Artificial Intelligence In Healthcare Market By Product (Hardware, Software, Services), Technology (Machine Learning, Context-Aware Computing, NLP), Application (Drug Discovery, Precision Medicine), End User, And Geography – Global Forecast To 2025

  • Report ID:MRHC - 104139
  • Pages: 178
  • Jan 2019
  • Formats*: PDF
  • Category: Healthcare

1. Introduction

1.1. Market Definition

1.2. Market Segmentation

1.3. Currency

1.4. Limitations

1.5. Key Stakeholders

2. Research Methodology

2.1. Research Process

2.1.1. Secondary Research

2.1.2. Primary Research

2.1.3. Market Size Estimation

3. Executive Summary

3.1. Introduction

3.2. Market Dynamics

3.3. Product Segment Analysis

3.4. Technology Segment Analysis

3.5. Application Segment Analysis

3.6. End User Analysis

3.7. Regional Analysis

3.8. Competitive Analysis

4. Market Overview

4.1. Introduction

4.2. Drivers

4.2.1. Rising Funding in Healthcare Artificial Intelligence

4.2.2. Growing Demand of Precision Medicines

4.2.3. Large Pool of Healthcare Data

4.2.4. AI to Reduce the Healthcare Cost

4.2.5. AI to Lead Efficient Diagnosis

4.3. Market Restraints

4.3.1. Reluctance in Adopting AI Technologies

4.3.2. Lack of Trust for Data Security

4.4. Market Opportunities

4.4.1. Outburst in Artificial Intelligence for Home Care and Hospitals

4.4.2. Artificial Intelligence in Healthcare to Improve Patient Outcomes

4.4.3. Growing Potential of AI-Based Tools for Geriatric Patients

4.5. Market Challenges

4.5.1. Ethical and Legal Issues in Healthcare Artificial Intelligence

4.5.2. Lack of Access to Curated Data

4.5.3. Lack of Interoperability amongst AI Solution Provided by Different Vendors

5. Industry Insights

5.1. Value ChAIn Analysis

5.2. Case Studies

5.2.1. Cognizant Developed an AI-Driven Machine Learning Solution to Identify Potential Drug Seeking Behavior in Patients

