Software Solution Segment to Dominate North America Artificial Intelligence in Healthcare Market during 2019–2027

According to a new market research study on “North America Artificial Intelligence in Healthcare Market to 2027 – COVID-19 Impact and Regional Analysis and Forecast by Component, Application, and End User” is expected to reach US$ 44,057.97 million by 2027 from US$ 1,605.67 million in 2019. The market is estimated to grow at a CAGR of 50.1% from 2020 to 2027. The report provides trends prevailing in the North America artificial intelligence in healthcare market along with the drivers and restraints pertaining to the market growth. Growing usage of artificial intelligence in Healthcare Industry is the major factor driving the growth of the North America artificial intelligence in healthcare market. However, issues associated with lack of skilled AI workforce and inaccurate regulatory standards for medical Software hinders the growth of North America artificial intelligence in healthcare market.

The North America artificial intelligence in healthcare market has been segmented into component, application, and end user. In terms of component, the artificial intelligence in healthcare market is segmented into software solutions, hardware, and services. In 2019, the software solution segment held larger share of the market. Based on application, the artificial intelligence in healthcare market is segmented into robot assisted surgery, virtual assistants, administrative workflow assistants, connected machines, diagnosis, clinical trials, fraud detection, cybersecurity, dosage error reduction, and others. The clinical trials segment held the largest market share in 2019. In terms of end user, the artificial intelligence 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 in 2019.

The COVID-19 is having a very devastating impact over the North America region. AI is an indispensable tool to promote public health experts to keep people safe and notified of the coronavirus pandemic. Artificial intelligence (AI) is converting as a robust tool for tracking and handling COVID-19 in the U.S. and across. Numerous U.S. institutions are designing the latest AI technology or using established technology to diagnose, monitor, and treat the novel coronavirus. For instance, HealthMap, an AI application developed by Boston Children’s Hospital. It was one of the first tracking tools to diagnose the COVID-19 outbreak. This original discovery helps doctors quickly triage patients to the suitable level of care even before a COVID-19 diagnosis is validated. Similarly, Facebook AI is entered into a partnership with academic researchers and other specialists on various initiatives associated with COVID-19. Moreover, in October 2020, Facebook AI launched their COVID-19 Community Help hub as a source to request people to help the patients. Also, they have added an innovative AI-powered matching feature for quick and easy connection of people and offering the required type of assistance. AI has enormous potential for analyzing large quantities of data rapidly, a feature that can significantly impact a situation such as a pandemic.

Alphabet Inc.; Arterys Inc.; General Electric Company; Intel Corporation; Johnson and Johnson Services, Inc.; Koninklijke Philips N.V.; Microsoft Corporation; Nuance Communications, Inc.; NVIDIA CORPORATION; and Siemens Healthineers AG are among the leading companies in the North America artificial intelligence in healthcare market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2020, The US, Department of Defense and Philips have partnered to expand their artificial intelligence-based early warning system to monitor and contain COVID-19.

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