The Middle East and Africa Artificial Intelligence (AI) in healthcare market is expected to reach US$ 5,713.28 million by 2027 from US$ 222.03 million in 2019; it is estimated to grow at a CAGR of 48.8% from 2020 to 2027. The growth of the market is attributed to the driving factors such as rising application of artificial intelligence (AI) in healthcare, growing investment in AI healthcare start-ups, and increasing cross-industry partnerships and collaborations. However, dearth of skilled AI workforce and imprecise regulatory guidelines for medical software hinder the market growth.
Artificial intelligence (AI) in healthcare sector is intended to considerably change clinicians’ roles and everyday practices by accomplishing and analyzing data, make decisions, and conduct discussions.AI application in healthcare is getting progressively sophisticated, efficient, and quicker at a lower cost.
Owing to the tremendous potential of AI and robotics in healthcare sector, they are gradually becoming a major part of the healthcare ecosystem.According to a CB Insights Report in 2020, ~86% of the healthcare providers, life science companies, and technology vendors depend on artificial intelligence technologies.
Several healthcare providers are starting to offload certain parts of the care-pathways to artificial intelligence (AI) based automation.Also, numerous start-ups are developing AI-driven imaging and diagnostic solutions that are accountable for the growth of the market.
Artificial Intelligence (AI) is applied to aid cancer diagnosis and prognosis, imaging systems, and help reorganize the drug discovery and drug repurposing procedures. Therefore, a significant increase in the number of artificial intelligence start-ups in the healthcare sector is anticipated to positively influence the market growth during the forecast period.
The socio-economic condition of countries in the Middle East are widely affected by the COVID–19 pandemic.The UAE has employed artificial intelligence and smart solutions to battle the spread of COVID-19.
For instance, in February 2021, two UAE-based health companies entered a partnership with Canada’s Laipac Technology to launch the world’s first artificial intelligence (AI)-powered rapid COVID-19 antigen test. However, it is expected that until the availability of vaccines in the regional governments, the challenges are supposed to continue for the market.
Based on component, the Middle East and Africa Artificial Intelligence (AI) in healthcare market is segmented into software solution, hardware, and services. The software solution segment held the largest share of the market in 2019 and is anticipated to register the highest CAGR in the market during the forecast period.
Based on application, the Middle East and Africa Artificial Intelligence (AI) in healthcare market is segmented into robot assisted surgery, virtual assistants, administrative workflow assistants, connected machines, diagnosis, clinical trials, fraud detection, cybersecurity, dosage error reduction, and others. The clinical trials segment held the largest share of the market in 2019 and is anticipated to register the highest CAGR in the market during the forecast period.
Based on end user, the Middle East and Africa artificial Intelligence (AI) in healthcare market has been segmented into hospitals & healthcare providers, patients, pharma & biotech companies, healthcare payers, and others. The hospitals & healthcare providers segment held the largest share of the market in 2019 and is estimated to register the highest CAGR in the market during the forecast period.
A few of the primary and secondary sources associated with this report on the Middle East and Africa Artificial Intelligence (AI) in healthcare market are King Abdullah University of Science and Technology (KAUST), National Center for Biotechnology Information (NCBI), and Department of Statistics South Africa (Stats SA).
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