APAC healthcare AI market is estimated to attain a CAGR of 46.3% through 2026 driven by presence of large patient pool stimulating demand for better healthcare services and developing healthcare infrastructure.
Selbyville, Delaware, Jan. 19, 2021 (GLOBE NEWSWIRE) --
According to latest report “Healthcare AI Market by Application (Medical Imaging & Diagnosis, Drug Discovery, Therapy Planning, Hospital Workflow, Wearables, Virtual Assistants), Regional Outlook, Price Trends, Competitive Market Share & Forecast 2026”, by Global Market Insights, Inc., the market valuation of healthcare AI will cross $21 billion by 2026.
The utilization of telemedicine incorporated with AI has increased in order to provide services remotely to patients residing in less-developed areas with improved patient care. Big data healthcare services are also being used in the U.S. to prevent opioid abuse. Growing need to reduce fraud and enhance security in healthcare to enhance quality of care delivery is augmenting the adoption of healthcare AI services. Thus, potential to rise quality of care delivery will drive the market growth in the coming years. Furthermore, implementation of advanced technologies and streamlining of healthcare processes will enable cost-saving, thereby fueling the industry expansion.
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The virtual assistants application in the healthcare AI market is expected to witness 42.4% growth rate and is projected to reach USD 2.9 billion by 2026 owing to advantages of virtual assistants such as patient satisfaction, increased healthcare quality, patient outcome with fewer employees. Additionally, launch of novel AI powered virtual assistant solutions will further escalate the demand for healthcare artificial intelligence solutions.
Asia Pacific healthcare AI market is estimated to attain a CAGR of 46.3% till 2026 due to presence of large patient pool stimulating demand for better healthcare services and developing healthcare infrastructure. Moreover, continuous R&D activities in Japan focused on developing new artificial intelligence-based solutions will impact the market expansion. Similarly, in China, developments of big data analysis and increasing use of artificial intelligence technology in healthcare sector should boost the market revenue.
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A few notable companies operating in market include IBM Watson Health, Modernizing Medicine, NVIDIA Corporation, Sophia Genetics among others. Industry players are focusing on various strategies such as acquisitions, business expansion and novel product launches to consolidate their market presence. For instance, in May 2020, Zebra Medical Vision announced its fifth FDA 510(k) clearance for its Vertebral Compression Fractures (VCF) product. The company’s latest AI solution automatically identifies findings suggestive of compression fractures, enabling clinicians to place patients that are at risk of osteoporosis in treatment pathways to prevent potentially life-changing fracture. This strategy is anticipated to add value to their existing service portfolio, thereby strengthening their revenue growth.
Table of Contents (ToC) of the report:
Chapter 3 Healthcare AI Market Insights
3.1 Industry segmentation
3.2 Industry landscape, 2015 - 2026
3.3 Industry impact forces
3.3.1 Growth drivers
3.3.2 Industry pitfalls & challenges
3.4 COVID-19 impact analysis
3.5 Start-up scenario
3.6 Healthcare artificial intelligence projects
3.6.1 Microsoft announced new AI powered health bot project
3.6.2 iCarbonX heads consortium using artificial
3.6.3 Orbital Media develops cutting edge artificial intelligence technologies
3.6.4 Partners HealthCare and GE collaborates
3.7 Medical and technological advancements
3.8 Regulatory landscape
3.9 Growth potential chart
3.9.1 By application
3.10 Porter's analysis
3.11 Competitive landscape, 2019
3.12 PESTEL analysis
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