The global artificial intelligence in healthcare market is expected to reach a market size of USD 215.53 Billion by 2030 and register a substantially high CAGR over the forecast period, according to a new report by Reports and Data. Artificial intelligence (AI) in healthcare market revenue growth is driven by increasing efficiency in drug discovery and advancement in precision medicine, which is resulting in rising demand and application of these solutions globally. Rise in prevalence of chronic diseases, and increasing global elderly population is expected to continue to support the growth of the market.
Application of artificial intelligence in clinical procedures to check patient’s vital signs, ask required questions, and give prescriptions to patients are accelerating its adoption in technologically advanced region. The technology is also used to give reminders and alert healthcare workers during medical procedures. The advancement in deep learning technology is also propelling the growth for artificial intelligence in healthcare market.
Rising prevalence of complex diseases and need for novel surgery is also driving increasing deployment of artificial intelligence technologies in healthcare sector. However, hesitance among healthcare professionals to adopt artificial intelligence due to some perceived limitations currently is expected to negatively impact growth of the market to a certain extent.
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This study aims to define market sizes and forecast the values for different segments and countries in the coming eight years. The study aims to include qualitative and quantitative perspectives about the industry within the regions and countries covered in the report. The report also outlines the significant factors, such as driving factors and challenges, that will determine the market’s future growth.
Further key findings from the report suggest:
- The software segment accounted for higher revenue share in artificial intelligence in healthcare market in 2019. Several companies are developing innovative software for different medical applications. Rise in adoption of AI healthcare informatics will also encourage the growth of the segment.
- Development and deployment of machine learning in healthcare sector and for critical research in related fields has been increasing substantially in recent years, thus driving revenue growth of this segment. For instance, Google has developed machine learning algorithms to help identify cancerous tumors, and Stanford University is using deep learning algorithm to identify skin cancer in humans.
- Artificial intelligence is resulting in rising adoption of technologies in healthcare settings as it can improve patient care and outcomes in hospitals. Autonomous robots help professionals during surgeries, and also deliver medicine and food to patients – ensuring limited human contact with infected patients – during the pandemic.
- Asia Pacific region grew at a faster rate during the forecast period due to the improvement in healthcare infrastructure, increase in healthcare startups, and adoption of advanced technologies.
Competitive Landscape:
The report also focuses on details of each market player including its global position, financial standing, revenue generation, company overview, and product & service portfolio. The Artificial Intelligence in Healthcare market is extremely competitive and consists of several key players at the regional and global levels. Key players are focused on adopting various strategies such as new product launches, mergers and acquisitions, investments in R&D, partnerships, joint ventures, and collaborations to strengthen their market position and enhance their product portfolio.
Leading companies operating in the market are:
- Google LLC
- IBM Corporation
- Microsoft Corporation
- Intel Corporation
- NVIDIA Corporation
- Nuance Communications, Inc. (Microsoft Corporation)
- Next IT Corp.( Verint Systems Inc.)
- DeepMind Technologies Limited
- Enlitic Inc.
- General Vision, Inc.
- IcarbonX Intelligence Technology Co., Ltd.
- Baidu, Inc.
- Corti ApS
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The report also offers detailed insights about market segmentation based on type, application and regional bifurcation:
Artificial Intelligence in Healthcare Market Segmentation:
Offering Outlook:
- Hardware
- Software
- Services
Technology Outlook:
- Machine Learning
- Deep Learning
- Context-aware Computing
- Natural Language Processing
- Computer Vision
Application Outlook:
- Virtual Assistant
- Robot-assisted Surgery
- Preliminary Diagnosis
- Clinical Trials
- Others
End-use Outlook:
- Pharmaceutical and Biotechnology Companies
- Healthcare Providers
Regional Outlook:
- North America (U.S., Canada, Mexico)
- Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Rest of Asia Pacific)
- Latin America (Brazil, Rest of LATAM)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of the Middle East & Africa)
Some essential purposes of the Artificial Intelligence in Healthcare market research report:
- Vital Developments: Custom investigation provides critical improvements to the Artificial Intelligence in Healthcare market, including R&D, new item shipment, coordinated efforts, development rate, partnerships, joint efforts, and local development of rivals working in the market on a global scale and regional.
- Market Characteristics: The report contains Artificial Intelligence in Healthcare market highlights, income, limit, limit utilization rate, value, net, creation rate, generation, utilization, import, trade, supply, demand, cost, part of the industry in general, CAGR, and gross margin. Likewise, the market report offers an exhaustive investigation of the elements and their most recent patterns, along with Service market fragments and subsections.
- Investigative Tools: This market report incorporates the accurately considered and evaluated information of the major established players and their extension into the Artificial Intelligence in Healthcare market by methods. Systematic tools and methodologies, for example, Porter’s Five Powers Investigation, Possibilities Study, and numerous other statistical investigation methods have been used to analyze the development of the key players working in the Artificial Intelligence in Healthcare market.
- Convincingly, the Artificial Intelligence in Healthcare report will give you an unmistakable perspective on every single market reality without the need to allude to some other research report or source of information. This report will provide all of you with the realities about the past, present, and eventual fate of the Artificial Intelligence in Healthcare market.
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