Artificial intelligence technology has gained widespread acceptance in the healthcare industry over the past few years, and this trend is set to rise in the years to come bolstering the artificial intelligence in healthcare market. The industry is likely to witness a robust CAGR of nearly 40% during the forecast period. The global artificial intelligence market size is estimated to reach USD 6.5 billion by 2021. The need of healthcare industry for solutions that boost providers with vision to make meaningful clinical decisions within fewer turnaround times is one of the significant factors set to drive the artificial intelligence in healthcare market. Apart from this, rise in big data analytics, growing demand for precision medicine, and adoption of artificial intelligence in research and clinical data management, and increased need to curtail the rising healthcare expenditures should further boost the market growth.
The increasing demand for data mining and decision-making has placed artificial intelligence (AI)-enabled solutions at the forefront of the healthcare revolution. AI eases greater accessibility, accuracy, and actionability of healthcare information, thus reducing the healthcare costs by 50% and improving patient outcome by 50%. Increasing application of artificial technology across patient care to drug discovery is expected to drive the growth of artificial intelligence in the healthcare market.
Artificial intelligence in healthcare market is also witnessing increasing number of cross industry partnerships making it a dynamic business space. For instance, GE Healthcare and Partners HealthCare collaborated to develop and integrate deep learning technology across entire field of care. Collaborations among top AI vendors, pharmaceutical, biotechnology, and life sciences companies should aid in immediate introduction of artificial intelligence in medical devices and drug development.
Drug discovery accounted for largest share of more than 25% in artificial intelligence in healthcare market, while medical imaging & diagnosis possesses major growth potential in the coming years. Artificial intelligence technology is capable of recognizing drug targets effectively and instantly, thus aids in drug designing and screening molecules. Growing prevalence of cancer has generated need for early tumor diagnosis.
The use of deep learning technology improves tumor diagnosis due to its unusual ability for pattern recognition. U.S. led the artificial intelligence in healthcare market due to high penetration of big data analytics to improve patient care along with reducing healthcare costs. China offers lucrative growth opportunities for artificial intelligence in healthcare market in the coming years. Rapidly aging population in country will increase the demand for better healthcare services rendering significant pressure on healthcare system. AI tools can be effectively harnessed to address this problem.
Artificial Intelligence in healthcare market is a comprehensive report that covers the present scenario and the future growth prospects of artificial intelligence in healthcare applications. This report also provides key insights about market drivers, restraints, opportunities, new trends, and competitive market strategy adopted by the key players and is further segmented on the basis of technology, application, solution and geography.
This research report provides an in-depth overview of the industry including market segmentation by solution, technology, applications and geography. Analysis of the global market with special focus on high growth application in each vertical and fast-growing application market segments. It includes detailed competitive landscape with identification of the key players with respect to each type of market, in-depth market share analysis with individual revenue, market shares, and top players rankings. Impact analysis of the market dynamics with factors currently driving and restraining the growth of the market, along with their impact in the short, medium, and long-term landscapes. Competitive intelligence from the company profiles, key player strategies, game-changing developments such as product launches and acquisitions.
The objective of this study is to identify the market opportunities and estimate market size by segments and countries for last few years and to forecast the values to the next five years. The report incorporates both the qualitative and quantitative aspects of the industry with respect to each of the regions and countries involved in the study. The report also covers qualitative analysis on the market, by incorporating complete pricing and cost analysis of components & products, Porter’s analysis and PEST (Political, Economic, Social & Technological factor) analysis of the market. The report also profiles all major companies active in this field.
On the basis of region, report is segmented into five major geographies including North America, Europe, APAC, MEA and LATAM. The North America artificial intelligence in healthcare market has been further segmented into the U.S., and Canada. Europe includes U.K., Germany, France, Italy, and Spain; APAC includes China, Japan, India, and South Korea. Report covers company profiles of key players in artificial intelligence in healthcare market, competitive landscape, and market size estimate and forecast.
The report also provides extensive competitive analysis and profiles of key market players. Some of the major players in Artificial Intelligence in Healthcare market are DeepMind Technologies Limited, Microsoft Corporation, iCarbonX, CloudMex Inc., Atomwise Inc., Next IT Corp., Koninkiljke Philips N.V, IBM Corporation, Flatiron, Recursion Pharmaceuticals.INC, Careskore, General Electric Company, Bay Labs Inc., Welltok Incorporation, AiCure, Sentrian, Butterfly Network Inc. Apixio, and Pathway Genomics among others.
Market Analysis and Insights
The Artificial Intelligence in Healthcare Market size is projected to reach USD XX Million by 2026, from USD XX Million in 2020 growing at a CAGR of XX during 2021-2026.
Market Scope and Market Size
Artificial Intelligence in Healthcare market is segmented by region and further by countries, by solution, by technology, and by application. Players, stakeholders, and other participants in the global Artificial Intelligence in Healthcare Market will be able to gain a strong position as this report will surely benefit their marketing strategies. The market analysis focuses on revenue and forecast by region/countries and by application in terms of revenue and forecast for the period 2015-2026.
The research covers the current and historic Artificial Intelligence in Healthcare Market size and its growth trend with company outline of Key players/manufacturers
Report further studies the market development status, future and trends across the world. Also, it splits Artificial Intelligence In Healthcare Market Segmentation by Technology and by Applications to deep dive research and reveal market profile and prospects.
Major Classifications are as follows:
- Machine learning
- Deep learning
- Natural language processing
- Context aware processing
- Querying method
- United Kingdom
- Rest of Europe
- South Korea
- Rest of Asia Pacific
- North America
- South America
- Rest of South America
- Rest of the World
- Middle East
Major Applications are as follows:
- Medical Imaging and diagnosis
- Virtual Nursing Assistants
- Precision Medicine
- Robot assisted surgery
- Drug discovery
Reason to purchase this report:
- Determine prospective investment areas based on a detailed trend analysis of the global Market over the next years.
- Gain an in-depth understanding of the underlying factors driving demand for different and Artificial Intelligence in Healthcare Market segments in the top spending countries across the world and identify the opportunities offered by each of them.
- Strengthen your understanding of the market in terms of demand drivers, industry trends, and the latest technological developments, among others.
- Identify the major channels that are driving the global Market, providing a clear picture of future opportunities that can be tapped, resulting in revenue expansion.
- Channelize resources by focusing on the ongoing programs that are being undertaken by the different countries within the global Market.
- Make correct business decisions based on a thorough analysis of the total competitive landscape of the sector with detailed profiles of the top Market providers around the world which include information about their products, alliances, recent contract wins and financial analysis wherever available.