Global Artificial Intelligence in Healthcare Market Overview
AI refers to the use of computing technologies (hardware and software) and algorithms to perform tasks that aid in evaluating the complex data along with simplifying the manual labour by increasing their efficiency and productivity. It simulates the cognitive functions of human mind which include reasoning, planning, knowledge representation, learning, perception, and others. Services of AI are used in numerous sectors such as law, marketing and advertising, finance, retail and customer services.
Artificial intelligence in healthcare is increasingly used in verticals, such as radiology, imaging, electronic health records.This can be attributed to its low error rate, high speed, accuracy, precision and ability to complete hazardous tasks without the involvement of humans. For instance, mishandling of samples for the detection of Hepatitis C or AIDS have been proven to be fatal for the laboratory technicians. Additionally, increasing applications of AI with brain-computer interfaces (BCI) to assist the patients with mobility issues, speaking or those with spinal cord injuries by deciphering the neural activities of their brain have transformed the field of AI in healthcare.
Market Size and Forecast
The market is observing a significant growth on account of ease in managing medical records of patients, providing facilities, such as virtual nurses, digital consultation. Additionally, use of AI in drug discovery and personalized medicine is backing the growth of the market on account of utilization of molecular-level targets to combat the diseases.
Growing applications of AI in health care has resulted in improved outcomes along with transforming the elderly care through health and smart devices for home care by monitoring their daily activities. For instance, Hybrid Assistive Limb (HAL), a robot that aids disabled and elderly people to perform their daily tasks along with other similar innovations pertaining to the improvements in elderly care are anticipated to drive the growth of the market in the upcoming years. Moreover, the virtual-nursing assistants are expected to gain popularity in upcoming years which is expected to reduce the frequency of regular hospital visits and enhance the patient experience.
The global artificial intelligence in healthcare market is anticipated to record a CAGR of 45.3% over the forecast period i.e. 2019-2027. The market is segmented by offering into hardware, software and services, out of which, the software segment is expected to have leading shares on account of increasing number of software companies and growing demand for software-based AI solutions. Collectively, the software and hardware segment is anticipated to propel the growth of the market during the forecast period.CLICK TO DOWNLOAD FREE SAMPLE
Artificial intelligence in healthcare is estimated to significantly reduce the cost of the treatment as there would be more accuracy in diagnosis and better predictions of treatment as well as prevention of a disease.Additionally, use of artificial intelligence in medical coding has transformed the manual work required for documenting medical records.
High Precision and Accuracy
Diagnosing a disease by looking for the pathogen under a microscope is not only labour intensive but also demand high accuracy and precision. AI is anticipated to transform this field, with the use of computers to obtain a more accurate, precise and detailed image as well as description of a pathogen.
Increasing Geriatric Population
Geriatric diseases such as, osteoporosis, obesity, diabetes, dementia, atherosclerosis, cardiovascular diseases, and others demand quick detection, diagnosis and continuous supervision. Application of AI to diagnose such diseases is anticipated to support the growth of the market.
Additionally, use of AI for detection of outbreaks and sources of epidemics which can be used as way of preventing the diseases is also estimated to propel the growth of the market.
Inconsistency in Availability and Quality of Data
Artificial intelligence depends on data, hence inconsistency in availability and quality of data along with enormous amount of computing power and energy required for analyzing the data are estimated to hinder the growth of the market.
Ethical and Safety Concerns
There are ethical and safety concerns regarding the use of artificial intelligence in healthcare market due to lack of trust and potential risk associated with the use of AI. These factors are expected to dampen the growth of the market.
Our-in depth analysis of the global artificial intelligence in healthcare market includes the following segments:
On the basis of regional analysis, the global artificial intelligence in healthcare market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
The market in North America is anticipated to show a robust growth during the forecast period. This can be attributed to declining cost of hardware and improving computing technologies across this region. The market in North America is estimated to be followed by Europe and Asia Pacific on the back of increasing healthcare expenditure and improving healthcare infrastructure in these regions.
The global artificial intelligence in healthcare market is further classified on the basis of region as follows:
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