The Global AI in Healthcare Market size is expected to grow from USD 6.1 Bn in 2021 and reach USD 39.5 Bn by 2026; it is projected to grow at a CAGR of 45.3%.
The increasing volume of healthcare data and growing complexities of datasets driving the need for AI, the intensifying need to reduce towering healthcare costs, improving computing power and declining hardware costs, growing number of cross-industry partnerships and collaborations, and rising imbalance between health workforce and patients driving the need for improvised healthcare services.
Another major factor fueling the market growth currently is the adoption of this technology by multiple pharmaceutical and biotechnology companies across the world to expedite vaccine or drug development processes for COVID-19. Artificial intelligence in healthcare is one of the most important scientific advancements in medicine so far. The participation of several start-ups in the development of AI-driven imaging and diagnostic solutions is a key factor contributing to the growth of the sector.
Recent Developments 1. In March 2020, IBM Watson Health and EBSCO Information Services partnered to provide access to evidence-based drug and disease information that can help support clinicians and individuals as they cope with infectious diseases, including COVID-19. 2. In July 2019, IBM acquired RedHat. Red Hat's open hybrid cloud technologies are now paired with IBM's innovation and industry expertise. IBM and Red Hat will accelerate innovation by offering a next-generation hybrid multi-cloud platform. Based on open source technologies, such as Linux and Kubernetes, the platform will allow businesses to securely deploy, run, and manage data and applications on premises and on private and multiple public clouds. 3. Jun-2020: GE Healthcare announced collaboration with Lunit, a South Korean startup. Together with Lunit, GE launched an artificial intelligence-powered chest X-ray analysis suite. The suite has been designed to spot and highlight eight common conditions, using algorithms built by Lunit. 4. Jul-2020: AliveCor introduced KardiaCare, a digital health subscription service. The service provides members the control and convenience of managing heart health at home. This new service delivers exclusive digital tools to make it easier for users to interpret their heart data, monitor risk factors, identify symptom triggers, and measure the impact of positive lifestyle changes as part of a long-term heart care program.
Some of the companies covered in this report are NVIDIA Corporation (NVIDIA) (US), Intel Corporation (Intel) (US), International Business Machines Corporation (IBM) (US), Google Inc. (Google) (US), Microsoft Corporation (Microsoft) (US), Amazon Web Services (an Amazon.com, Inc. subsidiary) (AWS) (US), General Vision, Inc. (US), General Electric (GE) Healthcare (US), Siemens Healthineers (Germany), Medtronic plc (US), Johnson & Johnson Services, Inc. (Johnson & Johnson) (US), and Koninklijke Philips N.V. (Netherlands) etc.
The report includes a Competitive Quadrant, a proprietary tool to analyze and evaluate the position of companies based on their Industry Position score and Market Performance score. The tool uses various factors for categorizing the players into four categories. Some of these factors considered for analysis are financial performance over the last 3 years, growth strategies, innovation score, new product launches, investments, growth in market share, etc.
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The report offers a comprehensive evaluation of the Global Artificial Intelligence In Diagnostics Market.
The report includes in-depth qualitative analysis, verifiable data from authentic sources, and projections about market size. The projections are calculated using proven research methodologies.
The report has been compiled through extensive primary and secondary research. The primary research is done through interviews, surveys, and observation of renowned personnel in the industry.
The report includes in-depth market analysis using Porter's 5 force model and the Ansoff Matrix. The impact of Covid-19 on the market is also featured in the report.
The report also contains the competitive analysis using Competitive Quadrant, the analyst's proprietary competitive positioning tool.
A complete analysis of the market, including parent industry
Important market dynamics and trends
Historical, current, and projected size of the market based on value and volume
Market shares and strategies of key players
Recommendations to companies for strengthening their foothold in the market
Key Topics Covered:
1 Report Description
2 Research Methodology
3 Executive Summary
4 Market Overview 4.1 Introduction 4.2 Market Dynamics 4.2.1 Drivers 18.104.22.168 Influx of large and complex healthcare datasets 22.214.171.124 Growing need to reduce healthcare costs 126.96.36.199 Improving computing power and declining hardware cost 188.8.131.52 Growing number of cross-industry partnerships and collaborations 184.108.40.206 Rising need for improvised healthcare services due to imbalance between health workforce and patients 4.2.2 Restraints 220.127.116.11 Reluctance among medical practitioners to adopt AI-based technologies 18.104.22.168 Lack of skilled AI workforce and ambiguous regulatory guidelines for medical software 4.2.3 Opportunities 22.214.171.124 Growing potential of AI-based tools for elderly care 126.96.36.199 Increasing focus on developing human-aware AI systems 188.8.131.52 Growing potential of AI-technology in genomics, drug discovery, and imaging & diagnostics to fight COVID-19 4.2.4 Challenges 184.108.40.206 Lack of curated healthcare data 220.127.116.11 Concerns regarding data privacy 18.104.22.168 Lack of interoperability between AI solutions offered by different vendors 4.3 Trends
5 Market Analysis 5.1 Porter's Five Forces Analysis 5.2 Impact of COVID-19 5.3 Ansoff Matrix Analysis
6 Global Artificial Intelligence In Diagnostics Market, By Section 6.1 Introduction 6.2 Hardware 6.3 Software 6.4 Services
7 Global Artificial Intelligence In Diagnostics Market, By Diagnosis 7.1 Introduction 7.2 Radiology 7.3 Pathology 7.4 Cardiology 7.5 Oncology 7.6 Neurology 7.7 Chest and Lung 7.8 Others
8 Global Artificial Intelligence In Diagnostics Market, By End User 8.1 Hospitals & Healthcare Providers 8.2 Patients 8.3 Pharmaceuticals & Biotechnology Companies 8.4 Healthcare Payers 8.5 Others (ACOS and MCOS)
9 Global Artificial Intelligence In Diagnostics Market, By Geography 9.1 Introduction 9.2 North America 9.2.1 US 9.2.2 Canada 9.2.3 Mexico 9.3 South America 9.3.1 Brazil 9.3.2 Argentina 9.4 Europe 9.4.1 UK 9.4.2 France 9.4.3 Germany 9.4.4 Italy 9.4.5 Spain 9.4.6 Rest of Europe 9.5 Asia-Pacific 9.5.1 China 9.5.2 Japan 9.5.3 India 9.5.4 Indonesia 9.5.5 Malaysia 9.5.6 South Korea 9.5.7 Australia 9.5.8 Russia 9.5.9 Rest of APAC 9.6 Rest of the World 9.6.1 Qatar 9.6.2 Saudi Arabia 9.6.3 South Africa 9.6.4 United Arab Emirates 9.6.5 Latin America