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Healthcare Artificial Intelligence (AI) Market Research Report - Global Forecast till 2030

Healthcare Artificial Intelligence (AI) Market Research Report: Information By Component (Hardware, Software, Services), Application (Robot-Assisted Surgery, Virtual Nursing Assistant, Dosage Error Reduction, Clinical Trial, Preliminary Diagnosis, Automated Image Diagnosis), Technology (Machine Learning, Querying Method, Natural Language Processing), End User (Hospital & Diagnostic Centers, Pharmaceutical & Biotechnology Companies Academic & Research Laboratories) - Global Forecast till 2030

ID: MRFR/HCIT/4226-CR | February 2021 | Region: Global | 144 Pages         

Healthcare Artificial Intelligence (AI) Market

The Healthcare Artificial Intelligence (AI) Market size is projected to reach Significant Value by 2027 at a healthy CAGR of 51.9%

Segmentation

By Component Hardware Software Services
By Application Robot-Assisted Surgery Virtual Nursing Assistant Dosage Error Reduction Clinical Trial Preliminary Diagnosis
By Technology Machine Learning Querying Method Natural Language Processing

Key Players

  • DEEP GENOMICS
  • Next IT Corp
  • General Vision
  • Google
  • NVIDIA Corporation
  • IBM Watson Health
  • Intel Corporation
  • Koninklijke Philips N.V
  • GENERAL ELECTRIC
  • Stryker
  • Microsoft Corporation
  • CloudMedx Inc

Drivers

  • Rising Value of Big Data in Healthcare to Fuel Market Growth
  • the increasing need to minimise healthcare costs
  • the rising value of big data in healthcare
  • expanded use of precision medicine.
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Healthcare Artificial Intelligence (AI) Market Overview


The healthcare artificial intelligence market is expected to reach USD 12.22 Billion at of 51.9% CAGR during the forecast period 2022-2030. the market worth is presumed to be around , which indicates promising growth prospects.Artificial intelligence and robotics use in diagnosing and treating pharmacological disorders is predicted to drive the growth of artificial intelligence (AI) in the healthcare market. The use of virtual assistants can assist in transforming the delivery of care for improving patient care and help in tracking patient health. In January 2021, Nuance introduced a new virtual assistant platform to simplify using AI to connect patients. The new platform addresses the need of healthcare providers and patients and delivers solutions for care. However, growing complications, high costs, and data breaches in Healthcare Artificial Intelligence (AI) are anticipated to hamper market development.


COVID-19 Impact Analysis


The Covid-19 pandemic positively impacted the demand for artificial intelligence technology in healthcare and unearthed the potential of these cutting-edge technologies. Healthcare systems widely embraced these technologies in the rapid diagnosis and detection of various virus strains and used personalized information in enhancing the management of the COVID-19 pandemic. AI/ML algorithms were used in the diagnosis sector, where these technologically driven modules were trained with datasets of chest CT images, pathological findings, symptoms, and exposure history of Covid-19 positive patients rapidly and accurately. Furthermore, AI/ML algorithms are being extensively implemented in rapid and accurate diagnosis of medical conditions after the initial implementation in detecting Covid-19 positive patients using personalized patient information and data consolidation.


Market Dynamics


Healthcare Artificial Intelligence (AI) Market trends include the increasing concern towards cost optimization and management of the data, an increasing number of alliances between public and private organizations, and accelerated regional budgets towards the healthcare sector. Moreover, the rising opportunities in geriatric population care with the support of Al tech and imaging and diagnostics to develop data for R&D is expected to create market opportunities for artificial intelligence in the healthcare market during the forecast period.


Drivers



  • Increase in the investments by private and government sectors in artificial intelligence


Increasing investments by pharmaceutical and MedTech companies in artificial intelligence (AI) in healthcare to enhance their business will likely fuel the market's growth. As per the PwC data, artificial intelligence (AI) is efficient, quick, and performs operational activities at a much lower price. The Al helps medical professionals in the early diagnosis and detection of any disease. This has led to growing investments by most healthcare providers in the industry. In April 2021, Nuance Communications, Inc. was acquired by Microsoft Corporation. This acquisition assisted the company in adopting the advanced cloud and Al capabilities of Nuance Communications with their expertise in the healthcare industry.



