Healthcare Artificial Intelligence Market Overview
As per a report published by Market Research Future (MRFR), the global healthcare artificial intelligence market is likely to capture an impressive CAGR of 51.9% over the forecast period 2018 to 2023. Additionally, the potential of artificial intelligence has dramatically transformed the healthcare market since the past few decades. Technological progress, coupled with the associated algorithm is driving the market growth to a considerable extent.
Artificial intelligence (AI) finds wide application in healthcare research activities. It helps in identifying chronic disorders, managing them with utmost importance, discovering drugs, and delivering required health services. AI systems and applications offer new avenues and efficiencies which enable healthcare researchers and professionals to enhance their performance and improve the lives of the patients. The algorithms used in Artificial intelligence helps practitioners in analyzing complicated research information. The potential of the algorithm to interpret the given data in a meaningful way aids in the manufacturing of precision drugs, predicting the outcome of a medical scenario, and drug discovery.
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Healthcare Artificial Intelligence Market Segmentation
The global healthcare artificial intelligence market has been segmented based on application, component, end user, and technology.
By application, the healthcare artificial intelligence market has been segmented into robot-assisted surgery, virtual nursing assistant, clinical trial, dosage error reduction, automated image diagnosis, and preliminary diagnosis.
By component, the healthcare artificial intelligence market has been segmented into services, software, and hardware.
By end user, the healthcare artificial intelligence market has been segmented into diagnostic centers & hospital, biotechnology & pharmaceutical companies, and research & academic laboratories.
By technology, the healthcare artificial intelligence market has been segmented into natural language processing, querying method, and machine learning.
Based on region, the global healthcare AI market has been segmented into Asia-Pacific, Europe, the Americas, and the Middle East and Africa. The Americas held the largest share of the global healthcare AI market. The region is expected to lead the global healthcare AI market in the upcoming years. The growth of the Americas can be attributed to the rapidly expanding biotechnology sector, well-developed healthcare infrastructure, and the progressive instances of robotic surgery. The Massachusetts Biotechnology Council report 2016 states that the prevalence of biotechnology companies has crossed 250 within Cambridge and Boston. It has also revealed that in 2018, biotech job opportunities witnessed a sharp increase by 6.7% as compared to 2015. In 2017, Europe held the second-largest share in the global healthcare AI market. The growth in this market is owing to the wide-ranging research & development activities conducted in the healthcare domain. The rapid adoption of technology, along with the surging level of investments by the government also plays a major role in propelling the market growth in this region. A report published by the Nuffield Council on Bioethics stated that in 2018, a deal of USD 1.2 billion was signed between the industry players and the UK government. The deal included an investment of USD 371 million in AI research. Asia-Pacific is projected to record a healthy CAGR over the forecast period. The development in this region is mostly due to the growing demand for therapeutic cure of chronic ailments. Besides, the rapidly evolving healthcare sector in this region acts as a significant factor for driving the healthcare AI market. The Middle East and Africa market is estimated to witness slow development owing to lack of awareness, strict government regulations, and less exposure to healthcare services.
Healthcare Artificial Intelligence Market Competitive Landscape
The global healthcare AI market is marked with the presence of key players such as Koninklijke Philips N.V., IBM Corporation, Intel Corporation, NVIDIA Corporation, Deep Genomics, Inc., Microsoft Corporation, Siemens Healthineers GmbH, General Electric Company, CloudMedx Inc., Google, Inc., General Vision, Inc., Johnson & Johnson, Medtronic Plc., and Stryker Corporation.
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