Market Overview: The global market size for Artificial Intelligence (AI) in healthcare reached USD 7 billion in 2021 and is anticipated to exhibit a robust revenue Compound Annual Growth Rate (CAGR) of 46.7% throughout the forecast period. The growth of the market is attributed to the increasing demand for IT services and AI-driven solutions in the healthcare sector, substantial investments in modernizing healthcare systems globally, and advancements in specialized AI chips for efficient processing of health-related data.
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Key Factors Driving Market Growth:
1. Rising Demand for IT Services in Healthcare: The healthcare sector’s increasing demand for IT services to provide advanced solutions, diagnoses, and prognoses is a prominent driver of market growth. The development of AI-based solutions by a growing number of IT companies further contributes to this trend.
2. Integration of AI in Health Information Systems: The integration of AI into Health Information Systems enhances health information management, minimizes errors, ensures regulatory compliance, and contributes to the overall modernization of healthcare facilities.
3. Dependency on Clinical Data: The growing reliance on clinical data to improve healthcare services and the swift progress in specialized AI chips for faster processing of health-related data are significant factors propelling market growth.
4. Modernization of Healthcare Systems: Governments worldwide are increasing investments to modernize healthcare systems, facilitating the adoption of AI. Conducive policies in developing countries, such as financial incentives in India, are attracting foreign Private Equity (PE) investments.
5. Clinical Data Analysis: AI’s role in analyzing electronic medical records and facilitating faster, more precise clinical decision-making is driving adoption. Machine Learning algorithms, with access to large volumes of training data, provide insights into diagnostics, treatment, and care delivery processes.
6. Advancements in AI Chips: Specialized AI chips, including Graphics Processing Units (GPUs), Field-Programmable Gate Arrays (FPGAs), and Application-Specific Integrated Circuits (ASICs), are enhancing the speed and efficiency of AI models in healthcare applications.
Market Dynamics: Drivers:
- Increasing reliance on data for better healthcare services.
- Growing demand for IT solutions for effective health data management.
- Adoption of AI in surgical robots, diagnostics, and decision support systems.
Restraints:
- Lack of skilled workforce in AI and concerns about data security and privacy.
- Potential misuse of AI/ML algorithms and biased data leading to inaccurate predictions.
Key Takeaways:
1. Offering Outlook: The software segment is expected to dominate, driven by the increasing adoption of AI-based technologies and the rising number of IT companies developing software with AI integration.
2. Technology Outlook: Natural Language Processing (NLP) is anticipated to experience rapid growth, harnessing insights from unstructured clinical data and facilitating healthcare providers in diagnosing conditions and assigning codes.
3. Application Outlook: The clinical trials segment is projected to register a rapid revenue CAGR, driven by AI’s ability to accelerate disease understanding, patient identification, and streamlined trial processes.
4. End-use Outlook: Healthcare providers are expected to account for a substantial revenue share, driven by the increasing adoption of IT services in healthcare, generating large volumes of patient health information.
5. Regional Outlook: North America is forecasted to lead in revenue share, driven by the presence of major companies, a robust IT industry, and continuous investments in AI technologies. Europe is expected to register rapid growth due to increased investments in research and development.
Competitive Landscape: The global AI in healthcare market is moderately consolidated, with key players like Google LLC, IBM Corporation, Microsoft Corporation, Intel Corporation, and NVIDIA Corporation. Companies are engaging in strategic alliances, research and development, and technological advancements to expand their portfolios and gain a strong market foothold.
Innovative developments, regulatory approvals, and partnerships, such as Enlitic’s approval for CXR-AI in Japan, showcase the industry’s dynamism and ongoing efforts to advance AI applications in healthcare.
Market Segmentation: The global AI in healthcare market is segmented based on offering, technology, application, end-use, and region.
- Offering Outlook: Hardware, Software, Services
- Technology Outlook: Machine Learning, Deep Learning, Context-Aware Computing, Natural Language Processing, Computer Vision
- Application Outlook: Virtual Assistants, Robot-assisted Surgery, Preliminary Diagnosis, Clinical Trials, Others
- End-use Outlook: Pharmaceutical and Biotechnology Companies, Healthcare Providers
Regional Scope:
- North America (U.S., Canada)
- Europe (U.K., Germany, France)
- Asia Pacific (China, India, Japan)
- Latin America
- Middle East & Africa
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