Report Description of the AI ML in Healthcare
Research Scope and Assumption
- The report provides the market value for the base year 2020 and a yearly forecast up to 2028 in terms of revenue (USD billion)
- The key industry dynamics, regulatory scenario, reimbursement scenario, major market trends, and drug markets are evaluated to understand their impacts on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis
- We have used the combination of top-down and bottom-up approach for market sizing, analyzing key regional markets, dynamics, and trends for various solutions, services, and end uses
- All market estimates and forecasts have been validated through primary interviews with the Key Industry Players (KIPs) and secondary analysis
- Inflation has not been accounted for in order to estimate and forecast the market
- Numbers may not add up due to rounding off
Research Objective:
- To analyze and forecast the market size of US AI ML in Healthcare market
- To classify and forecast US AI ML in Healthcare market based on application, drugs, project type, and application.
- To identify drivers and challenges for US AI ML in Healthcare market
- To examine competitive developments such as mergers and acquisitions, agreements, collaborations and partnerships, etc., in US AI ML in Healthcare market
- To conduct pricing analysis for US AI ML in Healthcare market
- To identify and analyze the profile of leading players operating in US AI ML in Healthcare market
Reason to Buy the Report:
- Facilitate decision-making based on strong current and forecast data for AI ML in Healthcare
- Develop strategies based on the latest regulatory framework
- Strategically analyze micro-markets with respect to individual growth trends, future prospects, and their contribution to the market
- Analyze competitive developments such as expansions, investments, mergers & acquisitions, new product developments, and research & developments in the AI ML in Healthcare
- Analyze the opportunities in the market for stakeholders and draw a competitive landscape for market leaders
- To strategically profile key players and comprehensively analyze their market shares and core competencies
- We have technically sound team which do a deep dive research and also provide strategy based consulting analysis
AI ML in Healthcare in US Executive Summary
Artificial intelligence (AI) is the creation of intelligent systems that can perform tasks without human interventions and instructions. It is the constellation of different technologies such as natural language processing, machine learning, perception and reasoning. These systems use computer algorithms, and huge amount of data to provide a response to a request. AI is being adopted in healthcare using algorithm and software for the analysis of medical data with a view to predict diseases and provide proper medication. It will lead to personalization and optimization leading to improved outcomes for both patients and healthcare systems. A basic AI computer used today in clinical practices can be used for alerts and reminder, diagnostic, therapy planning, Information retrieval and image interpretation. However, glitches in communication and technical infrastructure are amongst the barriers to the growth of AI in health care
Market Size and Key Findings
The AI ML in Healthcare size is at around USD xx billion in 2020 and is projected to reach USD xx billion by 2028, exhibiting a CAGR of 41.8% during the forecast period
Growing technological advancements coupled with an increasing need for efficient and innovative solutions to enhance clinical and operational outcomes is contributing to market growth. The pressure for cutting down spending is rising globally as the cost of healthcare is growing faster than the growth of economies. Advancements in healthcare IT present opportunities to cut down spending by improving care delivery and clinical outcomes. Thus, the demand for AI technologies is expected to increase in the coming years
Market Dynamics
Market Growth Drivers Analysis
The growth of the Artificial intelligence in healthcare market is majorly driven Technological Advances in robotic solutions for more types of surgery, Prevalence of medical errors which leads to tangible penalties, Proliferation of Connected Machines /Devices, storage capacity; greater trust in AI Technology and Interoperability/ data architecture to enhance accuracy.
Market Restraints
Some of the factors hindering the growth of the market includes the High Cost of AI Technologies, Integrating AI into the organization, data challenges, lack of executive commitments. And also, choosing the right AI technologies is one of the barriers in market growth
COVID-19 impact on “AI ML in Healthcare”
The recent outbreak of COVID-19 has had a positive impact on the market led by the growing awareness and adoption of digital health. Industry can be adopted to gain insights to wider picture of the situation from diagnosis, treatment and to combat new disease transmission. Healthcare artificial intelligence is an innovative technology which has been widely used to fight COVID-19 pandemic. Moreover, to keep a continuous tab on patients during COVID-19 pandemic with effective management, UC San Diego Health has developed an algorithm based on artificial intelligence for more than 2,000 lung X-ray images, helping radiologist to detect early sign of pneumonia in COVID-19 patients
Competitive Landscape
Key Players
The “AI ML in Healthcare” study report will provide valuable insights with an emphasis on the US market including some of the key market players such as as IBM, Microsoft, Google, NVIDIA, Intel, GE Healthcare, and Johnson & Johnson
Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide an insight to the financial statements of all the major players, along with its product benchmarking and revenue analysis. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players
Notable Recent Deals
- Telehealth giant Teladoc’s acquire Livongo. The deal created a digital health behemoth that combines one of the largest telehealth companies with a platform for managing chronic conditions
Healthcare Policies and Regulatory Landscape
Policy changes and Reimbursement scenario
HIPPA Act- The major goal of the Privacy Rule is to ensure that individuals’ health information is properly protected while allowing the flow of health information needed to provide and promote high quality health care. Also, HITECH Act was created to promote and expand the adoption of health information technology, specifically, the use of electronic health records (EHRs) by healthcare providers. Also, FDA is introducing action plan for artificial intelligence/ machine learning based software as a medical device (SaMD) which will eventually help in Patient-Centered Approach Incorporating Transparency to Users
