The latest market analysis report titled Artificial Intelligence (AI) in Healthcare Market by Region, Segment, Offering, Technology, and End User 2022-2027 has been added to the report store. The AI market growth in the healthcare industry will be driven by increasing strategic initiatives and rising investments in AI. Over the forecast period, the market will witness an increase in government initiatives, favoring the AI in healthcare market growth resulting in the market garnering a CAGR of 39.05% during 2022-2027.
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AI in Healthcare Segment-wise Highlights
- Software: The software segment held the largest AI market share in the healthcare sector in 2021. The segment’s growth can be attributed to the growing adoption of medical software. Medical diagnosis software provides holistic and intelligent diagnosis while decreasing the possibility of error. Assisted by a vigorous AI, solutions are developed from scratch to convert diagnostic procedures into swift, accurate and efficient systems.
- Hospitals and healthcare providers: One of the leading causes of hospitalization in heart failure among older populations. Hospitals and healthcare providers are transforming care delivery to improve quality, provide access, and control costs, and therefore are investing in new delivery models. Many hospitals are adding artificial intelligence technology to improve patient engagement and patient satisfaction.
- Healthcare payers
- Pharmaceuticals and biotechnology companies
- Machine learning: Machine learning (ML) involves building models that learn and improve from data without being explicitly told what to do. Many companies use ML as part of predictive data models or software platforms that analyses behavioral data. Businesses have also taken ML and applied it to specific industry use cases, such as detecting bank fraud, assessing a person’s creditworthiness, preventing cyberattacks, and delivering personalized ads to consumers.
- Natural language processing
- Computer vision
- Context-aware computing
- North America: The region accounted for the highest AI market share in the healthcare sector in 2021. The growing prevalence of infectious diseases, as well as strategic partnerships and agreements, are boosting the North American market. The U.S. AI in the healthcare market is driven by the presence of market players and startups, the rising prevalence of diseases, and rising investment activity by market players in the disease diagnostics sector.
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AI Market Companies in Healthcare Industry
AI has shown enormous potential within the medical diagnostics market. Entrepreneurs are looking forward to harnessing the potential available in the global market. Hundreds of start-ups have established businesses in the past two decades. Some of these start-ups were acquired by market players and some of them exited the market.
Top AI Market Companies in Healthcare Industry
- AIDOC Medical Ltd: The company is a provider of artificial intelligence that enhances and supports radiologists’ diagnostic powers, helping accelerate patient treatment and enhance the quality of care. The company’s products assist radiologists in decreasing turnaround time and improving quality and efficacy by identifying severe inconsistencies in real-time.
- GE Healthcare: In September 2020, GE Healthcare launched AI DReAM project for assisting artificial intelligence usage in medical imaging. GE Healthcare and Lunit expands collaboration to intensify AI adoption. The two companies join forces to develop AI algorithms from Lunit INSIGHT CXR accessible through GE Healthcare’s Thoracic Care Suite, assisting improve clinical strain amongst radiologists and enhance patient outcomes
- IBM: IBM and Black & Veatch entered a collaboration to jointly market Asset Performance Management (APM) solutions, comprising remote monitoring technologies that include near real-time data analytics with artificial intelligence to help customers keep equipment and assets running at peak performance and reliability.
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