Global Artificial Intelligence in Healthcare Market is expected to rise from its initial estimated value of USD 2.07 billion to an estimated value of USD 54.10 billion by 2026, registering a CAGR of 50.37% in the forecast period of 2019-2026. Increasing demand for reducing the healthcare cost is the major factor for the growth in this market.
Few of the major competitors currently working in the artificial intelligence in healthcare market are:
- NVIDIA Corporation,
- Intel Corporation,
- General Vision,
- GENERAL ELECTRIC,
- Siemens Healthcare Private Limited,
- CloudMedx Inc.,
- Imagia Cybernetics Inc.,
- Precision Health Intelligence, LLC.,
- Cloud Pharmaceuticals, Inc.
Market Definition: Global Artificial Intelligence in Healthcare Market
Artificial Intelligence in healthcare uses software and algorithms which is used to analyze human cognitive functions. In simple words, computer techniques are used by the professional to suggest treatments and to perform clinical diagnoses. Cancer, neurology and cardiology are the major diseases areas that use AI tools. AI tool help to give accurate output to their end- user. Diagnosis processes, treatment protocol development, drug development, personalized medicine etc. are some of the practices where AI programs are used.
- Due to imbalance between health workforce and patients, there is demand for improvised healthcare services which is driving the market.
- Increase in the partnerships and collaborations worldwide.
- Lack in the skilled AI professional is the major factor restraining the growth of this market.
- The unwillingness among the medical practitioners to adopt AI technology is other factor which is restraining the market.
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Segmentation: Global Artificial Intelligence in Healthcare Market
- Robot- Assisted Surgery
- Virtual Nursing Assistant
- Administrative Workflow Assistance
- Fraud Detection
- Dosage Error Reduction
- Clinical Trial Participant Identifier
- Preliminary Diagnosis
- Context Aware Processing
- Deep Learning
- Querying Method
By End- Use Application
- Patient Data and Risk Analysis
- Inpatient Care & Hospital Management
- Medical Imaging & Diagnostics
- Lifestyle Management & Monitoring
- Virtual Assistant
- Drug Discovery
- Healthcare Assistance Robots
- Precision Medicine
- Emergency Room & Surgery
- Mental Health
By End- User
- Hospitals and Providers
- Pharmaceutical and Biotechnology Companies
- Healthcare Payers
- North America
- South America
- Middle East & Africa
Key Developments in the Market:
- In November 2018, GE Healthcare at radiological society of North America announced the launch of its new Edison artificial intelligence platform that will have new applications and software that will help the hospitals and health systems to develop algorithms and manage data.
- In January 2019, Alliance for Artificial Intelligence in Healthcare (AAIH) was launched officially. It is a nonprofit organization whose aim is to develop and implement artificial intelligence in healthcare. The main aim is to increase AI in the healthcare industry and engendered enthusiasm and hope in consumers and patients.
Competitive Analysis: Global Artificial Intelligence in Healthcare Market
Global artificial intelligence in healthcare market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of artificial intelligence in healthcare market for global, Europe, North America, Asia Pacific, South America and Middle East & Africa.
Reasons to Purchase this Report:
- Current and future of artificial intelligence in healthcare market outlook in the developed and emerging markets
- The segment that is expected to dominate the market as well as the segment which holds highest CAGR in the forecast period
- Regions/Countries that are expected to witness the fastest growth rates during the forecast period
- The latest developments, market shares, and strategies that are employed by the major market players
Customization of the Report:
- All segmentation provided above in this report is represented at country level
- All products covered in the market, product volume and average selling prices will be included as customizable options which may incur no or minimal additional cost (depends on customization)
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