Healthcare Artificial Intelligence (AI) Market is set to grow from its current market was valued at over US$1.7 billion in 2019 to US$21 billion by 2026, according to a new research report by Global Market Insights.
The emergence of AI-enabled virtual assistant solutions across various domains has now enabled the global healthcare artificial intelligence market to record massive gains in the years to come. Increased application of telemedicine integrated with AI for facilitating remote services to patients residing in less-developed areas has instigated the adoption of artificial intelligence solutions in the healthcare sector.
Furthermore, the growing need to minimise fraud and improve security in healthcare for better delivery of quality care is fuelling the adoption of advanced healthcare AI solutions. In addition, the incorporation of advanced technologies and consolidation of healthcare processes is also fostering business growth.
For instance, Zebra Medical Vision, in 2020, announced that its Vertebral Compression Fractures (VCF) product received the FDA 510(k) clearance. According to the company, this latest AI solution automatically detects finding suggesting compression fractures which allow clinicians to place patients at risk of osteoporosis in treatment pathways for preventing potentially life-changing fracture.
This segment across the healthcare AI market is estimated to register a valuation of US$2.9 billion with a significant growth rate of 42.4 per cent through 2026. The growth can be attributed to numerous advantages associated with virtual assistants such as increased healthcare quality, patient satisfaction, and patient outcome with fewer employees. Moreover, the introduction of new AI-based virtual assistant solutions will complement the segment growth further. Citing an instance, in 2017, Nuance Communications launched an AI-powered virtual assistant system for healthcare providers. Also, the company’s Dragon Medical Virtual Assistant provides conversational dialogues along with automation of high-value clinical workflows using pre-built competencies.
Asia Pacific healthcare artificial intelligence market is projected to observe a substantial growth rate of 46.3 per cent through 2026 owing to the heightened demand for improved healthcare services and infrastructure due to the presence of a large patient pool in the region. Moreover, ongoing research activities in Japan towards development of new artificial intelligence-based solutions will open new growth avenues for the industry over the stipulated time frame. Similarly, developments pertaining to big data analysis and growing usage of artificial intelligence in healthcare sector across China will also add to the business growth in the ensuing years.
Major companies operating in healthcare AI market such as IBM Watson Health, NVIDIA Corporation, AiCure, Modernizing Medicine, Sophia Genetics, etc. are also playing key role in enhancing the business growth. They are focusing on several strategies such as mergers, acquisitions, business expansion and new product launches to gain a strong market presence worldwide.