Market Research Future (MRFR) collected data on several factors including implications of COVID 19 Impact on Healthcare Artificial Intelligence (AI) Market and demographic challenges, showed how it could move forward in the coming years.
Healthcare artificial intelligence involves the use of advanced algorithms for assisting the growth of the healthcare sector amid the shift to digitization. Artificial intelligence can be used in understanding common factors causing diseases and conditions and assist in its diagnosis. The same can be said in the diagnosis of chronic conditions. The global healthcare artificial intelligence market report by Market Research Future (MRFR) undertakes the role of identifying heart diseases, pinpointing factors and restraints in development, and other critical growth drivers for the period of 2018 to 2023 (forecast period). The sudden outbreak of the COVID-19 virus and its impact has been explored in detail and discussed in the report.
Healthcare Artificial Intelligence (AI) Market Scope
The global healthcare artificial intelligence market can expand at a CAGR of 51.9% over the forecast period. It can reach a value of USD 12,218.3 million by 2023.
The market is expected a strong growth rate owing to the shift to advanced technologies by various healthcare facilities in handling the patient inflow and diagnosis of diseases. The ability of AI to assist healthcare personnel with their work and improve outcome of patients can drive its adoption. Its application in drug discovery, clinical trials, and precision medicine can bolster the market demand significantly.
Healthcare Artificial Intelligence (AI) Market Segmentation
The global artificial intelligence in healthcare market report is segmented on the basis of component, application, technology and end user.
On the basis of the component, global artificial intelligence in healthcare market is categorized into hardware, software, and services. The hardware segment had captured a large market share in 2018.
Major applications include preliminary diagnosis, automated image diagnosis, virtual nursing assistant, robot-assisted surgery, dosage error reduction, and clinical trial.
On the basis of the technology, the market is segmented into natural language processing, machine learning, and querying method. The machine learning segment had held to the largest share in the global healthcare artificial intelligence market in 2017. This can be attributed to the technology providing AI systems a new path for self-learning. The ability to multi-task various projects without human interference can drive the segment growth in the global healthcare AI market.
On the basis of the end user, the market is segmented into pharmaceutical & biotechnology companies, hospital & diagnostic centers, and academic & research laboratories.
Healthcare Artificial Intelligence (AI) Market Regional Analysis
The global healthcare AI market, based on region, is divided into the Americas, Europe, Asia Pacific (APAC), and the Middle East and Africa (MEA).
The Americas accounted for the largest market share in 2017 and pegged to dominate the global healthcare AI market. The large share can be attributed owing to the growing biotechnology industry, growing cases for robotic surgery, and a well-developed healthcare sector. According to the Massachusetts Biotechnology Council report of 2016, the establishment of various biotechnology startups as well as the use of AI for detection of diseases can drive the regional market growth.
Europe accounted for the second largest market share in 2017 due to extensive demand for funding in R&D for healthcare AI. Public-private partnerships are expected to fuel regional market growth. According to the Nuffield Council on Bioethics in 2018, a deal worth USD 1.2 billion has been signed between the UK government and industry players, including a USD 371 million investment in AI research.
APAC is expected to register a healthy CAGR during the forecast period owing to rising therapeutic demand for chronic diseases and the rapidly evolving healthcare sector. On the other hand, the Middle East and Africa is expected to observe slow growth due to less exposure to healthcare services and lack of standards defining the use of healthcare AI.
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Healthcare Artificial Intelligence (AI) Market Competition Outlook
Google, NVIDIA Corporation, DEEP GENOMICS, Microsoft Corporation, Koninklijke Philips N.V, General Electric, CloudMedx Inc, Intel Corporation, General Vision, Next IT Corp, IBM Watson Health, and Stryker are noteworthy players of the global healthcare artificial intelligence market.