FEATURED COMPANIES
- Enlitic Inc.
- General Vision Inc.
- Google Inc.
- IBM Corporation
- iCarbonX.
- Intel Corporation
The global AI in healthcare market was valued at $8.23 Billion in 2020, and is projected to reach $194.14 billion by 2030, growing at a CAGR of 38.1% from 2021 to 2030.
Artificial intelligence (AI) can be defined as the science and engineering adopted to design intelligent machines, especially intelligent computer programs. AI is an intelligent system that applies various human intelligence-based functions such as reasoning, learning, and problem-solving skills on different disciplines such as biology, computer science, mathematics, linguistics, psychology, and engineering. AI is widely applicable in medication management, treatment plans, and drug discovery.
The impact of COVID-19 pandemic is expected to remain positive for the AI in healthcare market owing to increase in usage of AI tools to detect & diagnose the virus and retorting to the outbreak through personalized information and learning, one of them being AI in healthcare. For instance, In February 2020, British AI-startup Benevolent AI published article in which AI tools are used to identify approved drugs that might block the viral replication process of SARS-CoV-2.
In addition, as per study the artificial intelligence in healthcare market is projected to boost the growth in future as many key players such as IBM, and Microsoft are using AI technologies to add value to their customers.
Moreover, IBM has made its AI platform ‘Watson Assistant for Citizens’ on the public cloud available free of charge for at least 90 days. It helps people to recognize and respond to queries about COVID-19. For Instance, in April 2020, Microsoft investment $20 million to help in COVID-19 research with the use of artificial intelligence technology and data sciences, mainly focusing on hospital resources, diagnostics, and other critical areas. Thus, AI has emerged as a boon to control the COVID-19 pandemic.
The growth of the global AI in healthcare market is driven by the ability of AI to improve patient outcomes, need to increase coordination between healthcare workforce & patients, increase in adoption of precision medicine, and a notable rise in venture capital investments. In addition, rise in importance of big data in healthcare is expected to fuel the market growth. Furthermore, technological advancements in AI systems are anticipated to augment the market growth. Prospective of AI-based tools for elderly care and the untapped potential of emerging markets, such as China and India, are expected to present various opportunities for market expansion.
However, an imprecise regulatory scenario and reluctance among healthcare professionals to adopt AI-based technologies are expected to hamper the market growth.
The AI in healthcare market is segmented on the basis of offering, algorithm, application, end user, and region. By offering, the market is divided into hardware, software, and services. By algorithm, it is classified into deep learning, querying method, natural language processing, and context aware processing. By application, it is fragmented into robot-assisted surgery, virtual nursing assistant, administrative workflow assistance, fraud detection, dosage error reduction, clinical trial participant identifier, preliminary diagnosis, and others. By end user, it is categorized into healthcare providers, pharmaceutical & biotechnology companies, patients, and payers. Region-wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Some of the key players operating in the global AI in healthcare market include Welltok, Inc., Intel Corporation, NVidia Corporation, Google Inc., IBM Corporation, Microsoft Corporation, General Vision, Inc., Enlitic, Inc., Next IT Corporation, ICarbonX, Shimadzu Recursion Pharmaceuticals, Inc., Siemens Healthineers, General Electric (GE) Company, Koninklijke Philips N.V., Cloudmedx, Inc., and Bay Labs, Inc.
Artificial intelligence (AI) can be defined as the science and engineering adopted to design intelligent machines, especially intelligent computer programs. AI is an intelligent system that applies various human intelligence-based functions such as reasoning, learning, and problem-solving skills on different disciplines such as biology, computer science, mathematics, linguistics, psychology, and engineering. AI is widely applicable in medication management, treatment plans, and drug discovery.
The impact of COVID-19 pandemic is expected to remain positive for the AI in healthcare market owing to increase in usage of AI tools to detect & diagnose the virus and retorting to the outbreak through personalized information and learning, one of them being AI in healthcare. For instance, In February 2020, British AI-startup Benevolent AI published article in which AI tools are used to identify approved drugs that might block the viral replication process of SARS-CoV-2.
In addition, as per study the artificial intelligence in healthcare market is projected to boost the growth in future as many key players such as IBM, and Microsoft are using AI technologies to add value to their customers.
Moreover, IBM has made its AI platform ‘Watson Assistant for Citizens’ on the public cloud available free of charge for at least 90 days. It helps people to recognize and respond to queries about COVID-19. For Instance, in April 2020, Microsoft investment $20 million to help in COVID-19 research with the use of artificial intelligence technology and data sciences, mainly focusing on hospital resources, diagnostics, and other critical areas. Thus, AI has emerged as a boon to control the COVID-19 pandemic.
