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

  • Report ID:MRHC - 104139
  • Pages: 194
  • Nov 2020
  • Formats*: PDF
  • Category: Healthcare
  • Delivery: 2 to 4 Hours

1. Introduction
    1.1. Market Definition
    1.2. Market Ecosystem
    1.3. Currency
    1.4. Key Stakeholders

2. Research Methodology
    2.1. Research Process
    2.2. Data Collection & Validation
           2.2.1. Secondary Research
           2.2.2. Primary Research
    2.3. Market Assessment
           2.3.1. Market Size Estimation
2.3.1.1. Bottom-Up Approach
2.3.1.2. Top-Down Approach
2.3.1.3. Growth Forecast
           2.3.2. Market Share Analysis
    2.4. Assumptions for the Study
    2.5. Limitations for the Study

3. Executive Summary

4. Market Insights
    4.1. Market Overview
    4.2. Drivers
           4.2.1. Rising Venture Capital Investments in Artificial Intelligence for the Healthcare Sector
           4.2.2. Acquisition of Small Healthcare AI Players by Big Companies to Offer Better AI Solutions
           4.2.3. Growing Demand for Personalized Therapy
           4.2.4. Rising Need to Reduce Healthcare Costs
           4.2.5. Rise in the Volume and Complexities Associated with Healthcare Datasets
           4.2.6. Growing Shortage of the Healthcare Workforce
           4.2.7. The Impact of COVID-19
    4.3. Restraints
           4.3.1. Reluctance in the Adoption of AI Technologies Due to Lack of Trust
    4.4. Opportunities
           4.4.1. Growing Potential of AI-Based Tools in the Treatment of Chronic and Infectious Diseases
           4.4.2. AI in Robotic Surgery
           4.4.3. Growing Incorporation of AI in Clinical Trials to Accelerate New Drug Launches
    4.5. Challenges
           4.5.1. Practical Implementation of AI in Healthcare
           4.5.2. Discrepancies Arising Due to Upgrades and Human Barriers to AI Adoption

5. Global Healthcare Artificial Intelligence Market, by Product & Solution
    5.1. Introduction
    5.2. Software
    5.3. Services
           5.3.1. Installation & Integration
           5.3.2. Support & Maintenance
    5.4. Hardware

6. Healthcare Artificial Intelligence Market, by Technology
    6.1. Introduction
    6.2. Natural Language Processing
    6.3. Context-Aware Processing
    6.4. Machine Learning
    6.5. Querying Method

7. Global Healthcare Artificial Intelligence Market, by Application
    7.1. Introduction
    7.2. Drug Discovery
    7.3. Hospital Workflow Management
    7.4. Patient Data & Risk Analytics
    7.5. Medical Imaging & Diagnosis
    7.6. Patient Management
    7.7. Precision Medicine
    7.8. Other Applications    

8. Healthcare Artificial Intelligence Market, by End User
    8.1. Introduction
    8.2. Hospitals & Diagnostic Centers
    8.3. Pharmaceutical & Biotechnology Companies
    8.4. Healthcare Payers
    8.5. Patients
    8.6. Other End Users    

9. Healthcare Artificial Intelligence Market, by Geography
    9.1. Introduction
    9.2. North America
           9.2.1. U.S.
           9.2.2. Canada
    9.3. Europe
           9.3.1. Germany
           9.3.2. U.K.
           9.3.3. France
           9.3.4. Italy
           9.3.5. Spain
           9.3.6. Rest of Europe
    9.4. Asia-Pacific
           9.4.1. China
           9.4.2. Japan
           9.4.3. India
           9.4.4. Rest of Asia-Pacific
    9.5. Latin America
    9.6. Middle East & Africa

10. Competitive Landscape
      10.1. Introduction
      10.2. Key Growth Strategies
      10.3. Competitive Benchmarking
      10.4. Market Share Analysis (2019)
              10.4.1. Microsoft Corporation (U.S.)
              10.4.2. GE Healthcare (U.S.)
              10.4.3. IBM Corporation (U.S.)

