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Artificial Intelligence In Healthcare Market To Witness Exponential Growth By 2027



Posted by Harry Walter [07 Dec 2017] | Category: Medical Devices | Business Press Releases

Artificial intelligence can be defined as the use of technology to perform tasks using different algorithms, decision-making capabilities and deliver solutions. Artificial intelligence in healthcare and medicine would induce the tremendous change in the current healthcare system. Artificial intelligence in healthcare would organize the patient data, treatment plans and would strengthen providers and payers by providing them the necessary information.

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Artificial intelligence in the healthcare market is primarily driven by a few key factors such as evidence-based healthcare decisions and clinical outcomes by introducing artificial intelligence in healthcare, analytics based on the vast amount of healthcare data, and improved healthcare setting. In addition to this artificial intelligence in healthcare market also observes significant growth due to its functionality in revenue cycle management for the healthcare environment. Artificial intelligence in healthcare market gains a great drive from applications such as claims management for insurance companies by detecting the number of fraudulent claims. Artificial intelligence in healthcare market will also strengthen the healthcare market by significant cost reductions.

Artificial intelligence in the healthcare market, however, require tools which can analyze unstructured data as most of the healthcare data is in the form of physician notes, and prescription reports which limit access to artificial intelligence in the healthcare market. Artificial intelligence in the healthcare market is also associated with a high cost for deployment and lack of skilled workforce which restraints the artificial intelligence in healthcare market growth over the period.

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Based on geography, the Artificial intelligence in healthcare market can be segmented into five major regions: North America, Europe, Asia-Pacific, Latin America and Middle East & Africa. At present, North America holds a leading position in the Artificial intelligence in healthcare market followed by Europe. The major driving factors which have driven the growth of the Artificial intelligence in the healthcare market in this region is support from the government, and increase the number of operational setups by various companies. Following North America, European countries are also anticipated to show steady growth in the Artificial intelligence in the healthcare market. In the next few years, Asia-Pacific would show remarkable growth in the Artificial intelligence in healthcare market as it is developing at a very rapid pace and has shown the emergence of many regional players.

In the past decade, the artificial intelligence in the healthcare market has witnessed a massive influx of players. Some of the major players operating in the artificial intelligence in healthcare market are IBM Corporation, Oracle Corporation, Microsoft Corporation, iCarbonX, Welltok, Butterfly Network, Apixio, Pathway Genomics, and many others. Artificial Intelligence in Healthcare Market has a presence of many regional players which have a huge market share in emerging countries.

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