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The global AI in the healthcare market size was valued at US$6.7 billion in 2020 and is expected to reach US$61.59 billion by 2028 at a compound annual growth rate (CAGR) of 41.8%. The impact of the COVID-19 pandemic has positively affected various healthcare-related markets, one of them being AI in healthcare. At present, AI technologies are playing a crucial role to combat the pandemic. Though the use of AI in healthcare is not a new notion, its application in the COVID-19 outbreak situation has proven its prospects in the sector. The AI tools are rapidly being used to detect and diagnose the virus and retort to the outbreak through personalized information and learning.
Further, the increase in the inflow of patient health-related digital data, growing pressure for cutting down healthcare spending, and rising demand for personalized medicine are some of the key factors aiding revenue growth in the market. The increase in the prevalence of chronic diseases in an aging population is another key factor that has raised the need to understand and diagnose diseases in their early stages. With deep learning technologies, it would become easy to predict diseases based on their historic health data.
The growing trend of increasing use of precision medicines and increasing clinical trial processes is supporting demand for and deployment of artificial intelligence in the healthcare sector. An increase in the prevalence of chronic diseases and the increasing geriatric population will contribute significantly to the growth of the market. Players in the pharmaceutical market are increasingly adopting artificial intelligence to develop novel drugs and speed up overall processes. Artificial intelligence is used in research for cancer and disease management, which has been increasing in the recent past, and this is expected to drive the growth of artificial intelligence in the healthcare market over the forecast period.
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