Artificial Intelligence in Healthcare Market
The Healthcare Artificial Intelligence Market is expected to grow at a CAGR of 51.9% and reach USD 12 Billion by the end of the forecast period. The growing desire to reduce healthcare expenses, as well as increases in processing power and lower hardware costs, boost the healthcare artificial intelligence market. An increase in the number of collaborations and partnerships between various domains in the healthcare ecosystem, as well as a greater need to improve the quality of healthcare services as a result of the disconnect between patients and health workers.
Artificial intelligence allows doctors to use tools that help them diagnose and treat patients more accurately and quickly. However, doctors are hesitant to embrace modern technology, despite patients' increasing preference for them over in-person therapy. With this issue posing a threat to the doctor-patient connection and doctors' reluctance to use AI technology, the healthcare artificial intelligence market is likely to suffer a setback shortly.
Major Key Players:
The major key players in the market are Deep Genomics, Next IT Corp., General Vision, Google, NVIDIA Corporation, IBM Watson Health, Intel Corporation, Koninklijke Philips N.V, General Electric, Stryker, Microsoft Corporation, and CloudMedx Inc.
Segment Analysis
Based on the Component, the global ai in healthcare market has been segmented into Hardware, Software, and Services.
Based on the Application, the global Healthcare Artificial Intelligence (AI) Market has been segmented into Robot-Assisted Surgery, Virtual Nursing assistants, Dosage Error Reduction, Clinical Trial, Preliminary Diagnosis, and Automated Image Diagnosis.
Based on the Technology, the global Healthcare Artificial Intelligence (AI) Market has been segmented into Machine Learning, Querying methods, Natural Language Processing, Context-Aware Computing, and Computer Vision.
Based on the End-User, the global Healthcare Artificial Intelligence (AI) Market has been segmented into Hospital Diagnostic Centers, Pharmaceutical Biotechnology Companies, and Academic Research Laboratories.
Based on the Region, the global Healthcare Artificial Intelligence (AI) Market has been segmented into North America, Europe, Asia-Pacific, and the Rest of the World.
Regional Analysis
The Americas has the biggest AI market share in healthcare, which is predicted to continue during the forecast period. A growing biotechnology industry and increasing uses of robot-assisted surgery are two of the key factors that have propelled the Americas to the forefront. An increasing need for better diagnosis and treatment facilities, an increase in demand for digital health systems, and a substantial presence in the area of important AI inventions and product developers are all factors favoring AI in healthcare market development.
Europe is the second-largest sector, because of ongoing RD in the healthcare AI field. The region's growth pattern is similar to that of the Americas, and the region's business growth is aided by the rapid acceptance of AI in healthcare. The Asia-Pacific region is a fast-growing market with a large number of people seeking high-quality chronic disease treatment. The healthcare sector in the region is quickly expanding due to rising spending.
Meanwhile, the Middle East and Africa would have slower growth than other regions due to a lack of specialized healthcare facilities in parts of the region. The rising healthcare artificial intelligence industry in the MEA region is predicted to have the most impact on business growth.
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