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: 203
  • Aug 2020
  • Formats*: PDF
  • Category: Healthcare
  • Delivery: 2 to 4 Hours

1. Introduction    
     1.1. Market Definition    
     1.2. Market Ecosystem    
     1.3. Currency    

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 Investment for Artificial Intelligence in Healthcare Sector    
              4.2.2. Growing Demand for Personalized Therapy    
              4.2.3. Impact of Covid-19    
              4.2.4. Rising Demand to Reduce Healthcare Costs    
              4.2.5. Rise in Volume and Complexities of Healthcare Datasets    
              4.2.6. Rising Shortage of Healthcare Workforce    
      4.3. Restraints    
              4.3.1. Reluctance in Adopting AI Technologies    
              4.3.2. Lack of Trust for Data Security    
      4.4. Opportunities    
              4.4.1. Advantages Offered By Artificial Intelligence for Home Care and Hospitals    
              4.4.2. Growing Potential of AI-Based Tools for Geriatric Patients    
      4.5. Challenges    
              4.5.1. Lack of Access to Curated Data    
              4.5.2. Ethical and Legal Issues in Healthcare Artificial Intelligence    

5. Healthcare Artificial Intelligence Market, by Product & Solution    
      5.1. Introduction    
      5.2. Software    
      5.3. Hardware    
      5.4. Services    

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

7. Healthcare Artificial Intelligence Market, by Application    
      7.1. Introduction    
      7.2. Hospital Workflow Management    
      7.3. Patient Data and Risk Analytics    
      7.4. Drug Discovery    
      7.5. Medical Imaging and 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 and Diagnostics Centres    
      8.3. Healthcare Payers    
      8.4. Pharmaceutical and Biotechnology Companies    
      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)    

11. Company Profiles (Business Overview, Financial Overview, Product Portfolio, and Strategic Developments)          11.1. Intel Corporation    
        11.2. IBM Corporation        
        11.3. Nvidia Corporation        
        11.4. Microsoft Corporation        
        11.5. Alphabet Inc (Google Inc.)        
        11.6. General Electric (GE) 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 Customization    

List of Tables

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

List of Figures

Figure 1 Key Stakeholders    
Figure 2 Research Process    
Figure 3 Key Secondary Sources    
Figure 4 Primary Research Techniques    
Figure 5 Key Executives Interviewed    
Figure 6 Breakdown of Primary Interviews (Supply-Side & Demand-Side)    
Figure 7 Market Size Estimation    
Figure 8 Healthcare AI Market, by Product & Services, 2020 vs. 2027 ($Million)    
Figure 9 Healthcare AI Market Size, by Technology, 2020 vs. 2027 ($Million)    
Figure 10 Healthcare AI Market Size, by Application, 2020 vs. 2027 ($Million)    
Figure 11 Hospitals and Diagnostic Centers are expected to Dominate the Global Healthcare AI Market, By End User (2019-2027)    
Figure 12 Healthcare AI Market, by Region    
Figure 13 Market Dynamics    
Figure 14 Increase in Funding For AI (2015-2019)    
Figure 15 Global Healthcare AI Market Size, by Product & Solution, 2020-2027 ($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 ($Million)    
Figure 19 Healthcare AI Market, by Region, 2018–2025 ($Million)    
Figure 20 North America: Healthcare AI Market Snapshot    
Figure 21 Europe: Healthcare AI Market Snapshot    
Figure 22 Italy: Population Ages 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 AI: Competitive Benchmarking    
Figure 26 Market Share Analysis: Healthcare AI Industry, 2019    
Figure 27 Intel Corporation: Financial Overview (2019)    
Figure 28 IBM Corporation: Financial Overview (2019)    
Figure 29 Nvidia Corporation: Financial Overview (2020)    
Figure 30 Microsoft Corporation: Financial Overview (2019)    
Figure 31 Alphabet Inc.: Financial Overview (2019)    
Figure 32 General Electric (GE) Company: Financial Overview (2019)    
Figure 33 Verint Systems Inc.: Financial Overview (2020)    

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.

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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