Press release
Healthcare Artificial Intelligence Market Booooooooooms the HealthTech Market to Stay Competitive Towards 2026 | AiCure, Cyrcadia Health, IBM, Microsoft, Atomwise, Lifegraph Ltd, Modernizing Medicine
Growing application of artificial intelligence in the field of drug discovery, medical imaging industry, precision medicine and genomics coupled with increasing personalized treatments customized to an individual patient’s requirement will drive the global market. Rising demand for artificial intelligence technology to perform data mining and accelerate the speed of healthcare delivery services, emergence of novel and promising applications for disease diagnosis and monitoring will further augment the market growth in forthcoming years.
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Advancements in data analytics will surge the healthcare artificial intelligence market growth during the analysis period. Huge amount of data is generated every year in healthcare industry and ever-increasing volume of big data has generated the need to adopt artificial intelligence technology to manage data efficiently. Artificial intelligence has revolutionized the field of healthcare by designing treatment plans, assisting in repetitive tasks, medication management, and drug discovery. It can also be effectively used for healthcare data management by collecting, storing, and normalizing the data. Recently, the artificial intelligence research division of the Google, launched its Google Deepmind Health project, for data mining of medical records to provide faster and better health services. Development of technologically upgraded data software and solutions will foster the industry growth. However, high capital requirement may create affordability issues and hamper the industry growth.
Healthcare Artificial Intelligence Market, By Application
Drug discovery segment accounted for USD 345.0 million in 2018 and is anticipated to have significant growth during the forecast timeframe. Drug discovery is one of the recent applications of artificial intelligence that has transformed drug discovery process and can be used to cut the cost of production for new drug development. Astra Zeneca recently entered into collaboration with Berg, a Boston based specialist in artificial intelligence for drug discovery. Such ongoing initiatives from industry players are bound to have positive impact on industry growth.
Hospital workflow segment held considerable revenue share in 2018 and is anticipated to witness 40.6% CAGR during the forecast period. Increasing adoption of artificial intelligence technology for collection of data of patient to support decision making in hospital workflow has significantly improved outcomes, reduced wait times and costs that will enhance segmental growth in forthcoming years.
Healthcare Artificial Intelligence Market, By Region
North America healthcare artificial intelligence market dominated the global market with USD 653.9 million in 2018 and is anticipated to show similar trend over the forthcoming years. High regional growth is attributed to massive adoption of HCIT solutions and increasing focus on population health management. Moreover, various government initiatives and funding in North America are focusing on encouraging the growth of healthcare artificial intelligence market.
Asia Pacific healthcare artificial intelligence market will witness lucrative growth of 44.4% over the forecast period due to rising R&D expenditure, developments in pharmaceutical and biotechnology sectors. Additionally, presence of large patient pool will trigger demand for better healthcare services, developing healthcare infrastructure and rising disposable income will further support Asia Pacific healthcare artificial intelligence market growth.
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Table of Contents
1 Healthcare Artificial Intelligence Market Overview
2 Global Healthcare Artificial Intelligence Competition by Players/Suppliers, Type and Application
3 United States Healthcare Artificial Intelligence (Volume, Value and Sales Price)
4 China Healthcare Artificial Intelligence (Volume, Value and Sales Price)
5 Europe Healthcare Artificial Intelligence (Volume, Value and Sales Price)
6 Japan Healthcare Artificial Intelligence (Volume, Value and Sales Price)
7 Southeast Asia Healthcare Artificial Intelligence (Volume, Value and Sales Price)
8 India Healthcare Artificial Intelligence (Volume, Value and Sales Price)
9 Global Healthcare Artificial Intelligence Players/Suppliers Profiles and Sales Data
10 Healthcare Artificial Intelligence Maufacturing Cost Analysis
12 Marketing Strategy Analysis, Distributors/Traders
13 Market Effect Factors Analysis
14 Global Healthcare Artificial Intelligence Market Forecast (2018-2026)
15 Research Findings and Conclusion
16 Appendix
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