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CHICAGO, Dec. 1, 2021 /PRNewswire/ -- In-depth analysis and data-driven insights on the impact of COVID-19 included in this global healthcare artificial intelligence (AI) market report.

The healthcare artificial intelligence (AI) market is expected to grow at a CAGR of over 46.21% during the period 20202026.

Key Highlights Offered in the Report:

1. Software & services in healthcare AI is expected to witness high growth rate due to the evolution in digital health technologies such as EMR/EHR, telehealth, e-prescribing in healthcare services. The software and services segment accounted for 73.92% of healthcare AI market share in 2020.

2. Artificial intelligence in drug discovery and clinical decision-making leads to new path of speedy workflow in pharmaceutical drug & dosage management. This emerging trend of advancements in drug discovery is incorporated widely as it is cost and time efficient.

3. The growth and acceptance of AI in hospital workflow management witnessed streamlined and efficient patient care offered by the healthcare facilities. Hospital workflow management accounted for 38.41% of healthcare AI market in 2020 and expected to retain its market dominance in coming years.

4. North America captured a dominant position in the market and generated maximum revenue in compared to rest. Additionally, Europe and APAC are likely to see the top line growth in adoption of AI and healthcare information technology solutions in healthcare facilities.

5. Vendors from the market are rising the investment in digital solutions for healthcare. In recent years, the number of collaborations between IT companies and healthcare providers have been made to adopt new technologies and incorporating to better outcomes.

6. Machine learning is widely applied in and adopted in the healthcare services because of its algorithmic more accurate results. In application segment machine learning accounted a major share of 41.16% of healthcare AI market in 2020.

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Healthcare Artificial Intelligence (AI) Market Segmentation

Healthcare Artificial Intelligence (AI) Market by Category

Healthcare Artificial Intelligence (AI) Market by Application

Healthcare Artificial Intelligence (AI) Market by Technology

Healthcare Artificial Intelligence (AI) Market by End-users

Healthcare Artificial Intelligence (AI) Market Dynamics

Global key vendors from the pharmaceutical and biotech industry, such as Amgen, BASF, LEO, Eli Lilly, AstraZeneca, Bayer, Novartis, J&J, and Merck, are now a part of machine learning for pharmaceutical discovery. These vendors are making remarkable growth as AI-driven solutions are easy for the user interface and are creating analytical bookmarks on key drivers in sales to determine investments. For example, the collaboration of GSK with Exscientia identified a small compound for targeted therapeutics and its characteristics toward the specific target using AI platforms. Gilead Sciences and Insitro partnered to research on non-alcoholic steatohepatitis patients. Using machine learning and human genetics, Insitro identified discovery & development in therapeutics.

Key Drivers and Trends fueling Market Growth:

Healthcare Artificial Intelligence (AI) Market Geography

North America captured a dominant position in healthcare artificial intelligence (AI). The presence of a large patient population, coupled with better adoption of digital healthcare with the latest advancements in artificial intelligence (AI), is the primary factor for its high market share. The strong presence of key healthcare IT players is also another reason for the high uptake of healthcare artificial intelligence (AI) in North America. The rise in the adoption of AI technologies in drug discovery & development and patient-centric treatment procedures are expected to drive the market growth during the forecast period. New artificial intelligence (AI) technologies can help companies create more value for their patients and communities by turning time-consuming, labor-intensive, and often ineffective functions into actionable insights for better results. Forward-thinking hospital and healthcare system executives view AI as the most effective path to a more productive, efficient, and better performing healthcare organization.

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Healthcare Artificial Intelligence (AI) Market by Geography

Major Vendors

Other Prominent Vendors

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Healthcare Artificial Intelligence (AI) Market Size to Reach Revenues of USD 44.5 Billion by 2026 - Arizton - PRNewswire