According to a new report published by Allied Market Research, titled, “AI in Healthcare Market by Offering, Algorithm, Application, and End user: Global Opportunity Analysis and Industry Forecast, 2020-2030,” the AI in healthcare market was valued at $8.23 billion in 2020, and is estimated to reach $194.14 billion by 2030, growing at a CAGR of 38.1% from 2021 to 2030.
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Artificial intelligence technologies are widely being employed by policymakers, and medical professionals to manage the outbreak effect and accelerate its early detection, prevention, response, recovery and to pace the research. Furthermore, the companies are increasingly focusing on expanding their geographical reach and introducing newer, innovative solutions through various strategies, including partnerships, product launches, and collaborations.
The growth of the Artificial intelligence in healthcare market is majorly driven by increase in volume of healthcare data and rise in complexities of datasets driving the necessity for AI in healthcare in the market. In addition, an increase in the significance of big data in healthcare is expected to fuel the market growth. However, unclear regulatory scenarios and reluctance among healthcare professionals to adopt AI-based technologies are expected to impede the market growth. On the contrary, the potential of AI-based tools for elderly care and the untapped potential of emerging markets, such as China and India, are expected to present various opportunities for market expansion.
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By offering segment
The Artificial intelligence in healthcare market is divided into hardware, software, and services. The software segment was the major revenue contributor in 2020 and is anticipated to remain dominant with a CAGR of 37.7% during the forecast period. Surge in adoption of AI-driven healthcare informatics solutions and healthcare operational support by hospitals and other healthcare service providers are expected to drive the market growth owing to the increased development of AI-based software solutions.
By region
The Artificial intelligence in healthcare market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. North America accounted largest share in 2020, and is expected to remain dominant throughout the forecast period with A CAGR of 35.6%. Rise in number of government initiatives and increase in investments by various private companies to improve clinical outcomes, achieve better information exchange, and cost drive the growth of Artificial intelligence in healthcare market.
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𝐀𝐝𝐦𝐢𝐧𝐢𝐬𝐭𝐫𝐚𝐭𝐢𝐯𝐞 𝐖𝐨𝐫𝐤𝐟𝐥𝐨𝐰 𝐀𝐬𝐬𝐢𝐬𝐭𝐚𝐧𝐜𝐞: 𝐒𝐭𝐫𝐞𝐚𝐦𝐥𝐢𝐧𝐢𝐧𝐠 𝐎𝐩𝐞𝐫𝐚𝐭𝐢𝐨𝐧𝐬
AI is streamlining administrative workflows, from appointment scheduling to billing and claims processing. Automation of routine tasks allows healthcare professionals to focus on patient care, reducing administrative burdens and minimizing errors.
𝐂𝐥𝐢𝐧𝐢𝐜𝐚𝐥 𝐓𝐫𝐢𝐚𝐥 𝐏𝐚𝐫𝐭𝐢𝐜𝐢𝐩𝐚𝐧𝐭 𝐈𝐝𝐞𝐧𝐭𝐢𝐟𝐢𝐞𝐫: 𝐀𝐜𝐜𝐞𝐥𝐞𝐫𝐚𝐭𝐢𝐧𝐠 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡
Identifying suitable participants for clinical trials is a time-consuming process. AI algorithms analyze vast datasets to match criteria efficiently, accelerating the pace of clinical research. This not only expedites drug development but also ensures a more diverse participant pool.
𝐀𝐛𝐨𝐮𝐭 𝐀𝐥𝐥𝐢𝐞𝐝 𝐌𝐚𝐫𝐤𝐞𝐭 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡:
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