MarketsandMarkets report published recently states that AI in the healthcare Market is projected to grow from USD 6.9 billion in 2021 to USD 67.4 billion by 2027. According to the report, the market will grow at a CAGR of 46.2% from 2021 to 2027. Increasing application of AI in the field such as patient data and risk analysis, inpatient care and hospital management, healthcare imaging and diagnostics, lifestyle management and monitoring, and virtual assistants, emergency rooms, mental health, and surgical procedures are factors that contribute to the rapid growth of the AI market. In addition, the availability of big data in healthcare and the increasing adoption of AI-based tools in the facilities are also contributing elements, according to the report. 

As per the statistics, the services segment will foresee the highest CAGR during the forecast period. Cloud services provided by big technology companies such as Microsoft and Google have a great hand in successfully deploying AI and other sophisticated algorithms. 

Machine Learning, which includes various technologies such as deep learning, supervised learning, unsupervised learning and reinforcement learning, is being implemented in healthcare to deal with large volumes of data. As a result, time is effectively utilized for data analysis rather than poring over charts and spreadsheets. The report remarked that ML technologies streamline administrative processes in hospitals, map and treat infectious diseases and personalize medical treatment. 

IncludeIntel (US), Koninklyke Philips (Netherlands), Microsoft (US), IBM (US), and Siemens Healthineers (Germany) are the key players operating in the AI in the healthcare market. The report predicts that the Europe region will create high market opportunities in the said market during the forecast period. The major factors driving the market growth in the region include the surging adoption of AI-based tools in R&D for drug discovery, government initiatives, growing EMR adoption, increasing venture capital funding, rising healthcare expenditure and growing geriatric population.