SAN FRANCISCO, June 1, 2021 /PRNewswire/ -- The global artificial intelligence in healthcare market size is expected to reach USD 120.2 billion by 2028 and is expected to expand at a CAGR of 41.8% over the forecast period, according to a new report by Grand View Research, Inc. Growing technological advancements coupled with an increasing need for efficient and innovative solutions to enhance clinical and operational outcomes is contributing to market growth. The pressure for cutting down spending is rising globally as the cost of healthcare is growing faster than the growth of economies. Advancements in healthcare IT present opportunities to cut down spending by improving care delivery and clinical outcomes. Thus, the demand for AI technologies is expected to increase in the coming years.
Key suggestions from the report:
- The market is anticipated to witness significant growth over the forecast period owing to the rapidly increasing application of artificial intelligence in this space
- The software component segment dominated the market in 2020 owing to the increased development of AI-based software solutions
- The clinical trials segment dominated the market in 2020 owing to the easy commercial availability of AI-based product in clinical trial applications that use AI technology to identify patterns from doctor-patient interaction related data to deliver a personalized medicine
- North America dominated the market in 2020 owing to the growing adoption of healthcare IT solutions, increasing funding for the development of AI capabilities, and the well-established healthcare sector
Read 150 page research report with ToC on "Artificial Intelligence In Healthcare Market Size, Share & Trends Analysis Report By Component (Software Solutions, Hardware, Service), By Application (Robot Assisted Surgery, Connected Machines, Clinical Trials), And Segment Forecasts, 2021 - 2028" at: https://www.grandviewresearch.com/industry-analysis/artificial-intelligence-ai-healthcare-market
Moreover, the ongoing COVID-19 pandemic and the introduction of technologically advanced products to improve patient care are factors anticipated to drive growth further in the coming years. The ongoing COVID-19 pandemic is further driving the adoption of AI in various applications such as clinical trials, diagnosis, and virtual assistants to add value to health care by analyzing complicated medical images of patient's complications and supporting clinicians in detection as well as diagnosis. Moreover, an increase in the number of AI startups coupled with high investments by venture capitalist firms for developing innovative technologies that support fast and effective patient management, due to a significant increase in the number of patients suffering from chronic diseases, is driving the market.
In addition, the shortage of public health workforce has become a major concern in many countries around the world. This can mainly be attributed to the growing demand for physicians, which is higher than the supply of physicians. As per the WHO estimates in 2019, the global shortage of skilled personnel including nurses, doctors, and other professionals was approximately 4.3 million. Thus, the shortage of a skilled workforce is contributing to the demand for artificial intelligence-enabled systems in the industry.
Grand View Research has segmented the global artificial intelligence in the healthcare market on the basis of component, application, and region:
- Artificial Intelligence In Healthcare Component Outlook (Revenue, USD Million, 2016 - 2028)
- Software Solutions
- Artificial Intelligence In Healthcare Application Outlook (Revenue, USD Million, 2016 - 2028)
- Robot Assisted Surgery
- Virtual Assistants
- Administrative Workflow Assistants
- Connected Machines
- Clinical Trials
- Fraud Detection
- Dosage Error Reduction
- Artificial Intelligence In Healthcare Regional Outlook (Revenue, USD Million, 2016 - 2028)
- North America
- The U.S.
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- South Africa
- Saudi Arabia
- List of Key Players in Artificial Intelligence In Healthcare Market
- IBM Corporation
- NVIDIA Corporation
- Nuance Communications, Inc.
- Intel Corporation
- DeepMind Technologies Limited
Find more research reports on Healthcare IT Industry, by Grand View Research:
- Artificial Intelligence Market – The global artificial intelligence market size is expected to reach USD 733.7 billion by 2027. It is expected to grow at a compound annual growth rate (CAGR) of 42.2% from 2020 to 2027.
- Healthcare IT Market – The global healthcare IT market size is expected to reach USD 166.0 billion by 2028. Rising demand and adoption of preventive care along with increasing funding for various mobile health startups is boosting the market growth.
- Artificial Intelligence In Diagnostics Market– The global artificial intelligence in diagnostics market size is expected to reach USD 3.0 billion by 2027. It is projected to grow at a compound annual growth rate (CAGR) of 32.3% from 2020 to 2027.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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