Global Artificial Intelligence in Healthcare Market Overview
Artificial Intelligence (AI) is influencing many sectors, and healthcare is no exception. AI in healthcare refers to the use of complex algorithms to perform specific tasks in an automated fashion. The use of AI in healthcare can help healthcare providers in many aspects of patient care and administrative processes. When researchers, health practitioners, and scientists add data into computers, the newly built algorithms can review, interpret and even suggest solutions to complex medical issues by analyzing relationships between prevention or treatment techniques and patient outcomes. AI is poised to become a transformational factor in healthcare. The ability to gather data, process it, give a well-defined output to the end-user, distinguish AI technology from traditional healthcare technologies. AI offers many benefits over conventional analytics and clinical decision-making techniques from medical imaging & diagnosis, drug discovery, therapy planning, hospital workflow, wearables to virtual assistants. There are abundant opportunities to leverage technology, to deploy more precise, efficient, and impactful interventions at precisely the right moment in a patient’s care. The potential for this tech to transform the sector is massive.
According to Value Market Research, the global artificial intelligence in healthcare market size was valued at about USD 7 billion in 2020 and is estimated to grow at a CAGR of around 42% during the forecast period 2021 to 2027.
Global artificial intelligence in the healthcare market is anticipated to thrive with the rising need for improved healthcare services, enhanced capabilities, shortage of healthcare expertise, efforts towards reducing healthcare cost, and increasingly large and complex data set. Expanding geriatric population, growing burden of lifestyle diseases, rising awareness about AI technology, and increasing acceptance of AI tools across the sector are other factors amplifying market growth. Rapid research & development activities and growing investment to inculcate AI tools in the healthcare system also push growth forwards. However, limited acceptance from healthcare professionals owing to the risk of injury and misinterpretation may hamper the market growth.
Global artificial intelligence in healthcare market is becoming more fragmented. Alphabet Inc., Enlitic Inc, General Vision, iCarbonX, Intel Corporation, IBM Corporation, Microsoft Corporation, Nvidia Corporation, Next IT Corp, and Welltok Inc. are key players operating in the market. The market is witnessing many collaborations among providers and end-users.
In this research report, the Global Artificial Intelligence in Healthcare Market market is segmented by offerings, technology, application, end-use, and region.
Analysis, By Offerings:
By offerings, the global artificial intelligence in healthcare market is segmented into hardware and software. Software acquired a major chunk of the global artificial intelligence in healthcare market. AI is more about software than hardware. Software is a basic need for gaining AI technology benefits. Artificial Intelligence works by employing complex algorithms through software deployment. Companies are robustly launching software and AI tools for healthcare sectors. The hardware segment is estimated to swell with increasing funding and growing launch.
Analysis, By Technology:
By technology, the global artificial intelligence in healthcare market is fragmented into machine learning, natural language processing, context-aware computing, and computer vision. Machine learning is dominating the technology segment in the global market. Machine learning segment growth is augmenting due to its ability to process massive datasets beyond the scope of human capability and then reliably convert analysis into clinical insights that benefit physicians in planning and providing care leading to better outcomes.
Analysis, By Application:
By application, the global artificial intelligence in healthcare market is segmented into robot-assisted surgery, virtual nursing assistant, administrative workflow assistance, fraud detection, dosage error reduction, clinical trial participant identifier, connected machines, and others. Robot-assisted surgery is the most major application segment of global artificial intelligence in the healthcare market. The robot-assisted surgery segment is growing due to growing spending, technological advancement, and willingness to adopt new technology. Robot-assisted surgery enables surgeons to carry out complex surgical procedures and can integrate information from medical records with real-time operating metrics to guide and boost the instrument precision
Analysis, By End User:
By end-user, the global artificial intelligence in healthcare market is segmented into hospitals & healthcare providers, patients, pharmaceuticals & biotechnology companies, and others. Hospitals & healthcare providers are the largest end-user segment. Hospitals & healthcare providers are robustly adopting artificial intelligence due to the rising trend of telehealth, which includes telediagnosis, tele-assessment, telemonitoring, and tele-interactions. Pharmaceuticals & biotechnology companies are another prominent segment in the global artificial intelligence in healthcare market. Pharmaceuticals & biotechnology companies are making use of AI for research related to drug formulation and other therapies. The segment showed impressive growth in 2020 due to robust research activities taking place worldwide due to the global COVID-19 pandemic.
Analysis, By Region:
Based on region, the global artificial intelligence in the healthcare market is divided into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. North America is dominant in the global artificial intelligence in the healthcare market. The US held a majority share in North America as well as in the world. North America region is home to many leading providers and end-users. Expanding the aging population, increasing demand for improved diagnosis and treatment services and shrinking healthcare workforce drive regional growth. North American is robustly leveraging and planning to leverage healthcare AI for clinical decision support, dictation assistant or transcription, and diagnostics medical imaging, among others.
Market Segmentation covered in the Report:
- Machine Learning
- Natural Language Processing
- Context-Aware Computing
- Computer Vision
- Robot-assisted Surgery
- Virtual Nursing Assistant
- Administrative Workflow Assistance
- Fraud Detection
- Dosage Error Reduction
- Clinical Trial Participant Identifier
- Connected Machines
- Others (Preliminary Diagnosis, Automated Image Diagnosis, cybersecurity)
- Hospitals & Healthcare Providers
- Pharmaceuticals & Biotechnology Companies
- Healthcare Payers
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
This market research report has been produced by gathering information on the basis of primary and secondary research. Secondary research has been done by using various sources which include (but not limited to) Company Websites, Paid Data Sources, Technical Journals, Financial Reports, SEC Filings, and other different industry publications.
If specific information is required which is not currently within the scope of the report, it can be provided as a part of customization.