Global Artificial Intelligence in Healthcare Market, By Offering (Hardware, Software, Services), Technology (Machine Learning, Natural Language Processing, Context- Aware Computing, Computer Vision), Application (Robot-assisted Surgery, Virtual Assistants, Administrative Workflow Assistants, Connected Machines, Diagnosis, Clinical Trials, Fraud Detection, Cyber Security, Dosage Error Reduction), End User (Patients, Pharmaceuticals and Biotechnology Companies, Healthcare Payers, Others) – Industry Trends and Forecast to 2029
Market Analysis and Size
Artificial intelligence is being increasingly used by a wide range of industry verticals. Artificial intelligence has revolutionized the healthcare sector and improved the quality of healthcare facilities. Artificial intelligence has reduced the dependence on humans and subsequently reduced the number of human errors. Artificial intelligence in healthcare is facilitating advanced and modern treatment even in the remote areas.
- Data Bridge Market Research analyses that the artificial intelligence in healthcare market is expected to undergo a CAGR of 51.37% during the forecast period of 2022-2029. This indicates that the market value, which was USD 6.35 billion in 2021, would rocket up to USD 175.22 billion by 2029. “Patients” dominates the end user segment of the artificial intelligence in healthcare market owing to the increasing product launches, availability of the larger patient pool, high resource availability, high penetration of high speed internet and advancements in healthcare technologies. The market report curated by the Data Bridge Market Research team includes in-depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.
Artificial intelligence in healthcare deals with patient management systems, scheduling and using algorithms to approximate human cognition and analyze relationships between prevention or treatment techniques and outcomes related to patients.
2022 to 2029
2020 (Customizable to 2019 - 2014)
Revenue in USD Million, Volume in Units, Pricing in USD
Offering (Hardware, Software, Services), Technology (Machine Learning, Natural Language Processing, Context- Aware Computing, Computer Vision), Application (Robot-assisted Surgery, Virtual Assistants, Administrative Workflow Assistants, Connected Machines, Diagnosis, Clinical Trials, Fraud Detection, Cyber security, Dosage Error Reduction), End User (Patients, Pharmaceuticals and Biotechnology Companies, Healthcare Payers, Others)
U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
Market Players Covered
NVIDIA Corporation (US), Intel Corporation (US), IBM (US), Google LLC (US), Microsoft (US), General Vision Inc. (US), Johnson & Johnson Services, Inc. (US), Siemens Healthcare GmbH (Germany), Medtronic (Ireland), CloudMedx Inc. (US), Agfa-Gevaert Group (Belgium), Oncora Medical (US), Imagia Cybernetics Inc. (Canada), Micron Technology, Inc. (US), DeepMind Technologies Limited (UK), Welcome AI (US), Koninklijke Philips N.V. (Netherlands), GENERAL ELECTRIC COMPANY (US), Precision Health AI (US), and Cloud Pharmaceuticals, Inc. (US).
Artificial Intelligence in Healthcare Market Dynamics
The rise in the prevalence of disorders
Surging prevalence of chronic and acute disorders and diseases all around the globe owing to various internal and external factors is one of the major factors responsible for fostering growth of the market. Rising patient pool especially in the developing economies is carving the way for the growth of the market.
Research and development proficiencies
Rising expenditure for research and development proficiencies especially in the developed and developing economies pertaining to the medical instruments and devices will further create lucrative market growth opportunities. Research and development proficiencies have led to the advancements in the medical technology and have improved the quality of healthcare facilities.
Government investments on healthcare infrastructure
The increase in the funding by the federal government is set to drive the growth of the market. Moreover, growth and expansion of healthcare industry being driven by both public and private players especially in the developing economies will create lucrative personal health devices market growth opportunities.
Additionally, surge in the personal disposable income level, introduction of technologically driven product in hospitals and increasing investment for the development of advanced, growing demand for robotically assisted surgeries, rising adoption of minimally invasive devices and innovative technology, positively affect the market growth rate.
Furthermore, upsurge in the public-private funding for target research activities, increasing need for improvised healthcare services owing to imbalance between health workforce and patients and rising product innovations and development owing to technological advancements all around the world will extend profitable opportunities for the market players in the forecast period of 2022 to 2029. Additionally, surging number of strategic collaborations, rising internet penetration rate, growing number of hospitals and laboratories, rising geriatric population base, rising number of cross-industry partnerships and collaborations and increasing per capita expenditure on health care will further expand the market's growth rate in the future.
On the other hand, high cost associated with the research and development proficiencies, reluctance among medical practitioners to adopt artificial intelligence-based technologies and clinical risks and difficulties related with the medical procedures are expected to obstruct market growth. Also, lack of favourable reimbursement scenario and technology penetration in the developing economies, lack of curated healthcare data, concerns related to data privacy, lack of interoperability and lack of suitable infrastructure in low- and middle-income countries are projected to challenge the market in the forecast period of 2022-2029.
