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Global Artificial Intelligence in Healthcare Market Report 2023: Growing Potential of AI-based Tools for Elderly Care Presents Opportunities

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Dublin, Feb. 22, 2023 (GLOBE NEWSWIRE) — The “Global Artificial Intelligence in Healthcare Market by Offering (Hardware, Software, Services), Technology (Machine Learning, NLP, Context-aware Computing, Computer Vision), Application, End User and Region – Forecast to 2028” report has been added to ResearchAndMarkets.com’s offering.

The AI in Healthcare Market is projected to grow from USD 14.6 Billion in 2023 to USD 102.7 Billion by 2028; it is expected to grow at a CAGR of 47.6% during the forecast period. Increasing requirements of improvised healthcare services due to the imbalance between the healthcare workforce and patients will propel the growth opportunities for AI in Healthcare providers.

Increasing focus on developing human-aware AI systems will boost the market growth. The lack of a skilled AI workforce and ambiguous regulatory guidelines for medical software will restrain market growth.

Market for services to grow at higher CAGR during forecast period

Installation services allow the software to be integrated with the analytics side to enable data retrieval and generate desired results through computation. Using computer systems for AI increases the amount of work involved in the installation. For instance, IBM Watson Health, an AI system that requires installation. Before the installation, the system’s requirements are checked, such as OS compatibility, necessary software, adequate memory, and hard disk space. IBM provides a separate installation program for the ICA studio, which is used to create and deploy custom text analytics for Watson Content Analytics applications.

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Market for deep learning in machine learning segment to hold for the majority of share in 2028

Deep learning is a class of machine learning based on multiple algorithms for creating relationships among data. Deep learning uses artificial neural networks to learn multiple levels of data, such as texts, images, and sounds. Its algorithms help in identifying patterns from a set of unstructured data.

Deep learning technology is used in voice recognition, fraud detection, voice search, recommendation engines, sentiment analysis, image recognition, and motion detection, among others. Imaging, diagnostics, and drug discovery are among the applications using deep learning. There is a need for advanced technologies to read and interpret images (X-rays, MRIs, and CT scans) and blood and tissue reports, and provide an accurate and quick diagnosis for critical ailments (e.g., tumors and cancers).

Market for patients to grow at highest CAGR during forecast period

The popularity of AI-based solutions is increasing among patients. ML, cognitive computing, NLP, Context-aware Computing, and computer vision are increasingly being used in smartphones and homecare systems; with the rapid evolution of these technologies, their adoption is further estimated to increase. Various smartphone apps offer medical AI consultations based on personal medical history and common medical knowledge. These apps help identify a patient’s lifestyle, mental health, and other biomedical parameters to improve their health. Moreover, these apps enhance the efficiency of diagnosing patients while sparing the patient long waiting hours in a doctor’s clinic.

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North America to hold for the majority of share among AI in Healthcare market during the forecast period

Improvements in cloud computing platforms, which are now more efficient, affordable, and capable of processing complex information, have led to the growth of inexpensive software development tools and vast data sets that play a vital role in the development of AI technology. The US recorded the highest healthcare expenditure of 18.1% of the total gross domestic product (GDP) in 2020. The healthcare spending of the country has doubled in the last three decades. This, in turn, is creating a conducive environment for market growth.

Market Dynamics

Drivers

  • Generation of Large and Complex Healthcare Datasets
  • Pressing Need to Reduce Healthcare Costs
  • Improving Computing Power and Declining Hardware Cost
  • Rising Number of Partnerships and Collaborations Among Different Domains in Healthcare Sector
  • Growing Need for Improvised Healthcare Services due to Imbalance Between Healthcare Workforce and Patients

Restraints

  • Reluctance Among Medical Practitioners to Adopt AI-based Technologies
  • Lack of Skilled AI Workforce and Ambiguous Regulatory Guidelines for Medical Software

Opportunities

  • Growing Potential of AI-based Tools for Elderly Care
  • Increasing Focus on Developing Human-Aware AI Systems
  • Rising Potential of AI Technology in Genomics, Drug Discovery, and Imaging & Diagnostics

