According to a new market research report published by
Inkwood Research, the Global Artificial Intelligence in Healthcare Market is projected
to record a CAGR of 38.05% in terms of revenue, during the forecasting years of
2020-2028.
‘’Browse 62 Market Data Tables and 59
Figures spread over 188 Pages, along with an in-depth TOC on the Global Artificial
Intelligence in Healthcare Market Forecast
2020-2028.’’
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Artificial
intelligence is the science of creating intelligent computer systems that
exhibit intelligence as that of humans, and are capable of performing tasks
without the need for human intervention. When it comes to healthcare, AI uses
algorithms and software for approximating human perception for further
analyzing complex medical data. AI was first used in the 1960s in the first
expert system, DENDEAL, which was utilized in organic chemistry. The 1980s and
1990s witnessed advancements in the microprocessor, microcomputer, and network
connections. This aided the researchers in designing new AU systems for
healthcare that further helped in regulating the dearth of perfect data.
Thereafter, the AI systems that followed, found applications in diagnosis
processes, personalized medicine, diagnosis processes, drug development,
treatment protocol development, etc.
Surging Usage of Big Data in the Healthcare Sector Drives
Market Growth
The global
artificial intelligence in healthcare market growth is fueled by the rising
utilization of big data. Big data technologies find large-scale applications in
healthcare and biomedical information, due to the voluminous clinical and
biological data gathered from sources like medical research centers and
laboratories. The healthcare data of patients are analyzed using AI for
discovering innovative methods so as to improve the quality of healthcare. Big
data enhances medicine and makes it affordable through the analysis of
value-based medicine. In an attempt to experiment with big data, the academics
and healthcare research institutions are using advanced research projects for
curing diseases, predicting epidemics, and improving the quality of life. Big
data also aids in minimizing the treatment costs by optimizing individualized
therapy plans and cutting short the hospital stay.
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Deep Learning Category to Record Highest Growth in the
Technology Segment
Deep learning
majorly entails dealing with algorithms that are based on the structure and
function of the brain, which is named artificial neural networks. It finds vast
utilization in recommender systems, sound recognition, and speech recognition.
Deep learning technology aids the medical scientists and researchers in
analyzing the huge amount of medical data, so as to, provide effective
medicines and better treatment. The important factor propelling the demand for
deep learning in healthcare applications is the growing usage of big data in
the healthcare industry.
North America dominates with the Largest Revenue Share
The North
American region is projected to dominate the market, garnering considerable
share, throughout the forecast period. The consistent trend is accredited to
the huge adoption rate of AI, the advancements in the research &
development activities, and the investments by both, the government and private
organizations. The region also encompasses the rich presence of multinational
organizations. Moreover, there is a prominent use of big data analytics in the
healthcare sector in the region, which further propels the overall market
growth.
Some of the
eminent companies in the market are Recursion, Microsoft Corporation, Enlitic
Inc, Next IT Corporation, Welltok, GE Healthcare, etc. The companies are
prioritizing mergers, collaborative research and development activities, and
new product developments, for strengthening their foothold in the market. Thus,
the competitive rivalry is predicted to be high during the forecast period.
About
Inkwood Research
Inkwood Research specializes in
syndicated & customized research reports and consulting services. Market
intelligence studies with relevant fact-based research are customized across
industry verticals such as technology, automotive, chemicals, materials,
healthcare, and energy, with an objective comprehension that acknowledges the
business environments. Our geographical analysis comprises of North & South
America, CEE, CIS, Middle East, Europe, Asia, and Africa.
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