AI in Healthcare Market Expected to reach $194.14 billion by 2030

Posted April 18, 2022 by gauri212

Artificial intelligence assists machines to perform any task without human interventions.
Artificial intelligence assists machines to perform any task without human interventions. It uses different algorithms and software that help the machine to inculcate perception and reasoning for various situations. AI is widely applicable in the healthcare sector for various purposes such as drug discovery and precision medicine. In addition, it is used to analyze a patient’s medical data, predict disease onset, and personalize treatment provided to the patient.

Artificial intelligence technologies are widely being employed by policymakers, and medical professionals to manage the outbreak effect and accelerate its early detection, prevention, response, recovery and to pace the research. Furthermore, the companies are increasingly focusing on expanding their geographical reach and introducing newer, innovative solutions through various strategies, including partnerships, product launches, and collaborations. In April 2020, Microsoft investment USD 20 million to help in COVID-19 research with the use of artificial intelligence technology and data sciences, mainly focusing on hospital resources, diagnostics, and other critical areas. In addition, rise in investments in AI by start-ups propels the market growth. For instance, Analytics 4 life, a Toronto-based start-up, raised around USD 29.0 million to develop a new medical imaging technology, using AI algorithms for cardiac diagnostics.

The growth of the Artificial intelligence in healthcare market is majorly driven by increase in volume of healthcare data and rise in complexities of datasets driving the necessity for AI in healthcare in the market. In addition, an increase in the significance of big data in healthcare is expected to fuel the market growth. However, unclear regulatory scenarios and reluctance among healthcare professionals to adopt AI-based technologies are expected to impede the market growth. On the contrary, the potential of AI-based tools for elderly care and the untapped potential of emerging markets, such as China and India, are expected to present various opportunities for market expansion.

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Contact Email [email protected]
Issued By Sneha
Country India
Categories Health
Tags ai in healthcare
Last Updated April 18, 2022