Global Artificial Intelligence Market in Healthcare Sector: Analysis & Forecasts, 2017-2025 (Focus on Real-Time Monitoring, Precision Medicine, Personal Health & Nursing Assistants, and Robot-Assisted Surgery)

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Oct 18, 2017, 18:40 ET

LONDON, Oct. 18, 2017 /PRNewswire/ -- Global Artificial Intelligence Market in Healthcare Sector is Estimated to Reach $28 Million by 2025

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Artificial intelligence continues to propel the healthcare industry with increasing revenue at a global level. The rapid pace at which the scientific innovations are taking place, the spanning of artificial intelligence into various healthcare verticals and the fact that the efficiency of systems can be improved using artificial intelligence led to the global emergence of artificial intelligence market in healthcare sector.

The global Artificial Intelligence market in healthcare sector is estimated to witness a growth at a CAGR of XX% over the period 2017 to 2025. This growth is expected due to increasing need for driving huge amount of complex data which can be achieved with the usage of artificial intelligence.

The North American industry was an early adopter of artificial intelligence technologies which has now made it a hub for the companies providing artificial intelligence solutions for the healthcare market. With the presence of all the major companies in the artificial intelligence market, this region acquires the major market share and is currently dominating global artificial intelligence in the healthcare market. The region also offers companies potential growth opportunities because of the increased adoption of artificial intelligence technologies across various verticals of the healthcare industry.

The most often used strategy for developing a better hold on to the market has been through partnerships & collaborations, followed by new product launches. Moreover, the company profile section includes highlights of significant information about the key companies involved along with their financial positions, key strategies, and developmental activities of recent years. Some of the key players involved in this market are iCarbonX.com, GE Healthcare, Medtronic PLC, Enlitic Inc., Alphabet Inc., NVIDIA Corporation, Next IT Healthcare, Johnson & Johnson Services Inc., Microsoft Corporation, Koninklijke Philips N.V., International Business Machines Corporation, Intel Corporation, Siemens Healthcare GmbH, Flatiron Health Inc., and Welltok Inc.

The report is a compilation of different applications of Global Artificial Intelligence Market in Healthcare Sector including real-time monitoring, precision medicine, personal health & nursing assistants, drug development & discovery, robot-assisted surgery, administrative workflow assistance, clinical trials, and diagnostic & clinical decision support. It further takes in market dynamics. The report also discusses in detail about the key participants involved in the industry.

The report answers the following questions about the Global Artificial Intelligence Market in Healthcare Sector:
• What is the size, in terms of value ($million), of artificial intelligence market in healthcare sector in 2016, and growth rate during the forecast period, 2017-2025?
• What are the major market drivers, challenges and opportunities in the global artificial intelligence market in healthcare sector?
• What is the market share of the leading applications of the global artificial intelligence market in healthcare sector in 2016 and 2025?
• How will each application of the global artificial intelligence market in healthcare sector grow during the forecast period and what will be the revenue generated by each of the application by the end of 2025?
• How will the industry evolve during the forecast period between 2016 and 2025?
• Which geographical location will dominate the artificial intelligence market in healthcare sector?
• What are the new strategies adopted by the existing market players to make a mark in the industry?
• Who are the key players in the artificial intelligence market in healthcare sector?

Executive Summary
The rapid pace at which the scientific innovations are taking place, the spanning of artificial intelligence into various healthcare verticals and the fact that the efficiency of systems can be improved using artificial intelligence can be ascribed as the prime reasons for the enhancing growth rate of the global artificial intelligence market in healthcare sector.

In terms of value, the artificial intelligence market in healthcare sector is estimated to reach $XX million by 2025 at a CAGR of XX% through the forecast period. This growth in the artificial intelligence market in healthcare sector is attributed to the increasing need for driving huge amount of complex data which can be achieved with the usage of artificial intelligence. However, governmental regulations, lack of skilled workforce and high upfront investment are acting as restraints for the growth of artificial intelligence market in healthcare sector.

The artificial intelligence market in healthcare sector has been tracked along the lines of its application areas, and geography. Revenue generated from various application areas, namely real-time monitoring, precision medicine, personal health & nursing assistants, drug development & discovery, robot-assisted surgery, administrative workflow assistance, clinical trials, and diagnostic & clinical decision support have been analyzed. The report also covers the artificial intelligence market in healthcare sector on a global scale, and consequently provides revenue data of the key regions. A separate segment has been made for the key global regions: North America, Europe, Asia Pacific (APAC), and Rest of the World (ROW).

Artificial intelligence in the healthcare sector has maximum usage in the personal health & nursing assistant application. The adoption of personal health and nursing assistants has witnessed a robust growth, over the recent years. Presently, people are more focused on spending their time in something productive rather than wasting it in the hospitals waiting for their turn. Personal health and nursing assistants support the patients by analysing their historical medical reports and present conditions.

Babylon is the perfect example of a personal health and nursing assistant application. Babylon is an application for android and iOS users, which is based on common medical knowledge and personal medical history. The app checks the symptoms reported by the user against a database of diseases with the help of speech recognition. The app suggests an appropriate action after analyzing the circumstances and the patient's history. Moreover, the app follows up with the patients about their health and also notifies them for the medication. This will help the patients to decrease their waiting time at the hospitals and increase the efficiency of diagnostic process.

The market is dominated by North America region and Asia Pacific is expected to grow with the highest rate in the coming years. In North America, the U.S. acquires the major market share and is currently dominating the market. The healthcare industry in the U.S. is driven by the presence of several key players and the high investments. In 2016, the U.S. government invested $1 billion in funding towards artificial intelligence research. The U.S. government has also been the single largest purchaser of healthcare services in the U.S. In 2015, the U.S. government launched the Precision Medicine Initiative with the aim of collecting genetic data from people.

Asia Pacific has been the fastest growing region in terms of developments and innovations due to presence of the leading companies such as IBM, Microsoft, Apple, Google, Siemens and GE Healthcare, among others. Japan has always been one of the leading regions when it comes to the technological developments because of its refined communications infrastructure.

Some of the key players in the industry are iCarbonX.com, GE Healthcare, Medtronic PLC, Enlitic Inc., Alphabet Inc., NVIDIA Corporation, Next IT Healthcare, Johnson & Johnson Services Inc., Microsoft Corporation, Koninklijke Philips N.V., International Business Machines Corporation, Intel Corporation, Siemens Healthcare GmbH, Flatiron Health Inc., and Welltok Inc.

Countries Covered
• North America
• U.S.
• Canada
• U.K.
• Germany
• France
• Japan
• India
• China
• South Korea
• ROW

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