AI in Healthcare Market Will Increase at a Substantial CAGR of 38.4% by 2030: nForming Solutions

PUNE, India - July 18, 2023 - PRLog -- AI in Healthcare Market Definition

Healthcare and biopharmaceutical companies are currently initiating clinical trials that employ generative artificial intelligence (AI) to augment the process of drug discovery and development. In June 2023, Insilico Medicine, a biotechnology startup headquartered in Hong Kong and backed by over $400 million in funding, successfully developed a pharmaceutical product aimed at addressing idiopathic pulmonary fibrosis, a persistent respiratory condition. Exscientia, BenevolentAI, BPGbio, Deep Genomics, Recursion, and Moderna are among the prominent companies at the forefront of AI drug discovery.

The healthcare market has witnessed significant advancements in Generative AI, which are outlined below:

• In April 2023, Microsoft Corp. and Epic made an announcement regarding the expansion of their established strategic collaboration. The objective of this expansion is to incorporate generative AI into the healthcare sector by leveraging the capabilities of Azure OpenAI Service1 and integrating it with Epic's renowned electronic health record (EHR) software.

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Quickly Growing Adoption of Medical Chatbots and Virtual Assistants

An emerging AI application in the healthcare industry involves the utilization of AI-powered medical chatbots and virtual assistants, which are experiencing rapid growth. The utilization of medical chatbots and virtual assistants has experienced a surge in popularity, primarily attributed to their capacity to promptly deliver healthcare information. This is particularly valuable in scenarios where individuals may encounter challenges in accessing healthcare professionals immediately or outside of regular office hours. They have the ability to assist in reducing the workload on healthcare hotlines and offer advice on self-care for minor ailments.

AI in Healthcare Market Top Players:

IBM, Microsoft Corporation, NVIDIA Corporation, DeepMind Technologies Limited, Fabric Genomics, Inc., Intel Corporation, Koninklijke Philips, Siemens Healthineers, Google, Sophia Genetics SA, Amazon Web Services, BenevolentAI Limited., CloudmedX

AI in healthcare market investments

The healthcare AI sector in the United States is projected to experience significant growth, with investments expected to increase from $5 billion in 2020 to over $45 billion by 2026. This expansion has garnered attention from the venture capital markets. In the first quarter of 2021, venture capitalists in the United States allocated a total of $2.5 billion in funding to 111 healthcare artificial intelligence startups. This figure signifies a noteworthy 140% growth rate when compared to the previous year. (Click here for Source)