According to BlueWeave Consulting the global AI in Healthcare market is estimated to reach US$ 37.9 Billion by 2026 with a growing CAGR of 52.3 % during the forecast period 2020- 2026. Several factors driving growth are the increasing need to reduce healthcare costs, rising importance of big data in healthcare, increased acceptance of precision medicine and raising hardware costs. Increasing applicability of AI-based software in medical care and growing investment in venture capital can also be attributed to the surge in demand for this technology. For example, Care Predict, Inc. is using AI technology to track changes in behavioral patterns and activity to predict health issues early.
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Increasing number of cross-industry partnerships are expected to boost the healthcare sector’s adoption of AI, which is further responsible for its lucrative growth rate. GNS Healthcare entered into a cross-industry partnership with Alliance and Amgen in September 2018 to conduct oncology clinical trials. The goal of the collaboration was to use data from clinical trials and Artificial Intelligence (AI) to identify factors that improve treatment responses in patients with metastatic colorectal cancer (CRC).
AI adoption in healthcare is increasing, with an increased focus on improving patient care quality through the use of artificial intelligence in various aspects of healthcare services, such as virtual assistants & surgeries. The AI-based technologies, such as clinical decision support systems & voice recognition software, help streamline hospital workflow procedures, and optimize medical care, thus improving patient experience. Incorporating AI into healthcare has multiple advantages for both patients and healthcare providers. AI, such as, allows personalized treatment, based on health conditions and past medical history.
AI-enabled bots are an AI program that patients can communicate with on a website or by telephone via a chat window. Applications such as scheduling appointments; reviewing insurance coverage parameters; quick access to information on drug interactions and side effects; collecting up-to-date information on patient medications, health care staff and recent procedures; designing special diet strategies for nutritional limited patients; and contacting discharged patients to follow up on treatment plans and ads. Such technologies are expected to lead the growth of hospital and inpatient care systems.
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Application for patient management to see significant growth in the market with significant pace in coming years as successful patient management is one of the most important needs for hospital facilities. Several studies have shown how important patient participation is in improving health outcomes. Lack of such participation contributed greatly to preventable deaths. Smart wearables also play a crucial role in transforming the current healthcare sector.
Artificial intelligence in healthcare market is fragmented owing to the presence of number of large-sized companies, mid-sized & small-sized companies, and many start-ups that provide artificial intelligence in healthcare industry. However, the companies that hold the majority share of artificial intelligence in healthcare market are NVIDIA, Intel, IBM, Microsoft, Google, Siemens Healthineer, General Electric (GE) Company, Medtronic, Amazon Web Services (AWS), Koninklijke Philips, Johnson & Johnson Services, Butterfly Network, Welltok, Inc., Micron Technology and Other Prominent Players.
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