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AI in Healthcare Diagnosis Market to Witness Substantial Growth Post COVID-19 Pandemic and Reach USD 107.80 Billion by 2027

By HospiMedica International staff writers
Posted on 18 Jun 2021
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The global Artificial Intelligence (AI) in healthcare market is expected to grow at a CAGR of 49.8% from USD 4 billion in 2019 to USD 107.80 billion by 2027, driven primarily by increasing application of AI in healthcare, growing investments in AI healthcare start-ups, and greater cross-industry partnerships and collaborations. However, the dearth of skilled AI workforce and imprecise regulatory guidelines for medical software are the major factors hampering market growth.

These are the latest findings of ResearchAndMarkets.com (Dublin, Ireland), a market research store.

Cross-industry partnerships are resulting into the introduction of new machine learning models that predict risk and provide cognitive assistance. AI is mostly applied in the clinical trials to obtain accurate and valuable output. For instance, the AI-based tools, such as clinical decision support systems and voice recognition software, help streamline workflow processes in hospitals and improve medical care, thereby enhancing the patient experience. Cross-sector partnerships are among the most dynamic practice within corporate and society relations that bridge various sectors, such as public, private, and nonprofit. The growing number of cross-industry partnerships is anticipated to boost AI adoption in the healthcare sector, which is further expected to fuel the market growth.

The AI in healthcare market is expected to witness substantial growth post-pandemic. The global healthcare infrastructure trends reveal that in order to develop and maintain sustainable healthcare setup, the utilization of computational technologies such as AI becomes crucial. Moreover, a majority of the market players have focused on the development of AI-powered models to fight against the coronavirus pandemic. In addition, several research centers and governments have actively participated in the building of robust AI technologies which are assisting the healthcare professionals to work efficiently even under shortage of resources. These factors will eventually drive the market growth.

Based on component, the software solution segment held a larger share of the AI in healthcare market in 2019 and is estimated to register the highest CAGR during the forecast period. Based on application, the clinical trials segment held the largest share of the global AI in healthcare market in 2019, although the robot assisted surgery segment is expected to register the highest CAGR during the forecast period. The increasing adoption of robotic surgeries due to better surgical outcomes offers lucrative opportunities for the growth of the robotic assisted surgery segment. In terms of end user, the hospitals & healthcare providers segment held the largest share of the AI in healthcare market in 2019 and is estimated to register the highest CAGR during the forecast period.

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