Artificial Intelligence (AI) is increasingly being used to improve the quality of healthcare delivery. The healthcare industry is a critical aspect of the global economy, and the integration of AI is expected to revolutionize the way healthcare is delivered and managed. A recent report by Reports and Data forecasts that the global AI in healthcare market will reach a market size of USD 215.53 billion by 2030 and register a high compound annual growth rate (CAGR) during the forecast period.
Drivers of Growth
The growth of the AI in healthcare market is driven by several factors. Firstly, the increasing efficiency in drug discovery and advancements in precision medicine has resulted in rising demand and application of AI solutions globally. Secondly, the rise in the prevalence of chronic diseases and the increasing global elderly population are expected to continue to support the growth of the market.
In addition, the application of AI in clinical procedures, such as monitoring patients’ vital signs and giving prescriptions, is accelerating its adoption in technologically advanced regions. The technology is also being used to give reminders and alerts to healthcare workers during medical procedures, which is contributing to the growth of the market.
The advancement of deep learning technology is also propelling the growth of the AI in healthcare market. The rise in the prevalence of complex diseases and the need for novel surgery are driving the deployment of AI technologies in the healthcare sector.
The COVID-19 Pandemic Impact
The COVID-19 pandemic has had a positive impact on the AI in healthcare market. AI has played a crucial role in managing the pandemic. Several biopharmaceutical companies and government organizations have deployed AI technology to study the virus and develop an effective vaccine. Additionally, AI is helping to manage information through personalized learning and information.
The global AI in healthcare market is segmented based on offerings, technology, end-user, and region. The software segment accounted for a higher revenue share in the AI in healthcare market in 2019. The development of innovative software for different medical applications and the rise in the adoption of AI healthcare informatics will encourage the growth of the segment.
Machine learning, natural language processing, and computer vision are the technology segments that are driving revenue growth in the market. The hospitals and healthcare providers, pharmaceutical and biotechnology companies, patients, and healthcare payers are the end-use segments of the market.
The Asia Pacific region is expected to grow at a faster rate during the forecast period due to the improvement in healthcare infrastructure, the rise in healthcare startups, and the adoption of advanced technologies. Key participants in the market include Microsoft Corporation, Intel Corporation, IBM, Amazon Web Services, Johnson & Johnson Services, General Electric, Google Inc., and Medtronic plc, among others.
In conclusion, the AI in healthcare industry is poised for significant growth over the next few years. The integration of AI in the healthcare sector is expected to revolutionize the way healthcare is delivered and managed, resulting in improved patient outcomes and reduced costs. The COVID-19 pandemic has further accelerated the adoption of AI in the healthcare industry, and its growth is expected to continue in the coming years.