Market Research Report
Artificial Intelligence in Healthcare Market Size By Application, COVID-19 Impact Analysis, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2021 - 2027
|Artificial Intelligence in Healthcare Market Size By Application, COVID-19 Impact Analysis, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2021 - 2027|
Published: October 20, 2021
Global Market Insights Inc.
Content info: 120 Pages
Delivery time: 2-3 business days
The healthcare artificial intelligence market is anticipated to expand substantially by 2027 on account of increasing emphasis on improving patient care. Additionally, widespread application of artificial intelligence (AI) in the healthcare industry and its potential for future applications is estimated to fuel product demand over the forecast period.
The advent of AI technologies has benefitted the healthcare industry in terms of better quality of patient care, speedier drug discovery, data analysis, and reduced administrative burdens. It has also significantly contributed towards making accurate diagnosis and treatment predictions.
In addition, the healthcare system has been burdened with increasing number of hospitalizations attributable to the ongoing COVID-19 outbreak. This has amplified the need for a well-functioning healthcare AI infrastructure to handle vast amounts of structured and unstructured data. Notably, latest technological advancements and innovations undertaken by key industry participants have propelled market adoption in recent years.
Moreover, industry players are adopting strategic initiatives to accommodate surging demand for AI-integrated healthcare services worldwide, which has favorably impacted the overall market dynamics. For instance, in July 2021, SOPHiA GENETICS, a leading healthcare technology company, inked a partnership agreement with GE Healthcare, a prominent medical technology company, to develop novel AI-enabled analytics to cater to the biopharma and clinical markets.
Under the agreement, GE Healthcare combined its Edison platform-enabled data aggregation, as well as its medical imaging and monitoring capabilities, with SOPHiA's cloud-based software-as-a-service analytics genomic insights platform, dubbed the SOPHiA DDMTM, and related solutions, which are available across over 750 hospitals, laboratories, and biopharma companies.
In another instance, in July 2021, NVIDIA, a global technology firm, launched the UK's most powerful supercomputer, dubbed Cambridge-1, which has been designed to assist healthcare practitioners and scientists in the advancement of digital biology and life sciences. The combination of simulation and AI technology has been developed with the aim of accelerating the rate of drug discoveries and expediting medical treatments in the country.
The healthcare artificial intelligence market has been bifurcated on the basis of application and region. With respect to application, the market has further been segregated into wearables, medical imaging & diagnosis, therapy planning, virtual assistants, hospital workflow, drug discovery, and others. In 2020, the therapy planning sub-segment was valued at over USD 543.1 million and is set to expand at a steady pace over 2021-2027.
From the regional point of view, the Latin America healthcare artificial intelligence market held around 3.0% share in the overall industry revenue in 2020 and is slated to witness optimistic growth over the forecast timeline. Meanwhile, the Middle East & Africa healthcare artificial intelligence industry is foreseen to amass notable gains by 2027, progressing at a CAGR of more than 33.4% over the analysis period.