Market Scenario
The global healthcare artificial intelligence market is presumed to register 51.9% CAGR during the forecast period (2018-2023) owing to the growing adoption of AI solutions among the healthcare providers, asserts Market Research Future (MRFR). Artificial intelligence (AI) is regarded as the next frontier for healthcare innovation. In the healthcare sector, artificial intelligence is being applied for sorting structured and unstructured data. Potential of AI spans across healthcare verticals. AI is considered to play a vital role in overcoming some of the toughest hurdles being faced by healthcare providers.
Drivers and Constraints Impacting the Market
The augmented focus on the use of artificial intelligence in the healthcare sector in the recent past. The adoption of AI solutions in the healthcare sector is growing rapidly owing to the growing number of healthcare applications of AI coupled with its rising demand for medical research. AI is also being employed in clinical laboratories, hospitals, and research facilities, which is further contributing to the growth of the market during the assessment period. Broader applications of AI and technological advancements in deep learning have further led to its increased adoption in the healthcare sector across the globe.
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Technological companies are highly investing in the development of AI for research and healthcare, which is further boosting the market growth. Moreover, AI in the healthcare sector is being used for prognosis, diagnosis, and therapy, thereby stimulating its growth during the appraisal period. AI has also developed several applications across the healthcare sector, such as delivery of health services, detection of diseases, drug discovery, and management of chronic conditions. AI in the healthcare sector ensures effectiveness and efficiency, which is further considered to trigger its adoption in the coming years. AI also enables the healthcare sector to overcome the crisis of human resource by providing productivity through automation of complicated tasks. Such factors are presumed to contribute to the market growth.
On the flip side, the high cost associated with the implementation of AI in the healthcare sector coupled with the stringent guidelines regulating AI are some of the major concerns considered to dampen the market growth during the appraisal period.
Global Healthcare Artificial Intelligence Market: Segmental Analysis
The global healthcare artificial intelligence market has been segmented on the basis of component, application, technology, end-user, and region.
By mode of component, the global healthcare artificial intelligence market has been segmented into software, hardware, and services.
By mode of application, the global healthcare artificial intelligence market has been segmented into virtual nursing assistant, robot-assisted surgery, clinical trial, dosage error reduction, automated image diagnosis, and preliminary diagnosis. Among these, the robot-assisted surgery segment is considered to hold the most significant share in the global market owing to the flexibility and high precision assured by robot-assisted surgeries while performing complex procedures.
By mode of technology, the global healthcare artificial intelligence market has been segmented into querying method, machine learning, and natural language processing. Among these, the machine learning segment is considered to demonstrate the highest CAGR owing to the ability to handle multi-dimensional data while facilitating a reduction in the process time cycle.
By mode of end-user, the global healthcare artificial intelligence market has been segmented into pharmaceutical & biotechnology companies, hospital & diagnostic centers, and academic & research laboratories. Among these, the hospital & diagnostic centers segment holds the largest market share owing to the extensive application of healthcare AI in robotic surgeries and diagnostic imaging.
Regional Insights
Geographically, the healthcare artificial intelligence market span across regions namely, Europe, America, Asia Pacific, Latin America, and the Middle East & Africa.
Among all the regions, America is predicted to dominate the global healthcare artificial intelligence market due to the growth witnessed in the biotechnology industry, presence of a developed healthcare sector, and rising cases of robotic surgeries.
The European region has secured the second position across the globe and is considered to garner USD 3453.4 million during the appraisal period. The growth is attributed to the extensive research and development activities for healthcare AI. Also, increased funding is responsible for catalyzing the proliferation of the regional market.
The Asia Pacific region is predicted to strike a relatively higher CAGR owing to the increasing therapeutic demand for chronic diseases coupled with the fast-developing healthcare sector.
Industry Updates
December 25, 2018: By harnessing digital health data, artificial intelligence, and deep learning, Shefayim-based health care start-up Zebra Medical Vision is aiming towards identifying the exotic diagnoses; the zebras by offering radiologists with high-performance algorithms in order to identify accurately and prevent breast, lung, cardiovascular, liver, and bone diseases.
Competitive Dashboard
The prominent players operating the global healthcare artificial intelligence market are Google, General Electric, IBM Watson Health, Microsoft Corporation, Intel Corporation, DEEP GENOMICS, Koninklijke Philips N.V., General Vision, NVIDIA Corporation, CloudMedx Inc., Next IT Corp., and Stryker.
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