Healthcare Artificial Intelligent Market Key Player Analysis By Medtronic Plc, Abbott Laboratories, Johnson and Johnson, Bcton Dickinson, Boston Scientific Corporation, Koninklijke Philips N.V

Global AI in Healthcare Market Overview

Artificial Intelligence is the development of computer systems that are able to perform tasks that would require human intelligence with much higher precision and error control than that done by humans. AI facilitates the creation of intelligent agents where an intelligent agent is a system that recognizes its environment of operation and takes actions that maximize its likelihood of success. The importance of AI in healthcare was realized in the early 1980s when the absence of proper data management and requirement of extreme precision along with the importance of minimally invasive methods was recognized. Artificial intelligence is a branch of computer science and information technology that is capable of analyzing complex medical data. Today, in the age of breakthroughs of technology and automation, the research and implementation of AI in healthcare are at its best. The healthcare sector is one of the most important sectors that are a priority for the human race. Owing to its amalgamation with the IT industry, the growth and development of the healthcare industry have increased and reached the next level.

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Recent Developments under Computing Power in Healthcare

Key Developments Key Insights

IBM Watson for Oncology • IBM has developed Watson technologies for healthcare. It is a unified platform meant to assist doctors and healthcare professionals in various aspects of treatment. IBM Watson for Oncology is specifically designed for helping oncologists involved in cancer treatment

Watson for Oncology derives data from various sources including MSK curated literature and rationales, as well as over 290 medical journals, over 200 textbooks, and 12 million pages of text
IBM and Manipal Hospitals (India) • In India, IBM has partnered with Manipal Hospitals to provide diagnosis and treatment to cancer patients. Watson for Oncology is used across 16 facilities and academic centers of the hospital where more than 200,00 patients are treated each year

American Cancer Society and IBM • The American Cancer Society is utilizing IBM Watson to mine data from websites and relevant sources to offer personalized treatments for oncology patients. According to IBM, over 16 oncology practices are depending on Watson to enable doctors in translating DNA insights into personalized treatment for patients

Dartmouth-Hitchcock and Microsoft • Dartmouth-Hitchcock, a US-based health system based in New Hampshire has adopted Microsoft’s Cortana Intelligence Suite to predict medical emergencies for patients. Branded as ImagineCare, this solution is available to more than 6000 patients of Dartmouth

Microsoft India and L V Prasad Eye Institute • Microsoft India has partnered with L V Prasad Eye Institute to launch a consortium named Microsoft Intelligent Network for Eyecare (MINE). The partner organizations of this consortium would include Bascom Palmer (University of Miami), Flaum Eye Institute (University of Rochester (USA)), Federal University of Sao Paulo (Brazil) and Brien Holden Vision Institute (Australia). These organizations will collaborate on the diverse patient dataset to evolve machine learning predictive models for vision impairment and eye disease

Pfizer and IBM • Pfizer is using IBM’s Watson machine-learning platform to help find new immuno-oncology targets and drugs

Sanofi and Ex Scientia • Sanofi is using a rival system from UK firm Ex Scientia in a metabolic disease program

The outburst of technology that is digitally enabled, wireless connectivity across increasingly mobile devices has created increasing democratization of access for healthcare. Some of the most powerful AI tools are already embedded in Android or iOS. This technology is providing consumers with the data and information they need to proactively manage their own health and wellness, and to make better, more informed decisions in partnership with their healthcare providers. AI can prove to be a boom in the field of diagnosis. The high cost involved in diagnostic processes, over-testing of low-risk patients, and limited capability for early detection of chronic diseases are driving the adoption of AI in diagnostics. This is because AI is capable of bridging the gap between doctor-centric diagnosis and AI-based diagnosis through pattern recognition and machine learning technologies.

Coming to drug development, it requires lots of time, investment and resources. Owing to this, the pharma companies are keen to embrace digital transformation and AI. According to Deloitte, in 2017, 12 largest biopharma companies received just 3.2% returns from their drug-research units, as against 10% in 2010. The use of AI in drug discovery is expected to expedite the overall process. Applied intelligence can improve drug discovery success rates by 8-10%, resulting in savings worth billions of dollars for the industry. Finding drug discovery compounds and precision medicine is the major trending applications over other pharma based AI applications.

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“Machine learning technology of AI dominated the market globally in 2018 and is expected to maintain its lead in 2025”

Based on technology, the global AI in the healthcare market has been segmented into machine learning, deep learning, and artificial neural network. Out of these technologies, in 2018, machine learning dominated the market globally and is expected to maintain its lead in 2025. The increasing power of machine learning in diagnosing disease and in categorization and classifying health data is empowering physicians and speed-up decision making across the medical facilities including hospitals or clinics.

“Amongst application, robotic surgery holds the major share globally in 2018 but the diagnosis has been estimated to lead the market during the forecast period.”

Based on technology, the global AI in the healthcare market has been segmented into robotic surgery, diagnosis, Virtual Nursing assistance, and Administrative workflow assistance. In 2018, robotic surgery dominated the application segment of global AI in the healthcare market, generating revenue of US$8589 million, followed by virtual nursing assistance and administrative workflow. The segment is expected to grow at a CAGR of XX% during the forecast period by 2025. However, the diagnosis segment is expected to witness the highest CAGR of XX% during the analyzed period. 

“Amongst end users, hardware segment has been anticipated to dominate the AI in the healthcare sector by 2025.”

Based on the type of offering, the global AI in the healthcare market is segmented into hardware, software or services. Currently, the services segment dominates the market. However, the hardware segment is expected to witness the highest CAGR growth during the forecast period 2018-2025.

“North America region holds the highest market share in 2018 but Asia Pacific market has been expected to witness the highest market growth in the forecast period”

Artificial intelligence in the healthcare market in North America has been on an up-surging trend due to the high adoption rate of AI in countries such as the US and Canada, paired with the development and growth of research & development activities that combine the investments by government and private organizations. As far as the Asia-Pacific region is concerned, it has lagged behind North America and Europe in terms of technology adoption. However, AI is one technology area where Asia-Pacific can stand apart, compared to other regions and has been expected to witness the highest growth in the forecast period.

Competitive Landscape-Top 10 Market Players

Medtronic Plc, Abbott Laboratories, Johnson and Johnson, Becton Dickinson, Boston Scientific Corporation, Koninklijke Philips N.V, Roche Holding AG, Siemens Healthineers AG, Stryker Corporation and Oracle Corporation are the major players operating in the AI in the healthcare market. These companies are partnering up with technology leaders and are investing heavily to come up with new and innovative AI backed healthcare equipment to treat patients.

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Table of content:

Market Introduction 14
Research Methodology Or Assumption 16
Regulatory Framework In Date Fruit Industry 18
Executive Summary 22
Market Overview 25
Industry Performance 32
Demand And Supply Side Analysis 33
Export-Import Scenario 37
Value Chain Analysis & Processing Stage Of Date Fruit 48
Market Insights By Nature 56
Market Insights By Form 59
Market Insights By Type 63
Market Insights By Country 71
Competitive Scenario 96
Top Company Profiles 101

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