Artificial Intelligence in Healthcare Market In Healthcare Market Worth $27.6 Billion By 2025
The global artificial intelligence market in healthcare study presents historical market data in terms of values (2016 and 2017), estimated current data (2018), and forecasts for 2025-by product (hardware, software, and services), technology (natural language processing (nlp), context aware processing, machine learning, and querying method), application (medical imaging and diagnosis, patient data and risk analytics, hospital workflow management, drug discovery, patient management, precision medicine, and other applications), and end user (hospital & diagnostic centers, pharmaceutical and biotechnology companies, healthcare payers, patients, and other end users). The study also evaluates industry competitors and analyzes the market at regional and country level.
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On the basis of product, software segment commanded the largest share of the global artificial intelligence market in healthcare in 2018. However, services segment is expected to grow at a fastest CAGR during the forecast period, owing to the technology developments in Healthcare IT industry. Moreover, many of the global healthcare IT companies, medical device companies, and technology providers are continuously focusing on developing AI-based solutions for the healthcare industry.
On the basis of technology, the natural learning process commanded the largest share of the global market in 2018. Major factors propelling the growth of NLP technology is the rising adoption of NLP in clinical documentation and automated coding in claims submissions. On the other hand, the use of AI in drug discovery and development applications is also supporting the growth of the healthcare AI market among pharma and biotech companies, CROs, and other non-healthcare provider end-user segments.
On the basis of application, hospital workflow management accounted for the largest share of the global market in 2018. The large share of this segment is mainly attributed to greater penetration of AI-powered chatbots and smart speakers among healthcare providers. Increasing adoption of AI-based solutions for managing various tasks such as scheduling appointments; checking insurance coverage parameters; instantly accessing information about drug interactions and side effects are some of the key factors driving the growth of this market.
In 2018, hospitals and diagnostics centers end user segment accounted for the largest share of the global artificial intelligence market in healthcare. Rising adoption of IT in healthcare organizations, increasing focus towards development of precision medicine approaches, and increasing number of collaborations among hospitals and companies for the development and implementation of customized AI solutions are some of the major factors attributed to the large share of this end user segment.
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This research report analyzes major geographies and provides comprehensive analysis of North America (U.S., Canada), Europe (Germany, France, U.K., Italy, Spain, and Rest of Europe), Asia-Pacific (China, Japan, India, and RoAPAC), Latin America, and Middle East & Africa. North America commanded the largest share of the global artificial intelligence market in healthcare in 2018, followed by Europe and Asia Pacific. However, Asia Pacific region is expected to grow at a higher CAGR during the forecast period. Growth in this market is expected to be driven by rise in adoption of precision medicine, and remarkable growth in venture capital investments. In addition, significant use of big data in the healthcare sector is expected to fuel the market growth. The growing technological innovation and demand from China is the primary driver for healthcare AI market in the APAC region.
The major players operating in the global artificial intelligence market in healthcare are General Electric (GE) Company (U.S.), Intel Corporation (U.S.), IBM Corporation (U.S.), Nvidia Corporation (U.S.), Microsoft Corporation (US), iCarbonX (China), Enlitic, Inc. (U.S.), General Vision Inc. (U.S.), Alphabet Inc. (U.S.), Verint Systems (U.S.), and Welltok, Inc. (U.S.) among others.
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