Artificial Intelligence (AI) In Healthcare Market: Dynamics, Segments, Size and Demand, COVID-19 2022
Artificial intelligence(AI) is the creation of intelligent systems that can perform tasks without human interventions and instructions. It is the constellation of different technologies such as natural language processing, machine learning, perception and reasoning. These systems use computer algorithms, and huge amount of data to provide a response to a request. AI is being adopted in healthcare using algorithm and software for the analysis of medical data with a view to predict diseases and provide proper medication. It will lead to personalization and optimization leading to improved outcomes for both patients and healthcare systems. A basic AI computer used today in clinical practices can be used for alerts and reminder, diagnostic, therapy planning, Information retrieval and image interpretation. However, glitches in communication and technical infrastructure are amongst the barriers to the growth of AI in health care.
According to Infoholic Research, the “Artificial Intelligence in Healthcare Market” is expected to reach $ 1,139.2 million by 2022, growing at a CAGR of around 62.2% during the forecast period 2016–2022.The need of pre-operative planning, high costs associated with healthcare, adoption of mobile devices and rising chronic diseases amongst masses is driving the need of integrating AI in healthcare solutions. The AI market in healthcare has high growth opportunities due to rising needs of self-care and real-time monitoring.
The AI technology is leading towards innovation of efficient and inexpensive healthcare solutions. The major technologies involved are natural language processing, machine learning, biometric security, speech recognition and disaster recovery. The technology providers are heading towards development of innovative products and solutions for end-users. At present, NLP market is having the major share with an estimated increase to $487.7 million by 2022 growing at a CAGR of 61.6%. The increase in adoption of cloud computing, internet and innovation in network connectivity is driving the adoption of NLP in healthcare sector. Besides, NLP the second most prominent technology in healthcare is machine learning which is expected to reach $223.7 million by 2022, growing at a CAGR of 61.9%. Based on end users, the market encapsulates diagnostic centres, hospitals and clinincs, R&D and healthcare institutes. AI finds wide application in precision medicine, real- time monitoring, drug development and personal health assistants.
North America is leading in AI in healthcare market followed by Europe. Huge investments and strict governmental regulations is driving the growth in North America. One such initiative is Patient Protection and Affordable Care Act(ACA), which is leading emphasis on cost management and integrated care delivery models. The European market is enhancing due to increased need of quality care and high cost burden associated with re-hospitalisation. The Benevolent AI, Google’s DeepMind, Skin Analytics are working for providing healthcare solutions in Europe. APAC region has high growth potential accompanied with high investment in the market especially India and China. The major part (40%) of digital transformation in APAC will be driven by AI by 2022. LAMEA is yet developing and growing in the region. The increased adoption of internet and mHealth is enhancing the growth of AI in the region.