Westford, USA,, April 06, 2023 (GLOBE NEWSWIRE) -- The healthcare industry expects to witness Artificial Intelligence (AI) In Healthcare market growth, reaching USD 195.67 billion by 2030 with a CAGR of 37.4% over the forecast period (2023-2030). The market is growing due to the increasing demand for personalized healthcare, the adoption of electronic health records, the need for more efficient healthcare operations, the prevalence of chronic diseases, and technological advancements. According to SkyQuest's report, AI-powered clinical decision support systems have the potential to reduce treatment variability by up to 30%, leading to improved patient outcomes.
The report also indicates that using AI in healthcare could result in annual savings of up to $100 billion by 2025 by personalizing treatments and reducing healthcare costs. Additionally, a study published in Diabetes Care journal found that an AI algorithm accurately predicted the onset of type 2 diabetes at a rate of 94.5%, highlighting the potential for early intervention to prevent or delay the onset of the disease and identify at-risk patients who can benefit from targeted interventions.
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Browse in-depth TOC on "Artificial Intelligence In Healthcare Market"
- Pages - 242
- Tables - 70
- Figures - 71
AI is gaining significance in healthcare due to its potential to enhance patient outcomes, minimize healthcare expenses, and optimize healthcare operations. With the ability to scrutinize large volumes of healthcare data, AI algorithms can recognize patterns, forecast outcomes, and provide personalized treatment recommendations, leading to more effective and efficient healthcare delivery.
Prominent Players in Artificial Intelligence In Healthcare Market
- IBM Watson Health
- GE Healthcare
- Philips Healthcare
- Google DeepMind Health
- Microsoft Healthcare
- NVIDIA Corporation
- Intel Corporation
- Siemens Healthineers
- Johnson & Johnson
- Medtronic
- Cerner Corporation
- Allscripts Healthcare Solutions
- Epic Systems Corporation
- Athenahealth
- McKesson Corporation
- Optum (UnitedHealth Group)
- Change Healthcare
- Qualcomm Life
- AliveCor
- Babylon Health
Medical Imaging and Diagnostics Segment to Drive Higher Sales Due to the Generation of Massive Amounts of Data by Medical Imaging
A recent analysis revealed that the Medical Imaging and Diagnostics segment played a significant role in the rapid development of artificial intelligence in the Healthcare market in 2021. This trend is expected to continue from 2022 to 2030. Generating massive amounts of data by medical imaging requires quick and accurate analysis by clinicians, which AI can facilitate. Additionally, AI algorithms can improve the accuracy of medical imaging, leading to better patient outcomes. Researchers from the University of Cambridge developed an AI tool that accurately detects brain tumors on MRI scans with a 96% accuracy rate, surpassing the 92% accuracy rate of human radiologists. This tool can enhance the speed and accuracy of brain tumor diagnosis, which is crucial for effective treatment.
According to research analysis, North America is expected to emerge as a dominant player in artificial intelligence in the Healthcare market from 2022 to 2030. SkyQuest projected that the region would grow at a CAGR of 38.82% during the forecast period. This trend is attributed to advanced healthcare infrastructure, increasing demand for personalized medicine, and significant investments in AI by key regional players. Recently, the Canadian government announced an investment of $300 million in AI research and development over the next three years. This funding will support the development of AI-powered solutions in various sectors, including healthcare.
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Software Type Segment to Exhibit Strong Growth due to Increasing Applications in Healthcare
In 2021, the Software Type segment dominated the Artificial Intelligence In Healthcare market and is projected to maintain its leading position from 2022 to 2030. This trend is driven by the increasing adoption of AI software in healthcare, which includes medical imaging, diagnostics, drug discovery, electronic health records, and virtual assistants. The implementation of AI software in these areas can enhance operational efficiency and safety in the healthcare industry. According to SkyQuest, the AI software segment is expected to grow at a CAGR of 40.8% during the forecast period.
The Asia Pacific region has emerged as a significant force in the Artificial Intelligence In Healthcare market and is expected to maintain its leading position by 2030. SkyQuest has forecasted a substantial growth rate for the region, with a projected CAGR of 41.97% during the forecast period. This expansion can be attributed to the increasing healthcare expenditure, a large patient population, and rising demand for advanced healthcare solutions in the region. Recently, researchers in Singapore developed an AI-powered tool that can predict the risk of COVID-19 patients developing severe disease and requiring intensive care. The tool uses patient data such as age, sex, and comorbidities to make predictions with high accuracy, potentially allowing healthcare providers to intervene early and improve patient outcomes.
A comprehensive analysis of the major players in the Artificial Intelligence In Healthcare market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavors to develop innovative solutions to cater to the growing demand.
Key Developments in Artificial Intelligence In Healthcare Market
- Gradient AI, a prominent software provider of AI solutions for the insurance sector, has announced its acquisition of Prognos Health's underwriting unit for analytics business. This acquisition will enable Gradient AI to utilize the vast collection of integrated medical records and lab data available on Prognos Health's real-world data marketplace.
- GE Healthcare has acquired Caption Health, an AI ultrasound company that focuses on the early detection of diseases. The financial details of the deal have not been disclosed, but GE Healthcare has stated that it will finance the acquisition using cash on hand. Caption Health, which is headquartered in California, has raised over $62 million through seven funding rounds. The acquisition will see Caption Health become part of GE Healthcare's $3 billion ultrasound business, to support the portfolio with AI-enabled imaging. This move comes after GE split into three separate businesses - GE Healthcare, GE Vernova, and GE Aerospace, with GE Healthcare becoming a standalone entity in early January.
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Key Questions Answered in Artificial Intelligence In Healthcare Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- Can you list the top companies in the market and explain how they have achieved their positions of influence?
- In what ways do regional trends and patterns differ within the global market, and how might these differences shape the market's future growth?
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