5.2.2. Under Armour Developed an App That Uses IBM Watson Cognitive Computing Platform

5.2.3. Tempus and Mayo Clinic Team Up to Personalize Care for Cancer Patients

5.2.4. AI Solutions for Mental Health Building a Strong Support System for Patients

5.2.5. AI-Powered Virtual Assistants Enabling Efficient Doctor-Patient Communications

5.2.6. Cleveland Clinic to Identify Patients at Risk in ICU Using Cortana Intelligence

6. Global Artificial Intelligence in Healthcare Market, by Product

6.1. Introduction

6.2. Software

6.3. Hardware

6.4. Services

6.4.1. Installation and Integration

6.4.2. Support and MAIntenance

7. Global Artificial Intelligence in Healthcare Market, by Technology

7.1. Introduction

7.2. Natural Language Processing (NLP)

7.3. Machine Learning

7.4. Context Aware Processing

7.5. Querying Method

8. Global Artificial Intelligence in Healthcare Market, by Application

8.1. Introduction

8.2. Hospital Workflow Management

8.3. Patient Data and Risk Analytics

8.4. Drug Discovery

8.5. Medical Imaging and Diagnosis

8.6. Patient Management

8.7. Precision Medicine

8.8. Other Applications

9. Global Artificial Intelligence in Healthcare Market, by End User

9.1. Introduction

9.2. Hospital & Diagnostic Centers

9.3. Healthcare Payers

9.4. Pharmaceutical and Biotechnology Companies

9.5. Patients

9.6. Other End Users

10. Artificial Intelligence in Healthcare Market, by Region

10.1. Introduction

10.2. North America

10.2.1. U.S.

10.2.2. Canada

10.3. Europe

10.3.1. Germany

10.3.2. U.K.

10.3.3. France

10.3.4. Italy

10.3.5. Spain

10.3.6. Rest of Europe

10.4. Asia Pacific

10.4.1. China

10.4.2. Japan

10.4.3. India

10.4.4. Rest of Asia Pacific

10.5. Latin America

10.6. Middle East & Africa

11. Competitive Landscape

11.1. Introduction

11.2. Company Rankings

11.3. Competitive Situations and Trends

11.3.1. Acquisitions and Mergers

11.3.2. Agreement and Collaborations

11.3.3. Product Launches

11.3.4. Other Developments

12. Company Profiles

12.1. Intel Corporation

12.2. IBM Corporation

12.3. Nvidia Corporation

12.4. Microsoft Corporation

12.5. Alphabet Inc (Google Inc.)

12.6. General Electric (GE) Company

12.7. Enlitic, Inc.

12.8. Verint Systems

12.9. General Vision, Inc.

12.10. Welltok, Inc.

12.11. iCarbonX

13. Appendix

13.1. Questionnaire

13.2. Available Customization

 

