Healthcare Artificial Intelligence (AI) Market Worth $51.3 Billion by 2027

Healthcare Artificial Intelligence Market by Product & Services (Software, Services), Technology (Machine Learning, NLP), Application (Medical Imaging, Precision Medicine, Patient Management), End User (Hospitals, Patients) – Global Forecast to 2027

Meticulous Research®– leading global market research company published a research report titled “Healthcare Artificial Intelligence Market by Product & Services (Software, Services), Technology (Machine Learning, NLP), Application (Medical Imaging, Precision Medicine, Patient Management), End User (Hospitals, Patients) – Global Forecast to 2027”.

According to this latest publication from Meticulous Research®, the healthcare artificial intelligence market is expected to grow at a CAGR of 41.4% from 2020 to reach to $51.3 billion by 2027. The high growth of healthcare artificial intelligence market is mainly attributed to the rising venture capital investment for artificial intelligence in healthcare sector, growing demand for personalized therapy, positive impact due to COVID-19, rising demand to reduce healthcare costs, and rise in volume and complexities of healthcare datasets. Moreover, the growing potential of AI based tools in accelerating clinical trials and treatment of chronic illness offers high growth opportunities for the players operating in the healthcare artificial intelligence market. However, the reluctance in adopting AI technologies and data security concerns are expected to hamper the growth of the healthcare artificial intelligence market to a certain extent.

The global healthcare artificial intelligence market study presents historical market data in terms of values (2018 & 2019), estimated current data (2020), and forecasts for 2027- by product & services (software, hardware, and services), technology (machine learning, natural language processing, context aware processing, and querying method), application (medical imaging and diagnosis, drug discovery, precision medicine, hospital workflow), end user (hospitals and diagnostic centers, pharmaceutical and biopharmaceutical companies), and geography. The study also evaluates industry competitors and analyzes the market at regional and country level.

On the basis of product & services, the overall healthcare artificial intelligence market is broadly segmented into software, hardware, and services. The software segment is estimated to command the largest share of the overall healthcare artificial intelligence market in 2020. The large share of this segment is mainly attributed to the factors such as its ability to reduce operational or administrative complexity, acceleration of data analysis with high accuracy, and rise in the software launch by the medical devices and healthcare IT companies. Further, due to the COVID-19 pandemic since November 2019, there is an expansion in the software solutions which helps the healthcare specialists to track the disease progression and recovery in COVID-19 patients, thereby helping in the crisis situation.

On the basis of technology, the overall healthcare AI market is segmented into Machine Learning, Natural Language Processing, Context Aware Processing, and Querying Method. The NLP segment is estimated to command the largest share of the overall healthcare artificial intelligence market in 2020. The factors such as ability to collect large amount of data and handle big data, offering of organized physician documentation, and efficient back-end coding to optimize billing procedure are the major factors responsible for the largest share of this segment.

Based on end user, the healthcare artificial intelligence market is broadly segmented into hospitals and diagnostic centers, pharmaceutical and biopharmaceutical companies, healthcare payers, patients, and others which include Accountable Care Organizations, clinical research organizations, and managed care organizations. The hospitals and diagnostic centers segment is estimated to command the largest share of the overall healthcare artificial intelligence market in 2020. However, the healthcare payers segment is slated to grow at the fastest CAGR during the forecast period, due to growth in opting of healthcare insurance; and increasing inclination of healthcare facilities to have organized billing and accounts, health claims, and healthcare IT operations in their premises.

This research report analyzes major geographies and provides comprehensive analysis for North America (U.S., Canada), Europe (Germany, France, U.K., Italy, Spain, and Rest of Europe), Asia-Pacific (Japan, China, India, and RoAPAC), Latin America, and the Middle East & Africa. North America is estimated to dominate the global healthcare artificial intelligence market in 2020, followed by Europe and Asia Pacific. Well established IT infrastructure in healthcare, presence of innovative software vendors and venture capitalists, rising adoption of EHR, flourishing biopharmaceutical industry, rise in funding for new product development, and increasing number of startups for healthcare artificial intelligence in the region supported the largest share of the North America in the healthcare artificial intelligence market.

The key players operating in the global healthcare artificial intelligence market are Microsoft Corporation (U.S.), Alphabet Inc. (U.S.), NVIDIA Corporation (U.S.), General Vision, Inc (U.S.), Intel Corporation (U.S.), IBM Corporation (U.S.), Welltok, Inc. (U.S.), General Electric Company (U.S.), Verint Systems Inc. (U.S.), and iCarbonX (China), among others.

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Key questions answered in the report-

Which are the high growth market segments in terms of product & services, technology, application, end-users, and region/countries?
What was the historical market for healthcare artificial intelligence across the globe?
What are the market forecasts and estimates for the period of 2020-2027?
What are the major drivers, restraints, opportunities, and challenges in the global healthcare artificial intelligence market?
Who are the major players in the healthcare artificial intelligence market?
How is the competitive landscape and who are the market leaders in the global healthcare artificial intelligence market?
What are the recent developments in the global healthcare artificial intelligence market?
What are the different strategies adopted by the major players in the global healthcare artificial intelligence market?
What are the geographical trends and high growth regions/countries?

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