The global AI in healthcare market size has been valued at USD XX million in 2020 and is expected to grow at a compound annual growth rate (CAGR) of XX% to reach USD XX Million by 2028. The rising importance of big data in healthcare, the increasing need for lowering healthcare costs, and the growing adoption of precision medicine are some of the important factors in driving market growth.
Another major factor that is fueling the market growth is the rise in venture capital investments. Apart from these, the market will receive a major boost from the growing applicability of AI-based tools in medical care. For instance, Care Predict, Inc. uses AI technology for early detection of diseases and to observe changes in behavior patterns related to health issues.
Fig 1: Artificial Intelligence in Healthcare Market
Artificial intelligence (AI) is referred to the designing of unique systems with the aid of software and algorithms which can perform some tasks without human instructions and intervention. Artificial intelligence is a combination of numerous technologies such as natural language processing, reasoning, perception, and machine learning. Artificial intelligence is mainly used in healthcare to examine the relationship between patient outcomes and treatment techniques.
AI programs are deployed in medical practices, such as drug development, diagnostic processes, personalized medicines, etc. For example, AI could help in clinical processes by asking questions and giving prescriptions to patients.AI systems can be used during medical procedures and for image interpretation, therapy planning, information retrieval, and giving alerts and reminders.
In the present pandemic situation, AI technologies are playing a crucial role. Although the use of AI in healthcare is not a new concept, yet its application in the COVID-19 pandemic situation has demonstrated its prospects in the healthcare industry. The tools and techniques of AI are being increasingly utilized to detect and diagnose the Covid-19 virus and respond to the pandemic with personalized information and learning.
But limited acceptance from healthcare professionals is hindering the growth of the market. In the AI in healthcare market, IBM company has been continuously involved with the launch and development of AI healthcare systems for the past few years. IBM has 12 research laboratories committed to AI and deep-learning initiatives. In the field of AI, IBM has more than 1,400 patents.
Further, the acquisition of Truven Health Analytics, a U.S.-based company and Merge Healthcare, Inc. (Illinois, US) has fortified the company’s AI capabilities in the healthcare industry. The launch of IBM Watson, a machine learning tool, has further reinforced its market position in the AI in healthcare market.
Fig2: Artificial Intelligence in Healthcare Market
The AI in the healthcare market is segmented on the basis of offering, technology, application, end-user, and region.
Fig3: Artificial Intelligence in Healthcare Market
Based on offering, the market is divided into hardware and software. The software segment is to hold the largest share in AI in the healthcare market during the forecast timeline due to constant innovations to meet the requirements of the healthcare sector. The advancement of AI-based software solutions for the healthcare sector is one of the key developments that is fueling the segment’s growth.
For instance, Nuance Communications has developed a software named Dragon Medical One. This software can aid healthcare companies and healthcare providers to transliterate a physician’s speech into an Electronic Health Record (EHR) by the use of natural language processing. Additionally, factors such as healthcare operational support by hospitals and the rising adoption of AI-driven healthcare informatics solutions are anticipated to fuel the growth of the services segment during the forecast period.
Based on technology, the market has been segmented into machine learning, natural language processing, context-aware computing, and computer vision. The natural language processing segment is expected to grow at the fastest rate during the forecast period, as it plays a very important role in the decision-making process of healthcare professionals. This technology is used by the clinical and research community in the healthcare sector to develop as well as manage semi-structured and unstructured textual documents, such as electronic health reports, clinical notes, and pathology reports.
The growth of the market is also being supplemented by the rising adoption of deep learning in different healthcare applications, such as in the areas of disease diagnostics, medical imaging, and drug discovery. Machine learning is also being adopted in the healthcare sector. It is utilized to streamline processes in hospitals, develop personalized medical treatments, and map and treat infectious diseases. Machine learning includes technologies such as deep learning, supervised learning, and unsupervised learning.
Based on the application, the market has been divided into robot-assisted surgery, virtual nursing assistant, administrative workflow assistance, fraud detection, clinical trial participant identifier, preliminary diagnosis, and others. The robot-assisted surgery segment is expected to hold the highest market share, as it offers better precision in complex surgeries with the support of robotic systems. There are various surgeries that require the level of accuracy that is difficult to be achieved by human hands. Therefore, AI brings in AI-powered robotics surgeries that can give a much higher level of accuracy or precision.
Based on application, the market has been segmented into hospitals and diagnostic centers, pharmaceutical and biopharmaceutical companies, healthcare payers, patients, and others. The hospitals and diagnostic centers segment are likely to hold the largest share of the market due to the growing focus of the key companies on collaborations. The current COVID-19 pandemic is also supporting the growth of this segment.
Additionally, in April 2019, AstraZeneca and BenevolentAI collaborated to use artificial intelligence (AI) and machine learning for the discovery and development of new treatments for chronic kidney disease (CKD) and idiopathic pulmonary fibrosis (IPF). BenevolentAI has developed the Benevolent Platform, an AI discovery platform which can be utilized by scientists to discover novel pathways and mechanisms important in the pathophysiology of the disease.
