Market Trends of Artificial Intelligence in Healthcare Industry
This section covers the major market trends shaping the Artificial Intelligence in Healthcare Market according to our research experts:
Medical Imaging & Diagnostics To Hold Significant Share in the Market
In diagnostics, AI enables healthcare providers to make the most appropriate treatment decisions for their patients. AI can be used to identify cancer, triage crucial discoveries in medical imaging, flag acute abnormalities, assist radiologists in prioritizing life-threatening patients, diagnose cardiac arrhythmias, forecast stroke outcomes, and assist with chronic disease management.
The rise in the prevalence of chronic diseases, along with product launches by market players, drives the segment. For instance, the Cancer Facts and Figures 2022, published in January 2022 by the American Cancer Society, predicted approximately 1.9 million new cancer cases in 2022, estimating 186,670 prostate cancer cases, followed by 169,870 cases of lung cancer and 144,490 cases of female breast cancer. The increased prevalence of cancer and the high burden of other chronic diseases are, in turn, increasing the demand for accurate diagnosis and treatment. This is likely to increase the adoption of AI for early diagnosis purposes, ultimately boosting the market growth.
Incorporating AI into imaging devices may improve diagnosis, which is expected to aid market growth during the forecast period. For instance, in December 2021, Roche introduced three artificial intelligence (AI) based, deep learning image analysis Research Use Only (RUO) algorithms developed for breast cancer. Additionally, in April 2022, Arterys, the vendor-neutral AI platform, launched several new modules to its robust Cardio AI clinical application and an additional (eighth) Food and Drug Administration (FDA) AI clearance based on deep learning.
Additionally, various strategies adopted by the market players are expected to propel the segment's growth. For instance, in November 2021, LifeVoxel, based in San Diego, raised USD 5 million in a seed round to improve the data intelligence of its AI diagnostic visualization platform for faster and more accurate prognosis. Healthcare facilities employ the Software-as-a-Service (SaaS) platform for remote diagnostics in various medical specialties, including radiology, cardiology, and orthopedics.
Thus, all the aforementioned factors, such as the growing prevalence of chronic diseases and key strategies adopted by market players, are expected to boost the segment's growth over the forecast period.
North America Expected to Hold a Significant Market Share
The use of artificial intelligence in the North American healthcare market is being driven by the increasing use of advanced technology in healthcare systems, the growth in funding of AI-based startups, the rising burden of chronic diseases in the country, the growing need to reduce healthcare costs, and the implementation of big data in healthcare.
The increased adoption of big data in healthcare in the region is expected to propel the market's growth. For instance, in August 2022, the Children's Hospital of Philadelphia (CHOP) and the University of Pennsylvania School of Medicine (Penn Medicine) launched the big data-driven Penn-CHOP Kidney Innovation Center, which will support research to improve patient care for adults and children with kidney disease. Moreover, the Association of American Medical Colleges reported in August 2022 that the United States spends USD 4 trillion per year on health care. Thus, the region is facing the need to minimize healthcare costs, which can be accomplished by applying AI in healthcare, thereby enhancing market growth.
Furthermore, introducing technologically advanced products into the market is expected to propel the market's growth. For instance, in December 2021, Crawford & Company introduced Crawford Intelligent Fraud Detection. It combined human expertise and forensic analysis, joining DXC Luxoft's Financial Crimes Intelligence platform with IBM, improvising how it recognizes and manages fraudulent claims for its clients. Additionally, in June 2022, My Intelligent Machines (MIMs) launched software with artificial intelligence that has the potential to transform the way organizations prepare for oncology clinical trials or drug development.
Strategic activities of the market players are also expected to support the market's expansion. For instance, in June 2022, Insilico Medicine opened a fully automated, artificial intelligence-driven robotics lab for drug research.
Thus, all the factors mentioned above, such as the growing demand for big data in healthcare and technologically advanced product launches, are expected to boost the market over the forecast period.