The growth of the global AI in healthcare market is driven by the ability of AI to improve patient outcomes, need to increase coordination between healthcare workforce & patients, increase in adoption of precision medicine, and a notable rise in venture capital investments. In addition, rise in importance of big data in healthcare is expected to fuel the market growth. Furthermore, technological advancements in AI systems are anticipated to augment the market growth. Prospective of AI-based tools for elderly care and the untapped potential of emerging markets, such as China and India, are expected to present various opportunities for market expansion.
However, an imprecise regulatory scenario and reluctance among healthcare professionals to adopt AI-based technologies are expected to hamper the market growth.
The AI in healthcare market is segmented on the basis of offering, algorithm, application, end user, and region. By offering, the market is divided into hardware, software, and services. By algorithm, it is classified into deep learning, querying method, natural language processing, and context aware processing. By application, it is fragmented into robot-assisted surgery, virtual nursing assistant, administrative workflow assistance, fraud detection, dosage error reduction, clinical trial participant identifier, preliminary diagnosis, and others. By end user, it is categorized into healthcare providers, pharmaceutical & biotechnology companies, patients, and payers. Region-wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Some of the key players operating in the global AI in healthcare market include Welltok, Inc., Intel Corporation, NVidia Corporation, Google Inc., IBM Corporation, Microsoft Corporation, General Vision, Inc., Enlitic, Inc., Next IT Corporation, ICarbonX, Shimadzu Recursion Pharmaceuticals, Inc., Siemens Healthineers, General Electric (GE) Company, Koninklijke Philips N.V., Cloudmedx, Inc., and Bay Labs, Inc.
KEY BENEFITS FOR STAKEHOLDERS
- This report entails a detailed quantitative analysis along with the current AI in healthcare market trends from 2020 to 2030 to identify the prevailing opportunities along with the strategic assessment.
- The global AI in healthcare market forecast is studied from 2020 to 2030.
- The market size and estimations are based on a comprehensive analysis of key developments in the AI in healthcare industry.
- A qualitative analysis based on innovative products facilitates strategic business planning.
- The development strategies adopted by the key market players are enlisted to understand the competitive scenario of the global AI in healthcare market.
KEY MARKET SEGMENTS
By Offering
- Hardware
- Software
- Services
By Algorithms
- Deep Learning
- Querying Method
- Natural Language Processing
- Context Aware Processing
By Application
- Robot-assisted Surgery
- Virtual Nursing Assistant
- Administrative Workflow Assistance
- Fraud Detection
- Dosage Error Reduction
- Clinical Trial Participant Identifier
- Preliminary Diagnosis
- Others
By End User
- Healthcare Providers
- Pharmaceutical & Biotechnology Company
- Patients
- Payers
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- Japan
- China
- India
- Australia
- Rest of Asia-Pacific
- LAMEA
- Brazil
- South Africa
- Saudi Arabia
- Rest of LAMEA
KEY MARKET PLAYERS
- Welltok, Inc.
- Intel Corporation
- Nvidia Corporation
- Google Inc.
- IBM Corporation
- Microsoft Corporation
- General Vision, Inc.
- Enlitic, Inc.
- Next IT Corporation
- iCarbonX
List of other players in the value chain (profiles not included in the report):
- Shimadzu Recursion Pharmaceuticals, Inc.
- Siemens Healthineers
- General Electric (GE) Company
- Koninklijke Philips N.V.
- Cloudmedx, Inc.
- Bay Labs, Inc.
Note: Product cover images may vary from those shown
FEATURED COMPANIES
- Enlitic Inc.
- General Vision Inc.
- Google Inc.
- IBM Corporation
- iCarbonX.
- Intel Corporation
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: ARTIFICIAL INTELLIGENCE IN HEALTHCARE MARKET, BY OFFERING
CHAPTER 5: ARTIFICIAL INTELLIGENCE IN HEALTHCARE MARKET, BY ALGORITHM
CHAPTER 6: ARTIFICIAL INTELLIGENCE IN HEALTHCARE MARKET, BY APPLICATION
CHAPTER 7: ARTIFICIAL INTELLIGENCE IN HEALTHCARE MARKET, BY END USER
CHAPTER 8: ARTIFICIAL INTELLIGENCE IN HEALTHCARE MARKET, BY REGION
CHAPTER 9: COMPANY PROFILES
List of Tables
List of Figures
Note: Product cover images may vary from those shown
- Welltok Inc.
- Intel Corporation
- Nvidia Corporation
- Google Inc.
- IBM Corporation
- Microsoft Corporation
- General Vision Inc.
- Enlitic Inc.
- Next IT Corporation
- iCarbonX.
Note: Product cover images may vary from those shown
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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