By region, the global artificial intelligence in healthcare market is segmented as North America, Europe, Asia Pacific, Middle East & Africa, and South America. The largest share of the market will be held by North America during the forecast period. The key factors in driving the growth of the market in the region are the presence of large multinational corporations, technological advancements, and various government initiatives. The developed countries in the region, like the U.S. always at the forefront in adopting new technology and is a home to a number of companies, which is promoting the growth of this regional market.
In Europe, AI helps the health sector in the diagnostics and treatment of childhood obesity, dementia, and breast cancer, and in improving the prevention of these health problems in the coming years. Almost all the countries in Europe are adopters and supporters of AI in healthcare.
Asia Pacific is estimated to emerge as the fastest-growing region during the forecast period, owing to the growing adoption of advanced technologies, increasing number of AI start-ups in the region, and improving infrastructure for healthcare IT. In addition, an increase in the number of initiatives from the governments for promoting AI technology in Asia-Pacific is also going to boost market growth.
For example, in March 2019, the Ministry of Science and ICT of South Korea announced that it would initiate a trial service of an AI-based precision medicine service named Dr. Answer in December 2019. Also, in July 2020, during the World Artificial Intelligence Healthcare Conference in Shanghai, the Government of China has launched a global medical artificial intelligence (AI) research platform.
- March 2020, IBM Watson Health and EBSCO Information Services joined hands to provide access to evidence-based drug and disease information that can help support clinicians and individuals as they cope with infectious diseases, including COVID-19.
- In July 2019, IBM acquired RedHat. IBM and Red Hat will accelerate innovation by offering a next-generation hybrid multi-cloud platform. Red Hat’s open hybrid cloud technologies are now paired with IBM’s innovation and industry expertise. Together, IBM and Red Hat accelerate innovation by contributing a next-generation hybrid multi-cloud platform. Based on open hybrid cloud technologies, such as Linux and Kubernetes, the platform allows businesses to securely deploy, run, and manage data and applications on-premises and on private and multiple public clouds.
- November 2018, at the radiological society of North America, GE Healthcare announced the launch of its new Edison artificial intelligence platform that would have new applications and software to help the hospitals and health systems to develop algorithms and manage data.
What does This Report Provide?
This report provides a detailed understanding of the global artificial intelligence in healthcare demand from a qualitative and quantitative perspective with a forecast for the next 10 years. The report also provides dynamic indicators with potential impact on the market during the forecast period and an in-depth analysis of the leading companies operating in the global artificial intelligence in healthcare market.
The major market drivers, challenges, and opportunities for the global artificial intelligence in healthcare market have also been covered in the report. This report further includes the market share of the leading companies operating in the artificial intelligence in healthcare, along with their production capacities and the growth strategies adopted by them.
- AI Solutions
- AI Platform
- Deployment & Integration
- Support & Maintenance
- Machine Learning
- Deep Learning
- Supervised Learning
- Unsupervised Learning
- Natural Language Processing
- Context-Aware Computing
- Computer Vision
- Robot-assisted Surgery
- Virtual Nursing Assistant
- Administrative Workflow Assistance
- Fraud Detection
- Clinical Trial Participant Identifier
- Preliminary Diagnosis
- Hospitals and Diagnostic Centers
- Pharmaceutical and Biopharmaceutical Companies
- Healthcare Payers
North America AI in Healthcare Market
- North America, by Country
- North America, by Offering
- North America, by Technology
- North America, by Application
- North America, by End-User
Europe AI in Healthcare Market
- Rest of Europe
- Europe, by Offering
- Europe, by Technology
- Europe, by Application
- Europe, by End-User
Asia Pacific AI in Healthcare Market
- South Korea
- Rest of Asia Pacific
- Asia Pacific, by Offering
- Asia Pacific, by Technology
- Asia Pacific, by Application
- Asia Pacific, by End-User
Middle East & Africa AI in Healthcare Market
- Middle East & Africa, by Country
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- Middle East & Africa, by Offering
- Middle East & Africa, by Technology
- Middle East & Africa, by Application
- Middle East & Africa, by End-User
South America AI in Healthcare Market
- South America, by Country
- Rest of South America
- South America, by Offering
- South America, by Technology
- South America, by Application
- South America, by End-User
Major Companies: In this report, the following major companies are studied: IBM Corporation, NVIDIA Corporation, Nuance Communications, Inc., Microsoft, Intel Corporation, DeepMind Technologies Limited, Koninklijke Philips N.V., General Vision Services, Cloudmex Inc., Oncora Medical, Inc, General Electric X-ray Corporation, Siemens Healthineers AG, Medtronic, Anju Life Sciences Software, CareSkore, Inc, Linguamatics, Enlitic, Inc., Lunit Inc., CureMetrix Inc.
Objectives of This Report:
- To estimate the market size for artificial intelligence in healthcare market on a regional and global basis.
- To identify major segments in the artificial intelligence in healthcare market and evaluate their market shares and demand.
- To provide a competitive scenario for artificial intelligence in healthcare market with major developments observed by the key companies in the historic years.
- To evaluate key factors governing the dynamics of artificial intelligence in healthcare market with their potential gravity during the forecast period.
- To evaluate the leading company-wise pricing analysis for mentioned applications
This study is customized to meet your specific requirements:
- By sub-segment
- By client specific country, type, and application market analysis
- Pricing analysis along with the potential list of customers
- Product-specific competitive analysis
For more information, contact: [email protected]