AI in the healthcare sector is a range of technologies that enable machines to sense, comprehend, act and learn so that they can carry out administrative and healthcare functions, be used in research and for training purposes. Some of the technologies included in the healthcare sector are natural language processing, intelligent agents, computer vision, machine learning, chatbots, voice recognition etc. These technologies can be adopted at varying levels across the healthcare ecosystem. Machine learning can be used to merge an individual’s omic (genomic, proteomic, metabolic) data with other data sources to predict the probability of developing a disease, which can then be addressed through timely intercessions such as preventative therapy.
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Over the last several years, we’ve seen healthcare traverse through significant changes: electronic medical records, value-based care, insurance marketplaces, and more. We’ve experienced (and continue to experience) the big data phenomenon, digitization and the IoT explosion; all leading the health IT market to grow exponentially year after year.
Artificial intelligence (AI) is creation of unique systems using algorithms and software that can perform certain tasks without human intervention and instructions. Artificial intelligence comprises integration of several technologies such as machine learning, natural language processing, reasoning, and perception. Artificial intelligence is used in healthcare for approximation of human cognition and analysis of complex medical and diagnostic imaging data.
Artificial intelligence has revolutionized the healthcare industry by designing treatment plans, medication management, assisting in repetitive tasks, and drug discovery. Increasing adoption of precision medicine has made enabled simplicity of management and cost reduction. Increasing application in genomics research coupled with incremental innovation in robotic personal digital assistants boost industry growth.
Some of the key players influencing the market are:-
IBM Corporation, NVIDIA Corporation, Microsoft, iCarbonX, Next IT Corp., CloudMedx Inc., Atomwise Inc., Zephyr Health Inc., Deep Genomics Inc., and Medtronic.
Healthcare artificial intelligence market is segmented on the basis of offering, technology, application and end user. The offering segment includes, hardware, software and services. Based on technology, the healthcare artificial intelligence market is segmented as, deep learning, querying method, natural language processing and context aware processing. Based on application, the healthcare artificial intelligence market is segmented as, robot-assisted surgery, virtual nursing assistant, administrative workflow assistance, fraud detection, dosage error reduction, clinical trial participant identifier, preliminary diagnosis, and others. Based on end user, the healthcare artificial intelligence market is classified into, healthcare provider, pharmaceutical & Biotechnology Company, patient, and payer.
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North America is expected to be the largest and fastest-growing region in healthcare artificial intelligence market during the forecast period. The regulatory mandates for the use of Electronic Health Records (EHR), increasing focus on precision medicine, and strong presence of leading companies engaged in developing AI solutions for healthcare, and huge number of cross-industry collaborations and growing investments in the field of AI in healthcare are driving the growth of the market in North America.
Industry including both qualitative and quantitative information. It provides overview and forecast of the global healthcare artificial intelligence market based offering, technology, application and end user. It also provides market size and forecast till 2025 for overall Healthcare Artificial intelligence market with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South & Central America. The market by each region is later sub-segmented by respective countries and segments
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