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Artificial Intelligence In Healthcare Market Size, Share & Trends Analysis Report By Component, By Application And Segment Forecasts, 2021 - 2028

Artificial Intelligence In Healthcare Market Size, Share & Trends Analysis Report By Component, By Application And Segment Forecasts, 2021 - 2028

  • May 2021
  • 150 pages
  • ID: 6096560
  • Format: PDF
  • Grand View Research


Table of Contents

Artificial Intelligence In Healthcare Market Size, Share & Trends Analysis Report By Component (Software Solutions, Hardware, Service), By Application (Robot Assisted Surgery, Connected Machines, Clinical Trials), And Segment Forecasts, 2021 - 2028

Artificial Intelligence In Healthcare Market Growth & Trends

The global artificial intelligence in healthcare market size is expected to reach USD 120.2 billion by 2028 and is expected to expand at a CAGR of 41.8% over the forecast period. Growing technological advancements coupled with an increasing need for efficient and innovative solutions to enhance clinical and operational outcomes is contributing to market growth. The pressure for cutting down spending is rising globally as the cost of healthcare is growing faster than the growth of economies. Advancements in healthcare IT present opportunities to cut down spending by improving care delivery and clinical outcomes. Thus, the demand for AI technologies is expected to increase in the coming years.

Moreover, the ongoing COVID-19 pandemic and the introduction of technologically advanced products to improve patient care are factors anticipated to drive growth further in the coming years.The ongoing COVID-19 pandemic is further driving the adoption of AI in various applications such as clinical trials, diagnosis, and virtual assistants to add value to health care by analyzing complicated medical images of patient’s complications and supporting clinicians in detection as well as diagnosis.

Moreover, an increase in the number of AI startups coupled with high investments by venture capitalist firms for developing innovative technologies that support fast and effective patient management, due to a significant increase in the number of patients suffering from chronic diseases, is driving the market.

In addition, the shortage of public health workforce has become a major concern in many countries around the world.This can mainly be attributed to the growing demand for physicians, which is higher than the supply of physicians.

As per the WHO estimates in 2019, the global shortage of skilled personnel including nurses, doctors, and other professionals was approximately 4.3 million. Thus, the shortage of a skilled workforce is contributing to the demand for artificial intelligence-enabled systems in the industry.

Artificial Intelligence In Healthcare Market Report Highlights
• The market is anticipated to witness significant growth over the forecast period owing to the rapidly increasing application of artificial intelligence in this space
• The software component segment dominated the market in 2020 owing to the increased development of AI-based software solutions
• The clinical trials segment dominated the market in 2020 owing to the easy commercial availability of AI-based product in clinical trial applications that use AI technology to identify patterns from doctor-patient interaction related data to deliver a personalized medicine
• North America dominated the market in 2020 owing to the growing adoption of healthcare IT solutions, increasing funding for the development of AI capabilities, and the well-established healthcare sector

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