  • Growing prevalence of chronic diseases

  • Various strategies by key players


Restraints:



  • Data breaches, increasing complexities, and high costs


Though artificial intelligence has a lot of uses in healthcare, the adoption of Al in healthcare is limited. The reason for this is the difficulties encountered by healthcare providers. The incorporation of Healthcare Artificial Intelligence (AI) may lead to inaccuracies and construct a gap between the diagnosis and medicines specified to the patient. Another factor that hinders artificial intelligence in the healthcare market is data privacy issues. In several countries, there are certain limitations to protecting patient health data. However, problems, such as the unethical gathering of sensitive data, growing the risk of patient data safety. Thus, increasing concerns about patient safety and unethical collection of patient data hinder the overall Healthcare Artificial Intelligence (AI) Market growth.



  • Lack of skilled workforce for using AI and ambiguous regulatory guidelines for medical software


Opportunities:



  • Growing potential of Al-based tools for elderly care


With the growing geriatric population, the incidence of various age-related diseases is expected to increase globally. To counter this and efficiently handle the growing burden on their respective healthcare systems, governments in several countries are increasingly focusing on adopting novel technologies. Al is one such technology that provides enhanced services, such as real-time patient data collection and monitoring for emergency care, as well as offers preventive healthcare recommendations. Moreover, Al-based tools can use health and wellness services, such as mobile applications, to monitor the movement and activities of patients. The efficient implementation of in-home health monitoring and health information access, personalized health management, and the use of treatment devices (such as better hearing aids and visual assistive devices) and physical assistive devices (such as intelligent walkers) are possible with the implementation of Al-based tools. Thus, there is growing interest in utilizing Al-based technologies to support the physical, emotional, social, and mental health of the elderly across the globe.



  • Growing requirement for improvised healthcare services


Segment Overview


By Offering


Based on offering, global Healthcare Artificial Intelligence (AI) Market has been segmented into hardware, software, and services. The software category held a major share in 2021. The increased adoption of software solutions powered by artificial intelligence across healthcare units and among healthcare professionals and patients helped in this growth. However, the hardware category is the fastest-growing category due to the growing penetration of AI-based technologies in various healthcare applications such as cybersecurity, clinical trials, virtual assistants, robot-assisted surgeries, telemedicine, dosage error reduction, and fraud detection.


By Technology


Based on technology, global Healthcare Artificial Intelligence (AI) Market is segmented into machine learning, natural language processing, context-aware computing, and computer vision. The machine learning segment had a prominent share in 2021 due to the increased utilization of machine learning-based software in various healthcare applications across the globe. However, natural language processing is the fastest-growing category owing to an increase in the utilization of signal reduction, data mining, and image recognization, which are integral components of most AI protocols.


By Application


Based on application, the global Healthcare Artificial Intelligence (AI) Market is segmented into patient data & risk analysis, inpatient care & hospital management, medical imaging & diagnostics, lifestyle management & monitoring, virtual assistants, drug discovery, research, healthcare assistant robots, precision medicine, emergency room & surgery, wearables, mental health, and cyber security. The virtual assistant category had a prominent share in 2021 due to the increasing penetration of AI-based technologies in the virtual assistant category, shortage of skilled professionals, increasing use of smartphones, and improved internet connectivity. However, healthcare assistant robots are the fastest growing category owing to an increased demand for minimally invasive surgeries where AI-assisted technologies are widely utilized.


By End-User


By end-user, the global Healthcare Artificial Intelligence (AI) Market has been segmented into hospital & healthcare providers, patients, pharmaceuticals & biotechnology companies, healthcare payers, and others. In 2021, the hospital & healthcare providers held a prominent share of the market due to an increase in usage and applications of AI systems to improve the maintenance of patient records. Besides, the patients category fuels the market due to the increased benefits of Healthcare Artificial Intelligence (AI) among patients.


Global Healthcare Artificial Intelligence (AI) Market Share, by Region, 2021 (%)
Global Healthcare Artificial Intelligence (AI) Market Share, by Region, 2021 (%)
Regional Analysis


By region, the global Healthcare Artificial Intelligence (AI) Market has been divided into North America, Europe, Asia-Pacific, and the Rest of the World. North America accounted for the most extensive market share. Europe is projected to exhibit the highest CAGR during the review period.


