According to Report, the Artificial Intelligence In Healthcare market is expected to grow at a CAGR of 45.10% during forecast period 2022 to 2030 and is projected to reach around US$ 40.10 billion by 2030.
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|Market Size||US$ 40.10 brillion by 2030|
|Growth Rate||CAGR of 45.10% From 2021 to 2030|
|Forecast Period||2021 to 2030|
|Segments Covered||Component, Applicaion|
|Regional Scope||North America, Europe, Asia Pacific, Latin America, Middle East & Africa|
The rising demand to reduce healthcare costs, increasing adoption of precision medicine, growing importance of big data in healthcare, and declining hardware costs are some factors propelling adoption of AI technology in healthcare industry. Moreover, rise in potential applications of AI-based tools in medical care and growth in venture capital investments are anticipated to aid growth over the forecast period.
Rise in the number of cross-industry collaborations is anticipated to fuel growth. For instance, in March 2020,Microsoft announced partnership with Apollo Hospitals, one of the prominent healthcare systems in India. The partnership was focused on developing and deploying new machine learning models for predicting the risk of developing cardiac diseases and aid doctors in treatment planning. Increase in venture capital funding is a key factor propelling growth of AI start-ups, which is further contributing to market growth.
The adoption of AI in healthcare is increasing, as healthcare providers are focused on enhancing patient care further. The adoption of this technology in healthcare has various benefits, both patients and healthcare providers. AI enables personalized care, based on body constitution and past medical history. Moreover, the shortage of physicians in some countries is anticipated to increase demand for AI in healthcare.