- The market is expected to reach US$ 107,797.82 million by 2027 from US$ 3,991.23 million in 2019; it is estimated to grow at a CAGR of 49.8% from 2020 to 2027.
- The report highlights trends prevailing in the market, and the factors driving and hindering the market growth. The growth of the artificial intelligence in healthcare market is attributed to the rising application of artificial intelligence in healthcare, growing investment in AI healthcare start-ups, and increasing cross-industry partnerships and collaborations.
- However, dearth of skilled AI workforce and imprecise regulatory guidelines for medical software is the major factor hindering the market growth.
- Based on application, the artificial intelligence in healthcare market is segmented into robot assisted surgery, virtual assistants, administrative workflow assistants, connected machines, diagnosis, clinical trials, fraud detection, cybersecurity, dosage error reduction, and others.
- The clinical trials segment held the largest market share in 2019, and the robot assisted surgery segment is estimated to register the highest CAGR during the forecast period. Rising adoption of robotic surgeries due to better surgical outcomes offer lucrative opportunities for the growth of robotic assisted surgery segment.