Artificial Intelligence in the healthcare market predicts growth from USD 4.9 billion in 2020 to USD 45.2 billion by 2026 at CAGR of 44.9% during the forecast period. Increasing volume of healthcare data; growing complexities of data sets; intensifying need to reduce mounting healthcare costs; improving computing power to decline hardware costs; increase in cross-industry partnerships and collaborations, and increasing imbalance between health workforce and patients drive the need for improvised healthcare services, accelerating market growth. Even the adoption of these technologies by multiple pharmaceutical and biotechnology companies globally to expedite vaccine or drug development processes for COVID-19 is responsible for market growth.
The rapid development and adaptation of AI-driven healthcare software solution for various healthcare applications is a key factor complementing the growth of software segment within the AI healthcare market. Secondly, patients are looking forward to a more convenient treatment eliminating the risk of unnecessary hospital visitation or diagnostics due to the ongoing pandemic has also encouraged software market growth.
Profound learning in various healthcare application, especially in the areas of medical imaging, disease diagnostics, drug discovery and utilization of different sensors and devices to acquire a patient’s real-time health status are augmenting the market growth.
Asia-Pacific APAC project growth
Among APAC countries, China is the highest healthcare spender and has charted out official plans to digitalize medical records. The Chinese government is also undertaking initiatives to encourage the adoption of AI technologies in healthcare. Japan is likely to hold the second-largest market share during the forecast period.
Major players in the AI in US healthcare market are NVIDIA Corporation (NVIDIA), Intel Corporation (Intel), International Business Machines Corporation (IBM), Google Inc. (Google), Microsoft Corporation (Microsoft), Amazon Web Services (an Amazon.com, Inc. subsidiary) (AWS), General Vision, Inc., General Electric (GE) Healthcare, Medtronic plc, Johnson & Johnson Services, Inc. (Johnson & Johnson). Whereas, Siemens Healthineers and Koninklijke Philips N.V. are player in Germany and Netherland healthcare markets respectively.
An increasing population of the elderly across the globe is enhancing the AI in the healthcare sector as the elderly are prone to illnesses and are unable to visit the doctor often. AI solutions help track their movement and vital signs such as heart rate, blood pressure, oxygen saturation, body temperature, and respiratory rate. In case of any irregularity in these parameters sensors alert the caregivers on the same.