11. Company Profiles
      11.1. Intel Corporation
      11.2. IBM Corporation
      11.3. NVIDIA Corporation  
      11.4. Microsoft Corporation
      11.5. Alphabet Inc. (Google Inc.)
      11.6. GE Healthcare (A Part of General Electric Company)
      11.7. Verint Systems Inc.
      11.8. General Vision, Inc.
      11.9. Welltok, Inc.
      11.10. iCarbonX
    
12. Appendix
      12.1. Questionnaire
      12.2. Available Customizatio

List of Tables

Table 1 Global Healthcare Artificial Intelligence Market Drivers: Impact Analysis (2020-2027)
Table 2 Funding Raised by Healthcare AI Start-Ups: 2020
Table 3 Key Acquisitions in the Healthcare AI Market
Table 4 Global Healthcare Artificial Intelligence Market Restraints: Impact Analysis (2020-2027)
Table 5 Number of Persons Aged 65 Years or Over by Region (2019 Vs 2050)
Table 6 Global Healthcare AI Market Size, by Product & Solution, 2018-2027 ($ Million)
Table 7 Key Companies Offering Healthcare AI Software
Table 8 Global Healthcare AI Software Market Size, by Country/Region, 2018-2027 ($ Million)
Table 9 Key Companies Offering Healthcare AI Services
Table 10 Global Healthcare AI Services Market Size, by Type, 2018-2027 ($Million)
Table 11 Global Healthcare AI Services Market Size, by Country/Region, 2018-2027 ($Million)
Table 12 Global Healthcare AI Installation & Integration Services Market Size, by Country/Region, 2018-2027 ($ Million)
Table 13 Global Healthcare AI Support & Maintenance Services Market Size, by Country/Region, 2018-2027 ($ Million)
Table 14 Key Companies Offering Healthcare AI Hardware
Table 15 Global Healthcare AI Hardware Market Size, by Country/Region, 2018-2027 ($ Million)
Table 16 Global Healthcare AI Market Size, by Technology, 2018-2027 ($Million)
Table 17 Global Healthcare AI Market Size for Natural Language Processing, by Country/Region, 2018-2027 ($Million)
Table 18 Global Healthcare AI Market Size for Context-Aware Processing, by Country/Region, 2018-2027 ($Million)
Table 19 Global Healthcare AI Market Size for Machine Learning, by Country/Region, 2018-2027 ($Million)
Table 20 Global Healthcare AI Market Size, for Querying Method, by Country/Region, 2018–2027 ($Million)
Table 21 Global Healthcare AI Market Size, by Application, 2018-2027 ($ Million)
Table 22 Global Healthcare AI Market Size for Drug Discovery, by Country/Region, 2018–2027 ($Million)
Table 23 Global Healthcare AI Market Size for Hospital Workflow Management, by Country/Region, 2018-2027 ($ Million)
Table 24 Global Healthcare AI Market Size for Patient Data & Risk Analytics, by Country/Region, 2018–2027 ($Million)
Table 25 Global Healthcare AI Market for Medical Imaging & Diagnosis, by Country/Region, 2018–2027 ($Million)
Table 26 Global Healthcare AI Market for Patient Management, by Country/Region, 2018–2027 ($Million)
Table 27 Global Healthcare AI Market for Precision Medicine, by Country/Region, 2018–2027 ($Million)
Table 28 Global Healthcare AI Market for Other Applications, by Country/Region, 2018–2027 ($Million)
Table 29 Global Healthcare AI Market Size, by End User, 2018-2027 ($Million)
Table 30 Global Healthcare AI Market Size for Hospitals & Diagnostic Centers, by Country/Region, 2018-2027 ($Million)
Table 31 Global Healthcare AI Market for Pharmaceutical & Biotechnology Companies, by Country/Region, 2018–2027 ($Million)
Table 32 Key AI Tools and Predictive Analytics for Healthcare Payers
Table 33 Global Healthcare AI Market for Healthcare Payers, by Country/Region, 2018–2027 ($Million)
Table 34 Global Healthcare AI Market for Patients, by Country/Region, 2018–2027 ($Million)
Table 35 Global Healthcare AI Market for Other End Users, by Country/Region, 2018–2027 ($Million)
Table 36 Global Healthcare AI Market, by Country/Region, 2018–2027 ($Million)
