The global artificial intelligence (AI) in healthcare market size is expected to reach over USD 40.2 billion by 2026 growing at a sound CAGR of over 49.7% during 2019-2026.
Artificial intelligence has found a wide array of application in healthcare. It has not only sophisticated the various activities, but also increase the efficiency of the work. The introduction has also reduce the time of the treatment and reduce the labor cost. Similar to everyday lives, artificial intelligence and robotics are increasingly a part of the healthcare sector. They are used in patient data & risk analysis, lifestyle management & monitoring, precision medicine, inpatient care & hospital management, medical imaging & diagnostics, drug discovery, virtual assistant, research, and others. One of the major advantage of AI is to help people stay healthy. Technology applications and apps encourage healthier behavior in individuals and help with the proactive management of a healthy lifestyle. Moreover, it increases the ability of healthcare professionals to better understand the day-to-day patterns and from this information the professional helps in understanding better feedback, guidance and support for staying healthy.
The major driving factors for the market are accuracy of the result, continuously development in healthcare technology, and rising penetration of IT in healthcare. Additionally, rapidly developing infrastructure, increasing government support for research & development, and introduction of the advanced technology have supported the growth of the market. However, high cost and lack of funding is also the major hurdle for the market growth.
The market research study on “Artificial Intelligence (AI) in Healthcare Market - Global Industry Analysis, Market Size, Opportunities and Forecast, 2019 - 2026” offers a detailed outlook, strategic recommendations, and insightful viewpoints on the global AI in healthcare market. The report also analyzes the key players operating in AI in healthcare market and identifies the key strategies deployed by them along with the market share of leading players.
The global AI in healthcare market is segmented as below:
AI in healthcare Market By Application
AI in healthcare Market By Technology
AI in healthcare Market By End User
AI in healthcare Market By Geography
The AI in Healthcare market is segmented on the basis of application, technology and end users.
On the basis of application, the market is segmented into imaging diagnostics, drug discovery, lifestyle management & monitoring, emergency room and hospital management, wearables, insights & risk analytics, virtual assistance, insurance.
On the basis of technology, the market is categorized into speech recognition, natural language processing, machine learning, deep learning.
On the basis of end users, the market is segmented into hospitals, pharmaceutical organizations, diagnostic centers, and clinics.
Geographically, AI in healthcare market is segmented into North America, Europe, Asia Pacific, Latin America and The Middle East & Africa (LAMEA).
North America dominates the global AI in Healthcare market owing to the high healthcare spending and well-developed healthcare sector. The government in this region is supporting the research institute for researcher and development supporting the market growth. Increasing government support and presence of leading players have supported the growth of the market. Additionally, high adoption rate of AI in North America coupled with development & growth of research & development activities and investments by government and private organizations is further stimulating the market growth.
North America region includes US, Canada and Mexico. In the present market scenario, North America is estimated to be the largest market for AI in Healthcare owing to technological advancements and early adoption of AI in Healthcare in developed countries such as US and Canada. North America is one of the most technologically advanced application markets for AI due to the active involvement of tech giants in the field of Artificial intelligence. There is a need to improve the measures of affordability, access and health outcomes. Also, focus should be on increasing the rate of insurance coverage and access to primary care so that there are less hurdles for the doctor to manage the administration work. There is a growing need for elimination of agents and other third-party entities to reduce the transaction time, costs and related frauds. These factors form the key drivers propelling the growth of AI in healthcare in the North America region.
Technology has made patient care much easier. There are apps and wearables which help patients monitor their health. However, the healthcare data is not fully protected. If the security does not get better, then patients and providers can fall victims to data breaches. The long-term after-effects of medical surgeries are not tracked. The healthcare industry needs to do follow-ups to check the effectiveness of the surgeries. Doctors have a difficulty in finding the data exploring the long-term effects of the surgeries. Such data is needed to know the requirement of a particular surgery and whether or not the surgery was helpful. Poor record keeping does affect surgeries adversely. There is no track of official information on medical errors. AI is a possible solution to keep a record of patient’s health history as well as to keep a track of long-term effects of surgeries, treatments and medical errors. AI will give individuals control of documents. More efficient data sharing between healthcare networks will facilitate greater research and development.
Europe holds the second leading market which is followed by the Asia Pacific. Availability of funds, increasing application in clinical research and strong government support for will drive the European market during the forecast period. The Asia Pacific is the fastest growing market owing to the presence of developing economies such as India and China, increasing government support, and continuously rising healthcare spending. On the other hand, limited availability of fund and poor economy in Africa region has led the Middle East & Africa region at last position.
The key players in the market are: Microsoft, IBM, Johnson & Johnson Services, Inc., Oncora, Koninklijke Philips N.V, Siemens, GE Healthcare, Medtronic, Google, Amazon, Intel, CareSkore, CloudMedx Inc., Clarify Health Solutions, Zebra Medical Vision Ltd., Qventus Inc., NextHealth Technologies, Anju Software Inc. (Zephyr Health) among other