The global Artificial intelligence (AI) in healthcare market was valued at $1,441 million in 2016, and is estimated to reach at $22,790 million by 2023, registering a CAGR of 48.7% from 2017 to 2023.
The growth of the global 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. 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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Increase in adoption for precision medicine, surge in investments by venture capitalists, and rise in adoption of precision medicine drive the growth of the global AI in healthcare market. Considerable usage of big data in the healthcare industry would supplement the market growth. However, dearth of standard regulations and lack of adoption among healthcare professionals for adoption of AI-based technologies would restrain the market growth. On the other hand, untapped potential from emerging economies including China and India along with usage of AI-based tools for caregiving of elders would offer various opportunities for the market.
The report offers a detailed analysis of key segments of the global AI in healthcare market based on offering, algorithm, application, end user, and geography. Among algorithms, the natural language processing segment contributed to the highest share in 2016 and would maintain the leadership status by 2023. The deep learning segment would register the highest growth rate in 2016, owing to rise in usage of data mining, signal reduction, and image recognition.
The healthcare provider segment contributed to the highest market share in terms of revenue and is expected maintain its lead position from 2017 to 2023. Rise in usage & application of AI systems would enhance patient outcomes along with maintaining electronic health records (EHR) to result in the market growth. Among applications, the robot-assisted surgery segment would register the highest share in 2016, registering a CAGR of 46.1%, owing to rise in demand for minimally invasive surgeries.
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The report provides detailed analysis of the key market players namely
- Welltok, Inc.,
- Nvidia Corporation,
- Intel Corporation,
- IBM Corporation,
- Google Inc.,
- General Vision, Inc.,
- Microsoft Corporation,
- Next IT Corporation,
- Enlitic, Inc.,
- iCarbonX.
They have adopted different strategies such as expansions, partnerships, joint ventures, mergers & acquisitions, collaborations, and others to gain a stronghold in the industry.
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