Global AI in healthcare market to reach $25 billion by 2027, research
The Global AI in Healthcare Market was valued at $8,231.36 million, which is further expected to grow with an impressive Compound Annual Growth Rate, CAGR, of 21.56% during the forecast period, to achieve a market value of $25,121.10 million by 2027. This is according to a report by Research and Markets.
Exceptional integration of technology and internet-based services in the healthcare sector will drive the Global AI in Healthcare Market in the next five years. Consistent development through research and innovative addition to medical devices and medical procedures supports the growth of the Global AI in Healthcare Market in the next five years.
The growing abundance of medical data and the demand for storing that data regarding patient and medical cases further aids the growth of the Global AI in Healthcare Market in the next five years. Surging demands for precision medicine also aid the market growth. The precision medicines are designed according to the genetic map of the patient, highly specific for the respective patient and their disease or condition that requires the involvement of well-advanced technology and artificial intelligence that can formulate the structure of the drug and analyze its effect on the patient through various bio-chemical procedures, thereby substantiating the growth of the Global AI in Healthcare Market in the forecast years through 2027.
The Global AI in Healthcare Market is segmented based on offering, technology, application, end-user, region, and company. Based on the offering, the market can be split into software and hardware. The software segment is anticipated to hold the largest revenue shares of the market and dominate the market in the upcoming five years on the increasing involvement of technologically advanced medical procedures that guarantee better healthcare services and efficient methods of patient care.
Based on technology, the market can be categorized into machine learning, computer vision, natural language processing, and context-aware computing. Based on end-user, the market can be segmented into healthcare providers, pharmaceutical & biotechnology companies, patients, and others. Regionally, North America dominates the market in Europe, Asia Pacific, South America, and the Middle East & Africa region.
Alphabet Inc, Microsoft Corporation, Intel Corporation, NVDIA Corporation, Medtronic Plc, Koninklijke Philips, Siemens Healthineers, General Electric Company, Micron Technology Amazon Web Services are among the major market players in the global platform that lead the market growth of the Global AI in Healthcare Market.