Table 37 North America: Healthcare AI Market, by Country, 2018-2027 ($Million)
Table 38 North America: Healthcare AI Market, by Product & Solution, 2018-2027 ($Million)
Table 39 North America: Healthcare AI Services Market Size, by Type, 2018-2027 ($Million)
Table 40 North America: Healthcare AI Market, by Technology, 2018-2027 ($Million)
Table 41 North America: Healthcare AI Market, by Application, 2018-2027 ($Million)
Table 42 North America: Healthcare AI Market, by End User, 2018-2027 ($Million)
Table 43 Total Annual Cost of Waste in the U.S.
Table 44 U.S.: Healthcare AI Market, by Product & Solution, 2018-2027 ($Million)
Table 45 U.S.: Healthcare AI Services Market Size, by Type, 2018-2027 ($Million)
Table 46 U.S.: Healthcare AI Market, by Technology, 2018-2027 ($Million)
Table 47 U.S.: Healthcare AI Market, by Application, 2018-2027 ($Million)
Table 48 U.S.: Healthcare AI Market, by End User, 2018-2027 ($Million)
Table 49 Key Healthcare AI Start-Ups in Canada
Table 50 Canada: Healthcare AI Market, by Product & Solution, 2018-2027 ($Million)
Table 51 Canada: Healthcare AI Services Market Size, by Type, 2018-2027 ($Million)
Table 52 Canada: Healthcare AI Market, by Technology, 2018-2027 ($Million)
Table 53 Canada: Healthcare AI Market, by Application, 2018-2027 ($Million)
Table 54 Canada: Healthcare AI Market, by End User, 2018-2027 ($Million)
Table 55 Europe: Healthcare AI Market, by Country, 2018-2027 ($Million)
Table 56 Europe: Healthcare AI Market, by Product & Solution, 2018-2027 ($Million)
Table 57 Europe: Healthcare AI Services Market Size, by Type, 2018-2027 ($Million)
Table 58 Europe: Healthcare AI Market, by Technology, 2018-2027 ($Million)
Table 59 Europe: Healthcare AI Market, by Application, 2018-2027 ($Million)
Table 60 Europe: Healthcare AI Market, by End User, 2018-2027 ($Million)
Table 61 Key Healthcare AI Start-Ups in Germany
Table 62 Germany: Healthcare AI Market, by Product & Solution, 2018-2027 ($Million)
Table 63 Germany: Healthcare AI Services Market Size, by Type, 2018-2027 ($Million)
Table 64 Germany: Healthcare AI Market, by Technology, 2018-2027 ($Million)
Table 65 Germany: Healthcare AI Market, by Application, 2018-2027 ($Million)
Table 66 Germany: Healthcare AI Market, by End User, 2018-2027 ($Million)
Table 67 U.K.: Healthcare AI Market, by Product & Solution, 2018-2027 ($Million)
Table 68 U.K.: Healthcare AI Services Market Size, by Type, 2018-2027 ($Million)
Table 69 U.K.: Healthcare AI Market, by Technology, 2018-2027 ($Million)
Table 70 U.K.: Healthcare AI Market, by Application, 2018-2027 ($Million)
Table 71 U.K.: Healthcare AI Market, by End User, 2018-2027 ($Million)
Table 72 Key Healthcare AI Start-Ups in France
Table 73 France: Healthcare AI Market, by Product & Solution, 2018-2027 ($Million)
Table 74 France: Healthcare AI Services Market Size, by Type, 2018-2027 ($Million)
Table 75 France: Healthcare AI Market, by Technology, 2018-2027 ($Million)
Table 76 France: Healthcare AI Market, by Application, 2018-2027 ($Million)
Table 77 France: Healthcare AI Market, by End User, 2018-2027 ($Million)
Table 78 Italy: Healthcare AI Market, by Product & Solution, 2018-2027 ($Million)
Table 79 Italy: Healthcare AI Services Market Size, by Type, 2018-2027 ($Million)
Table 80 Italy: Healthcare AI Market, by Technology, 2018-2027 ($Million)
Table 81 Italy: Healthcare AI Market, by Application, 2018-2027 ($Million)
Table 82 Italy: Healthcare AI Market, by End User, 2018-2027 ($Million)
Table 83 Spain: Start-Ups Data
Table 84 Spain: Healthcare AI Market, by Product & Solution, 2018-2027 ($Million)
Table 85 Spain: Healthcare AI Services Market Size, by Type, 2018-2027 ($Million)
Table 86 Spain: Healthcare AI Market, by Technology, 2018-2027 ($Million)
