Artificial Intelligence (AI) in Healthcare Market to Reach US$ 26.5 Billion by 2025, Globally |CAGR: 41%| UnivDatos Market Insights
NOIDA, India, Oct. 27, 2020 /PRNewswire/ -- UnivDatos Market Insights released a report titled "Artificial Intelligence (AI) in Healthcare Market - by Technology (Machine Learning, Deep Learning, Artificial Neural Network), Applications (Robotic Surgery, Diagnosis, Virtual Nursing Assistance, Administrative Workflow Assistance); Offerings (Hardware, Software and Services) and Region - Current Analysis and Forecast (2015-2025)." Artificial Intelligence (AI) in healthcare market is expected to reach the market value of US$ 26.6 billion by 2025, growing at a CAGR of 41% during the forecast period (2018-2025).
Market Opportunities and Drivers
Artificial Intelligence (AI) is expected to contribute up to US$ 15.7 trillion to global GDP by 2030. AI applications, powered by an influx of big data and advancements in computing power, are positioned to transform major sectors, including healthcare. Global expenditures on healthcare increased to 9.9% of the total GDP in 2017, up from 8.6% in 2000. The United States witnessed the highest expenditure on healthcare, 17% of total GDP, in 2017. The world's population, aged 60 years and above, is likely to grow by 56% from 2015 to 2030. The healthcare industry is expected to benefit from US$ 45 billion in annual cost savings by 2025.
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Healthcare is one of the largest and most rapidly growing segments of AI, driven predominantly by innovation in clinical research, robotic personal assistants and big data analytics. Healthcare is poised to accelerate investments in AI over the next few years. On an estimate, artificial intelligence in healthcare raised a record US$ 4 billion in 2019, up from nearly US$ 2.7 billion in 2018 with a total of 367 and 264 investment deals respectively.
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COVID-19 Impact
To tackle and look forward to emerging diseases, healthcare delivery includes the assistance of new technology such as Artificial Intelligence (AI), Internet of Things ( IoT), Big Data, and machine learning. Some of the major applications of AI during the COVID-19 pandemic include early detection and diagnosis of the infection, treatment monitoring, contact tracing, projection of cases and mortality, development of drugs and vaccines, reducing the workload of healthcare workers, among others. For instance: In China, Alibaba has developed an AI algorithm that can diagnose suspected COVID-19 cases within 20 seconds (almost 45 times faster than the conventional approach) with 96% accuracy.
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Artificial Intelligence (AI) in Healthcare Market report is studied thoroughly with numerous aspects that would help stakeholders in making a curated decision.
By Technology, the market is primarily bifurcated into
- Machine learning
- Dep learning
- Intelligent agent
- Neural networks
Machine Learning dominated the technology segment of Artificial Intelligence (AI) in healthcare market. In 2019, machine learning accounted for almost 39% of the market share and is expected to grow at a CAGR of 41.2% over the forecast period. Machine learning in healthcare has its ability to process huge datasets beyond the limits of human capacity and then efficiently turn the interpretation of that data into clinical insights that help doctors in planning and delivering care, eventually leading to better results at lower care costs.
By Application, the market is primarily segmented into
- Robotic surgery
- Diagnosis
- Virtual Nursing assistance
- Administrative workflow assistance
- Advances analytics and research
In 2019, robotic surgery dominated Artificial Intelligence (AI) in healthcare market with 35% of the market share. Robotic surgery, or robot-assisted surgery, allows doctors to perform several complex procedures with more precision, flexibility, and control than is possible with conventional techniques.
By Offering, the market is primarily fragmented into
- Hardware
- Software
- Services
In 2019, services dominated the artificial intelligence (AI) in healthcare market with 76% of the market share and is expected to remain dominant over the forecast period, as AI services can support healthcare professionals with faster service, early diagnosis, and data analysis to identify required information to save someone from a particular disease.
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Artificial Intelligence (AI) in Healthcare Market Geographical Segmentation Includes:
- North America
- Europe
- Asia-Pacific
- Rest of the world
Based on the estimation, North America dominated Artificial Intelligence (AI) in healthcare market with nearly 45% of the market share in 2019. However, Asia-Pacific is expected to grow at the highest CAGR over the analyzed period due to the rising incidence of chronic diseases, a huge population base, limited number of healthcare professionals. Witnessing such factors, the region offers lucrative opportunities for AI healthcare providers to capitalize significantly.
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The major players targeting the market includes
- Medtronic Plc
- Abbott Laboratories
- Johnson and Johnson
- Becton Dickinson
- Boston Scientific Corporation
- Koninklijke Philips N.V
- Roche Holding AG
- Siemens Healthineers AG
- Stryker Corporation
- Oracle Corporation
The competitive landscape has been provided pointing out the position of the key market players in the market along with the market share that is held by major players. These players are constantly working on expanding the market reach through M&A's along with partnerships.
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