List of Tables

Table 1 Currency Conversion Rates for USD
Table 2 Key Acquisition in Healthcare AI Market
Table 3 Global Artificial Intelligence in Healthcare Market, by Product, 2016–2025 ($Million)
Table 4 Artificial Intelligence in Healthcare Market, by Country/Region, 2016–2025 ($Million)
Table 5 Artificial Intelligence in Healthcare Software Market, by Country/Region, 2016–2025 ($Million)
Table 6 Artificial Intelligence in Healthcare Hardware Market, by Country/Region, 2016–2025 ($Million)
Table 7 Global Artificial Intelligence in Healthcare Services Market, by Type, 2016–2025 ($Million)
Table 8 Artificial Intelligence in Healthcare Services Market, by Country/Region, 2016–2025 ($Million)
Table 9 Artificial Intelligence in Healthcare Installation and Integration Services Market, by Country/Region, 2016–2025 ($Million)
Table 10 Artificial Intelligence in Healthcare Support and MAIntenance Services Market, by Country/Region, 2016–2025 ($Million)
Table 11 Global Artificial Intelligence in Healthcare Market, by Technology, 2016–2025 ($Million)
Table 12 Natural Language Processing Market for Healthcare Industry, by Country, 2016–2025 ($Million)
Table 13 Deep Learning Market for Healthcare Industry, by Country/Region, 2016–2025 ($Million)
Table 14 Context Aware Processing Market for Healthcare Industry, by Country/Region, 2016–2025 ($Million)
Table 15 Querying Method Market for Healthcare Industry, by Country/Region, 2016–2025 ($Million)
Table 16 Global Artificial Intelligence in Healthcare Market, by Application, 2016–2025 ($Million)
Table 17 Artificial Intelligence Market for Hospital Workflow Management Applications, by Country/Region, 2016–2025 ($Million)
Table 18 Artificial Intelligence Market for Patient Data and Risk Management, by Country/Region, 2016–2025 ($Million)
Table 19 Artificial Intelligence Market for Drug Discovery Management, by Country/Region, 2016–2025 ($Million)
Table 20 Artificial Intelligence Market for Medical Imaging & Diagnosis, by Country/Region, 2016–2025 ($Million)
Table 21 Artificial Intelligence Market for Patient Management, by Country/Region, 2016–2025 ($Million)
Table 22 Artificial Intelligence Market for Precision Medicine, by Country/Region, 2016–2025 ($Million)
Table 23 Artificial Intelligence Market for Other Applications, by Country/Region, 2016–2025 ($Million)
Table 24 Global Artificial Intelligence in Healthcare Market, by End User, 2016–2025 ($Million)
Table 25 Artificial Intelligence Market for Hospitals and Diagnostic Centers, by Country/Region, 2016–2025 ($Million)
Table 26 Key AI Tools and Predictive Analytics for Healthcare Payers
Table 27 Artificial Intelligence Market for Healthcare Payers, by Country/Region, 2016–2025 ($Million)
Table 28 Artificial Intelligence Market for Pharmaceutical & Biopharmaceutical Companies, by Country/Region, 2016–2025 ($Million)
Table 29 Artificial Intelligence Market for Patients, by Country/Region, 2016–2025 ($Million)
Table 30 Artificial Intelligence Market for Other End Users, by Country/Region, 2016–2025 ($Million)
Table 31 Artificial Intelligence in Healthcare Market, by Region, 2016–2025 ($Million)
Table 32 North America: Artificial Intelligence in Healthcare Market, by Country, 2016–2025 ($Million)
Table 33 North America: Artificial Intelligence in Healthcare Market, by Product, 2016–2025 ($Million)
Table 34 North America: AI Services Market for Healthcare Industry, by Type, 2016–2025 ($Million)
Table 35 North America: Artificial Intelligence in Healthcare Market, by Technology, 2016–2025 ($Million)
Table 36 North America: Artificial Intelligence in Healthcare Market, by Application, 2016–2025 ($Million)
Table 37 North America: Artificial Intelligence in Healthcare Market, by End User, 2016–2025 ($Million)
Table 38 U.S.: Artificial Intelligence in Healthcare Market, by Product, 2016–2025 ($Million)
Table 39 U.S.: AI Services Market for Healthcare Industry, by Type, 2016–2025 ($Million)
Table 40 U.S.: Artificial Intelligence in Healthcare Market, by Technology, 2016–2025 ($Million)
Table 41 U.S.: Artificial Intelligence in Healthcare Market, by Application, 2016–2025 ($Million)
Table 42 U.S.: Artificial Intelligence in Healthcare Market, by End User, 2016–2025 ($Million)
Table 43 Key Healthcare AI Startups in Canada
Table 44 Canada: Artificial Intelligence in Healthcare Market, by Product, 2016–2025 ($Million)
Table 45 Canada: AI Services Market for Healthcare Industry, by Type, 2016–2025 ($Million)
Table 46 Canada: Artificial Intelligence in Healthcare Market, by Technology, 2016–2025 ($Million)
Table 47 Canada: Artificial Intelligence in Healthcare Market, by Application, 2016–2025 ($Million)
Table 48 Canada: Artificial Intelligence in Healthcare Market, by End User, 2016–2025 ($Million)
Table 49 Europe: Artificial Intelligence in Healthcare Market, by Country, 2016–2025 ($Million)
Table 50 Europe: Artificial Intelligence in Healthcare Market, by Product, 2016–2025 ($Million)
Table 51 Europe: AI Services Market for Healthcare Industry, by Type, 2016–2025 ($Million)
Table 52 Europe: Artificial Intelligence in Healthcare Market, by Technology, 2016–2025 ($Million)
Table 53 Europe: Artificial Intelligence in Healthcare Market, by Application, 2016–2025 ($Million)
Table 54 Europe: Artificial Intelligence in Healthcare Market, by End User, 2016–2025 ($Million)
Table 55 Key Healthcare AI Start-Ups in Germany
Table 56 Germany: Artificial Intelligence in Healthcare Market, by Product, 2016–2025 ($Million)
Table 57 Germany: AI Services Market for Healthcare Industry, by Type, 2016–2025 ($Million)
Table 58 Germany: Artificial Intelligence in Healthcare Market, by Technology, 2016–2025 ($Million)
Table 59 Germany: Artificial Intelligence in Healthcare Market, by Application, 2016–2025 ($Million)
Table 60 Germany: Artificial Intelligence in Healthcare Market, by End User, 2016–2025 ($Million)
Table 61 U.K.: Artificial Intelligence in Healthcare Market, by Product, 2016–2025 ($Million)
Table 62 U.K.: AI Services Market for Healthcare Industry, by Type, 2016–2025 ($Million)
Table 63 U.K.: Artificial Intelligence in Healthcare Market, by Technology, 2016–2025 ($Million)
