Artificial Intelligence in Healthcare Market Size Share Trends Growth Demand and Competitive Analysis Insights 2022-2029 | DataM Intelligence
Artificial Intelligence in Healthcare Market is expected to grow at a CAGR of 49.7% during the forecasting period (2022-2029).
Artificial intelligence (AI), the time period extensively refers to computing technologies that resemble processes related to human expertise. It is an integration of numerous strategies which include natural language processing, device studying, and reasoning. AI is being used for more than a few healthcare and research purposes, inclusive of detection of sickness, management of chronic situations, transport of fitness offerings, and drug discovery.
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Concerns concerning information privacy will abate the marketplace growth
AI has numerous useful applications in healthcare. However, the adoption of AI within the industry is restricted attributable to information privacy concerns. Patient health records is blanketed under federal laws in several countries, and any breach or failure to hold its integrity can bring about legal and economic penalties.
As AI used for affected person care requires access to multiple health datasets, AI-primarily based gear want to adhere to all the information safety protocols carried out by governments and regulatory authorities. This is a hard undertaking as most AI structures are consolidated and require large computing energy due to which affected person information, or parts of it, can be required to live in a seller’s information middle.
The dealer statistics facilities are not comfy enough to keep away from records breaches as the statistics is on the market to an array of employees and containing breaches will become much more tough. If the patients’ records is leaked from these facts centers, even inadvertently, it is able to lead to massive court cases and agreement claims by aggrieved parties. This is a first-rate assignment within the market.
By Product type
- Speech recognition
- Natural language processing
- Machine learning
- Disaster recovery
- Imaging & diagnostics
- Drug discovery
- Precision medicine
- Hospital management
By End User
- Pharmaceutical Company
- Diagnostic Centers
Artificial intelligence in healthcare market is a moderately competitive presence of local as well as global companies. Some of the key players which are contributing to the growth of the market include Intel, Koninklijke Philips, Microsoft, IBM, Siemens Healthineers, Nvidia, Google, General Electric Company, Medtronic, Micron Technology among others.
The major players are adopting several growth strategies such as product launches, acquisitions, and collaborations, which are contributing to the growth of artificial intelligence in healthcare market globally. For instance, in November 2021, Philips extended the artificial intelligence (AI)-enabled CT imaging portfolio at the Radiological Society of North America (RSNA) 2021.
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