This artificial intelligence in healthcare market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the artificial intelligence in healthcare market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Covid-19 Impact on Artificial Intelligence in Healthcare Market
Covid-19 has had a positive impact on the market. Covid-19 led to the rise in the adoption of artificial intelligence and machine learning solutions. The pandemic showcased the prowess and sophistication artificial intelligence can bring to the healthcare sector and completely revolutionize the industry. The influx of patients in the hospitals led to the increasing adoption and application of robotically assisted medical surgeries, artificial intelligence based virtual assistants, inpatient care bots and much more.
- In January 2019, Dartford and Gravesham NHS Trust in the United Kingdom came up with an AI-powered wearable technology for patient monitoring when they are discharged from the hospitals.
- In October 2019, care.ai and NVIDIA announced a collaboration to provide an artificial intelligence-powered autonomous patient monitoring in healthcare leveraging NVIDIA’S platform.
- In March 2020, care.ai formed a partnership with the Texas Hospital Association (THA) for creating statewide adoption of AI for autonomous monitoring.
Global Artificial Intelligence in Healthcare Market Scope
The artificial intelligence in healthcare market is segmented on the basis of offering, technology, application and end user. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Based on offering, the artificial intelligence in healthcare market is segmented into hardware, software and services. Hardware has further been segmented into processor, memory and network. Processor is further sub-segmented into memory processing unit, graphical processing unit, field programmable gate array and ASIC. Software has further been segmented into AI solutions and AI platform. AI solutions are further sub-segmented into on-premises and cloud. AI platform are further sub-segmented into machine learning framework and application program interface (API). Services have further been segmented into deployment and integration and support and maintenance.
- Machine Learning
- Natural Language Processing
- Context- Aware Computing
- Computer Vision
On the basis of technology, the artificial intelligence in healthcare market is segmented into machine learning, natural language processing, context- aware computing and computer vision. Machine learning is further been segmented into deep learning, supervised learning, reinforcement learning, unsupervised learning and others.
- Robot-assisted Surgery
- Virtual Assistants
- Administrative Workflow Assistants
- Connected Machines
- Clinical Trials
- Fraud Detection
- Cyber security
- Dosage Error Reduction
On the basis of application, the artificial intelligence in healthcare market is segmented into robot-assisted surgery, virtual assistants, administrative workflow assistants, connected machines, diagnosis, clinical trials, fraud detection, cyber security and dosage error reduction.
- Pharmaceuticals and Biotechnology Companies
- Healthcare Payers
The end user segment of artificial intelligence in healthcare market is segmented into patients, pharmaceuticals and biotechnology companies, healthcare payers and others.
Artificial Intelligence in Healthcare Market Regional Analysis/Insights
The artificial intelligence in healthcare market is analysed and market size insights and trends are provided by country, offering, technology, application and end user as referenced above.
The countries covered in the artificial intelligence in healthcare market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
North America dominates the artificial intelligence in healthcare market because of the strong base of healthcare facilities, rising investment from key players in the growth of the advanced devices, high adoption rate of minimally invasive procedures, availability of reimbursements, rising geriatric population, high healthcare spending combined with the onset of Covid-19 pandemic and rising number of research activities in this region.
Asia-Pacific is expected to witness significant growth during the forecast period of 2022 to 2029 due to the increase in government initiatives to promote awareness, rise in medical tourism, growing research activities in the region, ever-rising geriatric population base and the growing demand for quality healthcare in the region.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Healthcare Infrastructure growth Installed base and New Technology Penetration
The artificial intelligence in healthcare market also provides you with detailed market analysis for every country growth in healthcare expenditure for capital equipment, installed base of different kind of products for artificial intelligence in healthcare market, impact of technology using life line curves and changes in healthcare regulatory scenarios and their impact on the artificial intelligence in healthcare market. The data is available for historic period 2010-2020.
Competitive Landscape and Artificial Intelligence in Healthcare Market Share Analysis
The artificial intelligence in healthcare market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to artificial intelligence in healthcare market.
Some of the major players operating in the artificial intelligence in healthcare market are NVIDIA Corporation (US), Intel Corporation (US), IBM (US), Google LLC (US), Microsoft (US), General Vision Inc. (US), Johnson & Johnson Services, Inc. (US), Siemens Healthcare GmbH (Germany), Medtronic (Ireland), CloudMedx Inc. (US), Agfa-Gevaert Group (Belgium), Oncora Medical (US), Imagia Cybernetics Inc. (Canada), Micron Technology, Inc. (US), DeepMind Technologies Limited (UK), Welcome AI (US), Koninklijke Philips N.V. (Netherlands), GENERAL ELECTRIC COMPANY (US), Precision Health AI (US), and Cloud Pharmaceuticals, Inc., (US) among others.
Research Methodology : Global Artificial Intelligence in Healthcare Market
Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please request an analyst call or can drop down your inquiry.
The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Global versus Regional and Vendor Share Analysis. To know more about the research methodology, drop in an inquiry to speak to our industry experts.
Customization Available : Global Artificial Intelligence in Healthcare Market
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