Healthcare AI Market Trends 2021: Size, Share Statistics, Growth Forecasts 2026
The deployment of artificial intelligence in healthcare will be significantly bolstered by the influx of advanced and newer technologies. There is an increasing appeal to remotely render services with enhanced care to affected patients that are stationed across less-developed regions of the world. This has led to the higher incorporation of AI in telemedicine solutions. There are also various developments related to streamlining the healthcare processes to offer cost-savings to consumers.
Furthermore, the incursion of big data healthcare services in the U.S. has helped cut down the instances of opioid abuse. The consistent focus towards mitigating cases of fraud while improving security and quality of care delivery will boost the prospects for artificial intelligence and healthcare.
As per a recent research report by Global Market Insights Inc., the healthcare AI market size is expected to cross an annual estimation of more than USD 21 billion by 2026.
Increased adoption in virtual assistants
Demand for healthcare artificial intelligence systems in the virtual assistant application will contribute close to USD 2.9 billion over the next few years. The growth can be attributed to the benefits rendered by the solutions like enhanced patient satisfaction and outcomes as well as better healthcare quality with the help of a minimum staff. There are also robust developments in AI-powered virtual assistant solutions.
For instance, Nuance Communications launched Dragon Medical, an AI deployed virtual assistant solution for the assistance of healthcare providers in September 2017. These systems render conversational dialogues and automation of high-value clinical workflows with the help of pre-built competencies.
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Asia Pacific as an emerging healthcare artificial intelligence market
The Asia Pacific is home to a prominent healthcare sector. This regional healthcare AI market is anticipated to rise at a significant pace of 46.3% through 2026. This can be owed to the growing need for better healthcare services and more advanced healthcare infrastructure in the region on account of the expanding patient pool. There are continuous R&D activities in Japan for the introduction of new artificial intelligence-based solutions.
Besides, the influx of big data analysis and the higher deployment of artificial intelligence technology across the healthcare sector will drive the healthcare artificial intelligence market outlook for China. For instance, GE Healthcare, in September 2019, introduced the Edison AI platform to help hospitals across the country. The firm also offered the Critical Care Suite platform to these facilities to assist radiologists to prioritize cases related to collapsed lungs.
Presence from competitive strategies
Solution providers in artificial intelligence for healthcare applications are working on acquisitions, partnerships, and business capacity expansions to highlight their presence across the globe. The ongoing COVID-19 pandemic has also positively influenced the need for these firms to sustain competition and come up with novel technology developments.
For instance, Zebra Medical Vision, in May 2020, received the fifth FDA 510(k) clearance for its product, Vertebral Compression Fractures (VCF). This is the latest AI solution offered by the firm that automatically identifies compression fractures, and aids clinicians to treat patients that are at a higher risk of osteoporosis to counter the chances of life-changing fractures.
IBM Watson Health, NVIDIA Corporation, Sophia Genetics, and Modernizing Medicine are some of the other prominent healthcare AI companies.
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.