BANGALORE, India, June 30, 2020 /PRNewswire/ -- The Artificial Intelligence (AI) in the healthcare market was valued at USD 4,836.87 Million in 2019 and is projected to reach USD 99,491.58 Million by 2027, registering a CAGR of 42.8% from 2020 to 2027.
AI in health represents a collection of multiple technologies enabling machines to sense, comprehend, act and learn so they can perform administrative and clinical healthcare functions.
TRENDS INFLUENCING THE AI IN HEALTHCARE MARKET SIZE
- AI-based apps can be used for continuous monitoring of health, which would, in turn, ensure timely care & treatment and can eventually reduce hospital stay. These advantages are, in turn, expected to fuel the growth of AI in healthcare market size.
- Technological developments in AI systems are expected to fuel the growth of AI in healthcare market size. The future of AI-based Patient care technologies and the untapped potential of emerging markets, such as China and India, is expected to pose diverse market expansion opportunities.
- The increasing number of cross-industry partnerships is expected to boost the adoption of AI in healthcare sector
- The number of artificial intelligence start-ups in the healthcare sector has increased dramatically, and the trend is expected to be the same in the coming years. Increasing funding in the form of venture capital is a key factor responsible for the growth of AI in healthcare market size
- It is expected that an imprecise regulatory scenario and the unwillingness of healthcare professionals to implement AI-based technologies could impede market development.
AI IN HEALTHCARE MARKET SHARE ANALYSIS
- North America accounted for the largest market share in the AI in the healthcare market in 2016 and is expected to retain its dominance throughout the forecast period. The presence of major AI technology and product developers in the region, increasing demand for improved diagnosis and treatment services, and rise in demand for digital health systems are expected to increase the AI in healthcare market size in this region.
- The Asia Pacific is expected to emerge as the fastest-growing region. Improving infrastructure for healthcare IT, rising number of AI start-ups and gradually increasing adoption of advanced technologies are some of the factors contributing to market growth.
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- Welltok, Inc.
- Intel Corporation
- Nvidia Corporation
- Google Inc.
- IBM Corporation
- Microsoft Corporation
- General Vision, Inc.
- Enlitic, Inc.
- Next IT Corporation
KEY MARKET SEGMENTS
- By Offering
- Deep Learning
- Querying Method
- Natural Language Processing
- Context Aware Processing.
- Robot-assisted Surgery
- Virtual Nursing Assistant
- Administrative Workflow Assistance
- Fraud Detection
- Dosage Error Reduction
- Clinical Trial Participant Identifier
- Preliminary Diagnosis
By End User
- Healthcare Provider
- Pharmaceutical & Biotechnology Company
- North America
The other players of the artificial intelligence in healthcare market include (companies not profiled in the report):
- Shimadzu Recursion Pharmaceuticals, Inc.
- Siemens Healthineers
- General Electric (GE) Company
- Koninklijke Philips N.V.
- Cloudmedx, Inc.
- Bay Labs, Inc.
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The report focuses on the growth prospects, restraints, and artificial intelligence market trends. The study provides Porter's five forces analysis of the AI industry to understand the impact of various factors such as bargaining power of suppliers, competitive intensity of competitors, the threat of new entrants, threat of substitutes, and bargaining power of buyers on the artificial intelligence market growth.
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