Table 87 Spain: Healthcare AI Market, by Application, 2018-2027 ($Million)
Table 88 Spain: Healthcare AI Market, by End User, 2018-2027 ($Million)
Table 89 Rest of Europe: Healthcare AI Market, by Product & Solution, 2018-2027 ($Million)
Table 90 Rest of Europe: Healthcare AI Services Market Size, by Type, 2018-2027 ($Million)
Table 91 Rest of Europe: Healthcare AI Market, by Technology, 2018-2027 ($Million)
Table 92 Rest of Europe: Healthcare AI Market, by Application, 2018-2027 ($Million)
Table 93 Rest of Europe: Healthcare AI Market, by End User, 2018-2027 ($Million)
Table 94 Asia-Pacific: Healthcare AI Market, by Country, 2018-2027 ($Million)
Table 95 Asia-Pacific: Healthcare AI Market, by Product & Solution, 2018-2027 ($Million)
Table 96 Asia-Pacific: Healthcare AI Services Market Size, by Type, 2018-2027 ($Million)
Table 97 Asia-Pacific: Healthcare AI Market, by Technology, 2018-2027 ($Million)
Table 98 Asia-Pacific: Healthcare AI Market, by Application, 2018-2027 ($Million)
Table 99 Asia-Pacific: Healthcare AI Market, by End User, 2018-2027 ($Million)
Table 100 Key Healthcare AI Start-Ups in China
Table 101 China: Healthcare AI Market, by Product & Solution, 2018-2027 ($Million)
Table 102 China: Healthcare AI Services Market Size, by Type, 2018-2027 ($Million)
Table 103 China: Healthcare AI Market, by Technology, 2018-2027 ($Million)
Table 104 China: Healthcare AI Market, by Application, 2018-2027 ($Million)
Table 105 China: Healthcare AI Market, by End User, 2018-2027 ($Million)
Table 106 Japan: Healthcare AI Market, by Product & Solution, 2018-2027 ($Million)
Table 107 Japan: Healthcare AI Services Market Size, by Type, 2018-2027 ($Million)
Table 108 Japan: Healthcare AI Market, by Technology, 2018-2027 ($Million)
Table 109 Japan: Healthcare AI Market, by Application, 2018-2027 ($Million)
Table 110 Japan: Healthcare AI Market, by End User, 2018-2027 ($Million)
Table 111 India: Healthcare AI Market, by Product & Solution, 2018-2027 ($Million)
Table 112 India: Healthcare AI Services Market Size, by Type, 2018-2027 ($Million)
Table 113 India: Healthcare AI Market, by Technology, 2018-2027 ($Million)
Table 114 India: Healthcare AI Market, by Application, 2018-2027 ($Million)
Table 115 India: Healthcare AI Market, by End User, 2018-2027 ($Million)
Table 116 Rest of Asia-Pacific: Healthcare AI Market, by Product & Solution, 2018-2027 ($Million)
Table 117 Rest of Asia-Pacific: Healthcare AI Services Market Size, by Type, 2018-2027 ($Million)
Table 118 Rest of Asia-Pacific: Healthcare AI Market, by Technology, 2018-2027 ($Million)
Table 119 Rest of Asia-Pacific: Healthcare AI Market, by Application, 2018-2027 ($Million)
Table 120 Rest of Asia-Pacific: Healthcare AI Market, by End User, 2018-2027 ($Million)
Table 121 Latin America: Healthcare AI Market, by Product & Solution, 2018-2027 ($Million)
Table 122 Latin America: Healthcare AI Services Market Size, by Type, 2018-2027 ($Million)
Table 123 Latin America: Healthcare AI Market, by Technology, 2018-2027 ($Million)
Table 124 Latin America: Healthcare AI Market, by Application, 2018-2027 ($Million)
Table 125 Latin America: Healthcare AI Market, by End User, 2018-2027 ($Million)
Table 126 Middle East & Africa: Healthcare AI Market, by Product & Solution, 2018-2027 ($Million)
Table 127 Middle East & Africa: Healthcare AI Services Market Size, by Type, 2018-2027 ($Million)
Table 128 Middle East & Africa: Healthcare AI Market, by Technology, 2018-2027 ($Million)
Table 129 Middle East & Africa: Healthcare AI Market, by Application, 2018-2027 ($Million)
Table 130 Middle East & Africa: Healthcare AI Market, by End User, 2018-2027 ($Million)
Table 131 Recent Developments, by Company, 2017-2020

