Artificial Intelligence in Healthcare Market Size Was Valued at USD 7.9 Billion in 2021 and Will Achieve USD 201.3 Billion by 2030 growing at 43.4% CAGR

LOS ANGELES, Aug. 05, 2022 (GLOBE NEWSWIRE) -- The Global Artificial Intelligence in Healthcare Market Size is valued at USD 7.9 Billion in 2021 and is estimated to achieve a market size of USD 201.3 Billion by 2030; growing at a CAGR of 43.4%.

Artificial intelligence (AI), like any other industry, is transforming the healthcare industry in a variety of ways. Global health systems can benefit from artificial intelligence in terms of speed, efficiency, and effectiveness. The growing number of patient data sets, as well as the growing demand for lower healthcare costs, will drive the global artificial intelligence in healthcare market revenue. AI has been a game changer in the healthcare industry, revolutionizing applications such as radiology, patient risk identification, drug discovery, and diagnosis, to name a few. Data mining, surgical robots and drug design are also recent AI in healthcare trends that are transforming the industry's growth.

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Report Coverage:

COVID-19 Impact on the Global Artificial Intelligence in Healthcare Market Value

COVID-19 has hastened the implementation of artificial intelligence in healthcare. AI-based solutions and services can work quickly, at scale, and respond to the crisis's dynamic nature. During the pandemic, artificial intelligence was a critical component that aided the healthcare industry. As soon as the pandemic was announced, the World Health Organization (WHO) indicated that AI could be a critical technology in managing the coronavirus-caused crisis.

Rapid adoption of AI in drug discovery boost the global healthcare artificial intelligence market

The pharmaceutical industry's productivity is declining. Clinical trial failure rates surpass 90% after therapies are tested in model organisms, and the expense of developing a new drug exceeds USD 2.6 billion. Recent developments in artificial intelligence (AI) could assist in reversing this trend and enhancing pharmaceutical research and development. The advancement of drug discovery has evolved over decades, and although it is not widely discussed, AI has been implemented to help support that evolution. A classic example is the use of AI models to aid in the determination of relationships between chemical compound structural properties and biologic activity. They are critical for drug discovery because they allow scientists to help predict how a drug candidate will act in the body.

The growing awareness of AI in the pharmaceutical sector and growing investment in drug development are driving leading biopharmaceutical companies' belief in AI. Most major biopharmaceutical companies have begun internal programmes or are collaborating to develop AI platforms to improve the research power of metabolic-disease therapies, immuno-oncology drugs, cancer treatments, and a variety of other therapeutic targets.

Increasing implementation of AI in radiology propels the industry growth

Computer-aided cancer detection already makes use of AI-powered systems, which can classify brain tumors and cut the time it takes to classify a tumor in half to three minutes. The technology can also be used to identify breast cancer, find hidden fractures, and find neurological abnormalities. Additionally, AI can lighten radiologists' workloads by completing more boring tasks and give clinicians more time to work on tasks that require human interpretation.

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Artificial Intelligence in Healthcare Market Segmentation

The global market has been segmented into four categories: technology, application, end-user and region.

Based on the technology, the market is split into speech recognition, natural language processing, machine learning, deep learning, and others. According to our artificial intelligence in healthcare industry analysis, natural language processing is anticipated to spur with significant growth from 2022 to 2030. Natural language processing (NLP) assists decision makers in quickly locating the information they require to make informed healthcare or business decisions.

By application, the market is divided into administrative workflow assistants, clinical trials, connected machines, cybersecurity, diagnosis, dosage error reduction, fraud detection, robot-assisted surgery, and virtual assistants. According to our artificial intelligence in healthcare forecast, clinical trials generated a significant market share throughout the forecast timeframe from 2022 to 2030.

Furthermore, hospitals, pharmaceutical organizations, diagnostic centers, clinics, and others are covered under the end-user sector. Hospitals held for a noteworthy market share in 2021, whereas the pharmaceutical organizations are likely to register a substantial growth during the projected years.

AI in Healthcare Market Regional Outlook

North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa are the regional classification of the global artificial intelligence (AI) in healthcare market. Among all the regions, North America conquered the leading share of the industry from 2022 to 2030. This is credited to the rising healthcare spending, increasing adoption of AI across continuum of care, and rising implementation of AI/ML in North American healthcare sector.

However, the Asia-Pacific region is expected to witness the fastest growth in the coming years due to the growing advancements in healthcare infrastructure, favorable government initiatives, increasing investments by venture capitalist and private investors. In addition to that, the growing elderly population, and growing prevalence of chronic and infectious diseases in countries such as China, India, among others are supporting the Asia-Pacific artificial intelligence in healthcare market.

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Artificial Intelligence in Healthcare Market Players

Some prominent artificial intelligence (AI) in healthcare companies covered in the industry are Amazon, Anju Software Inc. (Zephyr Health), CareSkore, Clarify Health Solutions, CloudMedx Inc., GE Healthcare, Google, IBM, Intel, Johnson & Johnson Services, Inc., Koninklijke Philips N.V, Medtronic, Microsoft, NextHealth Technologies, Oncora, Qventus Inc., Siemens, and Zebra Medical Vision Ltd.

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