Acumen Research and Consulting Report: Artificial Intelligence In Healthcare To Exceed $8 Billion Annually By 2026
Artificial Intelligence (AI) adoption is still at a nascent stage today, in most industries, including healthcare, that includes hospitals, pharmaceutical organizations, diagnostic centers, and clinics. But some researchers believe that AI could have far-reaching effects on healthcare by helping in the detection of diseases and continuous monitoring of the conditions.
A new report by market research firm Acumen Research and Consulting predicts that global Artificial Intelligence in healthcare market is expected to reach over $8 billion by 2026 and is expected to grow at CAGR 49.7% during the forecast period, 2019-2026. While North America commands the largest share in the global healthcare market for AI, owing to the increasing adoption and awareness about AI technologies, the Asia Pacific is seen as the fastest growing market.
On the basis of application, the market is segmented into imaging diagnostics, drug discovery, lifestyle management & monitoring, emergency room and hospital management, wearables, insights & risk analytics, virtual assistance, insurance. On the basis of technology, the market is categorized into speech recognition, natural language processing, machine learning, deep learning.
AI is already being used to detect diseases, such as cancer, more accurately and in their early stages. According to the American Cancer Society, a high proportion of mammograms yield false results, leading to 1 in 2 healthy women being told they have cancer. The use of AI is enabling review and translation of mammograms 30 times faster with 99% accuracy, reducing the need for unnecessary biopsies, the report said.
Still, researchers note, there are huge opportunities in the market and it is clear that in coming years the technology will transform the healthcare sector. It is up to the healthcare leaders to unveil the huge untapped opportunity of artificial intelligence and make a different to lives and society.