Increasing Applications propels the Global Artificial Intelligence in Healthcare Market Growth 

Increasing Applications propels the Global Artificial Intelligence in Healthcare Market Growth

According to a new market research report published by Inkwood Research, the Global Artificial Intelligence in Healthcare Market is projected to record a CAGR of 38.05% in terms of revenue, during the forecasting years of 2020–2028.

‘’Browse 62 Market Data Tables and 59 Figures spread over 188 Pages, along with an in-depth TOC on the Global Artificial Intelligence in Healthcare Market Forecast 2020–2028.’’

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Artificial intelligence is the science of creating intelligent computer systems that exhibit intelligence as that of humans, and are capable of performing tasks without the need for human intervention. When it comes to healthcare, AI uses algorithms and software for approximating human perception for further analyzing complex medical data. AI was first used in the 1960s in the first expert system, DENDEAL, which was utilized in organic chemistry. The 1980s and 1990s witnessed advancements in the microprocessor, microcomputer, and network connections. This aided the researchers in designing new AU systems for healthcare that further helped in regulating the dearth of perfect data. Thereafter, the AI systems that followed, found applications in diagnosis processes, personalized medicine, diagnosis processes, drug development, treatment protocol development, etc.

Surging Usage of Big Data in the Healthcare Sector Drives Market Growth

The global artificial intelligence in healthcare market growth is fueled by the rising utilization of big data. Big data technologies find large-scale applications in healthcare and biomedical information, due to the voluminous clinical and biological data gathered from sources like medical research centers and laboratories. The healthcare data of patients are analyzed using AI for discovering innovative methods so as to improve the quality of healthcare. Big data enhances medicine and makes it affordable through the analysis of value-based medicine. In an attempt to experiment with big data, the academics and healthcare research institutions are using advanced research projects for curing diseases, predicting epidemics, and improving the quality of life. Big data also aids in minimizing the treatment costs by optimizing individualized therapy plans and cutting short the hospital stay.

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Deep Learning Category to Record Highest Growth in the Technology Segment

Deep learning majorly entails dealing with algorithms that are based on the structure and function of the brain, which is named artificial neural networks. It finds vast utilization in recommender systems, sound recognition, and speech recognition. Deep learning technology aids the medical scientists and researchers in analyzing the huge amount of medical data, so as to, provide effective medicines and better treatment. The important factor propelling the demand for deep learning in healthcare applications is the growing usage of big data in the healthcare industry.

North America dominates with the Largest Revenue Share

The North American region is projected to dominate the market, garnering considerable share, throughout the forecast period. The consistent trend is accredited to the huge adoption rate of AI, the advancements in the research & development activities, and the investments by both, the government and private organizations. The region also encompasses the rich presence of multinational organizations. Moreover, there is a prominent use of big data analytics in the healthcare sector in the region, which further propels the overall market growth.

Some of the eminent companies in the market are Recursion, Microsoft Corporation, Enlitic Inc, Next IT Corporation, Welltok, GE Healthcare, etc. The companies are prioritizing mergers, collaborative research and development activities, and new product developments, for strengthening their foothold in the market. Thus, the competitive rivalry is predicted to be high during the forecast period.

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