WASHINGTON, Jan. 17, 2022 (GLOBE NEWSWIRE) -- Vantage Market Research’s recent analysis of the Global Artificial Intelligence in Healthcare Market finds that rising number of partnerships and collaborations is expediting market growth. Primarily driven by rising potential of AI technology in genomics and drug discovery, the total Global Artificial Intelligence in Healthcare Market is estimated to reach USD 95.65 Billion by 2028, up from USD 6.60 Billion in 2021, at a compound annual growth rate (CAGR) of 46.1%.
Furthermore, the surging need for improvised healthcare services due to imbalance between health workforce and patients is also anticipated to augment the growth of the Global Artificial Intelligence in Healthcare Market, states Vantage Market Research, in a report, titled “Artificial Intelligence in Healthcare Market by Offering (Hardware, Software, Services), by Technology (Machine Learning, NLP, Context-aware Computing, Computer Vision), by Application (Robot-Assisted Surgery, Virtual Nursing Assistant, Administrative Workflow Assistance, Fraud Detection), by End User (Healthcare Providers, Pharmaceutical & Biotechnology Companies, Patients, Payer), by Regions (North America, Europe, Asia Pacific, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.
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Impact Analysis 170+ Pages Research Report (Including latest research)
Provide chapter-wise guidance on request 2021 Updated Regional Analysis with Graphical Representation of Trends, Size, & Share, Includes Updated List of figures and tables.
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List of Prominent Players in the Artificial Intelligence in Healthcare Market:
Koninklijke Philips (Netherlands)
Siemens Healthineers (Germany)
Micron Technology (US)
General Electric Company (US)
General Vision (US)
Amazon Web Services (US)
Johnson & Johnson (US)
Lunit (South Korea)
Oncora Medical (US)
Driver: Rising Potential of AI Technology in Genomics and Drug Discovery to Fuel Global Artificial Intelligence in Healthcare Market
AI applications in clinical genomics liable to perform operations that are not possible to perform with the help of human intelligence and are error prone when applied with standard statistical approaches. The various steps that are adapted to address in clinical genomic analysis include variant calling, variant classification, genome annotation, and phenotype-to-genotype correspondence. They can also be used in genotype-to-phenotype predictions. Here, we describe the major classes of problems that have been addressed by AI in clinical genomics. AI algorithms can easily learn biases from a single genome and produce superior variant calls. Furthermore, AI is widely used in target discovery and early drug discovery in order to analyze data sets, form hypotheses and generate novel insights, predict binding affinity and other pharmacological properties of molecules, allow filtering for drug-like properties of molecules and reduce complexity in protein design. Additionally, it is used in design and processing of preclinical experiments to reduce time, money, and uncertainty in planning experiments, decode open- and closed-access data on reagents and get actionable insights and automate sample analysis with a robotic cloud laboratory, among others. Thus, the increasing application of AI is augmenting the growth of the AI in healthcare industry in the years to come.
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Opportunity: Development of Human-aware AI Systems to Stimulate Market Growth
Human-aware augmented intelligence combines the skills of humans and artificial intelligence (AI) techniques. This helps to achieve better performance over either the human or the technology alone. Additionally, the increasing interference of human with AI techniques has resulted in interpretation and presentation challenges like proper communication problems associated with automating parts and intelligent control of crowdsourcing parts. Interpretation challenges include understanding human input and presentation challenges include problems delivering the AI system’s output and feedback. Thus, the improvement of human-aware AI systems remains the primary opportunity for AI developers and healthcare industry. Furthermore, in the healthcare sector, it is very useful in monitoring patients, help in analysis, diagnosis and create treatment plans personalized to the individual, and deliver care for the elderly and disabled people, among other prospects.
Based on offering, the Global Artificial Intelligence in Healthcare Market is bifurcated into software, hardware, & services. The software segment held a largest share in 2021 owing to the increase in the adoption of AI software solutions by healthcare organizations.
