Artificial Intelligence Healthcare Market
Artificial Intelligence Healthcare Market size is predicted to touch USD 64 billion by 2027, registering a CAGR of 43% over the forecast period (2020-2027), owing to the increasing application of AI in medical imaging, drug discovery, and increase in complications of datasets.
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The use of artificial intelligence ensures qualitative care across different areas of healthcare services, which is a major driver compelling the artificial intelligence healthcare market. Also, the increasing adoption of precision medicine, improving evaluative power, and growing demand to reduce healthcare costs will fuel the market growth. With the accelerating geriatric population, the demand for AI-driven tools to take care of elderly people has increased. However, data safety, lack of curated healthcare data, and compatibility between AI solutions provided by vendors might hamper the market growth.
By offering, the software segment is anticipated to hold a larger share during the forecast period, owing to the growing use of AI technologies such as deep learning, machine learning, and natural language processing to develop healthcare software. Also, Artificial Intelligence in Healthcare Market research projects that the growing usage of AI solutions and platforms among healthcare vendors and payers has stimulated the market growth.
By technology, the machine learning segment is forecast to surge at a faster CAGR over the coming years, owing to the increasing adoption of machine learning technology, especially deep learning for different healthcare applications.
By region, North America is anticipated to expand at a notable share over the forecast period owing to the presence of technologically sophisticated nations and higher GDP share. Moreover, strong existence of leading AI hardware and software vendors, such as Intel, Microsoft, NVIDIA, Amazon Web Service, Google, IBM among others will compel the market size.
Leading players operating in the Artificial Intelligence (AI) in Healthcare market include Intel Corporation, Nvidia Corporation, IBM Corporation, Microsoft Corporation, Google LLC, General Electric (GE) Company, Medtronic plc, Micron Technology, Inc., Siemens Healthineers, Amazon Web Services (AWS) and among others.
Key Developments:
In Aug 2019, Microsoft partnered with Apollo hospitals to establish a National Clinical Coordination Committee (NCCC) for the AI-driven Cardiovascular Disease Risk Score API (application program interface).
In Feb 2019, IBM collaborated with Brigham and Women’s Hospital (BWH) and Vanderbilt University Medical Center (VUMC) and will invest nearly USD 50 million in artificial intelligence (AI) research to upgrade EHR usability, support precision medicine, improve patient safety, and foster health equity across communities.
Artificial Intelligence Healthcare Market Segmentation:
Artificial Intelligence Healthcare Market by Offering
· Hardware
o Processor
§ MPU
§ GPU
§ FPGA
§ ASIC
o Memory
o Network
· Software
o AI Solutions
§ On-Premises
§ Cloud
o AI Platform
§ Machine Learning Framework
§ Application Program Interface (API)
o Services
§ Deployment & Integration
§ Support & Maintenance
Artificial Intelligence (AI) in Healthcare Market by Technology
· Machine Learning
o Deep Learning
o Supervised Learning
o Reinforcement Learning
o Unsupervised Learning
o Others
· Natural Language Processing
· Context-Aware Computing
· Computer Vision
Artificial Intelligence (AI) in Healthcare Market by End-Use Application
· Patient Data and Risk Analysis
· Inpatient Care & Hospital Management
· Medical Imaging & Diagnostics
· Lifestyle Management & Monitoring
· Virtual Assistant
· Drug Discovery
· Research
· Healthcare Assistance Robots
· Precision Medicine
· Emergency Room & Surgery
· Wearables
· Mental Health
Artificial Intelligence (AI) in Healthcare Market by End-User
· Hospitals and Providers
· Patients
· Pharmaceutical and Biotechnology Companies
· Healthcare Payers
· Others
Artificial Intelligence Healthcare Market by Region:
· Asia Pacific
o China
o Japan
o India
o Rest of APAC
· North America
o United States of America
o Canada
· Europe
o United Kingdom
o Germany
o France
o Spain
o Rest of Europe
· RoW
o Brazil
o South Africa
o Saudi Arabia
o UAE
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