[252 Pages Report] Artificial intelligence in healthcare market is expected to grow from USD 6.9 billion in 2021 to USD 67.4 billion by 2027 growing at a CAGR of 46.2%
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Industry participants have largely focused on leveraging AI technology in their healthcare offerings as it has helped them achieve process automation, improve workflows in healthcare facilities and provide high-end patient health monitoring. Additionally, the growing potential of artificial intelligence in precision medicine, diagnostics, imaging, drug discovery and genomics to combat the COVID-19 pandemic will support the market growth during the period. forecast. Improving computing power and falling cost of hardware, growing need to reduce healthcare costs and increasing need for improvised healthcare services due to imbalance between healthcare personnel and patients are the factors that are driving the growth of Artificial Intelligence in Healthcare Market.
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Industry trends of the Global Artificial Intelligence in Healthcare Market:
1. Hitachi Ltd. (Japan) acquired a 9.99% stake in Yungtay Engineering (Taiwan) to strengthen its elevator and escalator market. To date, Hitachi has acquired a share of approximately 51% in Yungtgay.
2. OTIS Elevator (USA) acquired Bay State Elevator (USA) to expand in the Northeastern United States. The acquisition includes the company’s service portfolio and operations in Massachusetts, Connecticut, Vermont and upstate New York.
3. Thyssenkrupp AG (Germany) reached an agreement with Advent, Cinven and RAG Foundation to sell its Elevator Technology business line to strengthen its cash flow and reduce its structural costs.
What are the driving factors for the trend of consolidation in the Artificial Intelligence in Healthcare market?
The Artificial intelligence in the healthcare market expected to grow from $6.9 billion in 2021 to $67.4 billion by 2027; it is expected to grow at a compound annual growth rate (CAGR) of 46.2% from 2021 to 2027.
The software segment is expected to account for the largest share of artificial intelligence in the healthcare market during the forecast period.
Many companies develop software solutions for various healthcare applications; it is the key factor that complements the growth of the software segment. Strong demand from software developers (especially in medical centers and universities) and expanding applications of AI in the healthcare industry are among the major factors complementing the growth of the platform. AI in the software segment. Google AI Platform, TensorFlow, Microsoft Azure, Premonition, Watson Studio, Lumiata and Infrrd are some of the best AI platforms.
Artificial Intelligence in Healthcare Market: Leading companies outline key benefits for stakeholders:
The Machine Learning Segment Market is expected to grow at the highest CAGR over the forecast period
The increasing adoption of machine learning technology (especially deep learning) in various healthcare applications such as inpatient monitoring and hospital management, drug discovery, imaging and diagnostics healthcare and cybersecurity is driving the adoption of machine learning technology in the healthcare AI market.
Major players operating in the Artificial Intelligence in Healthcare market are Intel (US), Koninklijke Philips (Netherlands), Microsoft (US), IBM (US) and Siemens Healthineers ( Germany).
Artificial Intelligence in Healthcare Market – Geographic Regional View by MarketsandmarketsMT
The North America region is expected to hold the largest share of artificial intelligence in healthcare market during the forecast period.
Growing adoption of AI technology across the continuum of care, particularly in the United States, and high healthcare spending combined with the outbreak of the COVID-19 pandemic accelerating AI adoption in hospitals and clinics in the region are the major growth factors in the North American market.
Regions and countries covered:
North America – (United States, Canada, Mexico)
Europe – (UK, France, Germany, Italy, Spain, Rest of Europe)
Asia-Pacific – (China, Japan, India, South Korea, Southeast Asia, Rest of Asia-Pacific)
Latin America – (Brazil, Argentina, Rest of Latin America)
The Middle East and Africa – (GCC Countries, South Africa, Rest of Middle East and Africa)
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