Table 64 U.K.: Artificial Intelligence in Healthcare Market, by Application, 2016–2025 ($Million)
Table 65 U.K.: Artificial Intelligence in Healthcare Market, by End User, 2016–2025 ($Million)
Table 66 Key Healthcare AI Startups in France
Table 67 France: Artificial Intelligence in Healthcare Market, by Product, 2016–2025 ($Million)
Table 68 France: AI Services Market for Healthcare Industry, by Type, 2016–2025 ($Million)
Table 69 France: Artificial Intelligence in Healthcare Market, by Technology, 2016–2025 ($Million)
Table 70 France: Artificial Intelligence in Healthcare Market, by Application, 2016–2025 ($Million)
Table 71 France: Artificial Intelligence in Healthcare Market, by End User, 2016–2025 ($Million)
Table 72 Italy: Artificial Intelligence in Healthcare Market, by Product, 2016–2025 ($Million)
Table 73 Italy: AI Services Market for Healthcare Industry, by Type, 2016–2025 ($Million)
Table 74 Italy: Artificial Intelligence in Healthcare Market, by Technology, 2016–2025 ($Million)
Table 75 Italy: Artificial Intelligence in Healthcare Market, by Application, 2016–2025 ($Million)
Table 76 Italy: Artificial Intelligence in Healthcare Market, by End User, 2016–2025 ($Million)
Table 77 SpAIn: Artificial Intelligence in Healthcare Market, by Product, 2016–2025 ($Million)
Table 78 SpAIn: AI Services Market for Healthcare Industry, by Type, 2016–2025 ($Million)
Table 79 SpAIn: Artificial Intelligence in Healthcare Market, by Technology, 2016–2025 ($Million)
Table 80 SpAIn: Artificial Intelligence in Healthcare Market, by Application, 2016–2025 ($Million)
Table 81 SpAIn: Artificial Intelligence in Healthcare Market, by End User, 2016–2025 ($Million)
Table 82 Rest of Europe: Artificial Intelligence in Healthcare Market, by Product, 2016–2025 ($Million)
Table 83 Rest ofEurope: AI Services Market for Healthcare Industry, by Type, 2016–2025 ($Million)
Table 84 Rest of Europe: Artificial Intelligence in Healthcare Market, by Technology, 2016–2025 ($Million)
Table 85 Rest of Europe: Artificial Intelligence in Healthcare Market, by Application, 2016–2025 ($Million)
Table 86 Rest of Europe: Artificial Intelligence in Healthcare Market, by End User, 2016–2025 ($Million)
Table 87 Asia-Pacific: Artificial Intelligence in Healthcare Market, by Country, 2016–2025 ($Million)
Table 88 Asia-Pacific: Artificial Intelligence in Healthcare Market, by Product, 2016–2025 ($Million)
Table 89 Asia-Pacific: AI Services Market for Healthcare Industry, by Type, 2016–2025 ($Million)
Table 90 Asia-Pacific: Artificial Intelligence in Healthcare Market, by Technology, 2016–2025 ($Million)
Table 91 Asia-Pacific: Artificial Intelligence in Healthcare Market, by Application, 2016–2025 ($Million)
Table 92 Asia-Pacific: Artificial Intelligence in Healthcare Market, by End User, 2016–2025 ($Million)
Table 93 Key Healthcare AI Startups in China
Table 94 China: Artificial Intelligence in Healthcare Market, by Product, 2016–2025 ($Million)
Table 95 China: AI Services Market for Healthcare Industry, by Type, 2016–2025 ($Million)
Table 96 China: Artificial Intelligence in Healthcare Market, by Technology, 2016–2025 ($Million)
Table 97 China: Artificial Intelligence in Healthcare Market, by Application, 2016–2025 ($Million)
Table 98 China: Artificial Intelligence in Healthcare Market, by End User, 2016–2025 ($Million)
Table 99 Key Healthcare AI Startups in Japan
Table 100 Japan: Artificial Intelligence in Healthcare Market, by Product, 2016–2025 ($Million)
Table 101 Japan: AI Services Market for Healthcare Industry, by Type, 2016–2025 ($Million)
Table 102 Japan: Artificial Intelligence in Healthcare Market, by Technology, 2016–2025 ($Million)
Table 103 Japan: Artificial Intelligence in Healthcare Market, by Application, 2016–2025 ($Million)
Table 104 Japan: Artificial Intelligence in Healthcare Market, by End User, 2016–2025 ($Million)
Table 105 India: Artificial Intelligence in Healthcare Market, by Product, 2016–2025 ($Million)
Table 106 India: AI Services Market for Healthcare Industry, by Type, 2016–2025 ($Million)
Table 107 India: Artificial Intelligence in Healthcare Market, by Technology, 2016–2025 ($Million)
Table 108 India: Artificial Intelligence in Healthcare Market, by Application, 2016–2025 ($Million)
Table 109 India: Artificial Intelligence in Healthcare Market, by End User, 2016–2025 ($Million)
Table 110 Rest of Asia-Pacific: Artificial Intelligence in Healthcare Market, by Product, 2016–2025 ($Million)
Table 111 Rest of Asia-Pacific: AI Services Market for Healthcare Industry, by Type, 2016–2025 ($Million)
Table 112 Rest of Asia-Pacific: Artificial Intelligence in Healthcare Market, by Technology, 2016–2025 ($Million)
Table 113 Rest of Asia-Pacific: Artificial Intelligence in Healthcare Market, by Application, 2016–2025 ($Million)
Table 114 Rest of Asia-Pacific: Artificial Intelligence in Healthcare Market, by End User, 2016–2025 ($Million)
Table 115 Latin America: Artificial Intelligence in Healthcare Market, by Product, 2016–2025 ($Million)
Table 116 Latin America: AI Services Market for Healthcare Industry, by Type, 2016–2025 ($Million)
Table 117 Latin America: Artificial Intelligence in Healthcare Market, by Technology, 2016–2025 ($Million)
Table 118 Latin America: Artificial Intelligence in Healthcare Market, by Application, 2016–2025 ($Million)
Table 119 Latin America: Artificial Intelligence in Healthcare Market, by End User, 2016–2025 ($Million)
Table 120 Middle East & Africa: Artificial Intelligence in Healthcare Market, by Product, 2016–2025 ($Million)
Table 121 Middle East & Africa: AI Services Market for Healthcare Industry, by Type, 2016–2025 ($Million)
Table 122 Middle East & Africa: Artificial Intelligence in Healthcare Market, by Technology, 2016–2025 ($Million)
Table 123 Middle East & Africa: Artificial Intelligence in Healthcare Market, by Application, 2016–2025 ($Million)
Table 124 Middle East & Africa: Artificial Intelligence in Healthcare Market, by End User, 2016–2025 ($Million)
Table 125 Artificial Intelligence in Healthcare Market: Company Rankings

