Artificial Intelligence (AI) in Healthcare Market Is Expected To Reach $170.5 Bn By 2028

The Global Artificial intelligence in healthcare market was $6.1 Bn in 2019, and it is expected to reach $170.5 Bn by 2028. It is eventually growing at a commendable high compound of annual growth rate CAGR of 42% between 2020–2028, as per the latest market research report titled Global Artificial intelligence in healthcare market (By Components — Hardware, Services, and Software. By Application — Personal Health Assistants, Patient Data and Risk Analysis, Lifestyle Management and Monitoring, Medical Imaging and diagnosis, Surgeries, Training, Research, and Others. By Technology — Virtual Reality, Machine learning, Wearables, Predictive Analytics, Robotics, and Others. By End-Users — Diagnostics Centers, Research and Development centers, Hospitals, Pharmaceuticals, Biotechnology, and Others, and By Geography-North America, Europe, Asia Pacific, Latin America, Middle East, and Africa)– Global industry analysis, size, share, growth, trends, and forecast, 2019–2028, by Sheer Analytics & Insights Pvt. Ltd.

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The artificial intelligence software is used to assist medical treatments, lab testing, and monitoring of patients in an effective manner. Due to its smart output, doctors or any healthcare practitioners can effectively diagnose disease. The deep learning technology, which includes signal recognition, image recognition, and data mining, is expected to propel the artificial intelligence in healthcare market during the forecast period. The government of several countries mandates such as FDA (US) is insisting on using Electronic Health Records (EHR) even for smaller treatments or diagnoses of every citizen. This helps a lot when there is some major surgery going to happen to the same patient.

As the visitors are huge in medical institutions, management cannot automatically record a single piece of information about the patient. This technology also helps management or administration to check on fair pricing based on treatments going on. AI tools have also helped pharma or drug discovery companies to formulate the right type of vaccine or medicines based on AI-based output before trials. In present days AI has helped medical researchers a lot in understanding the structure of Coronavirus too. Due to base on different outputs through AI, vaccines or medicines are created for a trial period. This usage itself showcases the importance of AI in the healthcare sector.

North America is expected to be the highest market shareholder in artificial intelligence in the healthcare market globally during the forecast period. This growth is due to the presence of active participation of healthcare professionals in this region. Growing focus on precision medicine, high consumerization of personal care products, and increasing investments in the field of healthcare artificial intelligence in this region are propelling the growth of the AI in the healthcare market.

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Some of the major players in the global artificial intelligence in healthcare market include Alphabet Inc., Cyrcadia Health, Inc., General Vision, Inc., Icarbonx Co. Ltd., Intel Corporation, International Business Machines Corporation (IBM Corporation), Lifegraph Ltd., Microsoft Corporation, Modernizing Medicine Inc., Next It Corp., Nvidia Corporation, Oncora Medical, Inc., Welltok, Inc and others.

Apart from this, some of the notable startups operating in this field are Path AI, Buoy Health, Inc., Enlitic, Inc., Freenome Inc., Zebra Medical Vision Ltd., Bioxcel Therapeutics, Berg LLC, Atomwise, Inc. BenevolentAI Limited, Qventus, Inc, Babylon Health, CloudMedx and Kensci.

The Global Artificial intelligence in healthcare market Has Been Segmented into:

By Components Type

By Application Type

  • Patient Data and Risk Analysis
  • Lifestyle Management and Monitoring
  • Medical Imaging and diagnosis
  • Surgeries
  • Training
  • Research
  • Others

By Technology Type

  • Virtual Reality
  • Machine learning
  • Wearables based monitoring
  • Predictive Analytics
  • Robotics Automation
  • Others

By End User Type

  • Diagnostics Centers
  • Research and Development centers
  • Hospitals
  • Pharmaceuticals
  • Ambulatory surgical center (ASC)
  • Biotechnology
  • Others

By Geography Type

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East and Africa