List of Figures

Figure 1    Research Process
Figure 2    Key Secondary Sources
Figure 3    Primary Research Techniques
Figure 4    Key Executives Interviewed
Figure 5    Breakdown of Primary Interviews (Supply-Side & Demand-Side)
Figure 6    Market Size Estimation
Figure 7    Global Healthcare AI Market, by Software & Service, 2020 Vs. 2027 ($Million)
Figure 8    Global Healthcare AI Market Size, by Technology, 2020 Vs. 2027 ($Million)
Figure 9    Global Healthcare AI Market Size, by Application, 2020 Vs. 2027 ($Million)
Figure 10 Hospitals & Diagnostic Centers Are Expected to Dominate the Global Healthcare AI Market, by End User (2020-2027)
Figure 11 Healthcare AI Market, by Region
Figure 12 Market Dynamics
Figure 13 Increase in Funding for AI ($Billion) (2015-2019)
Figure 14 Proportion of Personalized Medicines Approved (As % of Total NME) (2015-2018)
Figure 15 Global Healthcare AI Market Size, by Product & Solution, 2020-2027 ($Million)
Figure 16 Global Healthcare AI Market Size, by Technology, 2020-2027 ($Million)
Figure 17 Global Healthcare AI Market Size, by Application, 2020-2027 ($Million)
Figure 18 Global Healthcare AI Market Size, by End User, 2020-2027 ($Million)
Figure 19 Global Healthcare AI Market, by Region, 2018–2025 ($Million)
Figure 20 North America: Healthcare AI Market Snapshot
Figure 21 Europe: Healthcare AI Market Snapshot
Figure 22 Italy: Population Aged 65 Years and Above (% Share of Total Population) (2015-2019)
Figure 23 Asia-Pacific: Healthcare AI Market Snapshot
Figure 24 Key Growth Strategies Adopted by Leading Players, 2017-2020
Figure 25 Healthcare Artificial Intelligence: Competitive Benchmarking
Figure 26 Market Share Analysis: Healthcare Artificial Intelligence, 2019
Figure 27 Intel Corporation: Financial Overview (2019)
Figure 28 IBM Corporation: Financial Overview (2019)
Figure 29 NVIDIA Corporation: Financial Overview (2019)
Figure 30 Microsoft Corporation: Financial Overview (2019)
Figure 31 Alphabet Inc.: Financial Overview (2019)
Figure 32 GE Healthcare: Financial Overview (2019)
Figure 33 Verint Systems Inc.: Financial Overview (2019)    
        

COVID-19

This report provides pre & post COVID-19 market estimates

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The healthcare artificial intelligence market is expected to grow at a CAGR of 41.4% from 2020 to 2027 to reach at $51.3 billion by 2027. The factors such as increasing funding for healthcare artificial intelligence, growing demand for personalized therapy, large pool of healthcare data, and growing use of AI in reducing healthcare cost are expected to propel the growth of the overall healthcare artificial intelligence market. However, the reluctance in adopting AI technologies is expected to hamper the growth of this market.

Impact of COVID-19 on the Healthcare AI market

The COVID-19 pandemic has put tremendous burden on the healthcare sector all over the world. With unavailability of treatment, rise in cases, limited resources, and vulnerability of the medical staff of catching the virus, the healthcare sector is struggling to deal with the pandemic situation. Also, in severely affected regions, the influx of COVID-19 patients requiring continuous monitoring and ventilation is increasing rapidly, leading to an overloading of hospital systems and disrupting the routine treatment of chronic illness in patients, whose conditions are likely to get worsened if usual standard care is delayed.

