- The major factors driving the growth of the market are the increasing volume of healthcare data and growing complexities of datasets
- AI in healthcare market for machine learning projected to grow at highest CAGR during forecast period
AI in healthcare market is projected to grow at a CAGR of 44.9 per cent from 2020 to 2026 as per a report by Reportlinker. It will stand at $ 4.9 billion in 2020 and reach $ 45. 2 billion by 2026.
The major factors driving the growth of the market are the increasing volume of healthcare data and growing complexities of datasets, the need to reduce high healthcare costs, improving computing power and declining hardware costs. The report also said that growing number of cross-industry partnerships and collaborations, and rising imbalance between health workforce and patient are pushing for the need for improvised healthcare services.
Pharmaceutical and biotechnology companies
As per the report, a big factor for the growth is the adoption of this technology by multiple pharmaceutical and biotechnology companies globally to expedite vaccine or drug development processes for COVID-19. It added that a major restraint for the market is the reluctance among medical practitioners to adopt AI-based technologies and lack of a skilled workforce.
The report added that Microprocessing Unit (MPU) processor segment expected to hold largest share in AI in healthcare in 2020. It said, “An MPU contains all or most of the CPU functions and is the engine that goes into motion when the computer is on.A microprocessor is specially designed to perform arithmetic and logic operations that use small number-holding areas called registers.”
Typical microprocessor operations include adding, subtracting, comparing two numbers, and fetching numbers. They are a result of a set of instructions that are part of the microprocessor design.
AI in healthcare market for machine learning projected to grow at highest CAGR
The report also said that AI in healthcare market for machine learning projected to grow at highest CAGR during forecast period. It added that the growing adoption of deep learning in various healthcare applications, especially in the areas of medical imaging, disease diagnostics, and drug discovery, and the use of different sensors and devices to track a patient’s health status in real time are helping in the growth of the market.