Artificial Intelligence (AI) in Healthcare Market 2019: Projecting a CAGR of More Than 51.7% During the Forecast Period

Artificial Intelligence in Healthcare Market

Artificial Intelligence (AI) is defined as the formation of a unique system with the help of algorithms and software, which can perform designated tasks without any human intervention. Artificial intelligence involves the integration of various technologies including natural language processing, machine learning, perception, and reasoning. AI has been used across healthcare for evaluating human cognition and for analyzing complex medical and diagnostic imaging data.

The artificial intelligence in Healthcare is being used in analyzing the relationship between patient results and treatment techniques. Moreover, it is also being deployed in medical practices across drug development, personalized medicines, diagnostic processes, and patient monitoring and care. For instance, AI can help in clinical processes by asking questions, giving prescriptions, and by testing the vital signs of patients. Moreover, AI systems can also be used for alerts, image interpretation, reminders, and therapy planning during medical procedures.

The global artificial intelligence in healthcare market is expected to reach at $36,250 million by 2026, with a CAGR of 51.7%, during the forecast period. The market is witnessing growth as AI helps in improving patient outcome. Moreover, with the increasing need to increase the coordination between healthcare workforce & patients, rising adoption of precision medicine, and a significant rise in venture capital investments. Moreover, the increasing importance of big data in healthcare is further expected to drive the artificial intelligence in healthcare market growth.

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This artificial intelligence in healthcare market report covers an in-depth analysis of the market including statistical and subjective data points, along with the key market drivers and opportunities & restraints that have positive or negative effects on the overall global market. An exclusive coverage has been provided for market drivers and challenges & opportunities for a country-level market in the respective regional segments.

The report comprises a competitive analysis of the key players functioning in the market and covers in-depth data related to the competitive landscape of the market and the recent strategies & products that will assist or affect the market in the near future.

The global artificial intelligence in healthcare market has been segmented based on offerings, technology, applications, and end-use industries. The offering segment has been further segmented into hardware, software, and services. The technology segment includes context-aware computing, machine learning, natural language processing, and computer vision. The applications segment has been categorized as health monitoring, digital consultation, precision medicine, drug creation, healthcare system analysis, medication management, and others. The end-user industries of the artificial intelligence in healthcare market are clinics, diagnostic centers, pharmaceutical organizations, hospitals, and others.

Artificial intelligence in healthcare market in software is expected to dominate during the forecast year

The software segment in the artificial intelligence in healthcare market is expected to hold the major market share from 2018 to 2026. This segment is witnessing growth due to the rising adoption of AI solutions and platforms by healthcare providers. Moreover, the healthcare payer is the key factor for driving the software segment’s growth. Software is being developed by using AI technologies, which include machine learning, natural language processing, and computer vision.

North America is dominating the artificial intelligence in healthcare market
North America is dominating the market due to the presence of key players in this region. The U.S. was holding a major share of the market in the year 2018, as it is the corporate headquarter of several market players, such as Google, Microsoft, NVIDIA, IBM, Intel, GE, AWS, and Xilinx. In addition to this, the region is witnessing mergers, acquisitions, partnerships, and product launches by the key players.

For instance, in June 2018, Medtronic, a medical device provider, has partnered with IBM to launch the AI-powered Sugar.IQ(TM) diabetes management application, for improvising diabetes management on a daily basis. APAC is the fastest growing region in the artificial intelligence in healthcare market during the forecast period. This region is expected to witness growth owing to rising healthcare expenditure, continuous improvement across healthcare infrastructure, and a growing aging population.

The key players operating in the global artificial intelligence in healthcare market includes

NVIDIA, IBM, General Vision, GE Healthcare, Siemens Healthineers, Medtronic plc., and others. The market is highly competitive due to the presence of various international, regional, and local vendors. Moreover, the market is witnessing the active participation of start-ups, such as CloudMedx (US), Imagia Precision Health AI (US), Cybernetics (Canada), and Cloud Pharmaceuticals (US).

To expand the market, the majority of vendors are adopting new technologies and product launches, in order to gain competitive advantage in the global market. The artificial intelligence in healthcare market is largely driven by new product launches and acquisitions.

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