A recent report by Global Market Studies has revealed that the Global AI in Healthcare Market is projected to reach USD118.7 billion by year 2028, growing at a CAGR of almost 41% from 2023 to 2028. AI in healthcare is an overarching term used to describe the application of cognitive technologies and machine learning, among other parameters that are widely being adopted in the medicine, biotechnology and life sciences sectors to, among other things, predict and manage disease at early-stage.
The AI in healthcare market is growing rapidly as a result of advancements in technology and on account of a growing demand for effective and creative solutions to improve clinical and operational outcomes. The cost of healthcare has been rising significantly globally, and there is pressure on world economies to reduce expenditure to make healthcare more accessible and affordable. Demand for AI technology is expected to grow rapidly over the forecast period.
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Big data and analytical solutions have grown exponentially in the healthcare sector particularly as a result of bidirectional patient portals allowing patients the ability to upload medical information. Sectors such as x-ray machines, electrocardiogram, (ECG) machines, electronic health records, biometric information and various other sources such as wearables and sensors are all expected to contribute to high volumes of big datasets being generated. Post the Covid-19 pandemic, AI-based healthcare technologies witnessed a significant adoption boost, particularly in functions such as diagnostics, medication management, claims management, workflow management, patient management, aged care and critical care.
The AI in healthcare market is facing huge challenges in terms of data privacy. AI-based tools are expected and mandated to adhere to strict privacy protocols, however, the reliance on vendor data centres and whether these entities are adhering to security is questionable. Breach of patients’ private data is an important concern for regulators across the globe.
Rise in technological collaborations, growing spends on research and development, IP-focused product developments and product launches, hyper-personalised product and service offerings are some of the pathways being adopted by key industry players. The competitive landscape includes start-ups, mid-sized and larger, more established companies as well.
Some of the prominent players featured in the AI in Healthcare Marker report include:
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