IMARC Group, a leading market research company, has recently releases report titled, “Artificial Intelligence in Healthcare Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028“, The study provides a detailed analysis of the industry, including the global ai in healthcare market size, share, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Report Highlights
How big is the artificial intelligence in healthcare market?
Report Attributes
Details
Market Size in 2022
US$ 4.6 Billion
Market Forecast in 2028
US$ 23.9 Billion
Growth rate (2023 to 2028)
CAGR of 29.8%
Base Year of the Analysis
2022
Forecast Period
2023-2028
What is artificial intelligence in healthcare?
Artificial intelligence (AI) refers to the simulation of human intelligence processes, such as decision-making and problem-saving, by computer systems. It is cost-effective, improves customer experience, and solves complex problems easily. It comprises expert systems, natural language processing, speech recognition, deep learning, and computer vision. It relies on cognitive skills, such as learning, reasoning, and self-correction, to acquire data and create instructions for completing a specific task. It offers more accurate predictions, aids in fast data collection, and reduces the time for data-heavy tasks as compared to humans. It lowers the workload by enabling multi-tasking, operates without any break intervals, and facilitates decision-making. AI assists businesses in performing and handling repetitive tasks while minimizing errors. It assesses digital assistance, such as chatbot support, which allows organizations to interact with users without any involvement of human beings. It is used to predict weather conditions, enhance a global positioning system (GPS) for trips and long drives, and provide suggestions and correct spelling errors while typing. It is also employed in cybersecurity, image recognition, speech recognition and natural language processing (NLP), ride-sharing services and self-driving cars, and autopilot technology. At present, there is a rise in the application of AI in the healthcare industry due to the growing prevalence of chronic diseases, such as heart attacks, stroke, and diabetes, around the world.
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What are the growth prospects and trends in the artificial intelligence in healthcare industry?
The increasing utilization of AI in the healthcare industry to research the connection between treatment techniques and patient outcomes represents one of the primary factors driving the market. Besides this, the rising adoption of AI in the healthcare sector for medication management, treatment plans, and drug discovery is propelling the growth of the market. Additionally, there is an increase in use of AI in medical practices, such as diagnostic processes, drug development, personalized medicines, and patient monitoring care, across the globe. This, coupled with the growing need to minimize medical expenses and enhance patient care, is offering a positive market outlook. Apart from this, the rising employment of AI in the healthcare sector to predict diseases quickly and accurately in the early stage based on historical health datasets is contributing to the market growth. Moreover, the increasing number of AI-based virtual assistants to assist e-consultation, track patient health, and send medication alerts is positively influencing the market. Furthermore, the escalating demand for AI-based patient flow automation systems and intensive care unit (ICU) capacity creation in healthcare facilities is bolstering the growth of the market.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Offering:
Hardware
Software
Services
Breakup by Technology:
Machine Learning
Context-Aware Computing
Natural Language Processing
Others
Breakup by Application:
Robot-Assisted Surgery
Virtual Nursing Assistant
Administrative Workflow Assistance
Fraud Detection
Dosage Error Reduction
Clinical Trial Participant Identifier
Preliminary Diagnosis
Others
Breakup by End-User:
Healthcare Providers
Pharmaceutical and Biotechnology Companies
Patients
Others
Breakup by Region:
North America
Asia-Pacific
Europe
Latin America
Middle East and Africa
Who are the key players operating in the industry?
The report covers the major market players including:
Amazon Web Services Inc.
Cloudmedx Inc.
DeepMind
Enlitic Inc.
General Vision Inc.
Google Inc.
International Business Machines
iCarbonX
Intel Corporation
Medtronic
Micron Technology Inc.
Microsoft Corporation
Next It Corporation
Nuance Communications Inc.
Nvidia Corporation
Siemens Healthcare
Welltok Inc.
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