Challenges

  • Lack of Curated Healthcare Data
  • Concerns Regarding Data Privacy
  • Lack of Interoperability Between AI Solutions Offered by Different Vendors
Report Attribute Details
No. of Pages 292
Forecast Period 2023 – 2028
Estimated Market Value (USD) in 2023 $14.6 Billion
Forecasted Market Value (USD) by 2028 $102.7 Billion
Compound Annual Growth Rate 47.6%
Regions Covered Global

Key Topics Covered:

1 Introduction

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2 Research Methodology

3 Executive Summary

4 Premium Insights

5 Market Overview

6 Artificial Intelligence in Healthcare Market, by Offering
6.1 Introduction
6.2 Hardware
6.2.1 Processor
6.2.2 Memory
6.2.3 Network
6.3 Software
6.3.1 AI Solution
6.3.2 AI Platform
6.4 Services

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7 Artificial Intelligence in Healthcare Market, by Technology
7.1 Introduction
7.2 Machine Learning
7.2.1 Deep Learning
7.2.2 Supervised Learning
7.2.3 Reinforcement Learning
7.2.4 Unsupervised Learning
7.2.5 Others
7.3 Natural Language Processing
7.4 Context-Aware Computing
7.5 Computer Vision

8 Artificial Intelligence in Healthcare Market, by Application
8.1 Introduction
8.2 Patient Data & Risk Analysis
8.3 In-Patient Care & Hospital Management
8.4 Medical Imaging & Diagnostics
8.5 Lifestyle Management & Remote Patient Monitoring
8.6 Virtual Assistants
8.7 Drug Discovery
8.8 Research
8.9 Healthcare Assistance Robots
8.10 Precision Medicine
8.11 Emergency Room & Surgery
8.12 Wearables
8.13 Mental Health
8.14 Cybersecurity

9 Artificial Intelligence in Healthcare Market, by End-user
9.1 Introduction
9.2 Hospitals and Healthcare Providers
9.3 Patients
9.4 Pharmaceuticals & Biotechnology Companies
9.5 Healthcare Payers
9.6 Others

10 Artificial Intelligence in Healthcare Market, by Region

11 Competitive Landscape

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12 Company Profiles

13 Appendix

Companies Mentioned

  • Amazon Web Services (Aws)
  • Arterys Inc.
  • Atomwise
  • Babylon Health
  • Biobeat
  • Cloudmedx
  • Cota
  • Desktop Genetics
  • Enlitic
  • Fdna Inc.
  • General Electric Company
  • General Vision
  • Ginger
  • Google Inc.
  • Intel Corporation
  • Johnson & Johnson Services, Inc.
  • Koninklijke Philips N.V.
  • Lunit Inc.
  • Mdlive (Evernorth Group)
  • Medtronic
  • Merative
  • Micron Technology, Inc.
  • Microsoft
  • Nvidia Corporation
  • Oncora Medical
  • Qure.AI
  • Qventus
  • Recursion
  • Siemens Healthineers
  • Sirona Medical, Inc.
  • Stryker
  • Virgin Pulse

For more information about this report visit https://www.researchandmarkets.com/r/mqid9z-artificial?w=12

About ResearchAndMarkets.com
ResearchAndMarkets.com is the world’s leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.

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Artificial Intelligence

Aero Design Labs receives U.S. and EASA approval for updated Boeing 737-800 drag reduction kit

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FORT WORTH, Texas, Sept. 30, 2024 /PRNewswire/ — Aero Design Labs (ADL) today announced it has received a Supplementary Type Certificate (STC) from the Federal Aviation Administration (FAA) and European Union Aviation Safety Agency (EASA) approval for its enhanced Boeing 737-800 drag reduction kit 2.0.

