The “Healthcare Artificial Intelligence (AI) Market – Global Outlook & Forecast 2021-2026” report is expected to reach USD 44.5 billion by 2026, growing at a CAGR of 46.21%.
Several pharmaceutical companies are adopting innovative technologies such as Artificial Intelligence (AI) to bolster the global healthcare industry. Recently, GSK, the pharmaceutical giant, along with Exscientia used AI to discover a small compound for targeted therapeutics and its characteristics towards specific targets. Another Pharma giant Novartis announced a partnership with Microsoft to set up an AI innovation lab to increase focus on AI and data science.
AI and machine learning have been adopted at a rapid speed; in 2021 alone, during the COVID-19 pandemic, 50+ companies have got machine learning and AI algorithms approvals. An Accenture analytics study, combined with clinical applications, has estimated that AI can help reduce approximately USD 150 billion per annum by 2026 in the US healthcare system.
The healthcare providers segment accounted for the largest market share with around 48% compared to others in 2020. According to the research, the APAC region is set to witness the highest growth in the healthcare AI market during the forecast period.
The report details the following factors that will aid the growth of the healthcare AI market, during the forecast period:
Increased patient volume and complexities associated with data, giving surge to AI demand.
Increased need for AI to combat the shrinking operational workforce in healthcare facilities.
Technological advancement & innovations in AI influencing end-users in the market.
Bolstered investments in AI adoption to advance drug discovery & development process
The report covers an in-depth market overview of several market growth enablers, restraints, and trends. The report offers both the demand and supply aspects of the market. It profiles and examines leading companies and other prominent ones operating in the market.
Source: indiaai.gov.in
