Allied Market Research (AMR), a leading market research firm, has recently published a report on the global Artificial Intelligence (AI) in healthcare market. According to the report, the market generated $8.23 billion in 2020 and is projected to reach a staggering $194.4 billion by 2030, with a compound annual growth rate (CAGR) of 38.1% during the forecast period.
The research report highlights the significant growth potential of the AI in healthcare market and provides valuable insights into changing market dynamics, major segments, top investment opportunities, and competitive scenarios. This information is beneficial for market players, investors, shareholders, and new entrants looking to capitalize on the growing demand for AI solutions in the healthcare industry.
Onkar Sumant, Manager of Healthcare at Allied Market Research, emphasized the factors driving the market’s growth. “Surge in technological advancements coupled with an increase in the need for efficient and innovative solutions to enhance clinical and operational outcomes fuel the growth of the global AI in healthcare market,” he stated.
The report identifies several key drivers behind the market’s rapid expansion, including improvements in computing power, reduced hardware costs, increased cross-industry partnerships, and a growing discrepancy between the healthcare workforce and patients. However, limited adoption by healthcare professionals due to concerns about injury and misinterpretation poses a potential restraint to the market’s growth. Nonetheless, the development of advanced hardware systems presents players in the AI in healthcare market with numerous opportunities to enhance the efficacy and efficiency of AI software.
The report also sheds light on the impact of the COVID-19 pandemic on the AI in healthcare industry. AI tools have played a crucial role in identifying and diagnosing the coronavirus and facilitating personalized data analysis. Global pharmaceutical and biotechnology companies have leveraged AI to accelerate the development of COVID-19 vaccines and medications.
Segmentation-wise, the report provides a comprehensive analysis based on offering, algorithm, application, end-user, and region. In terms of offerings, the software segment accounted for nearly two-thirds of the global AI in healthcare market revenue in 2020 and is expected to maintain its dominance throughout the forecast period. However, the hardware segment is projected to exhibit the fastest CAGR of 39.5% from 2021 to 2030.
Among algorithms, natural language processing held the largest market share in 2020, contributing to approximately half of the global AI in healthcare market revenue. It is expected to lead in terms of revenue during the forecast period. Conversely, the deep learning segment is anticipated to demonstrate the fastest CAGR of 41.7% from 2021 to 2030.
Geographically, North America held the largest market share in 2020, accounting for nearly half of the global AI in healthcare market. It is predicted to maintain its dominance throughout the forecast period. Meanwhile, the Asia-Pacific (APAC) region is expected to witness the fastest CAGR of 44.5% during the same period.
Key players in the global AI in healthcare market, as analyzed in the report, include Nvidia Corporation, Next IT Corporation, Enlitic, Inc., Microsoft Corporation, Google Inc., IBM Corporation, Welltok, Inc., iCarbonX, General Vision, Inc., and Intel Corporation.
About Allied Market Research: Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP, based in Portland, Oregon. AMR provides global enterprises, as well as medium and small businesses, with high-quality “Market Research Reports” and “Business Intelligence Solutions.” Their aim is to offer business insights and consulting services to assist clients in