North America


North America held a prominent market share in 2021 due to advancements in healthcare IT infrastructure, the increasing role of Healthcare Artificial Intelligence (AI), widespread adoption of AI/ML technologies, favorable government initiatives for the future of Healthcare Artificial Intelligence (AI), lucrative funding options, and the existence of several key market players. Moreover, the growing geriatric population, changing lifestyles, growing prevalence of chronic disorders, increasing demand for value-based care, and rising awareness levels towards implementing AI-based technologies are bolstering the market growth in North America.


Europe


Europe was anticipated to encounter the fastest growth rate in 2021. This growth rate is attributable to the increasing innovations and development in the IT infrastructure and entrepreneurship ventures specializing in AI-based technologies. The growing investments by private investors, venture capitalists, and non-profit organizations to enhance clinical outcomes, improve data analysis and data security, and reduce prices are driving the adoption of artificial intelligence in the healthcare industry. Favorable government initiatives helping and promoting healthcare organizations and care suppliers to adopt AI-based technologies readily are the key factors enhancing Healthcare Artificial Intelligence (AI) Market growth in this region.


Competitive Landscape


The market includes tier-1, tier-2, and local players. The tier-1 and tier-2 players have global reach with diverse product portfolios. Companies such as Intel (US), Koninklijke Philips (Netherlands), Microsoft (US), IBM (US), Siemens Healthineers (Germany), and Nvidia (US) dominate the global Healthcare Artificial Intelligence (AI) Market due to product differentiation, financial stability, strategic developments, and diversified regional presence. The players are concentrating on supporting research and development. Furthermore, they embrace strategic growth initiatives, such as development, product introduction, joint ventures, and partnerships, to strengthen their market position and capture an extensive customer base. For instance, in March 2022, NVIDIA Corporation introduced Clara Holoscan MGX, a device that utilized the real-time applications of Healthcare Artificial Intelligence (AI) to the edge with a long-term software license. This new platform boosts innovations in the medical devices industry.


Prominent players in the global Healthcare Artificial Intelligence (AI) Market include Google, Medtronic, Amazon Web Services, Johnson & Johnson, General Electric Company, General Vision, CloudmedX, Oncora Medical, Enlitic, Lunit, Cota, FDNA Inc., Recursion Pharmaceuticals, Atomwise (US), Welltok (US), Babylon Health, Gauss Surgical, Qventus, Desktop Genetics, Cylance, Ginger.io, and Pillo among others.


Scope of the Healthcare Artificial Intelligence (AI) Market Report


Global Healthcare Artificial Intelligence (AI) Market, by Offering



  • Hardware

  • Software

  • Services


Global Healthcare Artificial Intelligence (AI) Market, by Technology



  • Machine Learning

  • Natural Language Processing

  • Context-aware Computing

  • Computer Vision


Global Healthcare Artificial Intelligence (AI) Market, by Application



  • Patient Data & Risk Analysis

  • Inpatient Care & Hospital Management

  • Medical Imaging & Diagnostics

  • Lifestyle Management & Monitoring

  • Virtual Assistants

  • Drug Discovery

  • Research

  • Healthcare Assistant Robots

  • Precision Medicine

  • Emergency Room & Surgery

  • Wearables

  • Mental Health

  • Cybersecurity


Global Healthcare Artificial Intelligence (AI) Market, by End-User



  • Hospital & Healthcare Providers

  • Patients

  • Pharmaceuticals & Biotechnology Companies

  • Healthcare Payers

  • Others


Global Healthcare Artificial Intelligence (AI) Market, by Region



  • North America

    • US

    • Canada

    • Mexico



  • Europe

    • UK

    • Germany

    • France

    • Italy

    • Spain

    • Rest of Europe



  • Asia-Pacific

    • China

    • India

    • Japan

    • Australia and New Zealand

    • Rest of Asia-Pacific



  • Rest of the World

    • South America

    • Middle East

    • Africa




Objectives of the Study


The objectives of the study are summarized in 5 stages. They are as mentioned below:


Market Size and Forecast:


To identify and estimate the market size for global Healthcare Artificial Intelligence (AI) Market segmented by offering, technology, application, and end-user value (in US dollars). Also, to understand the consumption/ demand created by consumers of Healthcare Artificial Intelligence (AI) between 2022 and 2030


Market Landscape and Trends:


To identify and infer the drivers, restraints, opportunities, and challenges for global artificial intelligence in healthcre market


Market Influencing Factors:


To find out the factors which are affecting the sales of Healthcare Artificial Intelligence (AI) among consumers


Impact of COVID-19:


To identify and understand the various factors involved in the global Healthcare Artificial Intelligence (AI) Market affected by the pandemic


Company Profiling:


To provide a detailed insight into the major companies operating in the market. The profiling will include the financial health of the company in the past 2-3 years with segmental and regional revenue breakup, product offering, recent developments, SWOT analysis, and key strategies.


