Healthcare Artificial Intelligence Market – Overview
The rate of innovation in the healthcare sector has gathered significant momentum recently, and one of the main benefits gained is the incorporation of artificial intelligence in healthcare services. Market reports connected with the healthcare IT industry have been presented by Market Research Future which makes reports on other industry verticals that aims to analyze the current market scenarios better. The market is projected to achieve a CAGR of 51.9% in the course of the forecast period.
The streamlining of healthcare data which comprises of structured and unstructured data is boosting the growth of the healthcare artificial intelligence market. The application of AI to a wide range of healthcare related research purposes is transforming the growth potential of the market. The healthcare artificial intelligence is expected to create new prospects for growth due to its benefits in reducing the dependence on trained professionals who are in shortage in the market.
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The advent of artificial intelligence (AI) has held high promise for a number of industry verticals. Use of AI in healthcare applications is perhaps one of the most exciting uses of AI due to its sheer potential. The global healthcare AI market is expected to grow at a CAGR of 51.9% during the forecast period of 2018 to 2023. This projects staggering growth for the global market. Healthcare AI has the potential to provide quality healthcare while minimizing human error. Intelligent AI processes, could lead to a transformation of the healthcare sector. In 2017, the market was valued at USD 1003.3 Mn and is expected to appreciate rapidly to reach a whopping USD 12,218.3 Mn by the end of 2023.
Artificial intelligence is increasingly being used for a wide range of healthcare related research purposes. Detection of diseases, management of chronic diseases and drug discovery are among the key healthcare applications where AI is presently being used. AI offers higher efficiency which is expected to lead to the discovery of other highly beneficial applications. The potential to applying AI in healthcare could be utilized in precision medicine and prediction of outcomes in various clinical scenarios. The growth of AI in healthcare can also be attributed to its increasing use in clinical trials to find eligible patients for study. Additionally, AI can be used to reduce the burden of requiring trained healthcare professionals. Presently, there is a rapidly growing human resource crisis in healthcare and the need for healthcare is growing but there is a lack of sufficient healthcare professionals. AI in diagnostics, big data analytics, administration tasks, and several others will likely lead to increased efficiency of healthcare management which is likely to allow doctors to spend focused time with patients thus improving quality of care.
Stringent guidelines are expected to restrain market growth as healthcare institutions will not be able to leverage AI solutions without appropriate permissions and legal approval. Moreover, the costs of AI systems is incredibly high as it is still a very new technology and requires high investment for all the components. These systems also require regular maintenance and repair which also add to the high cost of AI systems in healthcare, thus challenging market growth. However, investments in R&D of AI systems for healthcare applications and the increasing demand for further advancement is expected to yield growth opportunities during the forecast period.
The global healthcare artificial intelligence market is segmented according to component, application, technology, end-user, and region. Components of healthcare AI are broadly segmented into software, hardware, and services. Among these, the hardware segment is expected to witness the highest growth at a CAGR of 52.4% over the review period. The segment also represents the largest share of the market due to its requirement in the setup of basic AI framework.
Applications for healthcare AI are segmented into virtual nursing assistant, robot-assisted surgery, dosage error reduction, clinical trial, preliminary diagnosis, and automated image diagnosis. The robot-assisted surgery segment has captured the largest share of the global market as it offers precision and flexibility in complex procedures. However, the automated image diagnosis segment offers high scope for growth and is expected to witness the highest CAGR at 52.5% during the assessment period.
Technology employed in healthcare AI segment the global market into natural language processing, machine learning, querying method, and others. The machine learning segment accounts for the largest share of the market and displays the highest growth potential for the forecast period. Machine learning makes it possible for AI systems to learn without programming by letting the system access data, the benefits associated with this are expected to spur the segment’s growth at a CAGR of 52.4%.
End-users of healthcare AI are segmented into pharmaceutical & biotechnology companies, academic & research laboratories, and hospitals & diagnostic centers. Hospitals and diagnostic centers are expected to be the end-users for a large number of AI applications. As such, observations about the segment indicate its significant size and high CAGR growth at 52.7% during the forecast period.
Segmental Analysis
The segmental analysis of the healthcare artificial intelligence market is carried out on the basis of technology, component, application, end-user, and region. The component-based segment of the healthcare AI comprises of hardware, software, and services. The segmentation on the basis of applications for the healthcare AI market comprises of robot-assisted surgery, virtual nursing assistant, dosage error reduction, preliminary diagnosis, clinical trial, and automated image diagnosis. On the basis of technology, the healthcare AI segment market is segmented into machine learning, querying method, natural language processing, and others. The end users segment of the healthcare AI market consists of academic & research laboratories, pharmaceutical & biotechnology companies, and hospitals & diagnostic centers.
Detailed Regional Analysis
The regional analysis of the healthcare AI market report comprises of regions such as Europe, Asia Pacific, the Middle East, the Americas, Africa. The Americas region has the principal share of the market which is expected to be maintained over the forecast period. The advanced countries such as the U.S are heading the development for the regional market owing to the incidence of a sophisticated healthcare sector. The rising biotechnology industry and the growing uses of robot-assisted surgery are among the important factors that have put the Americas region in a leadership position. The European region accounts for the next chief market owing to the continuing R&D activities undertaken in the region for healthcare AI.
The region has a comparable growth pattern to the Americas, and the swift adoption of AI in healthcare is inspiring market growth in the region. The Asia Pacific region is a swiftly growing market due to a huge patient population which is progressively placing demand for good quality therapeutic care for chronic diseases. The Middle East and African region will show gradual development compared to other regions due to the absence of advanced healthcare services in the majority of the region. The developing economies in the MEA region are expected to have a major impact on the market’s growth.
Competitive Analysis
The expansion of a strong value chain is additionally motivating the development of the market. The vertical supplements and product tactics of the market are advancing the potential of the market players. The growth of the market is moving in a promising direction due to new product introductions or intensifying gross revenue of the players in the market. Increased conformity of market players to new customers and market trend inclinations are boosting the growth curve of the market and will persist in the forecast period. The tactical goals intended for the market are buoyed due to advantageous product differentiation carried out by market contestants. Substantial cuts in administrative costs are inducing further expansion of the market. The effective implementation of strategies is likely to stimulate the market in the coming years.
The noteworthy players in the healthcare AI market are Deep Genomics, Koninklijke Philips N.V., Stryker, CloudMedx Inc., General Vision, IBM Watson Health, Google, General Electric, Next IT Corp., Intel Corporation, Microsoft Corporation, and NVIDIA Corporation.
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