DUBLIN–(BUSINESS WIRE)–The “Artificial Intelligence in Healthcare Market with Covid-19 Impact Analysis by Offering (Hardware, Software, Services), Technology (Machine Learning, NLP, Context-Aware Computing, Computer Vision), End-Use Application, End User and Region – Global Forecast to 2026” report has been added to ResearchAndMarkets.com’s offering.
The AI in healthcare market is expected to be valued at USD 4.9 billion in 2020 and is likely to reach USD 45.2 billion by 2026; it is projected to grow at a CAGR of 44.9% during the forecast period.
The major factors driving the growth of the market are the increasing volume of healthcare data and growing complexities of datasets, the intensifying need to reduce towering healthcare costs, improving computing power and declining hardware costs, a growing number of cross-industry partnerships and collaborations, and rising imbalance between health workforce and patients driving the need for improvised healthcare services.
Another major driving factor fueling the market growth currently is the adoption of this technology by multiple pharmaceutical and biotechnology companies across the world to expedite vaccine or drug development processes for COVID-19. The major restraint for the market is the reluctance among medical practitioners to adopt AI-based technologies and lack of a skilled workforce.
MPU processor segment expected to hold the largest share in AI in healthcare in 2020
An MPU contains all or most of the CPU functions and is the engine that goes into motion when the computer is on. A microprocessor is specially designed to perform arithmetic and logic operations that use small number-holding areas called registers. Typical microprocessor operations include adding, subtracting, comparing two numbers, and fetching numbers. These operations are the result of a set of instructions that are part of the microprocessor design.
AI in the healthcare market for machine learning projected to grow at the highest CAGR during the forecast period
Growing adoption of deep learning in various healthcare applications, especially in the areas of medical imaging, disease diagnostics, and drug discovery, and the use of different sensors and devices to track a patient’s health status in real-time are supplementing the growth of the market.
Patient data & risk analysis segment to capture the largest share of AI in the healthcare market
The growth of the patient data & risk analysis segment is attributed to the increasing adoption of EMRs and various advantages offered by AI systems to healthcare service providers, patients, pharmaceuticals companies, and payers.
Influx of Large and Complex Healthcare Datasets
Growing Need to Reduce Healthcare Costs
Improving Computing Power and Declining Hardware Cost
Growing Number of Cross-Industry Partnerships and Collaborations
Rising Need for Improvised Healthcare Services Due to Imbalance Between Health Workforce and Patients
Reluctance Among Medical Practitioners to Adopt AI-Based Technologies
Lack of Skilled AI Workforce and Ambiguous Regulatory Guidelines for Medical Software
Growing Potential of AI-Based Tools for Elderly Care
Increasing Focus on Developing Human-Aware AI Systems
Growing Potential of AI-Technology in Genomics, Drug Discovery, and Imaging & Diagnostics to Fight Covid-19
Lack of Curated Healthcare Data
Concerns Regarding Data Privacy
Lack of Interoperability Between AI Solutions Offered by Different Vendors
Amazon Web Services (Aws)
Anju Life Sciences Software
General Electric (Ge) Company
Johnson & Johnson Services
LexisNexis Risk Solutions
Next It (A Verint Systems Company)
Precision Health AI
Siemens Healthineers (A Strategic Unit of Siemens Group)
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