The AI in healthcare market was valued at $4,836.87million in 2019 and is projected to reach $99,491.58 million by 2027, registering a CAGR of 42.8% from 2020 to 2027. The growth of the AI in healthcare market is driven by the ability of AI to improve patient outcomes, need to increase coordination between healthcare workforce & patients, increase in adoption of precision medicine, and a notable rise in venture capital investments. In addition, rise in importance of big data in healthcare is expected to fuel the market growth. Artificial intelligence (AI) can be defined as the science and engineering adopted to design intelligent machines, especially intelligent computer programs. AI is an intelligent system that applies various human intelligence based functions such as reasoning, learning, and problem-solving skills on different disciplines such as biology, computer science, mathematics, linguistics, psychology, and engineering. AI is widely applicable in medication management, treatment plans, and drug discovery.
The market is expected to witness a moderate growth during the forecast period, owing to rise in adoption of AI systems. Furthermore, technological advancements in AI systems are anticipated to augment the market growth. Prospective of AI-based tools for elderly care and the untapped potential of emerging markets, such as China and India, are expected to present various opportunities for market expansion. However, an imprecise regulatory scenario and reluctance among healthcare professionals to adopt AI-based technologies are expected to hamper the market growth.
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The AI in healthcare market is segmented based on offering, algorithm, application, end user, and region. On the basis of offering, the market is divided into hardware, software, and services. By algorithm, it is classified into deep learning, querying method, natural language processing, and context aware processing. The application segment includes robot-assisted surgery, virtual nursing assistant, administrative workflow assistance, fraud detection, dosage error reduction, clinical trial participant identifier, preliminary diagnosis, and others. Depending on end user, the market is fragmented into healthcare providers, pharmaceutical & Biotechnology Companies, patients, and payer. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
It also discusses the segmentation analysis based on product type and application that is presented in the report. The major studies, market growth rate, competitive environment, market drivers, trends, concerns, and macroscopic indicators, are all summarized. The report studies the SWOT analysis of each player profiled in this section, their products, production, value, capacity, and other crucial criteria.
The healthcare sector is vital to both national economies and people all across the world. One of the industries with the fastest growth rates is this one. There is a correlation between income levels and healthcare spending across nations because healthcare spending accounts for more than 10% of the GDP of the majority of developed countries. According to the Centers for Medicare and Medicaid Services, US healthcare spending increased by 4.6% in 2019 to reach US$ 3.8 trillion, or US$ 11,582 per person and represented 17.7% of GDP. Additionally, households paid for 28.4% of all health expenditures, followed by the federal government for 29.0%. 16.1% of all healthcare costs were paid for by state and municipal governments, while 7.5% came from other private sources.
Due to advancements spurred by AI/ML, the impact of digital health technology will grow. Data from the Department for Promotion of Industry and Internal Trade show that FDI in the medicines and medication sector totaled US$19.12 billion (DPIIT).
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KEY BENEFITS FOR STAKEHOLDERS
u This report entails a detailed quantitative analysis of the current market trends and future estimations from 2019 to 2027 to identify the prevailing opportunities.
u Market estimations are based on comprehensive analysis of the key developments in the industry.
u The global market is comprehensively analyzed with respect to offering, algorithm, application, end user, and region.
u In-depth analysis based on region assists to understand the regional market to assist in strategic business planning.
u The development strategies adopted by key manufacturers are enlisted to understand the competitive scenario of the market.
KEY MARKET PLAYERS
– Alphabet Inc. (Google Inc.)
– Enlitic Inc
– General Vision
– iCarbonX
– Intel Corporation
– IBM Corporation
– Microsoft Corporation
– Nvidia Corporation
– Next IT Corp
– Welltok Inc.
– By Algorithm
o Deep Learning
o Querying Method
o Natural Language Processing
o Context Aware Processing
KEY MARKET SEGMENTS
– By Offering
o Hardware
o Software
o Services
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– By Application
o Robot-assisted Surgery
o Virtual Nursing Assistant
o Administrative Workflow Assistance
o Fraud Detection
o Dosage Error Reduction
o Clinical Trial Participant Identifier
o Preliminary Diagnosis
o Others
– By End User
o Healthcare Providers
o Pharmaceutical & Biotechnology Company
o Patients
o Payers
– By Region
o North America
– U.S.
– Canada
– Mexico
o Europe
– Germany
– France
– UK
– Italy
– Spain
– Rest of Europe
o Asia-Pacific
– Australia
– Japan
– India
– China
– South Korea
– Rest of Asia-Pacific
o LAMEA
– Brazil
– Turkey
– Saudi Arabia
– South Africa
– Rest of LAMEA
Table of Content:
- Report Overview
- Global Growth Trends
- Competition Landscape by Key Players
- Data Segments
- North America Market Analysis
- Europe Market Analysis
- Asia-Pacific Market Analysis
- Latin America Market Analysis
- Middle East & Africa Market Analysis
- Key Players Profiles Market Analysis
- Analysts Viewpoints/Conclusions
- Appendix
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