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The North America Artificial Intelligence in Healthcare Market is expected to grow from US$ 1,605.67 million in 2019 to US$ 44,056.97 million by 2027; it is estimated to grow at a CAGR of 50.1% from 2020 to 2027.
Cross-industry collaborations are fostering the development of novel machine learning models capable of predicting risk and offering cognitive support. Artificial Intelligence (AI) is increasingly being deployed in clinical trials to yield precise and valuable results. For instance, AI-powered tools like clinical decision support systems and voice recognition software are streamlining hospital workflows and enhancing medical care, ultimately improving patient experience. These cross-sector partnerships, which bridge the public, private, and nonprofit sectors, are a significant driver in corporate and societal relations. Consequently, the increasing prevalence of cross-industry partnerships is anticipated to accelerate the adoption of AI within the healthcare sector, thereby fueling North America Artificial Intelligence in Healthcare Market growth.
Market Introduction
The North America Artificial Intelligence in Healthcare Market encompasses the US, Canada, and Mexico. In 2019, the US held the largest share of this market. The market's growth in North America can be attributed to the evolving digital infrastructure within healthcare, a well-established healthcare sector, and increasing patient awareness regarding the benefits of artificial intelligence. The presence of numerous key market players is also expected to spur the growth of AI in healthcare in the North American region. Furthermore, the adoption of digital tools in healthcare operations to simultaneously improve quality and reduce costs is a significant factor augmenting the growth of the North America Artificial Intelligence in Healthcare Market in the US and other North American countries. Within North America, the US represents the largest market for AI in healthcare. This market's growth is primarily driven by the increasing adoption of precision medicine, the transformation of digital healthcare, a rising number of chronic diseases, and support from the federal government to implement digital tools in healthcare to lower costs and enhance the quality of care. The growing utilization of AI within the healthcare industry is a major factor propelling the North America artificial intelligence in healthcare market.
The COVID-19 pandemic has had a profound impact on the North America region. AI has emerged as an indispensable tool for public health experts to safeguard and inform the population about the coronavirus pandemic. Artificial intelligence (AI) is evolving into a robust tool for tracking and managing COVID-19 in the U.S. and beyond. Numerous U.S. institutions are developing cutting-edge AI technology or leveraging existing technology to diagnose, monitor, and treat the novel coronavirus. For example, HealthMap, an AI application developed by Boston Children’s Hospital, was among the first tracking tools to identify the COVID-19 outbreak. This early detection enables doctors to quickly triage patients to the appropriate level of care even before a COVID-19 diagnosis is confirmed. Similarly, Facebook AI has partnered with academic researchers and other specialists on various COVID-19-related initiatives. Moreover, in October 2020, Facebook AI launched its COVID-19 Community Help hub as a platform for people to request assistance for patients. They also introduced an innovative AI-powered matching feature to quickly and easily connect individuals offering and needing specific types of help. AI possesses immense potential for rapidly analyzing large datasets, a capability that can significantly impact situations such as a pandemic.
North America Artificial Intelligence in Healthcare Market Segmentation
North America Artificial Intelligence in Healthcare Market – By Component
Software Solution
Hardware
Services
North America Artificial Intelligence in Healthcare Market – By Application
Robot Assisted Surgery
Virtual Assistants
Administrative Workflow Assistants
Connected Machines
Diagnosis
Clinical Trials
Fraud Detection
Cybersecurity
Dosage Error Reduction
Others
North America Artificial Intelligence in Healthcare Market – By End User
Hospitals & Healthcare Providers
Patients
Pharma & Biotech Companies
Healthcare Payers
Others
North America Artificial Intelligence in Healthcare Market – By Country
US
Canada
Mexico
North America Artificial Intelligence in Healthcare Market – Company Profiles
Alphabet Inc.
Arterys Inc.
General Electric Company
Intel Corporation
Johnson and Johnson Services, Inc.
Koninklijke Philips N.V.
Microsoft Corporation
Nuance Communications, Inc.
NVIDIA CORPORATION
Siemens Healthineers AG
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About Us:
Business Market Insights is a market research platform that provides subscription service for industry and company reports. Our research team has extensive professional expertise in domains such as Electronics & Semiconductor; Aerospace & Defense; Automotive & Transportation; Energy & Power; Healthcare; Manufacturing & Construction; Food & Beverages; Chemicals & Materials; and Technology, Media, & Telecommunications.
Author’s Bio:
Suryakant Gadekar
Senior Market Research Expert at Business Market Insights
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