Global Artificial Intelligence in Healthcare Market, By Offering (Hardware, Software, Services), Technology (Machine Learning, Deep Learning, Querying Method, 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, Real-time Monitoring, Precision Medicine, Personal Health and Nursing Assistants, Drug Development and Discovery, Diagnostic and Clinical Decision Support, Others), End User (Acos and Mcos, Patients, Payers, Pharmaceutical and Biotechnology Companies, Providers Healthcare Payers, Others) – Industry Trends and Forecast to 2030.
Artificial Intelligence in Healthcare Market Analysis and Size
According to a 2020 NCBI study, AI-based algorithms correctly identified 68% of COVID-19 positive cases in a dataset of twenty-five patients diagnosed as negative cases by care professionals. Implementing AI/ML technologies to improve patient care, reduce machine downtime, and reduce care costs are some of the driving forces behind the growth of the healthcare market. The integration of AI/ML technologies has increased significantly in diagnostics, patient management, medication management, claims management, workflow management, machine integration, and cybersecurity.
Data Bridge Market Research analyses that the artificial intelligence in healthcare market, which is USD 9.64 billion in 2022, is expected to reach USD 272.91 billion by 2030, at a CAGR of 51.87% during the forecast period 2023 to 2030. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.
Artificial Intelligence in Healthcare Market Scope and Segmentation
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Report Metric
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Details
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Forecast Period
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2023 to 2030
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Base Year
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2022
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Historic Years
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2021 (Customizable to 2015 - 2020)
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Quantitative Units
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Revenue in USD Billion, Volumes in Units, Pricing in USD
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Segments Covered
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Offering (Hardware, Software, Services), Technology (Machine Learning, Deep Learning, Querying Method, 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, Real-time Monitoring, Precision Medicine, Personal Health and Nursing Assistants, Drug Development and Discovery, Diagnostic and Clinical Decision Support, Others), End User (Acos and Mcos, Patients, Payers, Pharmaceutical and Biotechnology Companies, Providers Healthcare Payers, Others)
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Countries Covered
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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
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Market Players Covered
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NVIDIA Corporation (U.S.), Intel Corporation (U.S.), IBM (U.S.), Google LLC (U.S.), Microsoft (U.S.), General Vision Inc. (U.S.), Johnson & Johnson Services, Inc. (U.S.), Siemens Healthcare GmbH (Germany), Medtronic (Ireland), CloudMedx Inc. (U.S.), Agfa-Gevaert Group (Belgium), Oncora Medical (U.S.), Imagia Cybernetics Inc. (Canada), Micron Technology, Inc. (U.S.), DeepMind Technologies Limited (U.K.), Welcome AI (U.S.), Koninklijke Philips N.V. (Netherlands), Precision Health AI (U.S.) and Cloud Pharmaceuticals, Inc. (U.S.)
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Market Opportunities
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Market Definition
Artificial intelligence (AI) in healthcare employs a variety of software programmes with complex algorithms that can simulate human senses in the analysis, interpretation, and comprehension of medical data. AI aids in evaluating the symptoms and patterns of diseases to offer better support, guidance, and feedback to healthcare providers. Apart from clinical diagnosis, it also aids in drug development, providing appropriate treatment plans for the ailment detected, providing personalized medicine, and monitoring patients' conditions. The use of AI in the healthcare industry has made drug discovery and development more cost-effective, time-efficient, and innovative.
Artificial Intelligence in Healthcare Market Dynamics
Drivers
- Rise in adoption of AI/ML technologies
The growing shortage of healthcare workers prompted the adoption of AI/ML technologies. As a result, AI algorithms can be trained to analyze patient health data, assisting healthcare providers in quickly diagnosing the condition and devising an effective treatment plan. Supportive government initiatives, increased mergers and acquisitions and technological collaborations, and the ongoing Covid-19 pandemic all played a significant role in driving market growth and accelerating AI adoption in healthcare. Following the initial implementation in the detection of Covid-19 positive patients using personalized patient information and data consolidation, AI/ML algorithms are now widely used in the rapid and accurate diagnosis of medical conditions. These are the certain factors which propel the market growth.
