Healthcare AI market to hit $34.5B by 2027

The healthcare artificial intelligence (AI) market is expected to surpass USD 34.5 billion by 2027, as reported in a research study by Global Market Insights Inc. Artificial intelligence has revolutionized the field of healthcare by designing treatment plans, assisting in repetitive tasks, medication management, and drug discovery. It can also be effectively used for healthcare data management by collecting, storing, and normalizing the data.

The virtual assistant segment is expected to reach USD 4.7 billion by 2027, at a 32.6% growth rate. High growth rate is expected over the forecast period owing to advantages of virtual assistants such as patient satisfaction, increased healthcare quality, and patient outcome with fewer employees, among others. Furthermore, launch of novel AI powered virtual assistant solutions will further escalate the demand for healthcare artificial intelligence solutions. For instance, in September 2017, Nuance Communications introduced AI powered virtual assistant solution for healthcare providers. The company’s Dragon Medical Virtual Assistant offers conversational dialogues as well as automation of high value clinical workflows through pre-built competences.

Healthcare artificial intelligence market in Asia Pacific region is expected to grow at a significant pace of 36.1% during the forecast timeframe. Presence of large patient pool stimulates the demand for better healthcare services. Additionally, the developing healthcare infrastructure will support Asia Pacific healthcare artificial intelligence market growth. Furthermore, continuous R&D activities in Japan focused on developing new artificial intelligence-based solutions will optimistically impact healthcare artificial intelligence market growth.

A few notable companies operating in the healthcare artificial intelligence industry include IBM Corporation, Modernizing Medicine, NVIDIA Corporation, Sophia Genetics among others. Industry players are focusing on various strategies such as acquisitions, business expansion and novel product launches to consolidate their market presence. For instance, in May 2020, Zebra Medical Vision announced its fifth FDA 510(k) clearance for its Vertebral Compression Fractures (VCF) product. The company’s latest AI solution automatically identifies findings suggestive of compression fractures, enabling clinicians to place patients that are at risk of osteoporosis in treatment pathways to prevent potentially life-changing fracture.

Some major findings of the healthcare artificial intelligence market report include:

• Artificial intelligence has revolutionized the field of healthcare by designing treatment plans, assisting in repetitive tasks, medication management, and drug discovery will drive the healthcare artificial intelligence market growth.
• Launch of novel AI powered virtual assistant solutions will escalate the demand for healthcare artificial intelligence solutions.
• Presence of large patient pool stimulating demand for better healthcare services and developing healthcare infrastructure will support Asia Pacific healthcare artificial intelligence market growth.
• Industry players are focusing on various strategies such as acquisition, business expansion and novel product launches to consolidate their market presence.
• Prominent players operating in the market are IBM Corporation, Modernizing Medicine, NVIDIA Corporation, Sophia Genetics.

PR Newswire