List of Figures

Figure 1 Market Segmentation
Figure 2 Key Stakeholders in Artificial Intelligence in Healthcare Market
Figure 3 Research Process
Figure 4 Key Executives Interviewed
Figure 5 Primary Research Techniques
Figure 6 Market Size Estimation
Figure 7 Global Artificial Intelligence in Healthcare Market, 2016–2025 ($ Million)
Figure 8 Healthcare Artificial Intelligence: Global Market Outlook, by Type 2018 Vs. 2025
Figure 9 Healthcare Artificial Intelligence: Global Market Outlook, by Technology 2018 Vs. 2025
Figure 10 Healthcare Artificial Intelligence: Global Market Outlook, by Application 2018 Vs. 2025
Figure 11 Healthcare Artificial Intelligence: Global Market Outlook, by End User 2018 Vs. 2025
Figure 12 Healthcare Artificial Intelligence: Regional Market Outlook, 2018 Vs. 2025
Figure 13 Market Overview: Artificial Intelligence in Healthcare Market
Figure 14 Countries with High Per Capita Healthcare Spending
Figure 15 Value ChAIn Analysis: Artificial Intelligence in Healthcare Market
Figure 16 Global Artificial Intelligence in Healthcare Market, by Product, 2018–2025 ($Million)
Figure 17 Global Artificial Intelligence in Healthcare Services Market, by Type, 2018–2025 ($Million)
Figure 18 Global Artificial Intelligence in Healthcare Market, by Application, 2018–2025 ($Million)
Figure 19 Global Artificial Intelligence in Healthcare Market, by End User, 2018–2025 ($Million)
Figure 20 Artificial Intelligence in Healthcare Market, by Region, 2018–2025 ($Million)
Figure 21 Penetration of AI Solutions in Healthcare Applications 2017
Figure 22 Key Strategy Adopted by Major Players in Market: Agreements, Collaborations, And Partnerships
Figure 23 Intel Corporation: Financial Overview (2015-2017)
Figure 24 IBM Corporation: Financial Overview (2015-2017)
Figure 25 Nvidia Corporation: Financial Overview (2015-2017)
Figure 26 Microsoft Corporation: Financial Overview (2015-2017)
Figure 27 Alphabet Inc.: Financial Overview (2015-2017)
Figure 28 General Electric (GE) Company: Financial Overview (2015-2017)
Figure 29 Verint Systems: Financial Overview (2015-2017)