- Innovative product development
Companies are using innovative product development strategies, partnership strategies, and mergers and acquisitions to expand their business footprint in order to meet the growing demand for early and accurate disease detection, reduce rising care costs, compensate for a growing shortage of care providers, and deliver value-based care. Furthermore, a growing number of start-ups specializing in AI-based healthcare technologies are receiving recognition in the form of investments from private investors and venture capitalists. For instance, in 2019, Partners Healthcare collaborated with FUJIFILM Sonosite to develop AI-based ultrasound technology, make it more accessible to the healthcare community, and improve diagnostic care quality.
Opportunities
- Increasing penetration of AI technologies
key market participants have focused on product innovation and technological collaborations to expand their product portfolio and meet rising demand during the pandemic because of the increasing penetration of AI technologies in healthcare applications. For instance, in May 2020, the MIT-IBM Watson AI Lab promoted the use of AI technologies in research projects investigating the health and economic consequences of the pandemic. Similarly, Qventus introduced AI-based patient flow automation systems covering critical resource control, hospitalization duration optimization, Covid-19 scenario planner, and ICU capacity creation in its healthcare facilities.
Restraints/Challenges
- High cost associated with the research and development proficiencies
High costs associated with research and development capabilities, medical practitioners' reluctance to adopt artificial intelligence-based technologies, and clinical risks and difficulties associated with medical procedures are expected to hamper the market growth.
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 the Artificial Intelligence in Healthcare Market
COVID-19 has had a positive market impact. As a result of Covid-19, the adoption of artificial intelligence and machine learning solutions has increased. The pandemic demonstrated the power and sophistication that artificial intelligence could bring to the healthcare sector, transforming it completely. As the number of patients in hospitals increased, so the adoption and application of robotically assisted medical surgeries, artificial intelligence-based virtual assistants, inpatient care bots, and other technologies also increases.
Recent Developments
- In 2020, care.ai announced a collaboration with the Texas Hospital Association (THA) to promote statewide AI adoption for autonomous monitoring.
- In 2020, Aidoc and Imbio collaborated to integrate AI technologies in medical image analysis for pulmonary embolism detection and treatment regimes. Furthermore, a growing number of startups specializing in AI-based healthcare technologies are receiving recognition in the form of investments from private investors and venture capitalists.
Global Artificial Intelligence in Healthcare Market Scope
The artificial intelligence in healthcare market is segmented on the basis of offering, technology, end-user and application. 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.
Offering
- Hardware
- Processor
- Memory processing unit
- Graphical processing unit
- Field programmable gate array
- ASIC
- Memory
- Network
- Software
- AI solutions
- On-premises
- Cloud
- AI platform
- Machine learning framework
- Application program interface (API)
- Services
- Deployment and integration
- Suport and maintenance
Technology
- Machine Learning
- Supervised learning
- Reinforcement learning
- Unsupervised learning
- Others
- Natural Language Processing
- Context- Aware Computing
- Computer Vision
- Deep Learning
- Querying Method
Application
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Robot-assisted Surgery
- Virtual Assistants
- Administrative Workflow Assistants
- Connected Machines
- Diagnosis
- Clinical Trials
- Fraud Detection
- Cyber security
- Dosage Error Reduction
- Real-time Monitoring, Precision Medicine
- Personal Health and Nursing Assistants
- Drug Development and Discovery
- Diagnostic and Clinical Decision Support
- Others
End User
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Acos and Mcos
- Patients
- Pharmaceuticals and Biotechnology Companies
- Healthcare Payers
- Others
Artificial Intelligence in Healthcare Market Regional Analysis/Insights
The artificial intelligence in healthcare market is analyzed and market size insights and trends are provided by country, offering, technology, end-user and application 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 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 grow at the highest growth rate in the forecast period of 2023 to 2030 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 2011-2021.
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 (U.S.)
- Intel Corporation (U.S.)
- IBM (U.S.)
- Google LLC (U.S.)
- Microsoft (U.S.)
- General Vision Inc. (U.S.)
- Johnson & Johnson Services, Inc. (U.S.)
- Siemens Healthcare GmbH (Germany)
- Medtronic (Ireland)
- CloudMedx Inc. (U.S.)
- Agfa-Gevaert Group (Belgium)
- Oncora Medical (U.S.)
- Imagia Cybernetics Inc. (Canada)
- Micron Technology, Inc. (U.S.)
- DeepMind Technologies Limited (U.K.)
- Welcome AI (U.S.)
- Koninklijke Philips N.V. (Netherlands)
- Precision Health AI (U.S.)
- Cloud Pharmaceuticals, Inc. (U.S.)
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