Global Healthcare Artificial Intelligence Market (2021 to 2026) - Rising Investments In Advanced Drug Discovery & Development Processes Presents Opportunities - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--The "Healthcare Artificial Intelligence (AI) Market - Global Outlook & Forecast 2021-2026" report has been added to ResearchAndMarkets.com's offering.
The healthcare artificial intelligence market is expected to reach USD 44.5 billion by 2026, growing at a CAGR of 46.21%.
Several pharmaceutical companies are implementing innovative technologies to boost their growth in the global healthcare industry. Collaboration of GSK with Exscientia identified a small compound for targeted therapeutics and its characteristics towards the specific target using the AI platform. AI is becoming an incredible platform in the pharmaceutical industry.
For instance, Novartis announced Microsoft as a strategic partner in AI and data science to set up an AI innovation lab. Since the last year, over 50+ companies have got machine learning and AI algorithms approvals. During the COVID-19 pandemic, AI played a significant role in the healthcare industry. An analytics study by Accenture combined with clinical applications demonstrated the potential of AI to reduce approximately USD 150 billion per annum by 2026 in the US healthcare system.
The following factors are likely to contribute to the growth of the healthcare artificial intelligence market during the forecast period:
- Increase in patient volume & complexities associated with data fueling demand for AI.
- The shrinking operational workforce in healthcare facilities propelling the need for AI.
- Technological advancement & innovations in AI influencing end-users in the market.
- Rising Investment in advanced drug discovery & development process augmenting the adoption of AI.
- The healthcare providers segment accounted for the largest market share with around 48% compared to others in 2020.
- According to the research, the publisher estimated that APAC would witness the highest growth in the healthcare artificial intelligence (AI) market during the forecast period.
Giant players are focusing on pursuing organic growth strategies to enhance their product portfolio in the healthcare artificial intelligence (AI) market. Several initiatives by the players will complement growth strategies, which are gaining traction among end-users in the market. Rising growth of startups collaborating with key vendors in promoting their artificial intelligence in healthcare applications creating heavy competition in the market.
Key Questions Answered:
1. How big is the healthcare artificial intelligence (AI) market?
2. Which region has the highest share in the healthcare artificial intelligence market?
3. Who are the key players in the healthcare AI market?
4. What are the latest market trends in the healthcare artificial intelligence market?
5. What is the use of AI in the healthcare market?
Opportunities & Trends
- Rising Investments In Advanced Drug Discovery & Development Processes
- Mergers, Acquisitions, & Collaborations With Life Science & Medical Device Companies
- Influx/Emergence Of Many Startups In The Healthcare AI Industry
- Increase In Patient Volume & Complexities Associated With Data
- Shrinking Operational Workforce In Healthcare Facilities
- Technological Advancements & Innovations In AI
- Growing Need To Reduce Healthcare Costs Using It & AI Technologies
- High Installation & Implementation Cost Of AI & Related Platforms
- Lack Of Skilled AI Workforce & Resistance Among Healthcare Professionals
- Stringent & Ambiguous Regulations For Healthcare Software & AI Technologies
- Absence Of Interoperability Among Commercially Available Ai Solutions Coupled With Data Privacy Issues
- IBM (International Business Machines)
- Intel Corporation
- Microsoft Corporation
- Nvidia Corporation
- Siemens Healthineers
Other Prominent Vendors
- Caption Health
- Catalia Health
- General Vision
- Shimadzu Recursion Pharmaceuticals
- GE Healthcare
- Remedy Medical
- Subtle Medical
- Netbase Quid
- Oncora Medical
- Qure.AI Technologies
- Anju software
- Imagia Cybernetics
- Deep Genomics
- Welltok Inc.
- MaxQ AI
For more information about this report visit https://www.researchandmarkets.com/r/y6dzao
Laura Wood, Senior Press Manager
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