Intended Audience



  • Healthcare Artificial Intelligence (AI) Companies

  • Software Developing Companies

  • Governments, Associations, and Industrial Bodies



Report Scope:

Report Attribute/Metric Details
  Market Size   USD 12.22 Billion
  CAGR   51.9% (2020-2027)
  Base Year   2019
  Forecast Period   2020-2027
  Historical Data   2018
  Forecast Units   Value (USD Billion)
  Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   Component, Application, Technology and End User
  Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
  Key Vendors   DEEP GENOMICS, Next IT Corp, General Vision, Google, NVIDIA Corporation, IBM Watson Health, Intel Corporation, Koninklijke Philips N.V, GENERAL ELECTRIC, Stryker, Microsoft Corporation, CloudMedx Inc
  Key Market Opportunities   Emerging Players in the Market to Boost Boost Market Growth
  Key Market Drivers   Rising Value of Big Data in Healthcare to Fuel Market Growth


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Frequently Asked Questions (FAQ) :

The healthcare artificial intelligence market is predicted to grow at a 51.9% CAGR between 2020-2027.

Notable players profiled in the healthcare artificial intelligence market include Medtronic Plc., Stryker Corporation, General Vision, Inc., Johnson & Johnson, CloudMedx Inc., Google, Inc., Siemens Healthineers GmbH, General Electric Company, Deep Genomics, Inc., Microsoft Corporation, Intel Corporation, Intel Corporation, NVIDIA Corporation, Koninklijke Philips N.V., and IBM Corporation.

It finds extensive applications in automated image diagnosis, preliminary diagnosis, clinical trial, dosage error reduction, virtual nursing assistant, and robot-assisted surgery.

The Americas is projected to lead the healthcare artificial intelligence market during the forecast period.

High maintenance and development cost, and data ownership and security issues may restrict market growth.

Global Healthcare Artificial Intelligence Market: Competitive Landscape


The top companies operating in the global healthcare artificial intelligence market include Google, IBM, Intel Corporation, Microsoft Corporation. These companies continue to retain their strong global presence through expansion, merger & acquisition, and extensive product portfolio.


The global healthcare artificial intelligence market is characterized by the presence of many global, regional, and local vendors. The market is competitive with all the players competing to gain a presence in the market. Intense competition, rapid advances in technology, frequent changes in government policies, and regulations are key factors that confront the market growth. The vendors compete based on cost, quality, and reliability. It is decisive for the vendors to provide cost-efficient and high-quality products and services to survive and succeed in an intensely competitive market environment.


The growth of healthcare artificial intelligence market vendors is dependent on market conditions, government support, and industry development. Thus, vendors should focus on expanding geographically and improving their products. They primarily focus on the development of novel products. Although international players are dominating the market, regional and foreign players with small market shares also have a presence. The international players are likely to strengthen their presence worldwide through acquisitions during the forecast period. It has also been forecast that the improvement of the global economic scenario combined with efforts to enhance the infrastructure in emerging nations, is fuelling the market growth, thereby making it an ideal time for new products and increase the global market share.


The vendors with better technical and financial resources can develop innovative products. Further, research and development will play a major role in the development of a player in the market. Therefore, vendors must develop new technologies and stay abreast of emerging technologies that could affect the continuing competitiveness of their products and services in the market.


In the global healthcare artificial intelligence market, numerous companies are involved in the developing numerous softwares and cloud platform. These players have expanded their market in other regions as well. Major companies have a huge brand identity and product portfolio. These companies have adopted the organic strategy of product launches and acquisitions to gain the market. These strategy implied by the players in this market is continuous innovation and development of the new and better products to beat the opponents and strive in this big market.


Intended Audience



  • Artificial intelligence system providers

  • Healthcare software players

  • Doctors and hospitals

  • Technology providers

  • Chipset companies

  • Software solution providers

  • Research organizations and medical consulting companies

  • Venture capitalists, private equity firms, and start-up companies