Artificial Intelligence in Healthcare Market Will Hit Big Revenues In Future | Prominent Players: PathAI, Babylon Inc.
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Rising adoption of technologies such as Computer Vision (CV) and Natural Language Processing (NLP) in healthcare sector
VANCOUVER, B.C., CANADA, April 17, 2023 /EINPresswire.com/ -- According to the most recent analysis by Emergen Research, the global artificial intelligence (AI) in healthcare market size reached USD 16.50 billion in 2022 and is projected to grow at a revenue CAGR of 37.3% over the forecast period. The healthcare industry is increasingly embracing technologies like computer vision (CV) and natural language processing (NLP), and there are more government measures to support the digitalization of the industry. These trends are major drivers of market revenue growth.
In the healthcare industry, CV is used to examine medical pictures, such as X-rays and MRI scans, for diagnosis and to help identify diseases. It can be used to schedule operations, model organs in three dimensions, simulate procedures and monitor vital signs, as well as follow the development of diseases using imaging. Large amounts of text-based medical data are analysed and important information is extracted from electronic medical records using natural language processing (NLP), which supports treatment planning and aids physicians in making decisions. Numerous pieces of scientific literature can be analysed using NLP to find prospective drug targets. Market revenue growth is anticipated to be fueled by increasing adoption of technologies like Computer Vision (CV) and Natural Language Processing (NLP).
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In view of the current COVID-19 pandemic, the growth of the Artificial Intelligence in Healthcare industry is expected to be significantly affected, especially due to movement restrictions and lockdowns affecting supply and demand. There has been a significant impact of the COVID-19 pandemic on several sectors of the global market. The Artificial Intelligence in Healthcare sector is expected to be affected too. The economic slowdown and dynamic changes in the demands will also adversely affect the growth of the industry. The report covers the impact analysis of the COVID-19 pandemic on the overall Artificial Intelligence in Healthcare industry.
Some Key Highlights From the Report:
Over the course of the forecast period, the software category is anticipated to hold the biggest revenue share in the global artificial intelligence (AI) in healthcare market. The demand for AI-based software for analysis and decision-making is predicted to rise as a result of the rapid digitization of healthcare data and expanding EHR usage across numerous nations.
The fast use of NLP to increase patient engagement is likely to cause the Natural Language Processing (NLP) segment to experience strong revenue growth over the course of the forecast period.
Over the projection period, the medical imaging & diagnostics section is anticipated to contribute the most to revenue. The rise of the market revenue is anticipated to be fueled by improvements in computer vision and increased need for AI applications that can analyse medical images.
In the global Artificial Intelligence (AI) in Healthcare market in 2022, the hospitals & clinics category accounted for the biggest revenue share. Market revenue growth is being driven by an increase in demand for value-based healthcare systems being adopted by hospitals and clinics in the healthcare industry.
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Competitive Landscape:
Furthermore, the report includes an in-depth analysis of the competitive landscape. The segment covers a comprehensive overview of the company profiles along with product profiles, production capacities, products/services, pricing analysis, profit margins, and manufacturing process developments. The report also covers strategic business measures undertaken by the companies to gain substantial market share. The report provides insightful information about recent mergers and acquisitions, product launches, collaborations, joint ventures, partnerships, agreements, and government deals.
Some major players included in the global Artificial Intelligence (AI) in healthcare market report are:
IBM Corporation
Nuance Communications, Inc
PathAI
Koninklijke Philips N.V.
Alphabet Inc
Microsoft
Siemens Healthcare GmbH
NVIDIA Corporation
Intel Corporation
Babylon Inc.
Emergen Research has segmented the global Artificial Intelligence (AI) in healthcare market on the basis of offering, technology, application, end-use, and region:
Offering Outlook (Revenue, USD Billion; 2019-2032)
Hardware
Software
Services
Technology Outlook (Revenue, USD Billion; 2019-2032)
Machine Learning
Natural Language Processing
Computer Vision
Context-aware Computing
Application Outlook (Revenue, USD Billion; 2019-2032)
Preventive Healthcare
Risk Analysis
Hospital Management
Medical Imaging & Diagnostics
Drug Discovery
Surgical Robots
Precision Medicine
End-Use Outlook (Revenue, USD Billion; 2019-2032)
Patients
Hospitals & Clinics
Pharmaceutical Companies
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Regional Segmentation;
North America (U.S., Canada)
Europe (U.K., Italy, Germany, France, Rest of EU)
Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
Latin America (Chile, Brazil, Argentina, Rest of Latin America)
Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Radical Highlights of the Artificial Intelligence in Healthcare Market Report:
Analysing the market's shifting dynamics and providing a thorough picture of the Artificial Intelligence in Healthcare industry
Growth evaluation of several market categories throughout the predicted period
Analysis of the market participants' regional and global distributions, as well as their market shares and overall positions
Key market companies have devised expansion plans to address the COVID-19 pandemic's effects on the market.
Artificial Intelligence in Healthcare market effects of technical innovations and R&D improvements
Information about the growth and profit-making plans of significant businesses and manufacturers
Information that will be useful to newcomers who want to enter the market
Information and insights on product releases, business expansion plans, and other collaborations
SWOT analysis, Porter's Five Forces Analysis, feasibility analysis, and investment return analysis are some of the more sophisticated analytical techniques used in the research.
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