The global healthcare artificial intelligence (AI) market is expected to grow at a CAGR of 41.4% from 2020 to 2027 to reach $51.3 billion by 2027.
The healthcare artificial intelligence market study presents historical market data in terms of value (2019), estimated current data (2020), and forecasts for 2027 – by product & services, technology, application, and end user. The study also evaluates industry competitors and analyzes the market at regional and country level.
On the basis of product & services, the software segment is estimated to command the largest share of the healthcare artificial intelligence market in 2020. The large share of this segment is mainly attributed to the factors such as its ability to reduce operational or administrative complexity, acceleration of data analysis with high accuracy, and rise in the software launch by the medical devices and healthcare IT companies.
Further, due to the COVID-19 pandemic since November 2019, there is an expansion in the software solutions which helps the healthcare specialists to track the disease progression and recovery in COVID-19 patients thereby helping in the crisis situation.