The Artificial Intelligence in healthcare market is expected to grow from USD 2.1 billion in 2018 to USD 36.1 billion by 2025, at a CAGR of 50.2% during the forecast period. The huge availability of big data, growing number of cross-industry partnerships and collaborations is fueling the growth of the Artificial Intelligence market. In addition, demand to reduce the imbalance between healthcare workforce and patients is further supplementing the growth of the AI in healthcare market.
Increasing need for hardware platforms with high computing power to run various AI software is the key factor accelerating the growth for hardware devices in the AI in healthcare market. Demand for high-computing processors to run AI algorithms continues to surge its growth in the hardware segment. The processor segment consists of MPUs, GPUs, FPGAs, and ASICs. In processors, GPUs are expected to foresee strong growth owing to high parallel computing capabilities, and the same is expected to continue in the coming years.
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The development of more sophisticated hard and soft sensors has accelerated the growth of context-aware processing. Increased processing power, innovative sensing capabilities, and improved connectivity have resulted in the growth of context-aware processing systems. A few core healthcare applications include lifestyle management and monitoring, in-patient care and hospital management, and virtual assistant.
Artificial Intelligence in planning and scheduling methods can offer substantial support to the management of hospitals and patient care, thereby improving administrative workflow assistance. AI-enabled bots is an AI application that patients can interact with through a chat window on a website or through a telephone. Applications such as scheduling appointments; checking insurance coverage parameters; instantly accessing information about drug interactions and side effects; collecting the latest information about patient medications, care team, and recent procedures; designing special diet plans for patients with dietary restrictions; and engaging with discharged patients to follow up on treatment plans and adherence are supported by these bots. These applications are expected to lead the growth of in-patient care and hospital management systems.
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North America to account for significant share followed by APAC in Artificial Intelligence in healthcare market during forecast period
North America, being a developed and technologically advanced region, is likely to be one of the key contributors to the overall AI in healthcare market growth during the forecast period. Moreover, high spending of GDP in healthcare, especially in the US and Canada, is likely to supplement the growth of next-gen technologies such as AI in the region. APAC is likely to closely pursuit the growth of North America and is expected to register the second-fastest growth rate. Improving IT infrastructure, demand for affordable healthcare, and favorable government norms are expected to boost the growth of healthcare AI in the region.
A few companies in the AI in healthcare market are NVIDIA (US), Intel (US), IBM (US), Google (US), Microsoft (US), AWS (US), General Vision (US), GE Healthcare (US), Siemens Healthineers (Germany), Medtronic (US). The market has active participation of start-ups. A few emerging start-ups in the market are CloudMedx (US), Imagia Cybernetics (Canada), Precision Health AI (US), and Cloud Pharmaceuticals (US).
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