Market Scenario:
Artificial intelligence (AI) or machine intelligence technology using sophisticated algorithms to detect patterns for enabling machines to sense, comprehend, and learn tasks needing human intelligence. Artificial intelligence mimics human intelligence capabilities such as learning, reasoning, and pattern recognition to drive machine decisions. The healthcare artificial intelligence market is expected to generate a momentous CAGR of 51.9% during the study year of 2018 to 2023.
Market Dynamics:
The early adopters of artificial intelligence are marketing and financial applications such as demand forecasting, and risk assessment is expected to be the first adoption of healthcare artificial intelligence. The rapid adoption of artificial intelligence in banking and retail industry is expected to shorten the adoption time in healthcare.
The growing market enthusiasm is positively correlated with the interest of technology giants such as Google and Microsoft. The market enthusiasm is reflected by the fact that Health IT companies were at the forefront of venture capital funding in 2016 cornering a momentous USD 1.1 billion. The attractive economics of upscaling and expanding is another driver of the market. There is also a general understanding that data led companies with products embedded in Machine learning and cloud to have a critical advantage over others.
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Attractive Benefits Of Artificial Intelligence Is Expected To Overcome And Negate The High Installation And Maintenance Costs
The clinical drivers of adoption of artificial intelligence in healthcare are time and cost benefits generated by automated diagnosis exemplified by image and voice pattern recognition. Oncology has received the most significant attention in the market regarding the diagnosis using AI. Growing adoption of robotic surgery and precision medicine and growing number of clinical trials are other drivers of the market. The lower operation costs is expected to mitigate the high installation and maintenance cost associated with artificial intelligence.
High Installation And Maintenance Cost Coupled With An Acute Scarcity Of Trained Manpower Is Hampering The Market
The high cost of development and maintenance, scarcity of trained workforce compounded by the nascent state of the technology, are the prime restraint on the market. Concerns about data security and data ownership may challenge faster market adoption.
Segments:
To gain a 360-degree view of the global healthcare artificial intelligence market, the report is segregated by types, technology, applications, end users, and regions.
Based on types, the market is segregated by hardware, software, and services.
Based on technology, the market is segregated by language and image processing, context awareness, deep learning, querying, pattern recognition and others.
Based on application, the market is segregated by robot-assisted surgery, workflow assistance, financial and risk management, prognosis and treatment assistance, clinical trials, diagnosis, cybersecurity, drug discovery and others
Based on end users, the market is segregated by providers, payers, pharmaceutical and biotech companies, marketing, and others.
Based on regions, the market is segregated by North America, Europe, Asia Pacific Middle East and Africa and rest of the world.
Regional analysis:
North America led by the U.S. and Europe led by Germany, France, and the U.K accounts for the most significant market share owing to developed and sophisticated innovation ecology, considerable buying power, faster adoption of technology, and presence of major players. However, the market is projected to shift in favor of the Asia Pacific region led by China, Japan and India. The Middle East and Africa market is projected to deliver moderate growth and is driven by Gulf economies of Saudi Arabia, UAE, Kuwait, and Qatar.
Dominant players:
Some of the significant vendors profiled in the report are IBM Corporation, Koninklijke Philips N.V., NVIDIA Corporation, Intel Corporation, Microsoft Corporation, Deep Genomics, Inc., General Electric Company, Siemens Healthineers GmbH, Google, Inc., CloudMedx Inc., Johnson & Johnson, General Vision, Inc., Stryker Corporation, Medtronic Plc., and others.
Industry News:
March 2018 – Royal Philips launched HealthSuite Insights, which is a set of technologies needed to build, maintain, and deploy AI technology.
March 2018 – Microsoft and Apollo Hospitals collaborated on a deal to develop new machine learning models that predict patient risk for heart disease employing AI.
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