Thank you for Subscribing to Life Science Review Weekly Brief
AI technologies are currently playing a critical role in combating the pandemic. Though the use of AI in healthcare is not a novel concept, its application in the COVID-19 outbreak situation has demonstrated its potential in the industry.
Fremont, CA: The global AI in healthcare market was valued at US$6.7 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 41.8 percent to US$61.59 billion by 2028. The COVID-19 pandemic has had a positive impact on a variety of healthcare-related markets, one of which is AI in healthcare. AI technologies are currently playing a critical role in combating the pandemic. Though the use of AI in healthcare is not a novel concept, its application in the COVID-19 outbreak situation has demonstrated its potential in the industry. Through personalised information and learning, AI tools are rapidly being used to detect and diagnose the virus and respond to the outbreak.
Furthermore, an increase in the inflow of patient health-related digital data, increasing pressure to reduce healthcare spending,
and rising demand for personalised medicine are some of the key factors assisting market revenue growth. Another important factor driving the need to understand and diagnose diseases in their early stages is the rise in the prevalence of chronic diseases in an ageing population. Deep learning technologies would make it possible to predict diseases based on historical health data.
The increasing use of precision medicines and the expansion of clinical trial processes are driving demand for and deployment of artificial intelligence in the healthcare sector. The rising prevalence of chronic diseases, as well as the growing geriatric population, will both contribute significantly to the market's expansion. Artificial intelligence is increasingly being used by pharmaceutical companies to develop new drugs and accelerate overall processes. Artificial intelligence is increasingly being used in cancer and disease management research, which is expected to boost the growth of artificial intelligence in the healthcare market over the forecast period.