Global Artificial Intelligence In Healthcare Market Forecast 2020-2028
The global artificial intelligence in healthcare market is set to register growth, projecting a CAGR of 38.05% during the forecast period, 2020-2028. The prominent drivers of market growth are estimated to be the rising big data in the healthcare industry, the growing use of AI in genetics, the emergence of personalized medicine in tests for clinical decision making, along with the creation of a real-time monitoring system due to AI.
The utilization of AI in healthcare entails the use of software and algorithms for estimating the human perception for analyzing complex medical data, along with the relationship between treatments or prevention techniques and patient outcomes. The growing demand for real-time monitoring system is one of the key aspects propelling the growth of the global artificial intelligence in healthcare market. The real-time monitoring devices like health monitoring devices or indicators track real-time health data of patients, which is increasing the demand for AI in healthcare. The devices also drive the relevancy of data interpretation and aid in reducing the time the patients spend in piecing data output. In healthcare, the devices help in detecting and preventing undesirable patient outputs. The growing number of mobile devices integrated with artificial intelligence assists in the prediction of future outcomes with regard to health, which further benefits market growth.
Medical practitioners are reluctant to adopt AI-based technologies, and this is restraining the growth of the market. The reluctance is because of the lack of data that identifies healthcare decisions. Also, from a diagnostics point of view, AI systems fare less in terms of efficiency in comparison to conventional methods. The companies in the market are competing against each other by providing the same characteristics and similar prices. The competitive rivalry is projected to be high during the forecast period.
The geographical segmentation of the global artificial intelligence in healthcare market includes the analysis of Europe, North America, Asia Pacific, and the rest of the world. Inkwood Research estimates the Asia Pacific region to be the fastest-growing region by the end of the forecast period. The invention of new technologies, the presence of countries like China, Japan, Australia, and India, and the thriving artificial intelligence market, are the factors propelling the growth of the market.
Some of the prominent companies operating in the market are Enlitic Inc, Next IT Corporation, Recursion, Welltok, GE Healthcare, Microsoft Corporation, etc.
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