Global Artificial Intelligence (AI) in Healthcare Market – Analysis and Forecast (2018-2024)

Feb 28, 2020

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The global artificial intelligence (AI) in the healthcare market is growing at a significant rate, due to progressively huge and complex data set, refining computing power, and declining hardware cost. Different offerings including hardware, and software contributed to AI in the healthcare market size. The market has witnessed a high demand for software due to mounting acceptance of AI platforms and solutions among healthcare payers and providers. Artificial intelligence in healthcare is the simulation of human intelligence by machines. The upsurge in finance for artificial intelligence in healthcare is the major trend in AI in the healthcare market. Market Segmentation Insight by Offerings On the basis of offerings, the market is subdivided into hardware, services, and software. Of all offerings, the software segment accounted for the largest share in the market, due to mounting acceptance of AI platforms and solutions among healthcare payers and providers, and escalating number of software companies. The services segment is further subdivided into support & maintenance, and deployment & integration. The hardware segment is further subdivided into the processor, network, and memory. The processor segment accounted for the largest share in the market. The processor is further subdivided into MPU, ASIC, GPU, and FPGA. In addition, the software segment is further subdivided into AI solutions and AI platform. The AI platform is further subdivided into an application program interface (API), and machine learning framework. In addition, the AI solutions segment is further subdivided into the cloud and on-premises. Insight by Technology On the basis of technology, the market is subdivided into machine learning, context-aware computing, natural language processing, and computer vision. Of all the technologies, machine learning accounted for the largest share in the market due to the escalating acceptance of machine learning technology in various healthcare uses. In addition, context-aware computing is expected to grow at the fastest rate in the market, due to the expansion of extra refined soft and hard sensors. Machine learning is further subdivided into unsupervised learning, deep learning, reinforcement learning, supervised learning, and others. The deep learning segment accounted for the largest share in the machine learning market. Insight by Application The different application of AI in healthcare market are patient data and risk analysis, virtual assistant, precision medicine, medical imaging & diagnostics, research, wearables, inpatient care & hospital management, lifestyle management & monitoring, drug discovery, healthcare assistance robots, emergency room & surgery, and mental health. Among all applications, the inpatient care & hospital management segment accounted for the largest share in the market. Moreover, patient data and risk analysis segment are expected to grow at the fastest rate in the market, due to the escalating number of patient base and mounting acceptance of healthcare IT solutions. Insight by End User The different end users in the market are hospitals and providers, healthcare payers, patients, pharmaceutical and biotechnology companies, and others. Among all end users, the hospitals and providers accounted for the largest share in the AI in the healthcare market due to mounting concern towards providing better in-patient care in hospitals, and budding acceptance of EHR in hospitals. Industry Dynamics Trends The upsurge in finance for artificial intelligence in healthcare is the major trend in artificial intelligence in the healthcare market. The increase in funding by several government agencies is mounting the establishment of healthcare artificial intelligence startups. Growth Drivers Progressively huge and complex data set, escalating demand for precision medicine, refining computing power and decreasing hardware cost, intensifying necessity for improvised healthcare services, and a mounting number of cross-industry partnerships and collaborations are the primary growth drivers for AI in the healthcare market. The escalating necessity for coordination among healthcare employees and patients, mounting geriatric population, and expanding need to decrease healthcare costs are also facilitating the growth for the artificial intelligence in the healthcare market. Challenges Disinclination among medical practitioners to accept AI-based technologies, the absence of curated healthcare data, the dearth of skilled AI workforce and indefinite regulatory rules for medical software, the absence of interoperability among AI solutions offered by various vendors, and concerns regarding data privacy are the major challenges for the growth of AI in the healthcare market. Opportunities The mounting ability of AI-based tools for geriatric care, the unexploited market in emerging countries such as China, and India, and escalating emphasis on building human-aware AI systems would create opportunities for the AI in the healthcare market. An exceptional increase in the proportion of the geriatric population has been witnessed across the globe. For instance, according to the World Health Organization (WHO), globally in 2010 approximately 524 million people were aged 65 years and older and is expected to reach 1.5 billion in 2050. This aging demographic will influence health, social, and economic outcome of emerging economies. Thus, artificial intelligence is helping patients and their families to recognize the treatment paths and clinicians to cure the conditions more proficiently. Geographic Overview Geographically, North America is the largest AI in the healthcare market as in the region the presence of major players of hardware and software providers offers ample opportunities for end users to adopt technologically advanced solutions. In addition, widespread acceptance of AI technologies through the continuum of care is also up surging growth of the North American AI in the healthcare market. Asia-Pacific is observed to witness the fastest growth in the market, due to escalating healthcare expenditure. In addition, mounting medical tourism, expanding the geriatric population, and refining healthcare infrastructure are also creating a positive impact on AI in healthcare market growth in the region. Competitive Insight Key players in AI in the healthcare market are catering to the demand of these devices by investing in technologically advanced products in their product portfolio across the globe. In June 2018, Medtronic plc and IBM Watson Health announced the accessibility of the Sugar.IQ smart diabetes assistant, designed to streamline and enhance daily diabetes management. NVIDIA Corporation, Google, Inc., Medtronic PLC, Intel Corporation, General Electric (GE) Company, IBM Corporation, Microsoft Corporation, and Micron Technology are the key players offering artificial intelligence in healthcare.

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