Report : Artificial Intelligence (AI) in Healthcare Market Forecast to 2027 - COVID-19 Impact and Global Analysis By Component (Software Solution, Hardware, and Services), Application (Robot Assisted Surgery, Virtual Assistants, Administrative Workflow Assistants, Connected Machines, Diagnosis, Clinical Trials, Fraud Detection, Cybersecurity, Dosage Error Reduction, and Others), End User (Hospitals & Healthcare Providers, Patients, Pharma & Biotech Companies, Healthcare Payers, and Others), and Geography
Robot Assisted Surgery Segment to Grow at Faster CAGR During 2020–2027
According to our new research study on “Artificial Intelligence (AI) in Healthcare Market Forecast to 2027 – COVID-19 Impact and Global Analysis – by Component, Application, and End User,” the market is expected to reach US$ 107,797.82 million by 2027 from US$ 3,991.23 million in 2019; it is estimated to grow at a CAGR of 49.8% from 2020 to 2027. The report highlights trends prevailing in the market, and the factors driving and hindering the market growth. The growth of the artificial intelligence in healthcare market is attributed to the rising application of artificial intelligence in healthcare, growing investment in AI healthcare start-ups, and increasing cross-industry partnerships and collaborations. However, dearth of skilled AI workforce and imprecise regulatory guidelines for medical software is the major factor hindering the market growth.
Based on application, the artificial intelligence in healthcare market is segmented into robot assisted surgery, virtual assistants, administrative workflow assistants, connected machines, diagnosis, clinical trials, fraud detection, cybersecurity, dosage error reduction, and others. The clinical trials segment held the largest market share in 2019, and the robot assisted surgery segment is estimated to register the highest CAGR during the forecast period. Rising adoption of robotic surgeries due to better surgical outcomes offer lucrative opportunities for the growth of robotic assisted surgery segment.
The artificial intelligence in healthcare market is expected to witness substantial growth post-pandemic. The global healthcare infrastructure has observed that, in order to develop and maintain sustainable healthcare setup, utilization of computational technologies such as artificial intelligence becomes crucial. Moreover, majority of the market players have focused on development of AI-powered models to fight against coronavirus pandemic. In addition, several number of 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.
Microsoft, Koninklijke Philips N.V., Intel Corporation, General Electric Company, Alphabet Inc., NVIDIA CORPORATION, Nuance Communications, Inc., Siemens Healthineers AG, Arterys Inc., and Johnson & Johnson Services, Inc. are among the leading companies operating in the artificial intelligence in healthcare market.
By End User