Based on technology, the Artificial Intelligence in Healthcare Market is divided into machine learning, computer vision, natural language processing, and context aware processing. The natural language processing segment is expected to grow at a significant CAGR from 2022 to 2028. This is attributable to the increase in implementation of image recognition and data mining to uncover abnormalities in imaging data and accelerate the treatment.
Based on application, the Artificial Intelligence in Healthcare Market is divided into robot-assisted surgery, virtual nursing assistant, administrative workflow assistance, fraud detection, dosage error reduction, clinical trial participant identifier, preliminary diagnosis, and others. The clinical trials participant identifier projected to grow at the fastest CAGR from 2022 to 2028. This is owing to the increase in demand for faster clinical trials for new drug development.
Based on end user, the artificial intelligence in healthcare market is segmented into healthcare providers, pharmaceutical & biotechnology companies, patients, and payer. The healthcare providers segment held the largest share in 2021. The pharmaceutical & biotechnology companies’ segment is anticipated to grow at a fastest CAGR from 2022 to 2028.
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COVID-19 Impact Analysis:
The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the healthcare industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
Impact Assessment of COVID-19 Pandemic
Middle East & Africa
Quarterly Market Revenue Forecast by Asia Pacific 2021 & 2022
Key Strategies Undertaken by Companies to Tackle COVID-19
Long Term Dynamics
Short Term Dynamics
The report on Artificial Intelligence in Healthcare Market highlights:
Assessment of the market
COVID Impact Analysis
Historic Data, Estimates and Forecast
Global and Regional Dynamics
North America Dominates the Global Artificial Intelligence in Healthcare Market
North America has dominated the Global Artificial Intelligence in Healthcare Market in 2021 and is likely to continue the same trend during the forecast period. This is attributable to the early adoption of AI technologies, growing collaborations and partnerships, and supportive government initiatives across the region. Furthermore, the presence of major market players and the rising elderly population are also expected to support the regional growth of the market.
Asia Pacific is likely to witness fastest growth in the Artificial Intelligence in Healthcare Market during the forecast period. This is attributable to the rise in development and innovations and establishment of new start-ups in the emerging economies like the India, and China in the region. Additionally, the increasing adoption of AI-based technologies by healthcare organizations, Research and Development activities and government expenditure on healthcare facilities are also expected to support the growth of the artificial intelligence in healthcare market in near future.
Key questions answered in the report:
Which regional market will show the highest and rapid growth?
Which are the top five players of the Artificial Intelligence in Healthcare Market?
How will the Artificial Intelligence in Healthcare Market change in the upcoming six years?
Which application and product will take a lion’s share of the Artificial Intelligence in Healthcare Market?
What are the Artificial Intelligence in Healthcare market drivers and restrictions?
What will be the CAGR and size of the Artificial Intelligence in Healthcare Market throughout the forecast period?
This market titled “Artificial Intelligence in Healthcare Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:
Market Size in 2021
USD 6.60 Billion
Projected Market Size in 2028
USD 95.65 Billion
CAGR Growth Rate
CAGR of 46.1% from 2022–2028
2016 - 2020
2022 – 2028
Offering:- Hardware, Software, Services
Quantitative Data - Units
Revenue in USD Million/Billion and CAGR from 2022 to 2028
North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others
Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis.
Browse market data Tables and Figures spread through 187 Pages and in-depth TOC on "Artificial Intelligence in Healthcare Market by Offering (Hardware, Software, Services), by Technology (Machine Learning, NLP, Context-aware Computing, Computer Vision), by Application (Robot-Assisted Surgery, Virtual Nursing Assistant, Administrative Workflow Assistance, Fraud Detection), by End User (Healthcare Providers, Pharmaceutical & Biotechnology Companies, Patients, Payer), by Regions (North America, Europe, Asia Pacific, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)". View detailed Research Report here – https://www.vantagemarketresearch.com/press-release/artificial-intelligence-in-healthcare-market-688853
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