Healthcare Artificial Intelligence Market Size & Share 2021-2027, North America, Europe & APAC Industry Statistics with COVID-19 Impact Analysis: Graphical Research
Europe healthcare artificial intelligence market size to cross $8.9 billion valuation by 2027 | Medical imaging and diagnosis segment to boost growth in North American market | Asia Pacific industry to register 48% CAGR through the projected duration
Pune, India – August 6, 2021 /MarketersMedia/ —
Graphical Research provides a detailed overview of healthcare artificial intelligence market with respect to the pivotal drivers influencing the revenue graph of this business sphere. The current trends of market in conjunction with the geographical landscape, demand spectrum, remuneration scale, and growth graph of this vertical have also been included in this report.
Global healthcare Artificial Intelligence (AI) market will grow substantially by 2027, according to market statistics. Some of the trends that will encourage the growth of this industry are mentioned below:
Germany will highly contribute towards development of healthcare AI:
Healthcare AI industry in Germany was valued at $118 million in the year 2020. This valuation is estimated to go even higher in the future as well. There are several major reasons for this positive development like increased research and development activities in the country. There are some favorable government initiatives to encourage the merge of AI with medicine.
Funding for health technology to help Europe healthcare AI industry:
There is a positive funding scenario being reported in the healthcare industry. This is because of the incredible rise in the number of start-up ventures and venture capitalists in the region. More and more investors are now becoming aware of the importance of AI in the future and its related advantages for the healthcare sector.
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Some of the leading companies involved in global healthcare artificial intelligence market are IBM Watson Health, Zebra Medical Vision, Sophia Genetics, Johnson & Johnson, OmeCare Inc., Intel Corporation, among others.
Increasing geriatric population in US will boost demand for healthcare AI:
The percentage of geriatric population in North America is increasing every year. This has led to increase in demand for advanced healthcare facilities in the region. There are constant innovations being done in the regional healthcare artificial intelligence market. They include providing improved and personalized patient care and early diagnosis of serious illnesses.
AI has positively impacted the healthcare infrastructure in the U.S. with the introduction of digitization, AI/ML frameworks and cloud computing platforms. It has significantly contributed towards patient care as well because it helps in the appropriate recovery of patients. It has helped fill important gaps in the various fields in healthcare.
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Scope of machine learning in North America healthcare AI industry:
Machine learning is predicted to gain momentum through 2027 in healthcare artificial intelligence market in North America, according to market experts. This is because it has a wide range of applications in healthcare. It is extensively used in precision medicine and even prescribes customized treatment alternatives for a patient.
For example, Mayo Clinic, in January 2017, announced a collaboration with Tempus to create personalized care for cancer patients with the help of this technology. This partnership aims to study the different forms of cancer like lung, breast and bladder and provide solutions accordingly.
Application of medical imaging and diagnosis in North America:
Healthcare Artificial Intelligence market in North America is divided into drug discovery, medical imaging and diagnosis, therapy planning, hospital workflow, wearables and many other segments based on application. Out of these, the medical imaging and diagnosis segment will reportedly grow at a CAGR of 46% in the coming years. The reason for this is being credited to the many benefits AI has in this segment. Some of these are easier identification of complex patterns in imaging data and ability to provide quantitative results of radiographic features.
According to an article published in the National Center for Biotechnology Information (NCBI), AI has successfully and significantly contributed towards various fields like thoracic imaging, colonoscopy, radiation oncology, mammography and many others.
Potential of China in expanding healthcare AI market:
Healthcare AI market in China was valued at $70 million in 2020. This figure is expected to go even higher in the years to come as the country is known for integrating AI with traditional industries. It is one of the few developing countries that is investing heavily in advanced technologies and has the most AI hubs as well. The country is going through a phase of national digitization in its healthcare industry.
AI in this industry is used in several fields like drug development, online consultations, health management and many others. In 2018 alone, China’s investments in healthcare AI touched $1 billion and it had already signed over 66 deals in this regard.
There are several policies introduced by the Chinese government as well that will benefit the healthcare artificial intelligence market. For example, the Beijing Kunlun Medical Cloud Technology Co. Ltd received the approval from the National Medical Products Administration (NMPA) for DeepVessel FFR. This is a computer tomography technology developed with the help of AI and is non-invasive in nature.
Need for big data in healthcare AI applications in Asia Pacific:
The expenditure done on healthcare industry in Asia Pacific is rising exponentially every year. This has led to growing need to have advanced technologies like big data; this will help in reducing the overall expenditure done on additional equipment and manpower as well. Japanese researchers are using AI to analyze millions of data files in healthcare. This has resulted in developing technology for combating the spread of around 20 diseases.
Japan will reportedly spend over $100 million by the year 2022 to increase the size of the healthcare workforce and to reduce medical expenditure as well. Big data helps to analyze healthcare data which ultimately leads to providing accurate diagnosis and medication as per the medical needs of a patient.
About Graphical Research:
Graphical Research is a business research firm that provides industry insights, market forecast and strategic inputs through granular research reports and advisory services. We publish targeted research reports with an aim to address varied customer needs, from market penetration and entry strategies to portfolio management and strategic outlook. We understand that business requirements are unique: our syndicate reports are designed to ensure relevance for industry participants across the value chain. We also provide custom reports that are tailored to the exact needs of the customer, with dedicated analyst support across the purchase lifecycle.
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