New York, United States , July 04, 2023 (GLOBE NEWSWIRE) -- The Global Artificial Intelligence In Healthcare Market Size is to grow from USD 19.45 Billion in 2022 to USD 280.77 Billion by 2032, at a Compound Annual Growth Rate (CAGR) of 30.6% during the forecast period.
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Artificial Intelligence (AI) is reshaping healthcare by leveraging data analysis and machine learning algorithms to enhance diagnostics, treatment, and patient care. AI can analyze large volumes of medical information, including patient records and imaging data, to uncover valuable insights and support clinical decision-making. It enables personalized treatment plans, improves accuracy in image interpretation, aids in medical research, and facilitates remote patient monitoring. However, challenges like data privacy and regulatory frameworks need to be addressed. AI in healthcare has the potential to revolutionize the industry, providing faster and more accurate diagnoses, improved patient outcomes, and enhanced overall healthcare delivery.
Browse key industry insights spread across 200 pages with 120 Market data tables and figures & charts from the report on, "Global Artificial Intelligence In Healthcare Market Size, Share, and COVID-19 Impact Analysis, By Component (Software Solutions, Hardware, and Services), By Application (Robot-Assisted Surgery, Virtual Assistants, Administrative Workflow Assistants, Connected Machines, Diagnosis, Clinical Trials, Fraud Detection, Cybersecurity, and Dosage Error Reduction), By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2032." Get Detailed Report Description Here:
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The software segment is expected to grow at a CAGR of around 28.8% during the forecast period.
Based on component type, the global artificial intelligence in healthcare market is segmented into software solutions, hardware, and services. The software solutions segment is expected to experience the fastest growth in the market. This can be attributed to several factors driving its adoption due to the increasing demand for advanced analytics, machine learning, and artificial intelligence (AI) capabilities in healthcare is fueling the growth of software solutions. These technologies enable healthcare providers to extract valuable insights from vast amounts of data, personalize treatment plans, and improve patient outcomes. The flexibility and scalability of software solutions make them easily adaptable to changing healthcare needs. Additionally, the rising trend of digital transformation in healthcare further accelerates the demand for software solutions, making it a key growth driver in the market.
The virtual assistant segment is expected to grow at a CAGR of around 29.2% during the forecast period.
Based on application, the global artificial intelligence in healthcare market is segmented into robot-assisted surgery, virtual assistants, administrative workflow assistants, connected machines, diagnosis, clinical trials, fraud detection, cybersecurity, and dosage error reduction. The virtual assistant segment is anticipated to witness significant growth in the forecast period. This can be attributed to several factors driving its adoption because virtual assistants offer a convenient and personalized way for patients to access healthcare information, schedule appointments, and receive support. With the increasing demand for telehealth and remote patient monitoring, virtual assistants can provide real-time assistance and guidance to patients, enhancing their overall healthcare experience. Advancements in natural language processing and voice recognition technologies have improved the capabilities of virtual assistants, enabling more accurate and intuitive interactions. Additionally, the integration of virtual assistants with electronic health records and other healthcare systems enhances efficiency and facilitates seamless communication between patients and healthcare providers.
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Asia-Pacific expected to grow at the higher CAGR of around 32.5% over the projected period.
Based on region, the Asia Pacific region is poised to experience the fastest growth in the adoption of artificial intelligence (AI) in healthcare. Several factors contribute to this trend due to the region having a large and rapidly aging population, leading to increased demand for advanced healthcare solutions. The countries like China and India have made significant investments in AI research and development, fostering a favorable environment for innovation. Furthermore, the region has a strong digital infrastructure and a growing tech-savvy middle class, which provides a fertile ground for the implementation of AI technologies. Additionally, governments in the region are actively promoting digital health initiatives, supporting the integration of AI in healthcare.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Some of the major players in the global artificial intelligence in healthcare market include Nuance Communications, Inc., NVIDIA Corporation, Intel Corporation, IBM, Google LLC, Microsoft, General Vision Inc., Johnson & Johnson Services, Inc., Siemens Healthcare GmbH, Medtronic, CloudMedx Inc., Agfa-Gevaert Group, Oncora Medical, Imagia Cybernetics Inc., Micron Technology, Inc., DeepMind Technologies Limited, Welcome AI, Koninklijke Philips N.V., Precision Health and Cloud Pharmaceuticals, Inc.
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Market Segment
This study forecasts revenue at global, regional, and country levels from 2019 to 2032. Spherical Insights has segmented the global artificial intelligence in healthcare market based on the below-mentioned segments:
Artificial Intelligence In Healthcare Market, By Component
- Software Solutions
- Hardware
- Services
Artificial Intelligence In Healthcare Market, By Application
- Robot-Assisted Surgery
- Virtual Assistants
- Administrative Workflow Assistants
- Connected Machines
- Diagnosis
- Clinical Trials
- Fraud Detection
- Cybersecurity
- Dosage Error Reduction
Artificial Intelligence In Healthcare Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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