Global $50+ Billion Healthcare Artificial Intelligence Market to 2027: Focus on Medical Imaging, Precision Medicine, & Patient Management – GlobeNewswire

  • Lauren
  • January 15, 2021
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Dublin, Jan. 15, 2021 (GLOBE NEWSWIRE) — The “Healthcare Artificial Intelligence Market – Global Forecast to 2027” report has been added to ResearchAndMarkets.com’s offering. The global healthcare artificial intelligence (AI) market is expected to grow at a CAGR of 41.4% from 2020 to 2027 to reach $51.3 billion by 2027.The growth in the healthcare artificial intelligence market is mainly attributed to the factors such as rising venture capital investment for artificial intelligence in healthcare sector, growing demand for personalized therapy, positive impact due to COVID-19, rising demand to reduce healthcare costs, and rise in volume and complexities in healthcare datasets. Moreover, the growing potential of AI based tools for treatment of chronic illness and its growing implementation in clinical trials provide growth opportunities for players operating in the healthcare artificial intelligence market.On the basis of product & services, the software segment is estimated to command the largest share of the healthcare artificial intelligence market in 2020. The large share of this segment is mainly attributed to the factors such as its ability to reduce operational or administrative complexity, acceleration of data analysis with high accuracy, and rise in the software launch by the medical devices and healthcare IT companies. Further, due to the COVID-19 pandemic since November 2019, there is an expansion in the software solutions which helps the healthcare specialists to track the disease progression and recovery in COVID-19 patients thereby helping in the crisis situation.On the basis of technology, the natural language processing (NLP) segment is estimated to command the largest share of the overall healthcare artificial intelligence market in 2020. The factors such as ability to collect large amount of data and handle big data, offering of organized physician documentation, and efficient back-end coding to optimize billing procedure are the major factors responsible for the largest share of this segment.On the basis of application, the hospital workflow management segment is estimated to hold the largest share of the overall market in 2020. However, the drug discovery segment is slated to grow with the fastest CAGR during the forecast period, due to the growing implementation of AI by pharmaceutical and biotechnology companies to derive the successful drug product in shorter times and low cost.On the basis of end user, the hospitals and diagnostic centers segment is estimated to command the largest share of the overall healthcare artificial intelligence market in 2020. However, the healthcare payers segment is slated to grow at the fastest CAGR during the forecast period, due to growth in opting for healthcare insurance; and increasing inclination of healthcare facilities to have organized billing and accounts, health claims, and healthcare IT operations in their premises.North America is estimated to command the largest share of the overall healthcare artificial intelligence market in 2020, followed by Europe, Asia-Pacific, Latin America, and Middle East & Africa. However, Asia Pacific is expected to grow at the fastest CAGR during the forecast period. The factors driving the growth of the Asia Pacific healthcare artificial intelligence market are growing need for coordination between healthcare workforce & patients, rise in adoption of precision medicine, growing prevalence of diseases, and remarkable growth in venture capital investments. In addition to this, the factors such as significant use of big data in the healthcare sector, growing technological innovation, and demand from China are also supporting the growth of the healthcare AI market in the APAC regionKey Topics Covered: 1. Introduction2. Research Methodology3. Executive Summary4. Market Insights4.1. Market Overview4.2. Drivers4.2.1. Rising Venture Capital Investments in Artificial Intelligence for the Healthcare Sector4.2.2. Acquisition of Small Healthcare AI Players by Big Companies to Offer Better AI Solutions4.2.3. Growing Demand for Personalized Therapy4.2.4. Rising Need to Reduce Healthcare Costs4.2.5. Rise in the Volume and Complexities Associated with Healthcare Datasets4.2.6. Growing Shortage of the Healthcare Workforce4.2.7. The Impact of COVID-194.3. Restraints4.3.1. Reluctance in the Adoption of AI Technologies Due to Lack of Trust4.4. Opportunities4.4.1. Growing Potential of AI-Based Tools in the Treatment of Chronic and Infectious Diseases4.4.2. AI in Robotic Surgery4.4.3. Growing Incorporation of AI in Clinical Trials to Accelerate New Drug Launches4.5. Challenges4.5.1. Practical Implementation of AI in Healthcare4.5.2. Discrepancies Arising Due to Upgrades and Human Barriers to AI Adoption5. Global Healthcare Artificial Intelligence Market, by Product & Solution5.1. Introduction5.2. Software5.3. Services5.4. Hardware6. Healthcare Artificial Intelligence Market, by Technology6.1. Introduction6.2. Natural Language Processing6.3. Context-Aware Processing6.4. Machine Learning6.5. Querying Method7. Global Healthcare Artificial Intelligence Market, by Application7.1. Introduction7.2. Drug Discovery7.3. Hospital Workflow Management7.4. Patient Data & Risk Analytics7.5. Medical Imaging & Diagnosis7.6. Patient Management7.7. Precision Medicine8. Healthcare Artificial Intelligence Market, by End User8.1. Introduction8.2. Hospitals & Diagnostic Centers8.3. Pharmaceutical & Biotechnology Companies8.4. Healthcare Payers8.5. Patients9. Healthcare Artificial Intelligence Market, by Geography10. Competitive Landscape10.1. Introduction10.2. Key Growth Strategies10.3. Competitive Benchmarking10.4. Market Share Analysis (2019)10.4.1. Microsoft Corporation (U.S.)10.4.2. GE Healthcare (U.S.)10.4.3. IBM Corporation (U.S.)11. Company ProfilesMicrosoft Corporation (U.S.)Alphabet Inc. (U.S.)NVIDIA Corporation (U.S.)General Vision Inc (U.S.)Intel Corporation (U.S.)IBM Corporation (U.S.)Welltok Inc. (U.S.)General Electric Company (U.S.)Verint Systems Inc. (U.S.)iCarbonX (China) For more information about this report visit https://www.researchandmarkets.com/r/dm8tac Research and Markets also offers Custom Research services providing focused, comprehensive and tailored research. CONTACT: ResearchAndMarkets.com
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Source: https://www.globenewswire.com/news-release/2021/01/15/2159405/0/en/Global-50-Billion-Healthcare-Artificial-Intelligence-Market-to-2027-Focus-on-Medical-Imaging-Precision-Medicine-Patient-Management.html