Healthcare Artificial Intelligence Market – Overview
The rate of innovation in the healthcare sector has gathered significant momentum recently, and one of the main benefits gained is the incorporation of artificial intelligence in healthcare services. Market reports connected with the healthcare IT industry have been presented by Market Research Future which makes reports on other industry verticals that aims to analyze the current market scenarios better. The market is projected to achieve a CAGR of 51.9% in the course of the forecast period.
The streamlining of healthcare data which comprises of structured and unstructured data is boosting the growth of the healthcare artificial intelligence market. The application of AI to a wide range of healthcare related research purposes is transforming the growth potential of the market. The healthcare artificial intelligence is expected to create new prospects for growth due to its benefits in reducing the dependence on trained professionals who are in shortage in the market.
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Segmental Analysis
The segmental analysis of the healthcare artificial intelligence market is carried out on the basis of technology, component, application, end-user, and region. The component-based segment of the healthcare AI comprises of hardware, software, and services. The segmentation on the basis of applications for the healthcare AI market comprises of robot-assisted surgery, virtual nursing assistant, dosage error reduction, preliminary diagnosis, clinical trial, and automated image diagnosis. On the basis of technology, the healthcare AI segment market is segmented into machine learning, querying method, natural language processing, and others. The end users segment of the healthcare AI market consists of academic & research laboratories, pharmaceutical & biotechnology companies, and hospitals & diagnostic centers.
Detailed Regional Analysis
The regional analysis of the healthcare AI market report comprises of regions such as Europe, Asia Pacific, the Middle East, the Americas, Africa. The Americas region has the principal share of the market which is expected to be maintained over the forecast period. The advanced countries such as the U.S are heading the development for the regional market owing to the incidence of a sophisticated healthcare sector. The rising biotechnology industry and the growing uses of robot-assisted surgery are among the important factors that have put the Americas region in a leadership position. The European region accounts for the next chief market owing to the continuing R&D activities undertaken in the region for healthcare AI. The region has a comparable growth pattern to the Americas, and the swift adoption of AI in healthcare is inspiring market growth in the region. The Asia Pacific region is a swiftly growing market due to a huge patient population which is progressively placing demand for good quality therapeutic care for chronic diseases. The Middle East and African region will show gradual development compared to other regions due to the absence of advanced healthcare services in the majority of the region. The developing economies in the MEA region are expected to have a major impact on the market’s growth.
Competitive Analysis
The expansion of a strong value chain is additionally motivating the development of the market. The vertical supplements and product tactics of the market are advancing the potential of the market players. The growth of the market is moving in a promising direction due to new product introductions or intensifying gross revenue of the players in the market. Increased conformity of market players to new customers and market trend inclinations are boosting the growth curve of the market and will persist in the forecast period. The tactical goals intended for the market are buoyed due to advantageous product differentiation carried out by market contestants. Substantial cuts in administrative costs are inducing further expansion of the market. The effective implementation of strategies is likely to stimulate the market in the coming years.
The noteworthy players in the healthcare AI market are Deep Genomics, Koninklijke Philips N.V., Stryker, CloudMedx Inc., General Vision, IBM Watson Health, Google, General Electric, Next IT Corp., Intel Corporation, Microsoft Corporation, and NVIDIA Corporation.
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