Global AI in Healthcare Market Analysis
Tags: Market Research Reports, Healthcare, Research Reports, Healthcare Market, Artficial Intelligence

The Global AI in Healthcare market size was valued at USD 4.88 billion in 2020 and is forecasted to reach the market size of USD 88.26 billion by 2028, expanding at a compound annual growth rate (CAGR) of 43.6% from 2020 to 2028.

Artificial Intelligence has made life easier in all aspects. Healthcare is not an exception. Advances in medicine, supported by progress in public health, research, innovation and technology have significantly reduced morbidity and mortality. The healthcare sector is developing rapidly by making use of Artificial Intelligence to increase productivity while reducing the huge burden on healthcare workers.

AI has various applications in healthcare. It enables medical practitioners to retrieve information, interpret images acquired during scans and make treatment plans for the medical procedures. In addition to the clinical aspect, Artificial Intelligence is also proving beneficial in research activities. Globally, government and private organizations are initiating the incorporation of Artificial Intelligence in their research endeavours to accelerate developments surrounding COVID-19 vaccines.

AI has gained significant traction during the pandemic from combining scientific papers on coronaviruses to searching CT scans for COVID-19 symptoms. The White House partnered with AI research institutions to mine scientific literature to better understand the disease. Even amid economic uncertainties due to COVID-19, Healthcare AI companies have gained numerous opportunities to thrive upon owing to the reason that they minimize human interaction, thus minimising the risk of transmission and shielding the frontline workers.

Market Drivers

The market is driven by the increasing influx of large and complex healthcare datasets. In addition to this, there is a rise in need to reduce healthcare costs at the same time, increase computing power by minimising hardware costs.

In addition to this, the market is fuelled by growing government initiatives and their collaboration to promote implementation of AI in Healthcare. A rise in mergers and acquisitions and portfolio expansions further contribute towards market growth.

There is an imbalance between the healthcare workforce and the patients. Artificial Intelligence restores this balance, further fuelling the market growth. Increase in use of precision medicines and clinical trial processes demands the deployment of Artificial Intelligence which further propels the market. Increased funding for Research and Development in the field contributes to the growth of the market. It is also driven by the ongoing COVID-19 pandemic.

Type of Artificial Intelligence in Healthcare

The AI technologies that play an important role in healthcare are as follows:

Machine learning — neural networks and deep learning Natural language processing Rule-based expert systems Physical robots Robotic process automation

The most common form of AI is Machine Learning which is a statistical technique for fitting models to data and to learn by training models with data.

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