Growing need to reduce the healthcare data complexities and healthcare cost is escalating the growth of the artificial intelligence in healthcare market

 

AI in healthcare is a growing field of study that aims to improve the effectiveness of healthcare settings by applying advanced technologies to medicine. This includes using machine learning, artificial intelligence, and statistical analysis in order to gather, organize, analyze, and act on medical data. Artificial intelligence deals with modeling the real world to make computers able to do more, typically requiring less human input. These intelligent systems are used for many purposes, including providing patients with personalized service, increasing the accuracy of results, saving time, and saving money through better management of healthcare expenses.

The increasing volume of healthcare data is creating complexities of datasets. This is fueling the need for AI, thereby propelling the growth of artificial intelligence in the healthcare market. The growing focus on reducing towering healthcare costs and increasing the number of cross-industry partnerships and collaborations is again driving the growth of the market. The growing need for improvising healthcare services coupled with a growing imbalance between patients and the health workforce is also projected to propel the growth of the market. The rising adoption of AI by pharmaceutical and biotechnology companies is further anticipated to foster the growth of artificial intelligence in the healthcare market. Furthermore, the growing adoption of deep learning in various healthcare applications such as disease diagnostics, medical imaging, and drug discovery is again expected to uplift the growth of artificial intelligence in the healthcare market.

North America is projected to gain significant growth over the forecast period and this is attributed to the high adoption of IT healthcare solutions coupled with the presence of a well-established IT industry. According to the International Trade Administration, the United States has the most advanced software and information technology (IT) services industry in the world. More than 40 percent of the $5 trillion global IT market is in North America, primarily the United States. There are more than 525,000 software and IT services companies in the United States (approximately 40,500 tech startups were established in 2018 alone. The industry accounts for $1.8 trillion of U.S. value-added GDP (more than 10 percent of the national economy).

Key Developments:

1. In January 2020, MORE Health announces new AI product launched on its physician collaboration Platform™ at the Wells Fargo Innovation Hub in San Francisco.

2. In October 2018, Royal Philips announced the launch of its first global start-up collaboration program involving Philips’ innovation hubs in Cambridge (US), Eindhoven (the Netherlands), Bangalore (India) and Shanghai (China) focused on the application of artificial intelligence (AI) in healthcare.