Artificial Intelligence is projected to grow from USD 6.9 billion in 2021 to USD 67.4 billion by 2027; it is expected to grow at a CAGR of 46.2%from 2021 to 2027.
Some of the prominent key players are Intel (US), Koninklijke Philips (Netherlands), Microsoft (US), IBM (US), Siemens Healthineers (Germany).
The key factors fueling the growth of the market include the market influx of large and complex healthcare datasets, growing need to reduce healthcare costs, improving computing power and declining hardware cost, rising number of partnerships and collaborations among different domains in healthcare sector, and surging need for improvised healthcare services due to imbalance between health workforce and patients. Additionally, the growing potential of AI-based tools for elderly care, increasing focus on developing human-aware AI systems, and rising potential of AI technology in genomics, drug discovery, and imaging & diagnostics to fight COVID-19 is expected to create a growth opportunity for the artificial intelligence in healthcare market.
The software segment is projected to account for the largest share of the artificial intelligence in healthcare market during the forecast period.
Many companies are developing software solutions for various healthcare applications; this is the key factor complementing the growth of the software segment. Strong demand among software developers (especially in medical centers and universities) and widening applications of AI in the healthcare sector are among the prime factors complementing the growth of the AI platform within the software segment. Google AI Platform, TensorFlow, Microsoft Azure, Premonition, Watson Studio, Lumiata, and Infrrd are some of the top AI platforms.
The market for machine learning segment is expected to grow at the highest CAGR during the forecast period
The increasing adoption of machine learning technology (especially deep learning) in various healthcare applications such as inpatient monitoring & hospital management, drug discovery, medical imaging & diagnostics, and cybersecurity is driving the adoption of machine learning technology in the AI in healthcare market.
The medical imaging & diagnostics segment is expected to grow at the highest CAGR of the artificial intelligence in healthcare market during the forecast period.
The high growth of the medical imaging and diagnostics segment can be attributed to factors such as the presence of a large volume of imaging data, advantages offered by AI systems to radiologists in diagnosis and treatment management, and the influx of a large number of startups in this segment.
The North America region is expected to hold the largest share of artificial intelligence in the healthcare market during the forecast period.
Increasing adoption of AI technology across the continuum of care, especially in the US, and high healthcare spending combined with the onset of COVID-19 pandemic accelerating the adoption of AI in hospitals and clinics across the region are the major factors driving the growth of the North American market.