Artificial Intelligence (AI) in Healthcare Market Size Worth $61.59 Billion By 2027 | CAGR of 43.6% By Reports and Data

Key participants include Microsoft Corporation, Intel Corporation, IBM, Amazon Web Services, Intel Corporation, Johnson & Johnson Services, Inc., Siemens Healthineers, General Electric, Google Inc., and Medtronic plc, among others.

New York, New York, UNITED STATES

New York, Jan. 19, 2021 (GLOBE NEWSWIRE) -- Adoption of advanced technologies by pharmaceutical companies and hospitals is driving the demand for artificial intelligence in healthcare market.

Market Size – USD 3.39 Billion in 2019, Market Growth - CAGR of 43.6%, Market Trends –Drug development for COVID-19.

The global artificial intelligence (AI) in healthcare market is forecast to reach a market size of USD 61.59 Billion by 2027 and register a significantly high CAGR, according to a new report by Reports and Data. The healthcare sector is developing rapidly and using artificial intelligence to increase productivity and reducing the burden on healthcare workers. AI is used in healthcare sector for analysis of complex diagnostic and medical data.

Artificial intelligence helps medical professionals to retrieve information, interpret images, and plan therapy during medical procedures. It also eases the burden on healthcare workers. Government and private companies are focusing on incorporating artificial intelligence in research activities currently, to accelerate developments related to COVID-19 vaccines.

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The growing trend of increasing use of precision medicines and increasing clinical trial processes is supporting demand for and deployment of artificial intelligence in the healthcare the sector. Increase in prevalence of chronic diseases and increasing geriatric population will contribute significantly to growth of the market. Players in the pharmaceutical market are increasingly adopting artificial intelligence to develop novel drugs and speed up overall processes. Artificial intelligence is used in research for cancer and disease management, which has been increasing in the recent past, and this is expected to drive growth of the artificial intelligence in the healthcare market over the forecast period.

The COVID-19 impact:

The market for artificial intelligence in healthcare has witnessed major increase in demand due to the coronavirus pandemic. Its usage minimizes the risk of transmission as it limits human interaction and shields frontline workers. Pharmaceutical companies are among the primary companies adopting AI for development of vaccines and to study different strains of the virus.

Artificial Intelligence In Healthcare Market By Offering (Hardware, Software), By Technology (Machine Learning, Context-Aware Computing, Natural Language Processing, Computer Vision), By End-Use (Hospitals & Healthcare Providers), And Region Forecast To 2027; To identify the key trends in the industry, click on the link below:

Further key findings from the report suggest

  • Growth in revenue from the hardware segment is relatively high due to increasing demand for advanced hardware from research and biopharmaceutical companies owing to need to deploy more advanced software and technologies.
  • Natural language processing (NLP) demand is increasing in the healthcare sector because of ability to search, analyze, and interpret vast volumes of patient data. NLP improves clinical documentation and makes computer-assisted coding more efficient, which is driving demand among healthcare professionals.
  • Hospitals & healthcare providers are rapidly adopting artificial intelligence due to the rising trend of telehealth in view of the COVID-19 pandemic and restrictions as a result of social distancing norms etc. AI includes the use of telediagnosis, tele-assessment, telemonitoring, and tele-interactions, for which demand been increasing substantially post the lockdown.
  • North America accounted for largest share in terms of revenue, as compared to other regions, in 2019 due to growing adoption of IT solutions and well-established healthcare sector. Government initiatives to adopt digital platforms in healthcare industry and sector is relatively robust in countries in the region, and is expected to continue to support growth of the market in the region.

List of Top Companies Profiled in the Artificial Intelligence (AI) in Healthcare Market:

  • Microsoft Corporation
  • Intel Corporation
  • IBM
  • Amazon Web Services
  • Intel Corporation
  • Johnson & Johnson Services, Inc.
  • Siemens Healthineers
  • General Electric
  • Google Inc.
  • Medtronic plc

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For the purpose of this report, Reports and Data has segmented the global artificial intelligence in healthcare market on the basis of offering, technology, end-use, and region:

  • Offering Outlook (Revenue, USD Billion; 2017-2027)
    • Hardware
      1. Processor
      2. Memory
      3. Network
    • Software
      1. AI Solutions
      2. AI Platform
      3. Services
      4. Deployment & Integration
      5. Support & Maintenance
  • Technology Outlook (Revenue, USD Billion; 2017-2027)
    • Machine Learning
      1. Supervised Learning
      2. Unsupervised Learning
      3. Deep Learning
      4. Reinforcement Learning
      5. Others
    • Context-Aware Computing
    • Natural Language Processing
    • Computer Vision
  • End-Use Outlook (Revenue, USD Billion; 2017-2027)
    • Hospitals & Healthcare Providers
    • Pharmaceuticals & Biotechnology Companies
    • Patients
    • Healthcare Payers
    • Others
  • Regional Outlook (Revenue, USD Billion; 2017-2027)
    • North America
      1. U.S.
      2. Canada
    • Europe
      1. Germany
      2. UK
      3. France
      4. BENELUX
      5. Rest of Europe
    • Asia Pacific
      1. China
      2. Japan
      3. South Korea
      4. Rest of APAC
    • MEA
      1. Saudi Arabia
      2. UAE
      3. Rest of MEA
    • Latin America
      1. Brazil
      2. Rest of LATAM

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