Healthcare Artificial Intelligence Market is valued at USD 4.93 billion in 2020 and expected to reach USD 56.88 Billion by 2027 with the CAGR of 41.80% over the forecast period.
Healthcare Artificial Intelligence Market: Global Size, Trends, Competitive, Historical & Forecast Analysis, 2020-2026– Rising adoption of healthcare artificial intelligence in research areas is one of the major factors driving the growth of the Global Healthcare Artificial Intelligence Market.
Artificial intelligence refers to the simulation of human intelligence in machines that are programmed to think like humans and simulator their actions. Using these technologies, computers can be trained to accomplish specific tasks by processing large amounts of data and recognizing patterns in the data. Additionally, artificial intelligence is used in healthcare and number of sectors. In healthcare, it can be applied to various types of healthcare data like, structured and unstructured. The increasing availability of healthcare data and rapid development of big data analytic methods has made possible the recent successful applications of artificial intelligence (AI) in healthcare.
AI can use sophisticated algorithms to ‘learn’ features from a large volume of healthcare data, and then use the obtained insights to assist clinical practice. It can also be equipped with learning and self-correcting abilities to improve its accuracy based on feedback and AI system can assist physicians by providing up-to-date medical information from journals, textbooks and clinical practices to inform proper patient care. In addition, this system can help to reduce diagnostic and therapeutic errors that are inevitable in the human clinical practice. Furthermore, an AI system extracts useful information from a large patient population to assist making real-time inferences for health risk alert and health outcome prediction. Moreover, the artificial intelligence is used for automatically spot problems and threats to patient safety, such as patterns of sub- optimal care or outbreaks of hospital-acquired illness with high accuracy and speed.
Global Healthcare Artificial Intelligence market report is segmented on the basis of offering, technology, end-use application, end-user and region & country level. Based upon offering type, the market is divided into hardware, software and services. Based upon technology, the market is divided into machine learning, natural language processing, context-aware computing, computer vision and querying method. Based upon end-use application, the market is divided into patient data and risk analysis, inpatient care & hospital management, medical imaging and diagnostics, lifestyle management and monitoring, virtual assistant, drug discovery, research, healthcare assistance robots, precision medicine, emergency room & robot assisted surgery, wearables, mental health, fraud detection, cybersecurity, clinical trial participant identifier and others. Based upon end-user, the market is divided into hospitals and providers, patients, pharmaceutical and biotechnology companies, healthcare payers and others (ACOs and MCOs).
The regions covered in this Healthcare Artificial Intelligence market report are North America, Europe, Asia-Pacific and Rest of the World. On the basis of country level, market of Healthcare Artificial Intelligence sub divided into U.S., Mexico, Canada, U.K., France, Germany, Italy, China, Japan, India, South East Asia, GCC, Africa, etc.
November 25th, 2018; Siemens Healthineers presented its first intelligent software assistant for radiology, which can identify organs and potentially disease-relevant changes. AI-Rad Companion Chest CT is a software assistant that brings artificial intelligence (AI) to computed tomography (CT) in Annual Meeting of the Radiological Society of North America (RSNA) in Chicago, USA at the end of 2018. AI-Rad Companion Chest CT is the first application based on the new AI-Rad Companion platform. It is designed to help radiologists interpret images faster and more accurately, and to reduce the time involved in documenting results. Being at the forefront of digitalization and AI, Siemens Healthineers will provide further intelligent assistants on its AI-Rad Companion to support healthcare providers’ transformation towards value-based healthcare.
Increasing advancements in big data analytics potential to increase quality care delivery, growing adoption of precision medicine, and a notable rise in venture capital investments are some of the major factors driving the market growth. Additionally, increasing range of potential applications of AI in healthcare such as; medical imaging and diagnostics, data mining, lifestyle management and monitoring, nutrition apps, emergency room and surgery, hospital information system(HIS), mental health, class of diagnostics and treatment, communicate with patients in an efficient way and other is also fostering the market growth.
For example; Nuance, a company which has developed a Medical Virtual Assistant, streamlines clinical workflows for the 500,000 clinicians who rely on Dragon Medical every day for their clinical documentation. Furthermore, number of Asian countries raising favorable funding scenario for growth of artificial intelligence industries. However, reluctance among medical practitioners to adopt AI-based technologies, high initial capital requirement and large scale human unemployment may hinder the market growth within the forecast period. In spite of that, increasing focus on developing human-aware AI systems, with adoption of AI, the employment opportunities are going to increase.
North America is expected to dominate the global healthcare artificial intelligence market due to the increasing technological advancements in healthcare sector, rising government investment in pharmaceutical companies, and increasing number of high-tech hospitals in this region. U.S. Additionally, increasing research and development in this field is fostering the market growth. For example, Enlitic, a U.S. based medical imaging startup, is using deep learning for tumor detection; its algorithms have been designed to detect tumors in human lungs with the help of Computed Tomography (CT) scan.
Asia Pacific is becoming an emerging market in healthcare artificial intelligence market owing to the increasing population, rising technological advancement, growing awareness about artificial intelligence in this region. In addition, increasing prevalence of chronic diseases is also supplementing the market growth in this region. For example, According to the World Health Organization, 55% of all deaths in the south East Asia region due to Non communicable diseases that is nearly 8 million people every year. Moreover, increasing government initiative to develop high-tech hospitals and raise funding to AI companies is also fostering the market growth. For example, in India USD 5.5 billion fund raised by global digital healthcare companies In the July-September 2017 quarter, at least 16 Indian healthcare IT companies received funding. The Karnataka government also has a Startup Policy and Karnataka Information Technology Venture Capital Fund that can support AI startups.
|Market Size in 2019:
|US$ 3.48 Billion
|Market Historical Analysis:
|Forecast Period CAGR %:
|Market Size Expected to reach in 2026:
|US$ 40.12 Billion
|Tables, Charts & Figures:
|Aidoc Medical, Amazon Web Services (AWS), Butterfly Network, Inc., GE Healthcare, Google LLC (Alphabet Inc.), IBM Corporation, Intel Corporation, Microsoft Corporation, Nuance , ommunications, NVIDIA Corporation, PathAI, Philips Healthcare, Siemens Healthineers, Tempus, Zebra Medical Vision, Others.
|Application, Technology Type,Offering, End-User
|North America, U.S., Mexico, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of the Middle East and Africa
Regional & Country Analysis:
Middle East and Africa
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