In this crisis, artificial intelligence emerged as a blessing for the healthcare industry and associated professionals. According to eletimes.com, Artificial Intelligence (AI) technology has the potential to automatically mine through news reports and online content from around the world, helping healthcare experts recognize the ongoing anomalies that could lead to epidemic or, worse, a pandemic. Also, this technology might actually help the world to survive an upcoming pandemic by fetching data related to diseases. Realizing its benefits, governments of various countries have encouraged development of AI tools for healthcare after which technology giants and healthcare companies across the world began ramping up their efforts to develop AI systems and software in order to detect suspected COVID-19 cases. For instance,

  • In April 2020, the Bolton NHS Foundation Trust (U.K.) partnered with Qure.ai (India), a healthcare AI startup for monitoring COVID-19 patients. The startup has developed qXR solution which is a diagnostic software used to detect the findings that are indicative of COVID-19 and also helps in the quantifying the volume of the infection.
  • In April 2020, THIRONA (The Netherlands) and DELFT IMAGING (The Netherlands) launched CAD4COVID, a cloud-based system for triage of Covid-19 patients that uses deep learning to analyze chest X-rays and is intended to support healthcare specialists manage COVID-19 cases.

Thus, due to increase in prevalence of viral diseases and new product developments by AI companies around the globe, AI is going to see a tremendous growth in the healthcare sector over the coming years.

Healthcare Artificial Intelligence Market

Rising funding in artificial intelligence in healthcare is expected to drive the market growth

Artificial Intelligence (AI) and Machine Learning (ML) are playing a very important role in the healthcare industry. AI is predominantly used in clinical research, robotic personal assistant, and big data analytics. Classic venture capitalists and corporate strategic investors are both investing generously in this space. According to the report from CB Insights, artificial intelligence-focused health care companies raised nearly $1 billion in funding in the first quarter of 2020. Also, healthcare analytics firm, Tricog Health India Pvt. (India), has raised $10.5 million in a series B round of funding. The start-up helps in the wellness, screening, and diagnosis of acute as well as chronic heart diseases using AI & Machine Learning. The start-up has helped 3 million patients. As of 2020, the private sector continues to play a significant role, with venture capital (VC) funding for the top 50 firms in healthcare-related AI reaching $8.5 billion, and big tech firms, startups, pharmaceutical and medical-devices firms and health insurers, all engaging with the nascent AI healthcare ecosystem. Thus, the rising fund in the healthcare artificial intelligence is expected to fuel the growth in the AI market for healthcare during the forecast period.

AI to reduce overall healthcare cost

According to OECD estimates, 20% of healthcare spend is wasted globally. The U.S. Institute of Medicine believes that the figure is more reaching around 30%. According to Humana and University of Pittsburgh School of Medicine researchers, as of 2019, 25% i.e. $760 to $935 billion of healthcare spending is wasteful in the U.S., indicating a need for value-based care. The top 15 countries by healthcare expenditure waste an average of $1,100 and $1,700 per person annually. The average waste per-person across the top 15 countries is 10-15 times more than the average amount spent by the bottom 50 countries on healthcare, which currently spend an average of around $120 per person.

Underlying reasons for wastage of healthcare expenditure include preventable and rectifiable system inefficiencies such as care delivery failures, over-treatment, and improper care delivery. To tackle this, technologies such as Artificial Intelligence (AI) can help minimize such inefficiencies and reduce errors, ensuring substantially more stream-lined and cost-effective health ecosystems.

Over the past decade, as healthcare providers begin to move towards a standardized format for recording patient outcomes, large sets of data will become available for analysis by AI-enabled systems which can track outcome patterns following treatment and identify optimal treatments based on patients’ profiles. As a result of this, AI has empowered clinical decision-making by ensuring the right interventions and treatments for each patient, and created a personalized approach of care. The immediate consequence of this will be a significant improvement in outcomes, which will eliminate costs associated with post-treatment complications, and this is one of the key drivers responsible for the growing AI adoption in most healthcare ecosystems across the world.

Key Findings in the Healthcare Artificial Intelligence Market Study:

Software segment to dominate the healthcare artificial intelligence market in 2020

Based on product & services, the software segment is estimated to command the largest share of the healthcare artificial intelligence market in 2020. The large share of this segment is mainly attributed to the factors such as ability to reduce operational or administrative complexity, acceleration of data analysis with high accuracy, and rise in the software launches by the medical devices and healthcare IT companies.

