Global Artificial Intelligence in the Healthcare Market By Technology (Deep learning, Querying method, Natural language processing), By Offerings (Hardware, Software), By Application ( Robot-assisted surgery, Virtual nursing assistant) - Global Size Analy

Global Artificial Intelligence in the Healthcare Market was valued at USD 856.42 Million in the year 2017. Global Artificial Intelligence in the Healthcare market is further estimated to grow at a CAGR of 48.73% from 2018 to reach USD 9269.97 Million by the year 2023. North America region holds the highest market share and is considered as the fastest growing market in the forecasted period. The market in North America is expected to have the largest market share due to the presence of major vendors and increase in adoption of associated services. The US is a major contributor to the growth of the AI in healthcare market in North America. As the geriatric population in North American countries is growing, there is a need for faster diagnosis.

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IBM Corporation (US), Intel Corporation (US), Google, Inc. (US), NVIDIA Corporation (US), Microsoft Corporation (US), General Vision, Inc. (US) and Enlitic, Inc. (US), are some of the key players in the Global Artificial Intelligence in the Healthcare market. Rising research and development expenses to cater changing demand of end users, similarly growth strategies such as acquisition, merger and expansion of the distribution network were few techniques adopted by most of Tier 1 and Tier 2 manufacturers in recent years.

Drivers:

• Increase in processing power of AI systems leading to enhanced AI capabilities
• Dearth of skilled healthcare professionals

Restraints:

• Limitations of AI decision-making
• Ambiguous Regulatory Guidelines for Medical Software

Opportunities:

• Significant Growth Opportunities of Emerging Markets Such as India, China, and Brazil

Challenges:

• Lack of Curated Healthcare Data
• Concerns Regarding Data Privacy

The Global Artificial Intelligence in the Healthcare Market is segmented on the basis of offerings, algorithm, by application, by end-users and region. On the basis of offering, the market is divided into hardware, software, and services. The software segment occupied the highest share in 2017, owing to continuous software innovation.

Based on algorithm, it is classified into deep learning, querying method, natural language processing, and context aware processing. The deep learning segment is projected to grow at the highest CAGR during the forecast period, owing to increase in use of signal reduction, data mining, and image recognition, which are integral components of most AI protocols.

Key Benefits for Stakeholders

• Chipset companies
• Healthcare software players
• Doctors and hospitals
• Technology providers
• Software solution providers

By Offerings

• Hardware
• Software
• Services

By Technology

• Deep learning
• Querying method
• Natural language processing
• Context aware processing

By Application

• Robot-assisted surgery
• Virtual nursing assistant
• Administrative workflow assistance
• Fraud detection
• Dosage error reduction
• Clinical trial participant identifier
• Preliminary diagnosis
• Others

By End User

• Healthcare providers
• Pharmaceuticals & biotechnology companies
• Patients
• Payer

By Region

• North America
• Europe
• Asia-Pacific
• RoW

Key Market Players

• Alphabet Inc. (Google Inc.)
• Intel Corporation
• NVIDIA CORPORATION
• Koninklijke Philips N.V.
• IBM Corporation
• Microsoft Corporation
• General Vision, Inc.
• Enlitic, Inc.
• Next IT Corp.
• Welltok, Inc.
• (A brief overview of 10 companies is also provided in the report.)

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