Report : Asia Pacific Artificial Intelligence (AI) in Healthcare Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Component (Software Solution, Hardware, and Services), Application (Robot Assisted Surgery, Virtual Assistants, Administrative Workflow Assistants, Connected Machines, Diagnosis, Clinical Trials, Fraud Detection, Cybersecurity, Dosage Error Reduction, and Others), End User (Hospitals & Healthcare Providers, Patients, Pharma & Biotech Companies, Healthcare Payers, and Others)
Hospitals & Healthcare Providers Segment Held Largest Share of End User in Asia Pacific Artificial Intelligence (AI) in Healthcare Market in 2019
According to a new market research study of ‘Asia Pacific Artificial Intelligence (AI) in Healthcare Market Forecast to 2027 - COVID-19 Impact and Regional Analysis by component, application, and end user’ the Asia Pacific Artificial intelligence (AI) in healthcare market is expected to reach US$ 17,797.42 million in 2027 from US$ 622.92 million in 2019. The market is estimated to grow with a CAGR of 50.8% from 2020-2027. The report provides trends prevailing in the Asia Pacific artificial intelligence (AI) in healthcare market and the factors driving market along with those that act as hindrances.
Based on the end user, the artificial intelligence (AI) in healthcare market is segmented into hospitals & healthcare providers, patients, pharma & biotech companies, healthcare payers, and others. The hospitals & healthcare providers segment held the largest share of the market and is expected to dominate the market share with the highest CAGR during the forecast period. The hospitals & healthcare providers segment’s market growth is expected due to the increased the adoption of artificial intelligence in hospitals and the rise in the prevalence of chronic diseases such as cancer and rare diseases and better-treating newborns with complex disorders. Advanced artificial intelligence can drastically alter how cancer is diagnosed and treated by learning to distinguish tissue imagery containing cancerous cells from pictures of healthy tissue. Such advantages offered by AI will further increase the adoption in hospitals and clinics. For instance, a team of researchers from Beth Israel Deaconess Medical Center of Harvard Medical School led by Dr. Andrew Beck showed that data analysis through deep-learning had decreased the error rate in breast cancer diagnosis by 85%.
The growth of this market is estimated to grow owing to key driving factors such as the increasing public-private investments in AI in healthcare and the burgeoning partnerships among market players. However, the market is expected experiencing slow growth during the forecast period owing to the lack of expertise in artificial intelligence professionals and non-uniform regulatory guidelines for medical software.
General Electric Company, Alphabet Inc., Intel Corporation, Koninklijke Philips N.V, Microsoft Corporation, NVIDIA CORPORATION, Nuance Communications, Inc., Siemens Healthineers AG, Arterys Inc., and Johnson and Johnson Services, Inc are among the leading companies operating in the Asia Pacific Artificial intelligence (AI) in healthcare market.
The report segments Asia Pacific Artificial Intelligence (AI) in Healthcare Market as Follows:
- Software Solution
- Robot Assisted Surgery
- Virtual Assistants
- Administrative Workflow Assistants
- Connected Machines
- Clinical Trials
- Fraud Detection
- Dosage Error Reduction
By End User
- Hospitals and Healthcare Providers
- Pharma and Biotech Companies
- Healthcare Payers
- South Korea
- Rest of Asia Pacific
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