The South and Central America artificial intelligence (AI) in healthcare market is expected to grow from US$ 172.02 million in 2019 to US$ 4,214.89 million by 2027; it is estimated to grow at a CAGR of 47.9% from 2020 to 2027.
Artificial intelligence (AI) in healthcare sector is intended to change clinicians' roles and everyday practices by accomplishing and analyzing data, making decisions, and conducting discussions. AI application in healthcare is getting progressively sophisticated, efficient, and quicker at 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 AI technologies. AI is applied to aid cancer diagnosis and prognosis, given its unparalleled accuracy level, which is even sophisticated than that of the general statistical expert. For instance, scientists in National Cancer Institute (NCI's) intramural research program, support AI's abilities to recover cancer screening in cervical and prostate cancer. NCI investigators have designed a deep learning approach for the automatic detection of precancerous cervical lesions from digital images. With increased funds, NCI's efforts to comprehend AI's potential will lead to precise and rapid analyses, enhanced clinical decision-making, and improved health outcomes for cancer patients. Corporate giants such as Google and IBM are already concentrating on making innovations in oncology, using cutting-edge AI algorithms for early detection and personalized cancer treatment.
Based on component, the software solution segment led the South and Central America artificial intelligence (AI) in healthcare market in 2019. AI automation in healthcare is developing predicting outcomes, diagnostics, and streamlining personalized care. Other service providers allow 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, and optimization and forecasting in the healthcare industry 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 in healthcare solutions help to sift through a large number 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.
The overall South and Central America artificial intelligence (AI) 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 overview and forecast for the South and Central America artificial intelligence (AI) in healthcare market with respects 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 South and Central America artificial intelligence (AI) in healthcare market. General Electric Company; Alphabet Inc.; Intel Corporation; Koninklijke Philips N.V.; Microsoft Corporation; Nvidia Corporation; Nuance Communications, Inc.; Siemens Healthineers AG; Arterys Inc. and Johnson and Johnson Services, Inc. are among the well-known players present in the South and Central America artificial intelligence (AI) in healthcare market.