The software solution segment by component is estimated to lead the market growth during the forecast period

According to a new market research study of “Middle East and Africa Artificial Intelligence (AI) in Healthcare Market Forecast to 2027 - COVID-19 Impact and Regional Analysis by Component, Application, End User and Country.” The Middle East and Africa Artificial Intelligence (AI) in healthcare market is expected to reach US$ 5,713.28 million by 2027 from US$ 222.03 million in 2019; it is estimated to grow at a CAGR of 48.8% from 2020 to 2027. The report highlights trends prevailing in the Middle East and Africa Artificial Intelligence (AI) in Healthcare Market and the factors driving market along with those that act as hindrances.

Based on component, the Middle East and Africa Artificial Intelligence (AI) in healthcare market is segmented into software solution, hardware, and services. The software solution segment held the largest share of the market in 2019 and is anticipated to register the highest CAGR in the market during the forecast period. Artificial intelligence (AI) in healthcare sector is intended to considerably change clinicians' roles and everyday practices by accomplishing and analyzing data, make decisions, and conduct discussions. AI application in healthcare is getting progressively sophisticated, efficient, and quicker at a lower cost. Owing to the tremendous potential of AI and robotics in healthcare sector, they are gradually becoming a major part of the healthcare ecosystem. According to a CB Insights Report in 2020, ~86% of the healthcare providers, life science companies, and technology vendors depend on artificial intelligence technologies. Several healthcare providers are starting to offload certain parts of the care-pathways to artificial intelligence (AI) based automation. Also, numerous start-ups are developing AI-driven imaging and diagnostic solutions that are accountable for the growth of the market. Artificial Intelligence (AI) is applied to aid cancer diagnosis and prognosis, imaging systems, and help reorganize the drug discovery and drug repurposing procedures. Therefore, a significant increase in the number of artificial intelligence start-ups in the healthcare sector is anticipated to positively influence the market growth during the forecast period.

The growth of the market is attributed to the driving factors such as rising application of artificial intelligence (AI) in healthcare, growing investment in AI healthcare start-ups, and increasing cross-industry partnerships and collaborations. However, dearth of skilled AI workforce and imprecise regulatory guidelines for medical software hinder the market growth.

General Electric Company, Intel Corporation and Koninklijke Philips N.V are among the leading companies operating in the Middle East and Africa Artificial Intelligence (AI) in healthcare market.

The report segments Middle East and Africa Artificial Intelligence (AI) in healthcare market as follows:

By Component

• Software Solution
• Hardware
• Services

By Application

• Robot Assisted Surgery
• Virtual Assistants
• Administrative Workflow Assistants
• Connected Machines
• Diagnosis
• Clinical Trials
• Fraud Detection
• Cybersecurity
• Dosage Error Reduction
• Others

By End User

• Hospitals and Healthcare Providers
• Patients
• Pharma and Biotech Companies
• Healthcare Payers
• Others

By Country

• UAE
• Saudi Arabia
• South Africa
• Rest of Middle East and Africa