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Global Healthcare Artificial Intelligence Report 2020-2027: Market is Expected to Reach $35,323.5 Million – Escalation of AI as a Medical Device

Dublin, Jan. 08, 2021 (GLOBE NEWSWIRE) — The “Artificial intelligence in Healthcare Global Market – Forecast To 2027” report has been added to ResearchAndMarkets.com’s offering. Artificial intelligence in healthcare global market is expected to reach $35,323.5 million by 2027 growing at an exponential CAGR from 2020 to 2027 due to the gradual transition from volume to value-based healthcareThe surging need to accelerate and increase the efficiency of drug discovery and clinical trial processes, advancement of precision medicines, escalation of AI as a medical device, increasing prevalence of chronic, communicable diseases and escalating geriatric population and the increasing trend of acquisitions, collaborations, investments in the AI in healthcare market.Artificial intelligence (AI) is the collection of computer programs or algorithms or software to make machines smarter and enable them to simulate human intelligence and perform various higher-order value-based tasks like visual perception, translation between languages, decision making and speech recognition. The rapidly evolving vast and complex healthcare industry is slowly deploying AI solutions into its mainstream workflows to increase the productivity of various healthcare services efficiently without burdening the healthcare personnel, to streamline and optimize the various healthcare-associated administrative workflows, to mitigate the physician deficit and burnout issues effectively, to democratize the value-based healthcare services across the globe and to efficiently accelerate the drug discovery and development process.Artificial intelligence in healthcare global market is classified based on the application, end-user and geography. Based on the application, the market is segmented into Medical diagnosis, drug discovery, precision medicines, clinical trials, Healthcare Documentation management and others consisting of AI guided robotic surgical procedures and AI-enhanced medical device and pharmaceutical manufacturing processes. The AI-powered Healthcare documentation management solutions segment accounted for the largest revenue in 2020 and is expected to grow at an exponential CAGR from 2020 to 2027. AI-enhanced Drug Discovery solutions segment is the fastest emerging segment, growing at an exponential CAGR from 2020 to 2027.The artificial intelligence in healthcare global end-users market is grouped into Hospitals and Diagnostic Laboratories, Pharmaceutical companies, Research institutes and other end-users consisting of health insurance companies, medical device and pharmaceutical manufacturers and patients or individuals in the home-care settings. Among these end users, Hospitals and Diagnostic Laboratories segment accounted for the largest revenue in 2020 and is expected to grow at an exponential CAGR during the forecasted period. Pharmaceutical companies segment is the fastest-growing segment, growing at an exponential CAGR from 2020 to 2027.The artificial intelligence in healthcare global market by geography is segmented into North America, Europe, Asia-Pacific and the Rest of the world (RoW). North American region dominated the global artificial intelligence in healthcare market in 2020 and is expected to grow at an exponential CAGR from 2020 to 2027. The Asia-Pacific region is the fastest-growing region, growing at an exponential CAGR from 2020 to 2027.The artificial intelligence in healthcare market is consolidated with the top five players occupying majority of the market share and the remaining minority share of the market being occupied by other players. Key Topics Covered: 1 Executive Summary2 Introduction3 Market Analysis3.1 Introduction3.2 Market Segmentation3.3 Factors Influencing Market3.3.1 Drivers and Opportunities3.3.1.1 Aiabetting the Transition from Volume Based to Value Based Healthcare3.3.1.2 Acceleration and Increasing Efficiency of Drug Discovery and Clinical Trials3.3.1.3 Escalation of Artificial Intelligence as a Medical Device3.3.1.4 Advancement of Precision Medicines3.3.1.5 Acquisitions, Investments and Collaborations to Open An Array of Opportunities for the Market to Flourish3.3.1.6 Increasing Prevalence of Chronic, Communicable Diseases and Escalating Geriatric Population3.3.2 Restraints and Threats3.3.2.1 Data Privacy Issues3.3.2.2 Reliability Issues and Black Box Reasoning Challenges3.3.2.3 Ethical Issues and Increasing Concerns Over Human Workforce Replacement3.3.2.4 Requirement of Huge Investment for the Deployment of AI Solutions3.3.2.5 Lack of Interoperability Between AI Vendors3.4 Regulatory Affairs3.4.1 International Organization for Standardization3.4.2 Astm International Standards3.4.3 U.S.3.4.4 Canada3.4.5 Europe3.4.6 Japan3.4.7 China3.4.8 India3.5 Porter’s Five Force Analysis3.6 Clinical Trials3.7 Funding Scenario3.8 Regional Analysis of AI Start-Ups3.9 Artificial Intelligence in Healthcare FDA Approval Analysis3.10 AI Leveraging Key Deal Analysis3.11 AI Enhanced Healthcare Products Pipeline3.12 Patent Trends3.13 Market Share Analysis by Major Players3.13.1 Artificial Intelligence in Healthcare Global Market Share Analysis3.14 Artificial Intelligence in Healthcare Company Comparison Table by Application, Sub-Category, Product/Technology and End-User4 Artificial Intelligence in Healthcare Global Market, by Application4.1 Introduction4.2 Medical Diagnosis4.3 Drug Discovery4.4 Clinical Trials4.5 Precision Medicine4.6 Healthcare Documentation Management4.7 Other Application5 Artificial Intelligence in Healthcare Global Market, by End-User5.1 Introduction5.2 Hospitals and Diagnostic Laboratories5.3 Pharmaceutical Companies5.4 Research Institutes5.5 Other End-Users6 Regional Analysis7 Competitive Landscape7.1 Introduction7.2 Partnerships7.3 Product Launch7.4 Collaboration7.5 Up-Gradation7.6 Adoption7.7 Product Approval7.8 Acquisition7.9 Others8 Major Companies8.1 Alphabet Inc. (Google Deepmind, Verily Lifesciences)8.2 General Electric Company8.3 Intel Corporation8.4 International Business Machines Corporation (IBM Watson)8.5 Koninklijke Philips N.V.8.6 Medtronic Public Limited Company8.7 Microsoft Corporation8.8 Nuance Communications Inc.8.9 Nvidia Corporation8.10 Welltok Inc. For more information about this report visit https://www.researchandmarkets.com/r/dxs2ch Research and Markets also offers Custom Research services providing focused, comprehensive and tailored research. CONTACT: CONTACT: ResearchAndMarkets.com Laura Wood, Senior Press Manager press@researchandmarkets.com For E.S.T Office Hours Call 1-917-300-0470 For U.S./CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900