Growth of in-patient care and hospital management systems coupled with AI in Healthcare expected to witness lucrative demand in the global market
AI-enabled bots are an AI program that patients can communicate with on a website or by telephone via a chat window. Applications such as scheduling appointments; reviewing insurance coverage parameters; quick access to information on drug interactions and side effects; collecting up-to-date information on patient medications, health care staff and recent procedures; designing special diet strategies for nutritional limited patients; and contacting discharged patients to follow up on treatment plans and ads. Such technologies are expected to lead the growth of hospital and inpatient care systems. Furthermore, the growing need for accurate & early diagnosis of chronic diseases and disorders further supports this market's growth. Nevertheless, the reluctance to implement AI technologies among end-users, lack of trust and potential risks associated with AI in the healthcare sector somewhat restrict the growth of this market.
Patient Management Application to Witness Significant Growth in the market with considerable rate in upcoming years
Application for patient management to see significant growth in the market with significant pace in coming years as successful patient management is one of the most important needs for hospital facilities. Several studies have shown how important patient participation is in improving health outcomes. Lack of such participation contributed greatly to preventable deaths. Smart wearables also play a crucial role in transforming the current healthcare sector. Consumers are also becoming more aware of wearables, and many consumers today believe that wearing a smart device that monitors their vitalities will lead to increased average life expectancy.
AI In Healthcare: Competitive Landscape
Artificial intelligence in healthcare market is fragmented owing to the presence of number of large-sized companies, mid-sized & small-sized companies, and many start-ups that provide artificial intelligence in healthcare industry. However, the companies that hold the majority share of artificial intelligence in healthcare market are NVIDIA, Intel, IBM, Microsoft, Google, Siemens Healthineer, General Electric (GE) Company, Medtronic, Amazon Web Services (AWS), Koninklijke Philips, Johnson & Johnson Services, Butterfly Network, Welltok, Inc., Micron Technology and Other Prominent Players.
The in-depth analysis of the report provides the growth potential, upcoming trends, and statistics of the AI in Healthcare market size & forecast. The report promises to provide state-of-the-art technology of AI in Healthcare and industry insights which help decision-makers to make sound strategic decisions. Furthermore, the report also analyzes the market drivers and challenges and competitive analysis of the market.