Market Synopsis
Market Research Future (MRFR) asserts that the global Artificial Intelligence in Healthcare market is estimated to demonstrate 51.9% CAGR during the forecast period (2018-2023). Rising application of AI in the field of drug discovery is favoring the market growth to a large extent. Artificial intelligence (AI) is referred to as the engineering and science which is adopted to design intelligent machines like intelligent computer programs. It is a system which applies several human intelligence-based functions like learning, reasoning, and problem-solving skills on disciplines like computer science, biology, linguistics, mathematics, and engineering. Artificial intelligence is considered the next frontier for healthcare innovation. AI in healthcare is implemented for sorting both structured and unstructured data. Fields of healthcare like oncology, neurology, and cardiology are experiencing a growing application of AI.
Market Potential and Pitfalls
Artificial Intelligence has developed several applications in the healthcare sector, such as delivery of health services, detection of diseases, drug discovery, and management of chronic diseases. It ensures effectiveness and efficiency which is likely to trigger its adoption rate in the coming years. AI has also strengthened its foothold in the healthcare research sector for delivering accurate results. This has further contributed to the growth of the market throughout the estimated period. The technology also helps to overcome the human resource crisis by providing increased productivity by automation of complicated tasks. With the increased application of AI in the field of the medical imaging industry, drug discovery, genomics, and precision medicine combined with the rising personalized treatments customized according to the requirements of an individual patient, the global Artificial Intelligence in Healthcare market is estimated to flourish.
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The demand for artificial intelligence in order to perform data mining and trigger the speed of healthcare delivery services has increased. Moreover, the advent of novel and promising applications for diagnosing and monitoring the disease is predicted to contribute to the market growth throughout the assessment period. Advancements made in the data analytics will further propel the Artificial Intelligence in Healthcare market in the coming years. With a massive amount of data being generated every year in the healthcare sector coupled with the ever-increasing volume of big data has created the need to adapt AI so that data can be managed effectively. The AI research team of Google has recently launched its Google Deepmind Health project for data mining of medical records in order to offer better and faster services.
On the contrary, strict mandates regulating AI and high cost associated with its implementation are anticipated to slowdown the market growth throughout the assessment period. Moreover, the reluctance among the healthcare professionals and an imprecise regulatory scenario in order to adopt such technologies are presumed to hinder the market growth in the coming years.
Global Artificial Intelligence in Healthcare Market: Segmental Analysis
The global Artificial Intelligence in Healthcare market has been segmented on the basis of component, application, technology, and end-users.
By mode of component, the healthcare AI market has been segmented into software, hardware, and services.
By mode of application, the healthcare AI market has been segmented into virtual nursing assistant, robot-assisted surgery, clinical trial, dosage error reduction, automated image diagnosis, and preliminary diagnosis. Among these, the robot-assisted surgery is predicted to occupy a significant share owing to the high flexibility and precision ensured by robot-assisted surgeries during performing complicated procedures.
By mode of technology, the healthcare AI market has been segmented into querying method, machine learning, and natural language processing. Among these, the machine-learning segment is predicted to experience the highest CAGR owing to the ability to handle multiple dimensional data while enabling a reduction in the process time cycle.
By mode of end-users, the global Artificial Intelligence in Healthcare market has been segmented into pharmaceutical & biotechnology companies, hospital & diagnostic centers, and academic & research laboratories. Among these, the hospitals & diagnostic centers occupy the largest market share owing to the extensive application of AI in diagnostic imaging and robotic surgeries.
Regional Insights
Geographically, the Artificial Intelligence in Healthcare market span across regions namely, Europe, America, Asia Pacific, and the Middle East & Africa.
Among all the regions, the American region is estimated to dominate the AI in the healthcare market and is likely to retain its dominance in the coming years. The growth in this region is credited to the growth witnessed in the biotechnology sector. Moreover, the augmenting cases of robotics surgeries coupled with the presence of a well-developed healthcare sector are contributing to the growth of the market in this region.
The European region has secured the second position and is estimated to garner USD 3453.4 million during the appraisal period. The factors catalyzing the proliferation of the market are the extensive R&D made for healthcare AI combined with the rising funding.
Meanwhile, the Asia Pacific region is likely to register 52.4% CAGR in the coming years owing to the increased therapeutic demand for chronic diseases. Also, the fast-developing healthcare sector is influencing the market growth to a large extent.
Industry Updates
February 21, 2019: A team of scientists from the University of California and the University of Surrey has together used AI network in order to identify and scrutinize the symptoms in patients suffering from cancer. The new study elaborates how researchers have used network analysis in order to examine the relationship and structure between 38 common symptoms reported by the cancer patients receiving chemotherapy.
Competitive Dashboard
The prominent players operating the Artificial Intelligence in Healthcare market are Koninklijke Philips N.V., IBM Watson Health, NVIDIA Corporation, CloudMedx Inc., Microsoft Corporation, Google, General Electric, Next IT Corp., Intel Corporation, DEEP GENOMICS, General Vision, and Stryker.
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