AI In Healthcare Market by Offering (Hardware, Software, Services), Technology (Machine Learning, NLP, Context-Aware Computing, Computer Vision), End-Use Application (Patient Data and Risk Analysis, Inpatient Care & Hospital Management, Medical Imaging & Diagnostics etc.), End User (Hospitals and Providers, Patients, Pharmaceutical and Biotechnology Companies, Healthcare Payers and Others), By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa); Trend Analysis, Competitive Market Share & Forecast, 2016-26
Published:
February 2020
Report Code:
BWC19396
Available Format:
PDF PDF Icon
Pages:
200

ai in healthcare market bwc19396

Global AI in Healthcare Market Forecast and Trends

The global market of AI in Healthcare projected a CAGR rise of 52.3% to reach US$ 37.9 Billion by 2026. The enormous availability of big data, increasing number of cross-industry partnerships and collaborations fuel Artificial Intelligence market growth. Furthermore, demand to reduce the imbalance between healthcare workforce and patients is complementing AI growth in the healthcare market further. Greater new possibilities with big data, the potential of AI to transform patient care, a clear gap between the pool of patients and healthcare professionals and the possibilities of rising medical costs are some of the key factors expected to increase demand for AI in the healthcare sector. Furthermore, the rising value of precision medicine, increasing number of cross-industry partnerships, steady inflows of venture capital investments and an increasing geriatric population are some of the other factors that are expected to impact positively in this market.

Global AI in Healthcare Market: Overview

Artificial Intelligence (AI) has the ability to revolutionize any piece of work that can be run by binary commands and has a finite array of possibilities. The power of AI is currently being harnessed aggressively, and it is being leveraged by the endlessly thriving sector of healthcare to attain greater goods for mankind. Artificial intelligence is a mixture of software programs with algorithms that can mimic human senses while analyzing medical data. In the future, AI is in a position to assist not only in diagnostic procedures but also in the development of medications, the development of personalized medicine and the unremitting monitoring of patients. There are currently a large number of innovative technology vendors involved in the development of healthcare sector AI algorithms and the demand for the same is prospering.

Growth drivers

Push for digitalization in healthcare

Digitized healthcare not only simplifies the provision of healthcare services but also helps to handle patient data efficiently and safely. This creates new revenue generation opportunities for the stakeholders. AI and advanced analytics allow healthcare providers by collecting patient-specific information to deliver customized medicines and diagnostics. With the aid of telemedicine, precision medicine and digitized record handling, the rise in digitalization of healthcare has also contributed to medical tourism. This will result in the expansion of global artificial intelligence (AI) in the healthcare market during the forecast period with lucrative growth rate. Creating strategies for the Internet of Medical Things (IoMT) that suit sophisticated sensors with AI-backed analytics will be crucial to creating future smart hospitals–and smart homes.

Growing potential for AI-based tools in elderly care

Healthcare providers have begun to use AI extensively in intelligent monitoring of biometric information and early disease detection. AI enhances the therapies and increases patient and clinician satisfaction. AI's uses include mainly smart devices, assisted living, fall detection, home health monitoring and virtual assistants, such as robots for elderly care. This progress should have a positive effect on the overall growth of the market

Restraint

Lack of Skilled AI Workforce and Ambiguous Regulatory Guidelines for Medical Software

During the forecast period, physician and provider skepticism, regulatory challenges, and lack of skilled AI workforce may impede the growth of artificial intelligence (AI) in the healthcare industry. However, inconsistency in the availability and quality of data, because artificial intelligence relies on data, inconsistency in the availability and quality of data, together with the enormous amount of computational power and energy needed to analyze data, are projected to impede market growth.

Global AI in Healthcare Market: Offering

Based on the global healthcare market AI being offered fragmented into hardware, software & services. One of the major factors contributing to segment growth is the growing need for high-computing hardware platforms to operate multiple AI-based software. Increasing need for high-computing hardware platforms to run various AI applications is the key factor driving the growth in healthcare market for hardware devices in the AI. In the hardware segment, the demand for high-calculation processors to run AI algorithms continues to grow. The Segment Processor consists of MPUs, GPUs, FPGAs, and ASICs. GPUs are expected to foresee strong growth in processors because of high parallel computing capacities, and the same is expected to continue in the coming years. Growth in the services segment can be largely attributed to the growing need for AI technologies to be implemented and deployed. In addition, the rise in the adoption of AI systems in the healthcare sector has increased the need for maintenance and support services, which are necessary if the apps are to remain functional.

Global AI in Healthcare Market: Technology

Field Natural Language Processing, Context-Aware Computing, Computer Vision and Querying System based on technology AI in healthcare field bifurcated into machine learning. Developing more sophisticated hard-and soft sensors has accelerated context-aware processing development. Improved processing power, advanced sensing technologies, and improved networking contributed to the growth of context-aware processing systems. A few main healthcare technologies include lifestyle management and tracking, hospital and in-patient treatment, and virtual assistant.


Global AI in Healthcare Market: End-Use Application

Artificial intelligence in the healthcare market is segmented on the basis of application into patient data and risk assessment, medical imaging and diagnosis, drug discovery, precise medicine, hospital automation, patient management, and other applications. The application segment of hospital workflow management is estimated to account for the largest share of the overall artificial intelligence market in healthcare.  The large proportion of this segment can be attributed to increased implementation of machine learning, deep learning and other detailed pattern recognition algorithms which provide clinical decision support while improving the efficiency of radiologists, pathologists and other image-based diagnostics. Artificial intelligence is expected to grow at substantial pace in robotic-assisted surgery platforms and the segment is expected to show a lucrative CAGR over the forecast period. These robots can incorporate information from actual surgical experiences to create new, improved insights coupled with improved overall surgical outcome, thus enhancing consumer confidence in AI integration across surgery centers.

