Reports and Insights (R&I) has published a new report titled, “Artificial Intelligence (AI) in Healthcare Market: Opportunity Analysis and Future Assessment 2020 to 2028”
Global Artificial Intelligence (AI) in Healthcare Market, by Service Type (AI in Diagnosis, AI in Decision making, AI in Treatment, AI in Research, AI in Training & Education), By End Users (Hospitals, Diagnostic Centers, Clinical & Research Laboratories, Pharmaceutical & Biotechnology Companies), and By Region (North America, Europe, Asia Pacific, Latin America, Middle East, & Africa) is expected to grow at a significant CAGR for the period between 2020 and 2028.
The global AI in healthcare market in 2020 is estimated for more than US$ 5.0 Bn and expected to reach a value of US$ 107.5 Bn by 2028 with a significant CAGR of 47.3%.
As per the report, mounting demand for robotics and automation in the healthcare industry is attributed to the growth of artificial intelligence in the healthcare market. AI is getting increasingly sophisticated at doing what humans do, but more efficiently, more quickly, and at a lower cost. There exists a vast potential for AI in healthcare. In healthcare, AI can be employed at various nodes of the healthcare value chain such as early detection and diagnosis, decision making, treatment, end of life care, research, training, and education, etc. Artificial intelligence improves the ability of healthcare professionals to better understand the day-to-day pattern and patient needs.
Even pharmaceutical companies are experimenting with AI to design new drugs. For instance, Merck is developing a new drug with the application of AI in partnership with Atomwise. GlaxoSmithKline partnered with Insilico Medicine for in silico drug design and development using AI. Since 2013, healthcare AI startups have raised approximately US$ 4.3 billion across 576 deals. Healthcare tops all other industries in terms of AI deals. However, AI in healthcare faces technical and feasibility challenges.
Furthermore, Reports and Insights (R&I) Study identifies that the transformative power of AI in healthcare is truly life-changing. From hospital care to clinical research, drug development, and insurance, AI applications are revolutionizing how the health sector works to reduce spending and improve patient outcomes. According to Forbes, the total public and private sector investment in healthcare AI are expected to reach US$ 6.6 billion by 2021.
AI in diagnostics such as image recognition has revolutionized the diagnostics industry. For instance, Google DeepMind’s artificial neural network is working closely with researchers and clinicians. Recently, DeepMind’s neural networks matched the accuracy of medical experts in diagnosing 50 sight-threatening eye diseases. AI in treatment can help clinicians to take a more comprehensive approach for treatment planning, disease management, coordinated care plans, etc. Robots have been used in medicine for more than 30 years, ranging from simple laboratory robots to complex surgical robots.
Robotic surgery is already taking medicine to the next level. Robots also have the potential to help end of life care, helping people to remain independent for longer, and reducing the need for hospitalization. Drug discovery and development is one of the more recent applications for AI in healthcare. AI in drug discovery has significantly reduced the time to market for new drugs. With the power of AI embedded in smartphones, training and education can be done anywhere.
R&I Study identifies some of the key participating players in Artificial Intelligence (AI) in the Healthcare market globally are Google Inc., Apple Inc., Cognizant Technology Solutions, Siemens, Infosys, Dell, Atomwise, Insilico Medicine, Samsung, GNS Healthcare, etc.
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