“We are delighted to introduce our next generation of the drag reduction kit, which we are referring to as ‘ADL Kit 2.0′,” said Jeff Martin, ADL President and CEO. “The ADL team has once again demonstrated its expertise and commitment to aviation carbon reduction through its continued improvement process. ADL’s next generation Kit 2.0 is an evolution from our original designs, meeting the stringent requirements based on valuable feedback from our launch partners. With our new EASA approval, we can now offer our carbon reduction kits to new EU airline customers.”
The ADL Kit 2.0 captures new benefits, and significantly reduces the installation time, delivering reduced out-of-service time for the conversion while generating meaningful fuel savings and reduced carbon emissions across the popular Boeing 737-800 variant. Based on feedback from airline partners, it is anticipated that a kit can be installed overnight, minimizing critical out-of-service time for the airlines.
“Having served as an airline operational executive, I understand the need for airlines to reduce their carbon footprint, save fuel and minimize aircraft out-of-service time for the modification,” said David Campbell, ADL Chief Operating Officer. “ADL Kit 2.0 offers better economics and a shorter payback period, assisting airlines with fuel savings and carbon reduction including their IATA CORSIA carbon reduction pledges.”
“On behalf of the team at ADL, we thank ALOFT AeroArchitects, NORDAM, AAR Corp, and the many airline partners who have assisted us on this journey”, concluded Jeff Martin. “Their feedback and contributions to our engineering efforts and joint commitments to reducing aviation carbon emissions are invaluable.”
About Aero Design Labs L.L.C.
Founded in 2015, Aero Design Labs (ADL) leads the way in the research, development and installation of drag reduction systems for airline fleets globally. ADL modifications to airlines’ existing fleets can result in fuel savings, extend fleet longevity and the potential for billions of pounds of CO2 to be prevented from entering the atmosphere. 
Media inquiries: Richard Bartrem [email protected]
Sales inquiries: David Campbell [email protected]
Logo – https://mma.prnewswire.com/media/2519564/Aero_Design_Labs_Logo_Logo.jpg 

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Artificial Intelligence

DocPro Limited Announces the Launch of DocLegal.ai

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Affordable AI-Powered Legal Solutions
HONG KONG, Sept. 30, 2024 /PRNewswire/ — DocPro Limited, a leading innovator in legal technology, has launched DocLegal.ai, a new platform designed to provide AI-powered legal assistance at an unbeatable price—less than the price of your daily coffee.

DocLegal.ai is a platform that consolidates legal document creation, editing, and review into a single interface. The platform offers the following features:
Custom Document Creation: Users can describe their scenario and receive a tailored legal document.Document Review and Editing: The AI assistant can edit, review, summarize documents, suggest clauses, and highlight potential risks.The platform is designed to provide affordable legal services to small businesses and individuals. It also aims to streamline workflows and automate routine tasks for legal professionals, enabling them to focus on high-value activities.
DocPro Limited has leveraged its experience with DocPro.com, which serves over 50,000 users globally, to develop DocLegal.ai. The company is a graduate of the Cyberport Incubation Program and is currently part of the HKSTP Incubation Program and Google for Startups Cloud Program.
As part of its soft launch, DocLegal.ai is offering exclusive access to the first 500 users for only $2.50  per document. Interested parties can Visit the DocLegal.ai website to sign up.
About DocPro Limited
Founded in 2020, DocPro Limited is a leader in the legal tech space, committed to enhancing the delivery of legal services through innovative AI-powered solutions. With platforms like DocPro.com and DocLegal.ai, DocPro empowers users to create and manage legal documents with unparalleled efficiency and precision. For more information, visit DocLegal.ai.
DocLegal.ai is poised to become an indispensable tool for anyone seeking reliable, efficient, and affordable legal documentation, reinforcing DocPro’s position as a pioneer in legal technology.
Media Enquiries: 
Kim [email protected]

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Amagi and Phenix Partner to Bring Next-Gen Low Latency and Seamless Ad Insertion for the Ultimate Viewer Experience

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Bitmovin Complements the Partnership With Its New Player Web X, Guaranteeing Seamless, Crystal-Clear Video Playback
NEW YORK, Sept. 30, 2024 /PRNewswire/ — Amagi, a global leader in cloud-based SaaS technology for broadcast and connected TV (CTV), today announced a partnership with Phenix Real Time Solutions to deliver next-generation FAST (free ad-supported streaming TV) and live events with the lowest latency available in the streaming marketplace. Amagi and Phenix will provide a complete turnkey solution for content owners to achieve real-time streaming with subsecond latency and server-side ad insertion (SSAI). By combining automation, scheduling, real-time streaming, and ad monetization, streaming customers can now deliver a “see it here first” experience, eliminate spoilers from social media, and provide a best-in-class viewing experience for their audiences.

