AI in Healthcare Market Size is Estimated to Reach USD 99,491.58 Million by 2027 - Valuates Reports
BANGALORE, India, June 30, 2020 /PRNewswire/ -- The Artificial Intelligence (AI) in the healthcare market was valued at USD 4,836.87 Million in 2019 and is projected to reach USD 99,491.58 Million by 2027, registering a CAGR of 42.8% from 2020 to 2027.
AI in health represents a collection of multiple technologies enabling machines to sense, comprehend, act and learn so they can perform administrative and clinical healthcare functions.
TRENDS INFLUENCING THE AI IN HEALTHCARE MARKET SIZE
AI IN HEALTHCARE MARKET SHARE ANALYSIS
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KEY MARKET SEGMENTS
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The other players of the artificial intelligence in healthcare market include (companies not profiled in the report):
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? COVID-19 Impact on Global Artificial Intelligence in Medical Imaging Market Report
It is becoming increasingly apparent that AI is changing the diagnostic imaging industry, both in terms of increased efficiency, increased diagnosis precision, more customized patient planning and, eventually, improved clinical outcomes.
AI will play a key role in enabling radiology departments to cope with the ever-increasing volume of diagnostic imaging procedures.
While the market holds great promise, it is still in the innovator and early adopter phase, and there are several barriers to growth that need to be overcome before AI becomes mainstream in medical imaging:
The growth of artificial intelligence in the drug discovery market is driven primarily by factors such as the number of cross-industry alliances and partnerships, the need to monitor drug discovery & development costs and minimize the overall time taken in this process, and the adoption of cloud-based software & services
AI in healthcare services market size is driven by factors such as AI's potential to enhance patient care, increase in adoption of precision medicine, and a significant rise in investments in the form of venture capital.
The global artificial intelligence in medicines market was valued at USD 719 Million in 2017 and is estimated to reach USD 18,119 Million at a CAGR of 49.6% from 2018 to 2025.
The major factors driving the growth of AI in Medicine Market size are the dearth of qualified healthcare practitioners, and improvement in the computing capacity of AI systems, improvement in drug development efficiency and clinical trial management.
The global artificial intelligence market size is expected to reach USD 169,411.8 Million in 2025, from USD 4,065.0 Million in 2016, growing at a CAGR of 55.6% from 2018 to 2025.
AI is positioned at the core of the next-gen software technologies in the market. Companies such as Google, IBM, Microsoft, and other leading players have actively implemented AI as a crucial part of their technologies.
The report focuses on the growth prospects, restraints, and artificial intelligence market trends. The study provides Porter's five forces analysis of the AI industry to understand the impact of various factors such as bargaining power of suppliers, competitive intensity of competitors, the threat of new entrants, threat of substitutes, and bargaining power of buyers on the artificial intelligence market growth.
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