Global Artificial Intelligence In Healthcare Market, 2019-2025: AI in Healthcare to Improve Patient Outcomes - Growing Potential of AI-Based Tools for Geriatric Patients
DUBLIN, March 26, 2019 /PRNewswire/ -- The "Artificial Intelligence In Healthcare Market By Product (Hardware, Software, Services), Technology (Machine Learning, Context-Aware Computing, NLP), Application (Drug Discovery, Precision Medicine), End User, And Geography - Global Forecast To 2025" report has been added to ResearchAndMarkets.com's offering.
The global artificial intelligence market in healthcare is expected to grow at a CAGR of 43.5% from 2018 to reach USD 27.60 billion by 2025.
The high growth of artificial intelligence market in healthcare is attributed to factors such as rising funding in healthcare artificial intelligence, growing demand of precision medicines, effective cost reduction in the healthcare expenditure, and accurate & early diagnosis of the chronic diseases and disorders.
However, reluctance in adopting AI technologies among the end users and lack of trust & potential risks associated with AI in healthcare is restricting the growth of this market to a certain extent. On the other hand, the ability of artificial intelligence in healthcare to improve patient outcomes, the growing potential of AI-based tools for geriatric patients, and high growth prospects in emerging economies offer significant growth opportunity in this market.
Software segment commanded the largest share of the global artificial intelligence market in healthcare in 2018. However, services segment is expected to grow at the fastest CAGR during the forecast period, owing to the technology developments in the Healthcare IT industry. Moreover, many of the global healthcare IT companies, medical device companies, and technology providers are continuously focusing on developing AI-based solutions for the healthcare industry.
Hospital workflow management accounted for the largest share of the global market in 2018. The large share of this segment is mainly attributed to greater penetration of AI-powered chatbots and smart speakers among healthcare providers. Increasing adoption of AI-based solutions for managing various administrative tasks, such as scheduling appointments and checking insurance coverage parameters are some of the key factors driving the growth of this market.
An in-depth analysis of the geographical scenario of the industry provides detailed qualitative and quantitative insights about the five major geographies (North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa) along with the coverage of major countries in each region. North America commanded the largest share of the global healthcare artificial intelligence market in 2018, followed by Europe and Asia Pacific. The large share of this region is mainly attributed to the factors such as established IT infrastructure in healthcare, the presence of innovative software vendors and venture capitalists, rising adoption of EHR, and largest biopharmaceutical and biotechnological pipeline. Moreover, a rise in funding for new product development and an increasing number of startups for AI in healthcare are expected to drive the AI in healthcare market during the forecast period.
Key Topics Covered:
1. Introduction
1.1. Market Definition
1.2. Market Segmentation
1.3. Currency
1.4. Limitations
1.5. Key Stakeholders
2. Research Methodology
2.1. Research Process
2.1.1. Secondary Research
2.1.2. Primary Research
2.1.3. Market Size Estimation
3. Executive Summary
3.1. Introduction
3.2. Market Dynamics
3.3. Product Segment Analysis
3.4. Technology Segment Analysis
3.5. Application Segment Analysis
3.6. End User Analysis
3.7. Regional Analysis
3.8. Competitive Analysis
4. Market Overview
4.1. Introduction
4.2. Drivers
4.2.1. Rising Funding in Healthcare Artificial Intelligence
4.2.2. Growing Demand for Precision Medicines
4.2.3. Large Pool of Healthcare Data
4.2.4. AI to Reduce the Healthcare Cost
4.2.5. AI to Lead Efficient Diagnosis
4.3. Market Restraints
4.3.1. Reluctance in Adopting AI Technologies
4.3.2. Lack of Trust for Data Security
4.4. Market Opportunities
4.4.1. Outburst in Artificial Intelligence for Home Care and Hospitals
4.4.2. Artificial Intelligence in Healthcare to Improve Patient Outcomes
4.4.3. Growing Potential of AI-Based Tools for Geriatric Patients
4.5. Market Challenges
4.5.1. Ethical and Legal Issues in Healthcare Artificial Intelligence
4.5.2. Lack of Access to Curated Data
4.5.3. Lack of Interoperability amongst AI Solution Provided by Different Vendors
5. Industry Insights
5.1. Value Chain Analysis
5.2. Case Studies
5.2.1. Cognizant Developed an AI-Driven Machine Learning Solution to Identify Potential Drug-Seeking Behavior in Patients
5.2.2. Under Armour Developed an App That Uses IBM Watson Cognitive Computing Platform
5.2.3. Tempus and Mayo Clinic Team Up to Personalize Care for Cancer Patients
5.2.4. AI Solutions for Mental Health Building a Strong Support System for Patients
5.2.5. AI-Powered Virtual Assistants Enabling Efficient Doctor-Patient Communications
5.2.6. Cleveland Clinic to Identify Patients at Risk in ICU Using Cortana Intelligence
6. Global Artificial Intelligence in Healthcare Market, by Product
6.1. Introduction
6.2. Software
6.3. Hardware
6.4. Services
6.4.1. Installation and Integration
6.4.2. Support and MAIntenance
7. Global Artificial Intelligence in Healthcare Market, by Technology
7.1. Introduction
7.2. Natural Language Processing (NLP)
7.3. Machine Learning
7.4. Context Aware Processing
7.5. Querying Method
8. Global Artificial Intelligence in Healthcare Market, by Application
8.1. Introduction
8.2. Hospital Workflow Management
8.3. Patient Data and Risk Analytics
8.4. Drug Discovery
8.5. Medical Imaging and Diagnosis
8.6. Patient Management
8.7. Precision Medicine
8.8. Other Applications
9. Global Artificial Intelligence in Healthcare Market, by End User
9.1. Introduction
9.2. Hospital & Diagnostic Centers
9.3. Healthcare Payers
9.4. Pharmaceutical and Biotechnology Companies
9.5. Patients
9.6. Other End Users
10. Artificial Intelligence in Healthcare Market, by Region
10.1. Introduction
10.2. North America
10.2.1. U.S.
10.2.2. Canada
10.3. Europe
10.3.1. Germany
10.3.2. U.K.
10.3.3. France
10.3.4. Italy
10.3.5. Spain
10.3.6. Rest of Europe
10.4. Asia Pacific
10.4.1. China
10.4.2. Japan
10.4.3. India
10.4.4. Rest of Asia Pacific
10.5. Latin America
10.6. Middle East & Africa
11. Competitive Landscape
11.1. Introduction
11.2. Company Rankings
11.3. Competitive Situations and Trends
11.3.1. Acquisitions and Mergers
11.3.2. Agreement and Collaborations
11.3.3. Product Launches
11.3.4. Other Developments
12. Company Profiles
12.1. Intel Corporation
12.2. IBM Corporation
12.3. Nvidia Corporation
12.4. Microsoft Corporation
12.5. Alphabet Inc (Google Inc.)
12.6. General Electric (GE) Company
12.7. Enlitic, Inc.
12.8. Verint Systems
12.9. General Vision, Inc.
12.10. Welltok, Inc.
12.11. iCarbonX
For more information about this report visit https://www.researchandmarkets.com/research/kv3z9m/global_artificial?w=5
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