Software Segment of Global A.I. Healthcare Billion Dollar Market Expected to Have Fastest Growth
FN Media Group News Commentary
PALM BEACH, Fla., April 10, 2024 /PRNewswire/ — With the increase in life expectancy, people need more medical help and care. AI-enabled technologies can help people to live healthier and longer lives. Artificial Intelligence (A.I.) has a great demand in the healthcare industry. Healthcare providers turn to tech companies for expertise in adopting AI, and naturally, demand for such expertise makes competition among the latter highly intensive. A report from binariks.com projected that the global artificial intelligence in the healthcare market was valued at USD 16.3 billion in 2022 and is expected to grow at a CAGR of 40.2% to reach USD 173.55 billion by 2029. The report said: “The healthcare AI market is experiencing a remarkable and significant surge in its growth and acceptance. Here are some insights about AI and the healthcare market: North America controls the market and has a strong presence of key players; Using AI-powered medical imaging technologies is a huge trend among healthtech companies; Medical businesses continue to grow and expand, so mergers and acquisitions are becoming very common. Larger players are acquiring smaller companies to enhance their AI capabilities or extend their market coverage; The integration of AI with complementary technologies like robotics or blockchain promotes precision medicine and transforms healthcare delivery; and Generative AI-powered virtual assistants and chatbots are experiencing rising requests due to their 24/7 support opportunities.” Active tech companies in the markets this week include Treatment AI, Inc. (OTCQB: TREIF) (CSE: TRUE), Medtronic (NYSE:MDT), NVIDIA (NASDAQ: NVDA), HEALWELL AI Inc. (OTCQX: HWAIF) (TSX:AIDX), Lantern Pharma Inc. (NASDAQ: LTRN).