Global Artificial Intelligence (AI) Market in Healthcare Sector 2019-2023 | 28% CAGR Projection Through 2023 | Technavio
LONDON--(BUSINESS WIRE)--Jan 15, 2020--
The global artificial intelligence (AI) market in healthcare sector is expected to post a CAGR of over 28% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
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Technavio announced its latest market research report titled global artificial intelligence (AI) market in healthcare sector 2019-2023. (Graphic: Business Wire)
The growing demand for connected healthcare services through digital platforms such as wearable devices and sensors has increased the penetration of advanced technologies such as AI, augmented reality, and advanced analytics in the healthcare industry. Pharmaceutical companies are also leveraging AI to model different chemical structures and develop new drugs. Moreover, the growing shortage of medical professionals across the globe has increased the use of virtual assistants and conversational chatbots for assisting patients, which is also helping to improve the patient experience. Thus, the push for digitalization in the healthcare sector will be crucial in driving the growth of the market during the forecast period.
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As per Technavio, the high growth potential of AI-based tools in elderly care will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global Artificial Intelligence (AI) Market in Healthcare Sector: Growing Potential of AI-Based Tools in Elderly Care
AI finds a wide range of applications in elderly care, which includes smart devices, assisted living, fall detection, home health monitoring, and virtual components such as elderly care robotics. Many healthcare providers are adopting AI to automate several processes to meet the growing requirements of elderly patients. The global geriatric population is increasing at a rapid pace. By 2050, the global geriatric population is expected to reach 2 billion. This will provide significant growth opportunities for market players in the healthcare industry.
“The use of AI in precision medicine and developments in AI-based solutions for mental health will further boost market growth during the forecast period,” says a senior analyst at Technavio.
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Global Artificial Intelligence (AI) Market in Healthcare Sector: Segmentation Analysis
This market report segments the global artificial intelligence (AI) market in healthcare sector by application (medical imaging and diagnostics, drug discovery, operations management, virtual assistants, and others) and geography (APAC, Europe, Middle East and Africa, North America, and South America).
The North American region led the market in 2018, followed by Europe, APAC, South America, and MEA respectively. During the forecast period, the North American region is expected to maintain its dominance over the market. This is due to increasing investments in AI-related R&D and AI-focused start-ups by technology players in the region.
Technavio’s sample reports are free of charge and contain multiple sections of the report, such as the market size and forecast, drivers, challenges, trends, and more.
Some of the key topics covered in the report include:
Five Forces Analysis
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SOURCE: Technavio Research
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PUB: 01/15/2020 05:00 AM/DISC: 01/15/2020 05:00 AM