Growing Potential of AI-based Tools for Elderly Care Presents Opportunities

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Global Artificial Intelligence in Healthcare Market

Global Artificial Intelligence in Healthcare Market

Global Artificial Intelligence in Healthcare Market

Dublin, Feb. 22, 2023 (GLOBE NEWSWIRE) — The “Global Artificial Intelligence in Healthcare Market by Offering (Hardware, Software, Services), Technology (Machine Learning, NLP, Context-aware Computing, Computer Vision), Application, End User and Region – Forecast to 2028” report has been added to ResearchAndMarkets.com’s offering.

The AI in Healthcare Market is projected to grow from USD 14.6 Billion in 2023 to USD 102.7 Billion by 2028; it is expected to grow at a CAGR of 47.6% during the forecast period. Increasing requirements of improvised healthcare services due to the imbalance between the healthcare workforce and patients will propel the growth opportunities for AI in Healthcare providers.

Increasing focus on developing human-aware AI systems will boost the market growth. The lack of a skilled AI workforce and ambiguous regulatory guidelines for medical software will restrain market growth.

Market for services to grow at higher CAGR during forecast period

Installation services allow the software to be integrated with the analytics side to enable data retrieval and generate desired results through computation. Using computer systems for AI increases the amount of work involved in the installation. For instance, IBM Watson Health, an AI system that requires installation. Before the installation, the system’s requirements are checked, such as OS compatibility, necessary software, adequate memory, and hard disk space. IBM provides a separate installation program for the ICA studio, which is used to create and deploy custom text analytics for Watson Content Analytics applications.

Market for deep learning in machine learning segment to hold for the majority of share in 2028

Deep learning is a class of machine learning based on multiple algorithms for creating relationships among data. Deep learning uses artificial neural networks to learn multiple levels of data, such as texts, images, and sounds. Its algorithms help in identifying patterns from a set of unstructured data.

Deep learning technology is used in voice recognition, fraud detection, voice search, recommendation engines, sentiment analysis, image recognition, and motion detection, among others. Imaging, diagnostics, and drug discovery are among the applications using deep learning. There is a need for advanced technologies to read and interpret images (X-rays, MRIs, and CT scans) and blood and tissue reports, and provide an accurate and quick diagnosis for critical ailments (e.g., tumors and cancers).

Market for patients to grow at highest CAGR during forecast period

The popularity of AI-based solutions is increasing among patients. ML, cognitive computing, NLP, Context-aware Computing, and computer vision are increasingly being used in smartphones and homecare systems; with the rapid evolution of these technologies, their adoption is further estimated to increase. Various smartphone apps offer medical AI consultations based on personal medical history and common medical knowledge. These apps help identify a patient’s lifestyle, mental health, and other biomedical parameters to improve their health. Moreover, these apps enhance the efficiency of diagnosing patients while sparing the patient long waiting hours in a doctor’s clinic.

North America to hold for the majority of share among AI in Healthcare market during the forecast period

Improvements in cloud computing platforms, which are now more efficient, affordable, and capable of processing complex information, have led to the growth of inexpensive software development tools and vast data sets that play a vital role in the development of AI technology. The US recorded the highest healthcare expenditure of 18.1% of the total gross domestic product (GDP) in 2020. The healthcare spending of the country has doubled in the last three decades. This, in turn, is creating a conducive environment for market growth.

Market Dynamics

Drivers

  • Generation of Large and Complex Healthcare Datasets

  • Pressing Need to Reduce Healthcare Costs

  • Improving Computing Power and Declining Hardware Cost

  • Rising Number of Partnerships and Collaborations Among Different Domains in Healthcare Sector

  • Growing Need for Improvised Healthcare Services due to Imbalance Between Healthcare Workforce and Patients

Restraints

Opportunities

  • Growing Potential of AI-based Tools for Elderly Care

  • Increasing Focus on Developing Human-Aware AI Systems

  • Rising Potential of AI Technology in Genomics, Drug Discovery, and Imaging & Diagnostics

Challenges

  • Lack of Curated Healthcare Data

  • Concerns Regarding Data Privacy

  • Lack of Interoperability Between AI Solutions Offered by Different Vendors

Report Attribute

Details

No. of Pages

292

Forecast Period

2023 – 2028

Estimated Market Value (USD) in 2023

$14.6 Billion

Forecasted Market Value (USD) by 2028

$102.7 Billion

Compound Annual Growth Rate

47.6%

Regions Covered

Global

Key Topics Covered:

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights

5 Market Overview

6 Artificial Intelligence in Healthcare Market, by Offering
6.1 Introduction
6.2 Hardware
6.2.1 Processor
6.2.2 Memory
6.2.3 Network
6.3 Software
6.3.1 AI Solution
6.3.2 AI Platform
6.4 Services

7 Artificial Intelligence in Healthcare Market, by Technology
7.1 Introduction
7.2 Machine Learning
7.2.1 Deep Learning
7.2.2 Supervised Learning
7.2.3 Reinforcement Learning
7.2.4 Unsupervised Learning
7.2.5 Others
7.3 Natural Language Processing
7.4 Context-Aware Computing
7.5 Computer Vision

8 Artificial Intelligence in Healthcare Market, by Application
8.1 Introduction
8.2 Patient Data & Risk Analysis
8.3 In-Patient Care & Hospital Management
8.4 Medical Imaging & Diagnostics
8.5 Lifestyle Management & Remote Patient Monitoring
8.6 Virtual Assistants
8.7 Drug Discovery
8.8 Research
8.9 Healthcare Assistance Robots
8.10 Precision Medicine
8.11 Emergency Room & Surgery
8.12 Wearables
8.13 Mental Health
8.14 Cybersecurity

9 Artificial Intelligence in Healthcare Market, by End-user
9.1 Introduction
9.2 Hospitals and Healthcare Providers
9.3 Patients
9.4 Pharmaceuticals & Biotechnology Companies
9.5 Healthcare Payers
9.6 Others

10 Artificial Intelligence in Healthcare Market, by Region

11 Competitive Landscape

12 Company Profiles

13 Appendix

Companies Mentioned

  • Amazon Web Services (Aws)

  • Arterys Inc.

  • Atomwise

  • Babylon Health

  • Biobeat

  • Cloudmedx

  • Cota

  • Desktop Genetics

  • Enlitic

  • Fdna Inc.

  • General Electric Company

  • General Vision

  • Ginger

  • Google Inc.

  • Intel Corporation

  • Johnson & Johnson Services, Inc.

  • Koninklijke Philips N.V.

  • Lunit Inc.

  • Mdlive (Evernorth Group)

  • Medtronic

  • Merative

  • Micron Technology, Inc.

  • Microsoft

  • Nvidia Corporation

  • Oncora Medical

  • Qure.AI

  • Qventus

  • Recursion

  • Siemens Healthineers

  • Sirona Medical, Inc.

  • Stryker

  • Virgin Pulse

For more information about this report visit https://www.researchandmarkets.com/r/mqid9z-artificial?w=12

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