Hospitals and diagnostic centers segment to command the largest share of the overall market in 2020

Based on end user, the hospitals and diagnostic centers segment is estimated to command the largest share of the overall healthcare artificial intelligence market in 2020. Rising focus of the technology companies on collaborations with research sector, AI’s ability in assisting preoperative planning in hospitals, and coronavirus pandemic supported the largest share of this segment.

Hospital workflow management to hold the largest share of the healthcare artificial intelligence market in 2020

Based on application, the hospital workflow management segment is estimated to hold the largest share of the overall healthcare AI market in 2020. The factors such as increasing amount of healthcare data generated, its ability to manage medical records and assemble and evaluate patient’s data generated in the hospitals, and increased use of Chabot’s for customer service engagement are expected to propel the growth of this segment.

Asia Pacific: The fastest-growing regional market

At regional level, the healthcare artificial intelligence market is estimated to be dominated by North America in 2020, while, the Asia Pacific region is expected to grow at the fastest CAGR during the forecast period. The factors driving the growth of the Asia Pacific healthcare artificial intelligence market are growing need for coordination between healthcare workforce & patients, rise in adoption of precision medicine, growing prevalence of diseases, and remarkable growth in venture capital investments. In addition to this, the factors such as significant use of big data in the healthcare sector, growing technological innovation, and demand from China are also supporting the growth of the healthcare AI market in the APAC region.

Key Players

The report includes competitive landscape based on the extensive assessment of the product portfolio offerings, geographic presence, and key strategic developments adopted by leading market players in the industry over the past 4 years (2017-2020). The key players profiled 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.

Scope of the Report:

Healthcare Artificial Intelligence Market, by Product & Services

  • Software
  • Hardware
  • Services

Healthcare Artificial Intelligence Market, by Technology

  • Machine Learning (ML)
  • Natural Language Processing (NLP)
  • Context Aware Processing
  • Querying Method

Healthcare Artificial Intelligence Market, by Application

  • Hospital Workflow Management
  • Patient Data And Risk Analytics
  • Medical Imaging And Diagnosis
  • Drug Discovery
  • Precision Medicine
  • Patient Management
  • Other Applications
    (Other applications comprises of bioinformatics, wearable devices, and virtual assistance.)

Healthcare Artificial Intelligence Market, by End User

  • Hospitals and Diagnostic Centers
  • Pharmaceutical and Biopharmaceutical Companies
  • Healthcare Payers
  • Patients
  • Other End Users
    (Other end users comprise of accountable care organizations, clinical research organizations, and managed care organizations)

Healthcare Artificial Intelligence Market, by Geography

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • France
    • U.K.
    • Italy
    • Spain
    • Rest of Europe (RoE)
  • Asia-Pacific (APAC)
    • Japan
    • China
    • India
    • Rest of APAC (RoAPAC)
  • Latin America
  • Middle East & Africa

Key questions answered in the report:

The global healthcare AI market is projected to reach $51.3 billion by 2027, at a CAGR of 41.4% during the forecast period of 2020-2027.
The software segment is estimated to hold the largest share of the overall healthcare artificial intelligence market in 2020. The large share of this segment is mainly attributed to 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.
Based on technology, the natural language processing (NLP) segment is estimated to account for the largest share of this market in 2020, and is also projected to grow with the fastest CAGR during the forecast period.
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 are the key driving factors. Moreover, the growing potential of AI based tools in accelerating clinical trials and treatment of chronic illness offers high growth opportunities for players operating in the healthcare artificial intelligence market.
The global healthcare AI market is consolidated in nature and the key players, namely, Microsoft Corporation (U.S.), GE Healthcare (U.S.), and IBM Corporation (U.S.), are the leading players and are majorly driving the innovation trends in the market with their strategic developments.
Some of the prominent players operating in the overall healthcare AI 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.
The emerging economies like Japan, China, and India in Asia Pacific are projected to offer significant growth opportunities for the vendors operating in this market. Rising adoption of EHR, growth in biopharmaceutical industry, implementation of big data and AI in healthcare sector, and rising investments to improve healthcare facilities are contributing the growth of the market in these regions/countries.
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