The global artificial intelligence market in healthcare is expected to grow at a CAGR of 43.5% from 2018 to 2025 to reach $27.6 billion by 2025. Artificial intelligence in healthcare can be defined as the science and engineering adopted to design intelligent machines, especially intelligent computer programs that are utilized by the healthcare industry in applications such as patient data and risk analytics, medical imaging and diagnosis, drug discovery, precision medicine, hospital workflow management, and patient management. AI is an intelligent system that applies various human intelligence-based functions, such as reasoning, learning, and problem-solving skills on different disciplines such as biology, computer science, mathematics, linguistics, psychology, and engineering. Rising funding in artificial intelligence in healthcare, growing demand of precision medicine, effective cost reduction in the healthcare expenditure, and accurate & early diagnosis of the chronic diseases and disorders are the major factors driving the growth of overall artificial intelligence market in healthcare.

Rising funding in artificial intelligence in healthcare fuels the market growth

Artificial intelligence (AI) and Machine Learning (ML) are playing a very important role in healthcare industry. AI is predominantly used in clinical research, robotic personal assistants, and big data analytics. Classic venture capitalists and corporate strategic investors are both investing generously in this space. According to Mercom Research Report 2017, Health IT funding set a record in 2017 with AI and predictive analytics as top tech funded, with patient engagement, telehealth and clinical decision support close behind. Total corporate funding for healthcare technology companies climbed to $8.2 billion in 2017 reporting an increase of 47% from the $5.6 billion in 2016. The worldwide venture funding for digital health startups increased from $5.1 billion in 2016 to $7.2 billion in 2017 posing a growth of 42% in one year.   According to TM Capital (U.S.), healthcare AI venture capital deal volume and funding was valued at $794 million in investments across 90 deals in the healthcare AI space and it was expected that AI-focused healthcare and wellness startups were to raise over $690 million from venture capital firms in 2017.

Large pool of healthcare data supports the market growth

In the healthcare industry, big data comprise information generated from clickstream, and web and social media interactions; readings from medical devices such as sensors ECG X-rays and pulse oximeters; healthcare claims and other billing records; and EMRs, prescriptions, and biometric data among other sources. With the increasing digitalization and adoption of information systems in the healthcare industry, a large volume of data is being generated at various stages of the care delivery process. As a result, healthcare is one of the top 5 big data industries especially in the U.S. Moreover, in the coming years, the volume of big data in healthcare is expected to increase as a result of the use of bidirectional patient’s portals that allow patients to upload their own data and images to their EMRs. This will include unstructured data, such as, images, medications compliance, tracking report, and blood pressure & weight logs.

AI to reduce overall healthcare cost

According to OECD estimates, 20% of healthcare spend is wasted globally. The United States Institute of Medicine believes the figure is more like 30%. According to above mentioned data, 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 this waste include preventable and rectifiable system inefficiencies such as care delivery failures, over-treatment, and improper care delivery. Technologies such as Artificial Intelligence (AI) can help minimize such inefficiencies, ensuring substantially more stream-lined and cost-effective health ecosystems. Accurate and effectively harnessed data enables more efficient decision making across the industries, including healthcare. 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 empowers clinical decision-making by ensuring the right interventions and treatments for each patient, creating 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, which is one of the key drivers of cost in most healthcare ecosystems across the world.

