Healthcare Artificial Intelligence Industry Insight
The global healthcare artificial intelligence market 2020 is scoring in small-leaps. Its shares have surged, which is a sign that the market’s size is widening after months of leadership by big technology companies after less impact of Coronavirus. This deadly virus has put a stoppage on business workings worldwide. On this, Market Research Future brings in its study on the market, which estimates that at a rate of 51.9%, the global healthcare artificial intelligence market will gain its worth more than present during the years 2018 to 2023, which is also tagged as forecast period.
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Healthcare Artificial Intelligence Market Boomers & Decliners
The market is mainly obsessed by factors such as mounting application of artificial intelligence in the field of drug discovery, precision medicine, medical imaging industry, and genomics coupled with ever-increasing personalized treatments that are customized to an individual patient’s requirement. These factors will drive the global market.
MRFR further divulges that rising demand for artificial intelligence technology to perform data mining and hasten the speed of healthcare delivery services, the emergence of novel and promising applications for disease diagnosis and monitoring. These would further augment the market growth in forthcoming years.
According to the findings of this MRFR’s study, advancements in data analytics will push the healthcare artificial intelligence market expansion during the analysis period. Massive amount of data is generated every year in the healthcare industry, and the ever-increasing volume of big data has caused the call to adopt artificial intelligence technology to manage data efficiently. Such a surge in activity has effectively been seen in the time of the Coronavirus outbreak, which has increased the growth of the healthcare industry as well as the healthcare artificial intelligence market.
In fact, greater new possibilities with big data, the ability of AI to enhance patient care, a sturdy imbalance between the pool of patients and healthcare professionals, as well as possibilities of reducing medical costs are some other prime factors probable to augment the demand for AI in the healthcare sector. Yet, on the contrary, the factor of the reluctance of medical practitioners in adopting new technologies, lack of universal regulatory guidelines, lack of curated healthcare data, as well as data privacy concerns are curtailing the market from achieving higher grounds in the future timeframe.
Healthcare Artificial Intelligence Market Segment Review
Component wise, the healthcare artificial intelligence market is categorized into software, hardware, services.
Application-wise, the market has categorized into virtual nursing assistants, robot-assisted surgery, clinical trial, dosage error reduction, automated image diagnosis, and preliminary diagnosis.
Technology-wise, the market has included querying methods, machine learning, and natural language processing.
End-user wise, the market has included pharmaceutical & biotechnology companies, hospital & diagnostic centers, and academic & research laboratories.
Healthcare Artificial Intelligence MarketRegional Framework
As the developed country of the U.S., which willingly adopts new technology and houses many pioneering companies, is now expected to maintain North America is the region with the utmost demand potential for the mar er critical region for the vendors of artificial intelligence (AI) in the healthcare market. As per the Nuffield Council on Bioethics in the year 2018, a ~USD 1.2 billion AI sector deal is fixed between the UK government and industry players, counting a USD 371 million investment in AI research.
Asia-Pacific is also in the line of expectancy to record a healthy CAGR during the assessment period owing to mounting therapeutic demand for chronic diseases and the hastily evolving healthcare sector. The emerging economies of South Korea, Japan, China, and India are liable to offer decent demand over the course of the forecast mentioned above period.
Healthcare Artificial Intelligence Market Vendors Landscape
Next IT Corp, DEEP GENOMICS, Google, General Vision, IBM Watson Health, NVIDIA Corporation, Koninklijke Philips N.V, Intel Corporation, GENERAL ELECTRIC, Microsoft Corporation, Stryker, CloudMedx Inc, are some of the noteworthy companies in healthcare artificial intelligence market.
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