Healthcare Artificial Intelligence Market Insight
Global artificial intelligence (AI) in healthcare market 2020 is a pervasively growing space. Growing applications of AI technology in various healthcare verticals is a major driving force behind the growth of the market. Moreover, the recent COVID 19 pandemic is projected to increase the size of the AI in healthcare market.
Usages of AI technology are widespread in numerous fields, but in healthcare it stands out for the great possibilities it offers in drug discoveries, gene editing, and others. AI algorithms that mimic human intelligence capabilities and enable machine learning or deep learning machines to obtain information provides many advantages in the diagnostic process. Such artificial intelligence capabilities can escalate the growth of the market to great heights.
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In its recent artificial intelligence (AI) in healthcare market report, Market Research Future (MRFR) asserts that the market valuation is projected to appreciate at a massive CAGR of 51.9% throughout the predicted years (2018 – 2023). Rising usages of artificial intelligence (AI) in healthcare research purposes for detection of diseases, chronic condition management, and delivery of health services will propel the market growth during the forecast period.
Also, AI algorithms are capable of analyzing complex research data exploits meaningful relationships within predicting outcomes in a wide range of clinical scenarios. The leaps made by AI in clinical research as it has the potential to overcome challenges of finding eligible patients for clinical trials, monitoring adherence, and data collection.
Moreover, factors such as emergence & advancements in robotic surgery expanded uptake of adoption of precision medicine, and the growing number of clinical trials drive the market growth. Additionally, the burgeoning healthcare sector provides an impetus to the growth of the market. However, as the technology is still in its nascent stage, the cost of development and maintenance is slightly on a higher side, which hampers the growth of the global AI in healthcare market.
Healthcare Artificial Intelligence Market Major Players:
Players leading the global healthcare artificial intelligence market include
- Deep Genomics
- Next IT Corp.
- General Vision
- NVIDIA Corporation
- IBM Watson Health
- Intel Corporation
- Koninklijke Philips N.V.
- General Electric
- Stryker
- Microsoft Corporation
- CloudMedx Inc.
Innovation/Industry/Related News:
April 23, 2020 —- The Bolton NHS Foundation Trust (the UK), announced its partnership with Qure.ai (India), a healthcare AI startup for monitoring its COVID-19 patients. The trust provides NHS health care services for the people in Farnworth, Greater Manchester, England. Qure.ai has developed qXR solution (diagnostic software) that can detect findings indicative of COVID-19 and also quantify the volume of the infection. Qure.ai’s qXR solution is deployed at Bolton NHS Foundation Trust, UK, to automate the interpretation of COVID-19 proliferation from chest X-rays and to make it easier for healthcare professionals to monitor the extent and rate of progression of the viral infection.
April 20, 2020 —- IBM (the US), an AI-championing health-tech company, announced a formal partnership with a US-based AI-pioneering Watson technology Big Tech Corporation to expand its AI capabilities. The partnership “includes elements of data acquisition, utilization of AI, and IBM’s Watson capabilities to effect positive and empowering change for the American healthcare system.
Healthcare Artificial Intelligence Market – Segments
For enhanced understanding, the Healthcare Artificial Intelligence Market is segmented into five key dynamics.
By Component: Hardware, Software, and Services.
By Application : Automated Image Diagnosis, Robot-Assisted Surgery, Dosage Error Reduction, Virtual Nursing Assistant, Clinical Trial, Preliminary Diagnosis, and others.
By Technology: Machine Learning, Computer Vision, Querying Method, Natural Language Processing, Context-Aware Computing, and others.
By End User: Academic & Research Laboratories, Hospital & Diagnostic Centers, Pharmaceutical & Biotechnology Companies, and others.
By Regions : Europe, Americas, Asia Pacific, Middle East & Africa, and Rest-of-the-World.
Healthcare Artificial Intelligence Market – Regional Analysis
North America dominates the global healthcare artificial intelligence market. Increasing prevalence of chronic diseases and high healthcare expenses are major driving forces behind the market growth. Moreover, the recent COVID-19 pandemic is estimated to increase the size of the healthcare artificial intelligence market in North America. Growing cases for robotic surgery alongside a well-developed healthcare sector in the region would increase the size of the market.
US, backed by the rise establishment of biotechnology companies, accounted for the prominent market in North America for AI in healthcare market. Besides, the major uptake of this latest technology and the presence of well-established market players like IBM Watson influence the AI in healthcare market statistics in North America.
Europe stands second in the global healthcare artificial intelligence market. Prominent markets of the UK, Germany, and France impact the market growth positively. Additionally, substantial R&D investments in developing healthcare AI technology and increasing government funding in the region fosters market growth. Also, the recent COVID 19 epidemic is estimated to increase the adoption of AI in healthcare services. Besides, strategic deals between the UK government and industry players are expected to increase investment in AI research.
Asia Pacific is estimated to become the fastest-growing market for artificial intelligence in healthcare globally. Rising therapeutic demand for chronic diseases and the rapidly evolving healthcare sectors in the APAC is expected to increase the market size. Countries such as India and China, with their increasing numbers of AI in healthcare companies, are projected to contribute to the regional market growth significantly.
Healthcare Artificial Intelligence Market – Competitive Analysis
Characterized with the presence of numerous well-established players, the global healthcare artificial intelligence market appears to be fiercely competitive & fragmented. To gain a larger competitive advantage in the market, these players incorporate strategic initiatives such as mergers & acquisitions, collaboration, technology launch, and expansion. Also, artificial intelligence in healthcare market companies invests substantially in the R&D to develop a technology with unrivaled design and features that is on a completely different level compared to their competition.
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