Portland, OR, Sept. 30, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global AI in Healthcare Market generated $8.23 billion in 2020, and is estimated to reach $194.4 billion by 2030, growing at a CAGR of 38.1% from 2021 to 2030. The report offers an in-depth analysis of the market size, emerging and current trends, future estimations, and key players.
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Development in computing power, reduction in hardware costs, surge in a number of cross-industry collaborations, partnerships, and increase in the imbalance between the health workforce and patients are the factors that drive the growth of the global AI in healthcare market. Rise of advanced hardware systems will improve the efficiency and effectiveness of AI software, and hence open many doors of opportunities to the market players.
However, limited acceptance from healthcare professionals, owing to the risk of injury and misinterpretation is anticipated to hamper the growth of global AI in healthcare market.
Covid-19 impact on global AI in healthcare market:
- The AI tools are widely used to detect & diagnose the coronavirus and retort to the outbreak through personalized data and learning.
- Adoption of AI in healthcare by pharmaceutical and biotechnology companies across the globe will expedite vaccine or drug development processes for COVID-19.
The report segments the global AI in healthcare market on the basis of offering, algorithm, application, end-user, and region.
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Based on offering, the software segment accounted for the largest market share in 2020, contributing to nearly two-thirds of the total share, and is expected to maintain the lead throughout the forecast period. On the other hand, the hardware segment is estimated to witness the fastest CAGR of 39.5% from 2021 to 2030.
Based on the algorithms, the natural language processing segment contributed to the largest share in 2020, accounting for nearly half of the global AI in healthcare market. The same segment is expected to lead throughout the forecast period. However, the deep learning segment is expected to manifest the highest CAGR of 41.7% from 2021 to 2030.
Based on region, North America contributed to the highest share in 2020, holding nearly half of the total share, and is expected to maintain dominance throughout the forecast period. On the other hand, Asia-Pacific is expected to portray the fastest CAGR of 44.5% during the forecast period.
Leading players of the global AI in healthcare market analyzed in the research include Intel Corporation, Welltok, Inc., Google Inc., IBM Corporation, Nvidia Corporation, Microsoft Corporation, General Vision, Inc., Next IT Corporation, Enlitic, Inc., and iCarbonX.
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“We have also published few syndicated market studies in the similar area that might be of your interest. Below are the report title for your reference, considering Impact of Covid-19 Over This Market which will help you to assess aftereffects of pandemic on short-term and long-term growth trends of this market.”
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About Us
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
