Artificial Intelligence is going to play an increasingly important role in healthcare in the coming years, according to a new market forecast from Technavio. The firm predicts that the global healthcare AI market will see a CAGR of 28 percent between 2019 and 2023.

This is part of a larger digitization trend underway in the healthcare sector, but there are key factors that are helping to drive interest in AI solutions in particular. Technavio notes that AI enables the “intelligent tracking of biometric information and early diagnosis of diseases,” and that it can be used to automate care for elderly patients. AI can also play a role in important healthcare applications such as fall detection, remote care and health monitoring for patients at home, and even in virtual and robotic companions for patients.

“Apart from the growing potential of AI-based tools in elderly care, other factors such as the growing popularity of precision medicine, and the emergence of AI-based solutions for improving mental health will have a significant impact on the growth of the artificial intelligence (AI) market in the healthcare sector during the forecast period,” commented a Technavio analysts in a report summary.

Breaking down the global trend on a regional basis, Technavio says that North America is currently leading the AI trend, followed by Europe, the APAC region, South America, and the MEA region.

The full report, entitled “Artificial Intelligence (AI) Market in Healthcare Sector by Application and Geography – Global Forecast and Analysis 2019-2023”, is available from Technavio’s website.