News

AI in Healthcare Market Worth $61.59 Billion by 2027, Report Says

• By John K. Waters
• 01/20/2021

The report ("Artificial Intelligence (AI) in Healthcare Market"), just published by market research and consulting Reports and Data, focused on the adoption of advanced technologies by pharmaceutical companies and hospitals, which seem to be driving demand for AI in the healthcare market. Those technologies include machine learning (ML), natural language processing (NLP), virtual reality (VR), according to the report.

AI is being used in the healthcare sector for analysis of complex diagnostic and medical data. It helps medical professionals retrieve information, interpret images, and plan therapy during medical procedures. It also "eases the burden on healthcare workers," the report says.

Not surprisingly, the report also found that government and private companies are both focusing on incorporating AI in research activities to accelerate developments related to COVID-19 vaccines.

"The healthcare sector is developing rapidly and using artificial intelligence to increase productivity and reducing the burden on healthcare workers," the report reads.

The list of companies profiled in the report includes Microsoft, Intel, IBM, Amazon Web Services (AWS), Google, and General Electric, among others.

Other findings in the report:

• Growth in revenue from the hardware segment is relatively high due to increasing demand for advanced hardware from research and biopharmaceutical companies owing to need to deploy more advanced software and technologies.

• Natural language processing (NLP) demand is increasing in the healthcare sector because of ability to search, analyze, and interpret vast volumes of patient data. NLP improves clinical documentation and makes computer-assisted coding more efficient, which is driving demand among healthcare professionals.

• Hospitals & healthcare providers are rapidly adopting artificial intelligence due to the rising trend of telehealth in view of the COVID-19 pandemic and restrictions as a result of social distancing norms etc. AI includes the use of tele-diagnosis, tele-assessment, telemonitoring, and tele-interactions, for which demand been increasing substantially post the lockdown.

• North America accounted for largest share in terms of revenue, as compared to other regions, in 2019 due to growing adoption of IT solutions and well-established healthcare sector. Government initiatives to adopt digital platforms in healthcare industry and sector is relatively robust in countries in the region, and is expected to continue to support growth of the market in the region.