Market Research Future published a research report on “Healthcare Artificial Intelligence Market Research Report – Forecast to 2023” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2023.
Market Overview
Healthcare Artificial Intelligence (AI) refers to the application of AI technology in various healthcare verticals. Wherein, AI using complex algorithms that mimic human intelligence capabilities like reasoning, learning, pattern recognition and problem-solving enables machines to sense, comprehend, and perform tasks such as such as medication management, treatment plans, drug discovery, etc.
Artificial Intelligence by now has deep-rooted in the healthcare sector, allowing it to organize patient routes or treatment plans in a better fashion while providing physicians with detailed information; enhance their decision-making capabilities. Healthcare AI saves a significant amount of time of healthcare personnel while allowing them to perform a range of tasks efficiently offering good outcomes & hence, improved patients’ experience.
The omnipotent AI technology revolutionizes medicine and healthcare, demonstrating future implications and possible uses. This, further presages the heydays the Healthcare Artificial Intelligence market is about to witness are around the corner.
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Recognizing the kind of traction, the market perceives, Market Research Future (MRFR) in its recently published study report asserts that the global healthcare artificial intelligence market is projected to demonstrate an enormous growth by 2023, registering a staggering CAGR during the review period (2017 – 2023).
Factors encouraging the market growth include emergence & advancements in robotic surgery, expanded uptake of precision medicine, and the growing number of clinical trials. The burgeoning healthcare sector is as it is providing impetus to the market growth to an extent.
On the other hand, as the technology is still in its embryonic stage, the cost of development and maintenance is slightly on a higher side which coupled with other technological complexities restrict the growth of the global Healthcare Artificial Intelligence Market.
Key Players
Some of the key players profiled in the report include DEEP GENOMICS, Next IT Corp., General Vision, Google, NVIDIA Corporation, IBM Watson Health, Intel Corporation, Koninklijke Philips N.V., General Electric, Stryker, Microsoft Corporation, CloudMedx Inc.
Healthcare Artificial Intelligence Market – Segments
The MRFR analysis is segmented into five key dynamics for enhanced understanding.
- By Types: Comprises – Software, Hardware, and Services.
- By Technologies: Language & Image Processing, Deep Learning, Context Awareness, Querying, and Pattern Recognition, among others.
- By Applications: Workflow Assistance, Robot-Assisted Surgery, Financial, Diagnosis, Prognosis & Treatment Assistance, Risk Management, Clinical Trials, Drug Discovery, and Cybersecurity, among others.
- By End Users: Providers, Vendors, Payers, Pharmaceutical, Biotech Companies, and Marketing, among others.
- By Regions: North America, Europe, APAC and the Rest-of-the-World (RoW).
Regional Analysis
North America accounts for one of the lucrative markets for Healthcare AI. The US, among the other North American countries, holds the largest market share due to the large uptake of this latest technology, it’s affordability and the presence of well-established market players like IBM Watson in the region.
The Europe Healthcare AI market stands second in terms of the market size owing to the promising markets of the U.K. Germany, and France.
These well-developed regions are expected to continue their hegemony over the global healthcare AI market for the next six years before finally handing over the leadership to the Asia Pacific, a developing region. APAC is estimated to be the fastest growing market owing to the contributions from countries such as India and China.
Markets of the Gulf nations, mainly Saudi Arabia and UAE would turn the tables in the MEA (the Middle East & Africa) market registering a remarkable growth. On the other hand, the African market for Healthcare AI would witness a sluggish growth due to unfavorable economic and political conditions.
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