To address the burgeoning requirement for healthcare solutions, organizations are moving their interest toward artificial intelligence, big data, and several other improved approaches. These technologies carry different potential advantages, involving tailored made treatments and speedier patient diagnosis with computer-assisted designs. With the growing consumption of healthcare IoT devices, data generation has surged. In addition, the increment in the implementation of patient monitoring services will underwrite to the innovation in big data analytics and consequently foster the application scope of artificial intelligence in healthcare.
The increasing implementation of digital technologies in the healthcare segment due to the increasing requirement for decreasing healthcare costs and proposing improved quality patient care services to the patients are the prevalent aspects that are fostering the growth of global artificial intelligence in the healthcare market.
According to SPER market research, ‘Artificial Intelligence in Healthcare Market – Analysis of Market Size, Share & Trends for 2019 – 2020 and Forecast to 2027’ state that the healthcare artificial intelligence market is predicted to increase at a CAGR of 42.7% from 2020 to 2027 to reach at USD 52.7 billion by 2027.
Innovative computing power and decreasing hardware costs, the growing need to decrease healthcare costs, and the surging requirement for improvised healthcare services owing to an imbalance between the health workforce and patients are the aspects propelling the growth of artificial intelligence in the healthcare market.
In addition, the surging prevalence of different chronic diseases and the increasing elderly population is resulting in an augmented pool of patients at hospitals. A great volume of patient health data is created every day, which is demanded to be stored and managed proficiently. The increasing demand for customized medicines and the necessity of managing digital health records are progressively propelling artificial intelligence in the healthcare market. The novel technologies such as machine learning and artificial intelligence are now being integrated into healthcare systems that will enable health professionals during the early recognition of diseases and propose improved care services to the patients. In addition, deep learning technology, data analytics, predictive analytics, natural language processing, and content analytics are assisting healthcare professionals during early diagnosis and care services.
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Supportive government initiatives, the growing number of mergers and acquisitions, technological mergers and collaborations, and the ongoing COVID-19 pandemic had a progressive role in fostering the growth of the market and increasing the implementation rate of AI in healthcare. The increasing penetration of AI technologies in healthcare applications led to foremost market participants aiming on product innovation, and technological collaborations to enlarge their product portfolio and encounter the increasing requirements during the pandemic.
Asia Pacific is predicted to account for the greatest CAGR during the review duration, due to an increase in implementation of healthcare IT solutions, augment in funding for the advancement of AI capabilities, and foremost players are collaborating with universities and research centers for the advancement of improved AI algorithms that could be utilized in the healthcare industry.
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Sara Lopes, Business Consultant – USA
SPER Market Research