Global AI in Healthcare Market: Regional Insights

As a developed and technologically advanced country, North America is likely to be one of the key contributors during the forecast period to the overall artificial intelligence growth of the healthcare market. Furthermore, high GDP investment in healthcare, especially in the US and Canada, is likely to complement the growth of next-generation technologies such as AI in the region. Asia Pacific is expected to emerge as the region with the most rapid growth. Improving healthcare IT infrastructure, increasing number of AI start-ups and rising increasingly the adoption of advanced technologies are some of the factors that contribute to market growth. There is also expected to be an increase in the number of government initiatives for AI technology in this area.


The objective of the Study:

·         To analyze and forecast the global AI in Healthcare market size of the market in terms of value.

·         To examine the careful market segmentation and forecast the market size, in terms of value, based on the region by segmenting.

·       The Global AI in Healthcare market segmented into five regions, namely, North America, Europe, Asia Pacific, Middle East, South America, and their leading countries.

·     To outline, categorized, and forecast the global AI in Healthcare market based on the product offering, technology, end use application and end user coupled with the region.

·         To examine competitive developments like technological advancement, services, and regulative framework within the global AI in Healthcare market.

·     To highlight the impact analysis of the factors affecting the market dynamics such as drivers, restraints, opportunities, and challenges.

·     To strategically profile the key players and comprehensively analyze their market shares along with detailing the competitive landscape for market leaders.

Scope of the Report

Attribute

Details

Years Considered

Historical data – 2016-2019

Base Year – 2019

Forecast – 2020 – 2026

Facts Covered

Revenue in USD Million/Billion

Market Coverage

U.S, Canada, Germany, UK, France, Italy, Spain, Brazil, Mexico, Argentina, Japan, South Korea, China, India, UAE, South Africa, Saudi Arabia

Product/Service Segmentation

By Offering, Services, Technology, End-Use Application and End-User

Key Players

NVIDIA, Intel, IBM, Microsoft, Google, Siemens Healthineer, General Electric (GE) Company, Medtronic, Amazon Web Services (AWS), Koninklijke Philips, Johnson & Johnson Services, Butterfly Network, Welltok, Inc., Micron Technology, Other Prominent Players


By Offering

·         Hardware

o    Processor

o    Memory

o    Network

·         Software

o    AI Solutions

o    On-Premises

o    Cloud

o    AI Platform

o    Machine Learning Framework

o    Application Program Interface (API)

·         Services

o    Deployment & Integration

o    Support & Maintenance

By Technology

·         Machine Learning

o    Deep Learning

o    Supervised Learning

o    Reinforcement Learning

o    Unsupervised Learning

o    Others

·         Natural Language Processing

·         Context-Aware Computing

·         Computer Vision

·         Querying Method

By End-Use Application

·         Patient Data and Risk Analysis

·         Inpatient Care & Hospital Management

·         Medical Imaging & Diagnostics

·         Lifestyle Management & Monitoring

·         Virtual Assistant

·         Drug Discovery

·         Research

·         Cybersecurity

·         Others

By End-User

·         Hospitals and Providers

·         Patients

·         Pharmaceutical and Biotechnology Companies

·         Healthcare Payers

·         Others

By Region: 

·         North America

·         Europe

·         Asia Pacific

·         Latin America

·         Middle East & Africa

Competitive Landscape

·         NVIDIA

·         Intel

·         IBM

·         Microsoft

·         Google

·         Siemens Healthineer

·         General Electric (GE) Company

·         Medtronic

·         Amazon Web Services (AWS)

·         Koninklijke Philips

·         Johnson & Johnson Services

·         Butterfly Network

·         Welltok, Inc.

·         Micron Technology

·         Other Prominent Players

Recent Development

·     Medtronic and its strategic technology partner, IBM (US) Watson Health, announced in June 2018 the commercial launch of Sugar. IQ's smart diabetes assistant, a first-of - a-kind smart app designed to simplify and improve daily diabetes management. The Sugar. IQ smart diabetes assistant leverages IBM Watson Health's AI and analytical capabilities to continuously evaluate how the glucose level of a person reacts to food intake, insulin dosages, daily routines and other variables, such as information provided by the user of the app.

·      In April 2018, at the 28th European Congress of Clinical Microbiology and Infectious Diseases (ECCMID 2018), Fast Track Diagnostics, a company from Siemens Healthineers, launched a new molecular thermocycler, the Fast Track Cycler1 and the complementary new FastFinder2 software. The Fast Track cycler is a compact platform allowing laboratories of all sizes to perform molecular testing with simplicity and speed, while the FastFinder software improves workflows due to AI-powered automation.

·    GE Healthcare launched its new generation of high-end ultrasonic radiology systems, the LOGIQ E10, in February 2018. This fully digital device combines AI technology, cloud computing and sophisticated algorithms for faster data acquisition and retrieval than ever before. As a result, robust tools and a succinct workflow for confident diagnosis. The device is integrated with advanced GPU hardware technology, which acquires and reconstructs data from the MRI or CT system, enabling 48 times the data throughput and 10 times the processing power of previous systems.

Business Questions Answer by the Report

·         How will the market drivers, restraints, and opportunities affect the market dynamics?

·         What will be the market size in terms of value and volume and market statistics with a detailed classification?

·         Which segment dominates the market or region, and one will be the fastest-growing, and why?

·         A comprehensive survey of the competitive landscape and the market participant players

·         Analysis of strategy adopted by the key player and their impact on other players.

Customization Scope for the Client

Client satisfaction is our first and last priority, and that’s why BlueWeave Consulting offers customization according to Company’s specific needs. The following customization options are available for the report:

Additional Company Information

·         With five additional company detail analysis

·         Additional country analysis

·         Detailed segment analysis


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