Artificial Intelligence (AI) in Healthcare Market Worth US$ 30.9 Billion by 2027

1. Artificial Intelligence (AI) in Healthcare Market Worth US$ 30.9 Billion by 2027 The development of Artificial Intelligence (AI) technology is helping the healthcare ecosystem to flourish. It has been witnessing a lot of transformations and growth with new technological breakthroughs in various applications such as diagnosis, advanced medical device, drug discovery, hospital management, etc. Several new research projects are being undertaken by the top technology companies and healthcare professionals. Google, Amazon, Apple, and Microsoft believe that penetrating into healthcare ecosystem can offer tremendous business opportunities. Google has collaborated with doctors in the US and has developed a new innovative algorithm that can identify diabetic retinopathy with high accuracy as checked by certified ophthalmologists. This advanced treatment has also been introduced in developing countries like India in 2019. In this technological era, companies are investing more in AI software and technology and with this, there is a drastic rise in the number of startups that cater to the market. Teckro is one of the startups that has deployed AI in clinical trial application for managing clinical trial processes across geographically dispersed teams. The company has raised more than US$ 41Mn. Blackthorn Therapeutics, a San Francisco-based start-up, is backed by Google and Polaris Partners. According to AllTheResearch estimates the AI in healthcare market size is expected to witness growth of US$ 30.9 Bn by year 2027 growing at a CAGR of 24% during 2018 to 2027. The company has developed neurobehavioral therapeutics to provide treatment for anxiety disorders and autism, and it also works on drug discovery and development using advanced data science and neuroinformatic. This enhances the drug discovery process. The company has raised US$ 130 Mn through equity funding in the year 2019. Gauss Surgical, a California-based start-up, has deployed computer vision to monitor blood loss during surgery. The company raised around US$ 20 Mn in the Series C funding in the year 2018. Thus, start-ups are actively contributing to the growth of the AI in healthcare market ecosystem. The global AI in healthcare market ecosystem was valued at US$ 6.9 billion in 2018. At present, the US is dominating the artificial intelligence in the healthcare market owing to technological advancements. Healthcare spending is the highest in the US and most healthcare technology companies belong to the US. In the UK, the National Health Service (NHS) has announced an investment of approx. US$ 300 Mn in 2020, to improve the quality of healthcare services. AI technology is rapidly growing in China. Alibaba has established a strategic partnership with the Chinese government to deploy smart healthcare solutions in every hospital by 2021. As of March 2018, more than 23,000 medical practitioners signed up with Alibaba Health to provide online health services. The Asia Pacific region is the home to more than 50% of the global population. The geriatric population in the region is expected to increase manifolds by 2050. Countries like China and Singapore have started to deploy Artificial Intelligence (AI) in healthcare industry. AI spending in Asia Pacific is expected to increase rapidly in the coming years and the healthcare industry is considered to be one of the major contributors. In the Middle East, UAE is one of the rapidly

2. growing markets for AI in healthcare. The Dubai Health Authority (DHA) has collaborated with private companies to deploy AI in hospitals. AI was tested in four major hospitals - Rashid Hospital, Latifa Hospital, Dubai Hospital, and Hatta Hospital, where more than thousands of patients were treated by using AI. These are some of the factors that are driving the overall AI in healthcare market ecosystem. To Know More @ https://www.alltheresearch.com/report/319/ai-in-healthcare-ecosystem- market