The increasing cost of healthcare, technological advancement, aging population, and rising chronic diseases are driving the growth of artificial intelligence in healthcare. The leading technology segment – Natural Language Processing – is expected to grow at a CAGR of 61.6% and reach $487.7 million by 2022.
According to Infoholic Research, hospitals and clinics will continue to dominate the AI in healthcare market. As per the study, the market will experience a significant growth during the forecast period due to the increasing demand for better & cost-effective healthcare services and increased adoption of wearables, internet, & mobile devices. The market is expected to grow at a CAGR of 62.2% during the forecast period 2016–2022 to touch an aggregate of $1,139.2 million by 2022.
“Currently, AI in healthcare market will enable end-users such as hospitals, clinics, healthcare institutions, and R&D teams to adopt the most innovative healthcare techniques to reduce cost and time consumption along with leveraging best healthcare services to in-patients as well as out-patients. The market is an attractive space for technology providers to expand their business in various regions. The technology segment holds enormous opportunities in the next 3–4 years due to increasing wearables adoption, internet, and mobile technologies.” – Monika Bajaj, Research Analyst at Infoholic Research
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The natural language processing technology is playing a major role in the market to enable easy communication and help physicians in better decision making. At present, there is a need to enhance qualitative and quantitative healthcare services due to alarming diseases and health disorders. The increased amount of online data & its accessibility across language barriers and increased deployment of cloud-based applications are creating significant opportunities for the growth of NLP in the healthcare sector. A lot of small and medium technology providers are expected to enter the market within the next decade.
Real-time monitoring is having a positive growth in the market driven by rapidly changing end-user demands, changing lifestyle, and need for self and personalized care. Moreover, the market is growing due to reduction in primary care physicians, cost burden associated with re-hospitalizations, cost of post-treatment care, and sudden requirements associated with emergency cases. There is an increasing adoption of technology-based healthcare solutions majorly due to the inability of humans to collect, analyze, segregate, & interpret the bulk of data available on patient’s health, and due to rising number of undetectable diseases originating because of fast-growing pace of innovation and globalization.
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North America is set to be the leading region for AI in healthcare market followed by Europe. Asia Pacific is set to be the emerging region for AI in healthcare market growth. Increase in the number of smartphone users (60% of the US population use phones to communicate with medical professionals), high infant & maternal mortality rate in Asia and Africa, rising bankruptcy rate due to high healthcare costs, increasing adoption of fitness trackers, and expected shortage of primary care doctors are expected to drive the market growth in the region during the forecast period.
The report aims to highlight key insights from providers and end-users. The report provides an in-depth analysis and forecast about the industry covering the following key features:
- The report not only highlights users’ conundrum (challenges and barriers to adopting AI in healthcare) but also brings in their perspective on the AI in healthcare market
- Covers the end-user segments: diagnostic centers, hospitals and clinics, R&D, and healthcare institutions
- The market has been analyzed by taking into account the key regions – North America, Europe, Asia Pacific, and LAMEA
- The market is analyzed based on technology, end-users, applications, and regions
- The report analyzes the top 10 players in terms of market reach, business strategy, and business focus
- Provides an in-depth analysis of the key business opportunities in each technology types
- Stakeholders’ insights and key trends (current and future) of the market
Ms. Sunanda Ganguli
Infoholic Research LLP