Artificial intelligence (AI) is gaining massive momentum across the healthcare industry as it benefits the healthcare providers in many aspects of patient care and clinical management functions. Owing to an array of advantages of AI in comparison to analytics which does not use AI, more and more healthcare companies and entrepreneurs are leveraging the use of AI to provide effective solutions to businesses.
According to a report published by Allied Market Research, the global AI in healthcare market size is anticipated to reach $194.4 billion with a considerable CAGR from 2021 to 2030. The North America is currently holding the highest market share, due to supportive government regulations and well established healthcare infrastructure in the U.S. and Canada. The Asia-Pacific region, at the same time, is estimated to witness the fastest growth rate. This is attributed to rise in funding for the development of AI capabilities and surge in adoption of healthcare IT solutions.
Moreover, the outbreak of the COVID-19 pandemic has boosted the growth of AI in healthcare market on a global level. The adoption of digital pathology has skyrocketed as AI driven tools & devices has played an essential role to detect and diagnose the coronavirus. It has revolutionized the delivery of healthcare during the tough times of the pandemic.
With this drift on board, the key market players started to adopt strategies such as collaborations, partnerships, and new product launch in order to stay competitive in the market. For instance, in March 2020, IBM Watson Health has collaborated with EBSCO Information Services to provide the access to evidence based drug and disease information. This has helped clinicians to deal with infectious diseases, including COVID-19.
In addition, a company named Alivecor, in July 2020, has introduced Kardiacare, a digital health subscription service that offers the controlling power of managing heart health at home. It is an exclusive digital tool that eased monitoring the patients remotely during the pandemic. With this tool, healthcare expertise examined risk factors, detected symptom triggers and interpreted heart data of patients while also maintaining a social distance. This way, AI technologies has played a significant role in the fight against the pandemic, enabling touchless workplace access, drug development tests, rapid diagnosis and disease spread prediction, and so on.
Furthermore, in the post-pandemic many startup companies are participating in the development of AI driven diagnostic solutions, which in turn, is driving the growth of the global market to a great extent. For instance, Microsoft Corporation in collaboration with the University of Pittsburgh Medical Center is introducing virtual AI assistant. SAS Health, a global analytics company, in partnership with Microsoft is trying to make advanced health analytics more available through Microsoft’s new health data services platform.
Here, it is worth mentioning that artificial intelligence in healthcare has come a long way in this past few years. It has been enhancing the quality of care and changing the patient’s experience, while also improving the business productivity in the healthcare sector. In such a scenario, the AI in healthcare market is going to experience a noticeable rise and an upswing in its valuation in the years to come.
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