AI in Healthcare Market is projected to be worth around USD 52.7 Billion by 2027. Adoption of advanced technologies by pharmaceutical companies and hospitals is driving the demand for artificial intelligence in healthcare market.

The AI in Healthcare market is expected to grow at a CAGR of 42.7% from 2020 to reach to USD 52.7 billion by 2027. The high growth of healthcare artificial intelligence market is mainly attributed to the rising venture capital investment for artificial intelligence in healthcare sector, growing demand for personalized therapy, positive impact due to COVID-19, rising demand to reduce healthcare costs, and rise in volume and complexities of healthcare datasets. Moreover, the growing potential of AI based tools in accelerating clinical trials and treatment of chronic illness offers high growth opportunities for the players operating in the healthcare artificial intelligence market. However, the reluctance in adopting AI technologies and data security concerns are expected to hamper the growth of the healthcare artificial intelligence market to a certain extent.

Artificial intelligence helps medical professionals to retrieve information, interpret images, and plan therapy during medical procedures. It also eases the burden on healthcare workers. Government and private companies are focusing on incorporating artificial intelligence in research activities currently, to accelerate developments related to COVID-19 vaccines.

The market for artificial intelligence in healthcare has witnessed major increase in demand due to the coronavirus pandemic. Its usage minimizes the risk of transmission as it limits human interaction and shields frontline workers. Pharmaceutical companies are among the primary companies adopting AI for development of vaccines and to study different strains of the virus.

The growing trend of increasing use of precision medicines and increasing clinical trial processes is supporting demand for and deployment of artificial intelligence in the healthcare the sector. Increase in prevalence of chronic diseases and increasing geriatric population will contribute significantly to growth of the market. Players in the pharmaceutical market are increasingly adopting artificial intelligence to develop novel drugs and speed up overall processes. Artificial intelligence is used in research for cancer and disease management, which has been increasing in the recent past, and this is expected to drive growth of the artificial intelligence in the healthcare market over the forecast period.

The global healthcare artificial intelligence market (2018-2027) study provides market data for- by product & services (software, hardware, and services), technology (machine learning, natural language processing, context aware processing, and querying method), application (medical imaging and diagnosis, drug discovery, precision medicine, hospital workflow), end user (hospitals and diagnostic centers, pharmaceutical and biopharmaceutical companies), and geography. The study also evaluates industry competitors and analyzes the market at regional and country level.

On the basis of product & services, the overall healthcare artificial intelligence market is broadly segmented into software, hardware, and services. The software segment accounted the largest share of the overall healthcare artificial intelligence market in 2020. The large share of this segment is mainly attributed to the factors such as its ability to reduce operational or administrative complexity, acceleration of data analysis with high accuracy, and rise in the software launch by the medical devices and healthcare IT companies. Further, due to the COVID-19 pandemic since November 2019, there is an expansion in the software solutions which helps the healthcare specialists to track the disease progression and recovery in COVID-19 patients, thereby helping in the crisis situation.

On the basis of technology, the overall healthcare AI market is segmented into Machine Learning, Natural Language Processing, Context Aware Processing, and Querying Method. The NLP segment accounted for the largest share of the overall healthcare artificial intelligence market in 2020. The factors such as ability to collect large amount of data and handle big data, offering of organized physician documentation, and efficient back-end coding to optimize billing procedure are the major factors responsible for the largest share of this segment.

Based on end user, the healthcare artificial intelligence market is broadly segmented into hospitals and diagnostic centers, pharmaceutical and biopharmaceutical companies, healthcare payers, patients, and others which include Accountable Care Organizations, clinical research organizations, and managed care organizations.  The hospitals and diagnostic centers segment commanded the largest share of the overall healthcare artificial intelligence market in 2020. However, the healthcare payers segment is expected to grow at the fastest CAGR during the forecast period, due to growth in opting of healthcare insurance; and increasing inclination of healthcare facilities to have organized billing and accounts, health claims, and healthcare IT operations in their premises.

This research report analyzes major geographies and provides comprehensive analysis for North America (US, Canada), Europe (Germany, France, UK, Italy, Spain, and Rest of Europe), Asia-Pacific (Japan, China, India, and RoAPAC), Latin America, and the Middle East & Africa. North America dominated the global healthcare artificial intelligence market in 2020, followed by Europe and Asia Pacific. Well established IT infrastructure in healthcare, presence of innovative software vendors and venture capitalists, rising adoption of EHR, flourishing biopharmaceutical industry, rise in funding for new product development, and increasing number of startups for healthcare artificial intelligence in the region supported the largest share of the North America in the healthcare artificial intelligence market.

Globally the market is witnessing the massive start-up enrolment. These key players are collaborating with each other to ffer customizaed AI solutions. However, the prominent players of the market are focusing on the research and development, to cater the rising needs of the end users. Prominent market players operating in the healthcare AI market include IBM Watson Health, Modernizing Medicine, NVIDIA Corporation, Sophia Genetics among others. New product launch & approval and partnerships are the most commonly adopted business strategies to sustain market position.

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The key players operating in the global healthcare artificial intelligence market are