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The industry participants extensively focused on leveraging AI technology in their healthcare offerings as it helped them to achieve process automation, improve workflows across healthcare facilities, and high-end patient health monitoring. Adding to this, the rising potential of artificial intelligence in precision medicine, diagnostics, imaging, drug discovery, and genomics to fight against COVID-19 pandemic will support the market growth over the forecast timeframe. Improving computing power and declining hardware cost, increasing need to reduce healthcare costs, and surging need for improvised healthcare services due to imbalance between health workforce and patients are the factors driving the growth of the artificial intelligence in healthcare market.
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Industry Trends of the Global Artificial Intelligence in Healthcare Market:
1. Hitachi Ltd. (Japan) acquired a 9.99% share in Yungtay Engineering (Taiwan) to strengthen its elevator and escalator market. Till date, Hitachi has acquired a ~51% share in Yungtgay.
2. OTIS Elevator (US) acquired Bay State Elevator (US) to expand in the northeast, US. The acquisition includes the company service portfolio and operations in Massachusetts, Connecticut, Vermont, and upstate New York.
3. Thyssenkrupp AG (Germany) entered an agreement with Advent, Cinven, and RAG Foundation to sell its Elevator Technology business segment to strengthen its cash flow and lower its structural costs.
What are the Driving Factors of Evolution of consolidation in Artificial Intelligence in Healthcare Market?
The Artificial Intelligence in Healthcare Market is projected to grow from USD 6.9 billion in 2021 to reach USD 67.4 billion by 2027; it is expected to grow at a Compound Annual Growth Rate (CAGR) of 46.2% from 2021 to 2027.
The software segment is projected to account for the largest share of the artificial intelligence in healthcare market during the forecast period.
Many companies are developing software solutions for various healthcare applications; this is the key factor complementing the growth of the software segment. Strong demand among software developers (especially in medical centers and universities) and widening applications of AI in the healthcare sector are among the prime factors complementing the growth of the AI platform within the software segment. Google AI Platform, TensorFlow, Microsoft Azure, Premonition, Watson Studio, Lumiata, and Infrrd are some of the top AI platforms.
Artificial Intelligence in Healthcare Market : Top Leading Companies Profiles Key Benefits For Stakeholders:
The market for machine learning segment is expected to grow at the highest CAGR during the forecast period
The increasing adoption of machine learning technology (especially deep learning) in various healthcare applications such as inpatient monitoring & hospital management, drug discovery, medical imaging & diagnostics, and cybersecurity is driving the adoption of machine learning technology in the AI in healthcare market.
The key players operating in the artificial intelligence in healthcare market include Intel (US), Koninklijke Philips (Netherlands), Microsoft (US), IBM (US), and Siemens Healthineers (Germany).
Artificial Intelligence in Healthcare Market – Geographical Regional Vision by MarketsandmarketsTM
North America region is expected to hold the largest share of artificial intelligence in healthcare market during the forecast period.
Increasing adoption of AI technology across the continuum of care, especially in the US, and high healthcare spending combined with the onset of COVID-19 pandemic accelerating the adoption of AI in hospital and clinics across the region are the major factors driving the growth of the North American market.
Regions & Countries Covered:
North America – (U.S., Canada, Mexico)
Europe – (U.K., France, Germany, Italy, Spain, Rest of Europe)
Asia Pacific – (China, Japan, India, South Korea, South East Asia, Rest Of Asia Pacific)
Latin America – (Brazil, Argentina, Rest Of Latin America)
The Middle East & Africa – (GCC Countries, South Africa, Rest Of the Middle East & Africa)
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