Artificial intelligence is a branch of computer science which has the potential to analyse complex data. Currently, artificial intelligence is a rapidly evolving technology in healthcare industry. By providing rich and relevant information to patients and healthcare professionals (HCPs) with on-demand medical and clinical confidence, artificial intelligence can greatly advance HCP and patient communications. It is being used or trialled for a range of healthcare and research purposes, including detection of disease, management of chronic conditions, delivery of health services, and drug discovery. Moreover, artificial intelligence has the potential to help address important health challenges, but it might be limited by the quality of available health data, and by the inability of artificial intelligence to display some human characteristics.
The global artificial intelligence (AI) in healthcare market has gained sustainable growth owing to increasing use of big data in healthcare industry and growing importance of precision medicine. Furthermore, the overall market is also being propelled by the swiftly increasing demand from emerging countries such as India, China, and Brazil. Improving medical infrastructure and growing expenditure on healthcare are some of the major factors responsible for this growth. The market is further propelled by technological advancements in artificial intelligence (AI) in healthcare by various vendors across the globe. Some of the prominent trends witnessed by the market includes growing potential of artificial intelligence-based tools for elderly care. However, the global artificial intelligence (AI) in healthcare market is hampered by ambiguous regulatory guidelines for medical software and reluctance among medical practitioners to artificial intelligence-based technologies. Moreover, data security issues are also creating an aversion among consumers regarding artificial intelligence in healthcare.
The report analyses the global artificial intelligence (AI) in healthcare market based on technology, offering, application, end user industry and geography. Based on technology, the global artificial intelligence (AI) in healthcare market is segmented into context aware processing, deep learning, natural language processing and querying method. Among all types, the deep learning segment accounted for the largest share of the artificial intelligence (AI) in healthcare market in 2017. The growth of this segment is mainly attributed to surging use of image recognition, signal recognition, and data mining, which are the key components of most artificial intelligence protocols.
Based on offering, this market is segmented into hardware, software and services. The software segment occupied the highest share in 2017, owing to continuous software innovation that caters to the requirement in the healthcare sector. The artificial intelligence software is used to assist the medical system in relevant insights, medical imaging and diagnostics, drug discovery, in-patient care and hospital management, virtual assistance, precision medicine, lifestyle management and monitoring, patient data and risk analysis, and research. The growing usage of smart devices, and the presence of major artificial intelligence software providers such as IBM Corporation, Google Inc etc. are driving the growth of the artificial intelligence in healthcare market for the software offering.
Based on application, the global artificial intelligence (AI) in healthcare market is divided into drug discovery, in-patient care and hospital management, lifestyle management and monitoring, medical imaging and diagnosis, patient data and risk analysis, precision medicine, research, virtual assistant and wearables. Furthermore, the market is segmented into end user industry by accountable care organization and managed care organization, patients, payers, pharmaceuticals and biotechnology and healthcare providers. Among various end users, the healthcare provider segment is expected to dominate the market from 2019 to 2024. Factors such as increasing usage & application of artificial intelligence systems to improve patient outcomes and maintain electronic health records (EHR) & patient records are expected to fuel the market growth for this segment in coming years.
By geography, artificial intelligence (AI) in healthcare market is studied across the countries of key regions such as, North America, Europe, Asia Pacific and rest of the world regions, which includes Latin America, and Middle East & Africa. North America is estimated to account for the largest share in 2017, followed by Europe and Asia-Pacific. Factors such as growing focus on precision medicine and large number of cross-industry collaborations are fuelling the growth in North America.
Moreover, the presence of major artificial intelligence providers such as Google, Inc., IBM Corporation and Intel Corporation in North America is expected to boost the market in future. In addition to this, the demand for artificial intelligence (AI) in healthcare is increasing in emerging markets such as China and India, due to rising disposable income, improving healthcare standards and reforms in foreign policies. The Asia-Pacific region is expected to grow at the highest CAGR during the forecast period. This high growth can be attributed to increasing focus on precision medicine coupled with high consumerization of personal care products. Furthermore, China is projected to grow at a lucrative growth rate over the estimate period.
Some of the key players of the global artificial intelligence (AI) in healthcare market includes Intel Corporation, Careskore, Enlitic, Inc., General Electric, General Vision, Inc., Google Inc., IBM Corporation, iCarbonX, Johnson & Johnson Inc., Koninklijke Philips N.V., Medtronic Plc, Microsoft Corporation, Next IT Corp., NVIDIA CORPORATION, Oncora Medical, Sentrian, Siemens Healthineers, Stryker Corporation, Welltok, Inc. and Zephyr Health, Inc. among others. New product launches and endorsements are the key growth strategies adopted by major players to reinforce their positions in the international market. Furthermore, strategies such as expansions, as well as partnerships and agreements were also implemented by numerous market players to expand their R&D competences and geographic presence in the global market.
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