AI in Healthcare Market Expected to Grow at CAGR 46.21% and Forecast to 2025
Pune, Maharashtra, India, August 13 2020 (Wiredrelease) Brandessence Market Research and Consulting Pvt ltd –: A recent report on AI in Healthcare Market provides a detailed analysis of the industry size, revenue forecasts and geographical landscape pertaining to this business space. Additionally, the report highlights primary obstacles and the latest growth trends accepted by key players that form a part of the competitive spectrum of this business.
AI in Healthcare Market is valued at USD 3.64 Billion in 2019 and expected to reach USD 33.42 Billion by 2026 with the CAGR of 46.21% over the forecast period.
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Scope of Global AI in Healthcare Market
Artificial Intelligence (AI) in healthcare is the utilization of complicated algorithms and software to encourage human cognition in doing the analysis and understanding of complex healthcare data. Moreover, artificial intelligence is the ability of computer algorithms to approximate conclusions without human intervention. AI performs this with machine learning and deep learning algorithms. These algorithms can identify various patterns of behavior and prepare their own logic. AI in healthcare is changing the way information is collected, analyzed and developed for patient care.
AI can bring new efficiencies to the hospital workflow, including planning, procedural time or selecting the right exam for the right patient, which will improve the quality of medical services and reduce costs treatment. The data can help hospital administrators optimize performance and improve the use of existing resources, saving time and costs. AI in healthcare has wide range of applications such as doing the repetitive jobs like analyzing tests, CT scans, data entry, X-Rays and other mundane tasks. It is also used in digital consultation, medication management and health monitoring.
The regions covered in this AI in Healthcare market report are North America, Europe, Asia-Pacific and Rest of the World. On the basis of country level, market of AI in Healthcare market is sub divided into U.S., Mexico, Canada, UK, France, Germany, Italy, China, Japan, India, South East Asia, GCC, Africa, etc.
AI in Healthcare Companies 2020
Medtronic Plc. IBM Corporation NVIDIA Corporation Microsoft Corporation Stryker Corporation General Electric Company General Vision, Inc. Johnson & Johnson Next IT Corp. Google, Inc. Siemens Healthineers GmbH Deep Genomics, Inc. Intel Corporation Nuance Communications Koninklijke Philips N.V etc.
AI in Healthcare Market News
NVIDIA decides to expand its Clara healthcare platform in helping healthcare partners take on COVID-19
On May 14th, 2020; NVIDIA recently announced that it will expand its Clara healthcare platform with new software and tools to help healthcare researchers, technology solution providers and hospitals respond to the COVID-19 pandemic. This extension includes NVIDIA Clara Parabricks computational genomics software, the AI model for the detection of diseases and the framework of NVIDIA Clara Guardian application. The first feature of the extension is to provide NVIDIA Clara Parabricks computer genomics software by providing COVID-19 researchers with a free 90-day license. The software can analyze the entire sequence of human genomic DNA in 20 minutes. In addition, NVIDIA has released a set of AI models that can help researchers detect and study infected patients using chest CT data. New NVIDIA Clara Guardian application framework provides an ecosystem of AI solutions essential for public safety in hospitals and patient monitoring by converting everyday sensors into smart sensors
Global AI in Healthcare Market Dynamics-
The main factor driving the growth of AI in the healthcare market is the growing demand for impromptu medical services due to the imbalance between healthcare workers and patients. The growing adoption rate of Big Data tools in the medical environment is one of the most important factors helping AI to grow in the healthcare market. With big data, you can easily store large amounts of data, such as that generated by multi-parameter sensors next to the patient’s bed. AI help you reduce errors in healthcare services. As per the National Healthcare Anti-Fraud Association, around 10 percent of total spending in healthcare is wasted due to human error or fraud which is mounts to $80 billion in cost annually. However, doctors are reluctant to adopt new technologies, the lack of carefully selected health data and concerns about data confidentiality are restricting growth in AI in Healthcare market. It is increasingly difficult to convince providers about AI being cost-effective solution, efficient, and safe solutions that provide convenience to physicians and provide better patient care. There is significant opportunity in taking care of elderly illnesses as they cannot always go to a doctor, AI helps track their vital signs, such as heart rate, blood pressure, body temperature, and respiratory rate etc.
Asia pacific is expected to Witness a Fastest Growth in the Global AI in Healthcare Market
North America has been the market leader so far and is expected to remain dominant in future in the global AI in Healthcare market majorly due to advanced healthcare sector, increased use of healthcare IT solutions (HIT) and increased funding for the development of these solutions. The United States has always been the main source of revenue for the industry and the situation will remain unchanged for the next few years. This is mainly due to government support initiatives in the use of digital platforms and technological improvements in the life sciences. Dignity Health a fifth largest healthcare system in the United States, uses Big Data and advanced analysis platforms to predict potential cases of sepsis at the earliest stage of the intervention. Through which they monitor 120,000 lives in 34 hospitals each month and manages 7,500 potential patients with sepsis each month. Asia Pacific is expected to witness the fastest growth, as a result of improved HIT infrastructure, continued adoption of medical technology, and active government initiatives in medical technology. In March 2019, the Korean Ministry of Information and Communication Science and Technology announced that it would conduct an experiment on Dr. Answer, an AI-based precision medicine service, in December of the same year.
Key Benefits for Global AI in Healthcare Market Report–
Global market report covers in depth historical and forecast analysis.
Global market research report provides detail information about Market Introduction, Market Summary, Global market Revenue (Revenue USD), Market Drivers, Market Restraints, Market opportunities, Competitive Analysis, Regional and Country Level.
Global market report helps to identify opportunities in market place.
Global market report covers extensive analysis of emerging trends and competitive landscape.
Global AI in Healthcare Market Segmentation:–
Natural Language Processing
Context Aware Processing
Virtual Nursing Assistant
Dosage Error Reduction
Automated Image Diagnosis
By Regional & Country Analysis: (North America, U.S., Canada , Europe, U.K., France, Germany, Italy, Asia Pacific, China, Japan, India, Southeast Asia, Latin America, Brazil, Mexico, Middle East and Africa, GCC, Africa, Rest of Middle East and Africa)
Table of Content
1 Study Coverage
1.1 AI in Healthcare Product
1.2 Key Market Segments in This Study
1.3 Key Manufacturers Covered
1.4 Market by Type
1.5 Market by Application
1.6 Study Objectives
1.7 Years Considered
2 Executive Summary
2.1 Global AI in Healthcare Market Size
2.2 AI in Healthcare Growth Rate (CAGR) 2020-2025
2.3 Analysis of Competitive Landscape
2.4 Key Trends for AI in Healthcare Markets & Products
3 Market Size by Manufacturers
3.1 AI in Healthcare Production by Manufacturers
3.2 AI in Healthcare Revenue by Manufacturers
3.3 AI in Healthcare Price by Manufacturers
3.4 Mergers & Acquisitions, Expansion Plans
4 AI in Healthcare Production by Regions
5 AI in Healthcare Consumption by Regions
6 Market Size by Type
7 Market Size by Application
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