North America Artificial Intelligence in Healthcare Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Component, Application, and End User

The artificial intelligence in healthcare market in North America is expected to grow from US$ 1,605.67 million in 2019 to US$ 44,056.97 million by 2027; it is estimated to grow at a CAGR of 50.1% from 2020 to 2027.

As Artificial Intelligence is among the most important technological developments in healthcare sector, numerous startups are developing AI-driven imaging and diagnostic solutions that are accountable for the growth of the market. The US is evolving as a popular hub for healthcare innovations. Several start-ups, such as PathAI, Caption Health, Paige, and Zebra Medical Vision, have appeared in the last few years to automate the analysis of medical images. The COVID-19 outbreak has significantly promoted the implementation of remote health check-ups using digital tools, delivering clinical services to patients over distance rather than in-person. As per the data of McKinsey, ~US$ 250 billion of healthcare spending will be virtualized shortly in the US alone. Moreover, as per the data of ABI Research, in 2019, the US headed in AI venture capital investment with almost 220 deals and a total funding of around US$16 billion. Therefore, a significant increase in the number of artificial intelligence startups in the healthcare sector is anticipated to positively influence the North America market growth during the forecast period. Additionally, growing usage of artificial intelligence in healthcare industry is among the other factors expected to fuel the demand for artificial intelligence in healthcare in North America.

Based on component, the software solution segment led the North America artificial intelligence in healthcare market in 2019. AI automation in healthcare is developing predicting outcomes, diagnostics, and streamlining personalized care. OSP allows highly customized AI-driven clinical decision support systems that support providers in making better clinical decisions and delivering better patient outcomes. AI capabilities such as machine learning, computer vision, optimization & forecasting, etc., in the healthcare industry. It enables physicians to do precise diagnostics, which determines some of the vital health care challenges. The integration of artificial intelligence in healthcare can automate various tasks and drive productivity. The software solutions offer population health management, healthcare analytics, practice management, risk adjustment, CDSS, disease identification and control, patient education, clinical decision support, and drug-drug and drug-disease interaction. The artificial intelligence healthcare solutions help to sift through massive amounts of healthcare data to optimize performance, drive productivity, and enhance the use of existing resources. The tailored healthcare informatics solutions, based on artificial intelligence, discuss single or multiple care delivery situations, such as predictive and assistive care, home care, preventive care, hospital management care delivery, and occupational health. Thus, the factors mentioned above are due to the increase in artificial intelligence in the software solution's healthcare market.

The COVID-19 is having a very devastating impact over the North America region. AI is an indispensable tool to promote public health experts to keep people safe and notified of the coronavirus pandemic. Artificial intelligence (AI) is converting as a robust tool for tracking and handling COVID-19 in the U.S. and across. Numerous U.S. institutions are designing the latest AI technology or using established technology to diagnose, monitor, and treat the novel coronavirus. For instance, HealthMap, an AI application developed by Boston Children’s Hospital. It was one of the first tracking tools to diagnose the COVID-19 outbreak. This original discovery helps doctors quickly triage patients to the suitable level of care even before a COVID-19 diagnosis is validated. Similarly, Facebook AI is entered into a partnership with academic researchers and other specialists on various initiatives associated with COVID-19. Moreover, in October 2020, Facebook AI launched their COVID-19 Community Help hub as a source to request people to help the patients. Also, they have added an innovative AI-powered matching feature for quick and easy connection of people and offering the required type of assistance. AI has enormous potential for analyzing large quantities of data rapidly, a feature that can significantly impact a situation such as a pandemic.

The overall North America artificial intelligence in healthcare market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining an overview and forecast for the North America artificial intelligence in healthcare market with respect to all the segments pertaining to the region. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants who typically take part in such a process include industry experts, such as VPs, business development managers, market intelligence managers, and national sales managers along with external consultants, such as valuation experts, research analysts, and key opinion leaders specializing in the North America artificial intelligence in healthcare market. Alphabet Inc.; Arterys Inc.; General Electric Company; Intel Corporation; Johnson and Johnson Services, Inc.; Koninklijke Philips N.V.; Microsoft Corporation; Nuance Communications, Inc.; NVIDIA CORPORATION; and Siemens Healthineers AG are among the key players operating in the North America artificial intelligence in healthcare market.