Bitmovin adds a unique element to the mix by ensuring effortless, smooth playback on any browser, regardless of the device. Bitmovin’s open-source plugin system makes integration easy and provides the tools to maintain high-quality playback. The latest update also includes compatibility with Phenix Real-Time SSAI, combining flawless playback with real-time ad insertion.
The direct integration with Phenix now enables Amagi to output content from its Amagi CLOUDPORT automated scheduling and playout system into Phenix’s globally distributed real-time streaming network of over 34 points of presence for real-time delivery to viewers with subsecond latency. Further integration between Amagi’s Ad Tech platform and Phenix’s real-time SSAI capabilities facilitates dynamic and personalized ads while maintaining real-time playback and full compatibility with Bitmovin.
Bill Wishon, Phenix’s Chief Product Officer, stated, “Amagi has established itself as the foremost authority on FAST channel delivery. As a cloud-first company, Amagi has built itself into a pioneer in cloud technology for broadcasting and OTT. We are thrilled to join forces with them in delivering these innovative solutions.”
“Working with Phenix, the leader in real-time, scalable streaming delivery, allows Amagi to offer clients a full solution, including the industry’s first server-side ad insertion in real time. We can’t wait to see how customers deploy these workflows for next-generation OTT streaming,” said Richard Perkett, Chief Product Officer at Amagi.
Amagi provides a complete suite of channel creation, distribution, and monetization solutions. The company’s clients include some of the world’s biggest names, including A+E Networks UK, ABS-CBN, Astro, Cox Media Group, DAZN, Globo, Lionsgate Studio, NBCUniversal, Tastemade, and VIZIO.
Representatives from all the companies will be attending Amagi’s LA FAST 2024 conference on Oct. 1. More information is available at www.amagi.com/events/la-fast.
About Amagi
Amagi is a next-generation media technology company that provides cloud broadcast and targeted advertising solutions to broadcast TV and streaming TV platforms. Amagi enables content owners to launch, distribute, and monetize live linear channels on Free Ad-supported Streaming TV and video services platforms. Amagi also offers 24×7 cloud-managed services bringing simplicity, advanced automation, and transparency to the entire broadcast operations. Overall, Amagi supports 800+ content brands, 800+ playout chains, and over 5,000+ channel deliveries on its platform in over 150 countries. Amagi has a presence in New York, Los Angeles, Toronto, Mexico City, London, Paris, Sydney, Seoul, and Singapore, broadcast operations in New Delhi, and innovation centers in Bengaluru, Zagreb, and Łódź.
About Phenix
As the leader in delivering interactive video at scale, Phenix powers innovative digital experiences that drive acquisition, engagement and retention for some of the world’s biggest brands. Its patented technology is essential for delivering content in real-time that engages audiences with interactive experiences and generates revenue for sportsbooks, sports and gaming properties as well as broadcasters with real-time video streaming to global audiences at broadcast scale. Trusted with streaming video for world-class events like The Oscars, Cheltenham Festival and the Super Bowl, Phenix brings proven experience delivering video to mass audiences for the world’s largest events.
Phenix is headquartered in Chicago, Illinois, with offices in California and Europe. More information is available on the Phenix website or follow them on Twitter and LinkedIn.
About Bitmovin
Bitmovin is the leading provider of video infrastructure for global digital media companies and service providers. The company has been at the forefront of industry innovation and all major developments in the digital video streaming industry. 
Bitmovin built the world’s first commercial adaptive streaming player and deployed the first software-defined encoding service that runs on any cloud platform. Its cloud-native technology offers the most flexible and scalable media encoding, playback, and analytics solutions available with unparalleled device reach, ease of integration, and world-class customer support.
Bitmovin customers benefit from optimized operations, reduced time-to-market, and the best viewer experience possible. Bitmovin is headquartered in Denver, Colorado, and has major offices in Vienna, Klagenfurt, Austria as well as London and Berlin. The company has over 400 customers across the globe, including ClassPass, BBC, fuboTV, Hulu, and Discovery.
More information is available at www.bitmovin.com
Photo: https://mma.prnewswire.com/media/2519499/Amagi_and_Phenix_partner.jpg
 

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