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The artificial intelligence (AI) is commonly called as machine intelligence. Artificial intelligence in healthcare deals with the resolution of complex conditions with the help of intelligent algorithms and by the analysis of present medical data. The global artificial intelligence (AI) in healthcare market size expected to reach significant growth by the end of 2026.
In the case of healthcare, artificial intelligence provides efficiency in robotic surgeries, record storing and retrieval, effective patient-physician communication, and clinical trial participant identifier amongst others. Extensive research and innovations in artificial intelligence are offering extended opportunities to utilize it in more number of healthcare activities. In November 2018, General Electric launched a newly designed AI platform, known as Edison platform, which holds the capability to manage the data generated by medical imaging as well as it will help hospitals to develop their own customized algorithms.
The growing demand for time-efficient intelligent systems with an aim to resolve complex medical conditions is expected to boost the growth of artificial intelligence in the healthcare market. Moreover, extensively increasing patient pool and rapidly growing prevalence of chronic diseases is projected to compel the healthcare institutions to adopt artificial intelligence in healthcare by 2026, which will eventually drive the growth of the artificial intelligence in the healthcare market.
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The factors such as lack of security of patient data, high cost and investments, and lack of standard guidelines are expected to hamper the growth of the global artificial intelligence market during the forecast period.
Some of the major companies that are present in the global artificial intelligence in healthcare market are;
Among the segmentation, robot-assisted surgery in application segment is expected to hold a significant share of the market during the forecast period, prominently because of higher utilization of artificial intelligence in robotic surgeries.
The global artificial intelligence (AI) in the healthcare market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America followed by Europe are the two largest markets for artificial intelligence in healthcare at present and they are expected to account for a large proportion of the market in the forecast period. Certain factors such as higher adoption, increasing integration of healthcare and information technology domain and ability of artificial intelligence to solve complex medical conditions is expected to fuel the growth of the artificial intelligence in healthcare market in North America.
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