AI in Healthcare Market projected a CAGR of 52.3% during the forecast period, 2020-2026
Published | 18 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.
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Related Report
Publish Date: January 2023
Spurring demand for personalized medicine, expanding datasets of digital patient health information, rising pressure to cut healthcare costs, rising geriatric population, and rising awareness of mental disorders could boost the growth of Global AI in Healthcare Market during the forecast period between 2023 and 2029.
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