Key findings in the global artificial intelligence market in healthcare study:

Artificial intelligence services to post fastest growth

AI is a highly complex technology and requires implementation of sophisticated algorithms for a wide range of applications in the patient data & risk analysis, lifestyle management & monitoring, precision medicine, drug discovery, and medical imaging and diagnostics. In order to achieve the desired results from application of AI in healthcare, a variety of support services are required. These include installation and integration of AI solution in existing workflow environment and support & maintenance. Most companies that manufacture and develop AI systems and software provide online and offline support depending on the application. This segment is expected to grow at a highest CAGR during the forecast period.

Natural Learning Process (NLP) technology to grow at highest CAGR

In 2018, NLP holds the largest share among all the healthcare AI technologies. This segment is also expected to grow at a highest CAGR during the forecast period. The large share of this segment is attributed to the rising adoption of NLP in clinical documentation and automated coding in claims submissions. The demand for AI technologies in the healthcare is on the rise as healthcare companies are increasingly structuring huge volumes of patient data and using it for clinical inferences. Growing focus on personalized medicine is one of the major factors contributing to the growth of the AI market for clinical applications. On the other hand, the use of AI in drug discovery and development applications is also supporting the growth of the healthcare AI market among pharma and biotech companies, CROs, and other non-healthcare provider end-user segments.

Hospital and diagnostic centers to witness largest demand through 2025

In 2018, hospitals and diagnostics centers end user segment accounted for the largest share of the global healthcare AI market. Rising adoption of IT in healthcare organizations, increasing focus towards development of precision medicine approaches, and increasing number of collaborations among hospitals and companies for the development and implementation of customized AI solutions are some of the major factors attributed to the large share of this end user segment.

Asia Pacific: Fastest growing regional market

The artificial intelligence market in healthcare in Asia Pacific, especially in China, India, and Japan is expected to witness high growth during the forecast period. The growing patient pool, rising adoption of cloud computing, and the various government initiatives favoring AI are mainly driving the market. At present, the China artificial intelligence market in healthcare is dominating this region. The balanced healthcare worker to patient ratio on account of the AI, combined with its rising integration with existing systems is presenting the overall Asia Pacific market with tremendous opportunities. The growing technological innovation and demand from China is the primary driver for healthcare AI market in the APAC region. Moreover, Japan, Korea, India, Taiwan, and Singapore have also announced national AI strategies, focusing on their own niche areas of strength whether it is in software, hardware, or services; which is expected to support the growth of the healthcare AI market in the APAC region in the coming years.

Key Players

The report includes competitive landscape based on extensive assessment of the key strategic developments adopted by leading market participants in the industry over the past 4 years (2015-2018). The key players profiled in the global healthcare artificial intelligence market research report are General Electric (GE) Company (U.S.), Intel Corporation (U.S.), IBM Corporation (U.S.), Nvidia Corporation (U.S.), Microsoft Corporation (US), iCarbonX (China), Enlitic, Inc. (U.S.), General Vision Inc. (U.S.), Alphabet Inc. (U.S.), Verint Systems (U.S.), and Welltok, Inc. (U.S.) among others..

Scope of the Report:

Market by Product

  • Software
  • Services
    • Installation and Integration
    • Support and Maintenance
  • Hardware

Market by Application

  • Medical Imaging And Diagnosis
  • Patient Data And Risk Analytics
  • Hospital Workflow Management
  • Drug Discovery
  • Patient Management
  • Precision Medicine
  • Other Applications

Market by Technology

  • Natural Language Processing
  • Context Aware Processing
  • Machine Learning
  • Querying Method

Market by End User

  • Hospital & Diagnostic Centers
  • Pharmaceutical And Biotechnology Companies
  • Healthcare Payers
  • Patients
  • Other End Users

Market by Geography

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