Artificial Intelligence (AI) in Healthcare Market is segmented By Component (Hardware, Software and Services), By Technology (Machine Learning, Context-Aware Computing, Natural Language Processing, Computer Vision, Speech Recognition, and Querying Method), By Application (Health Monitoring, Digital Consultation, Virtual Nurses, Precision Medicine, Drug Creation, Healthcare System Analysis, Medication Management, and Others), and By End-User (Clinics, Diagnostic Centers, Pharmaceutical Organizations, Hospitals, and Others) and Region (United States, Canada, Mexico, South America, France, Germany, Italy, Spain, United Kingdom, Russia, China, India, Philippines, Malaysia, Australia, Austria, South Korea, Middle East, Japan, South Africa, Rest of World)
Artificial Intelligence (AI) in Healthcare Market size was estimated at $1.4 billion in 2020 and is expected to reach $17.8 billion by 2028, growing at a CAGR of 43.8% during the forecast period of 2021 to 2028.
Artificial intelligence enables machines to carry out tasks autonomously. It employs a variety of algorithms and software to assist the device in developing perception and rationale for various situations. AI is widely used in healthcare for a variety of applications, including medicinal chemistry and personalized medicine. In healthcare, artificial intelligence is utilized to investigate human cognitive capabilities through software and algorithms. The specialists use computer technology to propose therapies and do clinical diagnostics.
Additionally, it is utilized to evaluate patient medical records, forecast illness onset, and customize patient therapy. Moreover, it alleviates the strain on healthcare professionals. Currently, the government and commercial sector are focusing their efforts on adding artificial intelligence into research operations to speed up COVID-19 vaccines. Additionally, AI technology has been crucial in combating the current COVID-19 epidemic and favorably impacted linked sectors. It is being used to expedite the identification and diagnosis of viral strains and manage outbreaks using customized information.
Artificial intelligence in healthcare has seen a significant rise in demand as a result of the coronavirus epidemic. Its use reduces the danger of transmission by limiting human contact and protecting frontline personnel. Pharmaceutical firms are among the early adopters of AI to create vaccines and the research of various viral strains. AI technology has been critical in combating the continuing COVID-19 epidemic and has benefited linked markets. It is being used to expedite the identification and diagnosis of viral strains and manage outbreaks through the use of customized information. AI algorithms can be trained to swiftly diagnose COVID-19 positive patients using chest CT scans, exposure information, symptoms, and laboratory test results. AI has emerged as a game-changer in the fight against the COVID-19 pandemic and is being widely used by policymakers and medical experts to manage the outbreaks effect and speed early diagnosis, prevention, reaction, and recovery, as well as to expedite research.
Artificial Intelligence (AI) in Healthcare Market Growth and Trend
The increasing usage of deep learning in various healthcare applications, including medical imaging, disease diagnostics, drug development, and different sensing devices to monitor a patients health condition in real-time, contribute to the markets expansion.
Increased usage of precision prescription drugs and clinical study methods drive demand for and implement artificial intelligence in the healthcare industry. Increased incidence of chronic illnesses and an aging population would substantially contribute to the markets growth. Pharmaceutical companies are increasingly utilizing artificial intelligence to accelerate the development of new medicines and streamline overall procedures. Artificial intelligence is increasingly being used in cancer and illness management research, which is projected to fuel growth in artificial intelligence in the healthcare market during the forecast period.
The diagnostic imaging & tools segments growth is mainly attributed to various factors, including the presence of a high volume of digital images, the benefits that AI systems offer radiologists in terms of diagnosis and treatment management, and the abundance of startups in this segment. Due to the pandemic, AI technology is likely to undergo a unique growth trajectory, with a rise in market growth for a few artificial intelligence technologies in the healthcare industry. Additionally, key actors are expanding their portfolios to suit the needs of the present pandemic scenario, which is one reason contributing to the rapid use of artificial intelligence in healthcare applications.
Artificial Intelligence (AI) in Healthcare Market Segmentation
The Artificial Intelligence (AI) in healthcare market is segmented by component, technology, application, and end-user. Based on component, the market consists of hardware, software, and services. By technology, the market is divided into machine learning, context-aware computing, natural language processing, computer vision, speech recognition, and querying method. Based on application, the market is segmented into health monitoring, digital consultation, virtual nurses, precision medicine, drug creation, healthcare system analysis, medication management, and others. Based on end-user, the market is divided into clinics, diagnostic centers, pharmaceutical organizations, hospitals, and others.
Artificial Intelligence (AI) in Healthcare Market Country Analysis
North America led the market for artificial intelligence in healthcare in 2020, accounting for 58.9 percent of sales. The regions call is being driven by increased usage of AI technology, expanding licensing and collaboration opportunities, and government initiatives. The Asia Pacific healthcare artificial intelligence market is being driven by a growing need for coordination between healthcare workers and patients, increased adoption of precision medicine, increased prevalence of diseases, and a remarkable increase in venture capital investments. Additionally, factors like the extensive usage of big data in the healthcare industry, rising technical innovation, and demand from China all contribute to the APAC healthcare AI markets growth.
Artificial Intelligence (AI) in Healthcare Market Share and Competition
The major players operating in the global Artificial Intelligence (AI) in healthcare market are Google, GE Healthcare, Intel, Medtronic, Siemens Healthineers, General Vision, AWS, Nvidia Corporation, IBM Corporation, AiCure, iCarbonX, Cyrcadia Health Inc., Atomwise, Inc., Pathway Genomics Corporation, Zebra Medical Vision Ltd., Sophia Genetics, Apixio, Inc., General Vision, Inc., and Microsoft.
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• Data breakdown for every market segment (2021 – 2028)
• Gross margin and profitability analysis of companies
• Price analysis of each product type
• Business trend and expansion analysis
• Import and export analysis
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Industry Segmentation and Revenue Breakdown
Component Type Analysis (Revenue, USD Million, 2021 - 2028)
Technology Analysis (Revenue, USD Million, 2021 - 2028)
• Machine Learning
• Context-Aware Computing
• Natural Language Processing
• Computer Vision
• Speech Recognition
• Querying Method
Application Analysis (Revenue, USD Million, 2021 - 2028)
• Health Monitoring
• Digital Consultation
• Virtual Nurses
• Precision Medicine
• Drug Creation
• Healthcare System Analysis
• Medication Management
End-User Analysis (Revenue, USD Million, 2021 - 2028)
• Diagnostic Centers
• Pharmaceutical Organizations
Region Analysis (Revenue, USD Million, 2021 – 2028)
• North America
o United States
• South America
o United Kingdom
• Asia Pacific
o South Korea
• Middle East
o GCC C ountries
o South Korea
• South Africa
• Rest of World
Artificial Intelligence (AI) in Healthcare Market Companies
• GE Healthcare
• Siemens Healthineers
• General Vision
• Nvidia Corporation
• IBM Corporation
• Cyrcadia Health Inc.,
• Atomwise, Inc.,
• Pathway Genomics Corporation
• Zebra Medical Vision Ltd.,
• Sophia Genetics
• Apixio, Inc.,
• General Vision, Inc.,
• United States Artificial Intelligence (AI) in Healthcare Industry Research Report
• Europe Artificial Intelligence (AI) in Healthcare Industry Research Report
• Asia Pacific Artificial Intelligence (AI) in Healthcare Industry Research Report
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