Artificial Intelligence In Healthcare Market: Summary
The Global Artificial Intelligence in Healthcare Market is projected to reach a value of USD 47.96 billion by 2027 at a CAGR of 43.5%.
Artificial intelligence involves utilizing a computer to perform and to automate a particular task, typically performed by human. The AI technology can helps to assist doctors for making better data driven decision. It also has the ability to quickly identify the signs of disease in medical images, such as MRI, CT scans, ultrasound and x-rays. Global artificial intelligence in healthcare market is rising with the growing application of AI in technologies utilized in pharmaceutical industry. However, data privacy issues are expected to hinder the growth of the market.
Artificial Intelligence In Healthcare Market: Market Dynamics
Market Driver:
- Rising Number of Cross-Industry Partnerships
- There has been rising number of cross-industry partnerships that is play a significant role in the artificial intelligence in healthcare market.
- In September 2018, the GNS Healthcare entered into a cross-industry partnership with Alliance and Amgen for clinical trials in oncology. Hence, this collaboration was aimed at applying data from clinical trials as well as the Artificial Intelligence (AI) to identify factors that expedite treatment responses in metastatic Colorectal Cancer (CRC) patients
- The growth adoption of AI in healthcare is increasing, with the rising advancement in the quality of patient care by utilizing artificial intelligence in various healthcare services, which includes virtual assistants and surgeries.
- In March 2018, the Microsoft had announced the partnership with Apollo Hospitals, which is one of the prominent healthcare systems in India. Hence, this partnership is focused on developing as well as deploying new machine learning models for predicting the risk of developing cardiac diseases and aid doctors in treatment planning
- Furthermore, in July 2018, the Kleiner Perkins and GV had invested USD 21 million in Viz.ai-an AI in healthcare start-up.
- Also, in July 2018, the HealthPlix Technologies Pvt. Ltd. had raised USD 3 million in a Series A funding round led by Kalaari capital and IDG Ventures India.
- Growing Application of AI in Technologies Utilized in Pharmaceutical Industry
Market Challenges:
Artificial Intelligence In Healthcare Market: Key Segments
- The artificial intelligence in healthcare market is majorly segments into component, technology, application and end-user.
- On the basis of component, the market is sub segmented into software, hardware and services. The software segment is excepted to grow with a largest share in the forecast period. The growth of AI-based software solutions for healthcare and healthcare operational support by hospitals is excepted to be one of the key factors driving the growth. Also the companies such as Google, IBM, and Microsoft are growing and offer machine learning framework.
- On the basis of technology, the market is bifurcated into machine learning, natural language processing, computer vision and context-aware computing. The machine learning segment is excepted to growth at the highest rate in the anticipate period. The rising adoption of the deep leaning in the healthcare as well as to use of different sensor and devices to track the patients’ health in the real time are increasing the market growth.
- On the basis of application, the market is sub segmented into robot-assisted surgery, diagnosis, cybersecurity, dosage error reduction, virtual assistants, connected machines, wearables and mental health.
- On the basis of end-user, the market is bifurcated into healthcare providers, pharmaceuticals & biotechnology companies, patients and others.
Artificial Intelligence In Healthcare Market: Key Regions
On the basis of region, the market is divided into Americas, Europe, Asia-Pacific, Latin America, and Middle East & Africa. Americas accounted for the major market share, as the region is the home to some of the major multinational corporations, which includes IBM, Microsoft, Google, NVIDIA, Intel, and Johnson & Johnson. The elderly population in regional countries, grow the demand for improved diagnosis and treatment services, which is also excepted to rise in demand for digital health systems. However, Asia-Pacific is projected grow at the fastest growth rate, with the improving infrastructure for healthcare IT as well as the growing in the number of AI start-ups, lead to fuel the market demand in the region.
Artificial Intelligence In Healthcare Market: Report Scope
The report on the artificial intelligence in healthcare market covers a deep dive analysis of historic, recent and current market trends. furthermore, market share/ranking analysis of key players, market dynamics, competition landscape, country-wise analysis for each region covered and the entire supply chain dynamics are covered through the below segmentation.
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Report Features
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Specifics
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Historical/Estimated/Forecasted Market Size Years
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2019-2027
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Historical Year
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2018
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Base Year
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2019
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Forecasted Period
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2020-2027 (2020 estimated year, forecast up to 2027)
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Measured Units
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Value (USD Million)
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Segments Included
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Component, Technology, Application and End-User
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Regional Coverage
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Americas, Asia-Pacific, Europe, Middle East & Africa
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Key Companies Covered
- Amazon Web Services, Inc. (Company Overview, Financial Overview, Product Synopsis, Key Developments, SWOT Analysis, & Key Strategy)
- General Electric
- Google
- IBM Corporation
- Intel Corporation
- Medtronic
- Micron Technology, Inc.
- Microsoft
- NVIDIA Corporation
- Siemens Healthineers AG
- Other Key Companies
Artificial Intelligence In Healthcare Market: Report Segmentation
For the scope of the report, In-depth segmentation is offered by Forencis Research
Artificial Intelligence in Healthcare Market, by Component
- Software
- Hardware
- Services
- Deployment & Integration
- Support and Maintenance
Artificial Intelligence in Healthcare Market, by Technology
- Machine Learning
- Natural Language Processing
- Computer Vision
- Context-Aware Computing
Artificial Intelligence in Healthcare Market, by Application
- Robot-assisted Surgery
- Diagnosis
- Cybersecurity
- Dosage Error Reduction
- Virtual Assistants
- Connected Machines
- Wearables
- Mental Health
Artificial Intelligence in Healthcare Market, by End-User
- Healthcare Providers
- Pharmaceuticals & Biotechnology Companies
- Patients
- Others
Artificial Intelligence in Healthcare Market, by Region
- Americas
- North America
- Latin America
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
- Europe
- Germany
- UK
- France
- Italy
- Rest of Europe
- Middle East & Africa
Key Questions Answered By The Report
- What are the prominent developments affecting the market worldwide and its growth?
- What will be the impact of the developments in the market on the industry and on the market players in the future?
- What are the evolving variations of the market globally?
- What are the evolving functions of the market globally?
- What are the prominent aspects that will affect market growth globally during the study period?
- Who are the key players operating in the market across the globe?
- How are the key players leveraging in the present market scenario worldwide?
Report Audience
- Artificial Intelligence In Healthcare Market Providers
- Artificial Intelligence In Healthcare Market Solution and Services Suppliers, Distributors and Dealers
- End-Users of Artificial Intelligence In Healthcare Market
- Government Bodies and Intellectual Institutions
- Associations and Industrial Organizations
- Research & Consulting Service Providers
- Research & Development Organizations
- Investment Banks & Private Equity Firms
60+ MARKET TABLES AND 30+ FIGURES WILL BE INCLUDED IN THE ARTIFICIAL INTELLIGENCE IN HEALTHCARE MARKET STUDY
