AI In Healthcare Market To Hit US$ ~222.2 billion by 2031| Increasing Application Of AI In Diagnosis & Robotic Surgeries Augment The Market Growth: Says Growth Plus Reports
The Global AI in Healthcare Market is expected to clock US$ ~222.2 billion by 2031 owing to rising adoption of AI technology in healthcare applications
NEW YORK, Nov. 1, 2021 /PRNewswire/ --
Growth Factor
The prominent players across the globe are implementing several initiatives to fast-track the development of AI technology for healthcare, by providing the necessary funding. For instance, in January 2020, Microsoft Corp. announced AI for Health, a new US$ 40 million, five-year program, a part of the AI for Good initiative, which will leverage artificial intelligence (AI) technology to empower researchers and organizations to address some of the world's toughest challenges in healthcare.
The global AI in healthcare market has been analyzed from five different perspectives–Offering, Technology, Application, End User, and Region.
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Excerpts from 'By Application Segmentation'
The global AI in healthcare market has been segmented majorly into seven distinct categories depending on application, viz. robot-assisted surgery, virtual nursing assistants, administrative workflow assistance, dosage error reduction, preliminary diagnosis, automated image diagnosis, and others (cybersecurity, fraud detection, connected machines, etc). The robot-assisted surgery segment dominated the market with the largest share in 2020. Robot-assisted surgery is considered "minimally invasive", so patients won't need to heal from large incisions. Robots can analyze data from pre-op medical records with real-time operating metrics to physically guide & enhance the physician's instrument precision and reduce the patient's hospital stay by 21%. With the help of the artificial intelligence, robots can use data from past operations to inform new surgical techniques. According to a study, AI-assisted robotic procedure resulted in five times fewer complications compared to surgeons operating alone.
Excerpts from 'By Region Segmentation'
The global AI in healthcare market has been segmented into North America, Europe, Asia Pacific, and the Rest of the World (RoW). North America commanded the largest share of the global AI in healthcare market in 2020, followed by Asia Pacific, Europe, and Rest of the World (RoW). Factors such as advanced healthcare infrastructure, technological advancements, rising demand for digital health systems, and presence of prominent players are attributed for the large share of the region in the global market.
Excerpts from 'Competitive Landscape'
- Intel Corporation
- IBM
- Microsoft
- Siemens Healthcare Private Limited
- Koninklijke Philips N.V.
- Medtronic
- General Electric
- Johnson & Johnson Services, Inc.
- Precision Health AI
- Micron Technology, Inc.
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