LONDON--(BUSINESS WIRE)--The global artificial intelligence (AI) market in healthcare sector 2019-2023 is expected to post a CAGR of more than 28% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
The healthcare industry is undergoing a digital revolution, with the growing penetration of various IT-based processes. The advent of smartphones and the increasing penetration of the Internet across the world are fueling connectivity in healthcare that offers numerous benefits. Digitalized healthcare simplifies the delivery of healthcare services and helps in easy and secure management of patient data. The increasing connectivity is driving the demand for advanced technologies, such as AI and advanced analytics. Thus, the increasing digitalization in the healthcare industry will drive the growth of the market during the forecast period.
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As per Technavio, the growing potential for AI-based tools in elderly care will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global Artificial Intelligence (AI) Market in Healthcare Sector: Growing Potential for AI-Based Tools in Elderly Care
Healthcare providers have started using AI widely for intelligent tracking of biometric information and early diagnosis of diseases. Moreover, they are now opting for AI to automate certain parts of care pathways to meet the growing requirements of elderly patients. The applications of AI include smart devices, assisted living, fall detection, home health monitoring, and virtual companions such as elderly care robotics. Thus, the growing potential for AI-based tools in elderly care will drive the demand for AI in the healthcare landscape.
“Apart from the growing potential of AI-based tools in elderly care, other factors such as the growing popularity of precision medicine, and the emergence of AI-based solutions for improving mental health will have a significant impact on the growth of the artificial intelligence (AI) market in the healthcare sector during the forecast period,” says a senior analyst at Technavio.
Global Artificial Intelligence (AI) Market in Healthcare Sector: Segmentation Analysis
This market research report segments the global artificial intelligence (AI) market in the healthcare sector by application (medical imaging and diagnostics, drug discovery, operations management, virtual assistants, and others), and geographical regions (Europe, North America, APAC, South America, and MEA).
The North American region led the AI market in healthcare industry in 2018, followed by Europe, APAC, South America, and MEA, respectively. The dominance of North America can be attributed to several factors such as early adoption and increasing investments by market players. The rising adoption of machine learning (ML) is also contributing to the high market share of this region.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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