Artificial Intelligence (AI) in Healthcare Market Overview:
Global Artificial Intelligence (Ai) In Healthcare Market was valued at $1,441 million in 2016, and is estimated to reach at $22,790 million by 2023, registering a CAGR of 48.0% from 2017 to 2023. Artificial intelligence (AI) can be defined as the science and engineering adopted to design intelligent machines, especially computer programs. AI utilizes computer algorithms based on human intelligence, such as reasoning, learning, and problem solving, in various fields, including biology, computer science, mathematics, linguistics, psychology, and engineering. Furthermore, AI is applicable in medication management, treatment plans, and drug discovery.
The global AI in Healthcare market is driven by the ability of AI to improve patient outcomes, increase in need for coordination between healthcare workforce & patients, rise in adoption of precision medicine, significant use of big data in the healthcare sector, and remarkable rise in venture capital investments.
Global Artificial Intelligence in Healthcare Market Segmentation
The AI in Healthcare market is segmented based on offering, technology, application, end user, and geography. On the basis of offering, the market is divided into hardware, software, and services. By technology, it is classified into deep learning, querying method, natural language processing, and context aware processing. Applications covered in the study include robot-assisted surgery, virtual nursing assistant, administrative workflow assistance, fraud detection, dosage error reduction, clinical trial participant identifier, preliminary diagnosis, and others. According to end user, the market is categorized into healthcare provider, pharmaceutical & biotechnology company, patient, and payer. Geographically, itis analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The market is expected to witness a moderate growth rate during the forecast period, owing to & rise in adoption of AI systems and technological advancements in AI systems. Possibility of using AI-based tools for elderly care and untapped potential of the emerging markets, such as China and India, are expected to provide lucrative opportunities for the market growth. However, lack of standard regulations and guidelines and reluctance among healthcare professionals to adopt AI-based technologies are expected to hamper the market growth.
The report provides an extensive competitive analysis and profiles of key market players such as Welltok, Inc., Intel Corporation, Nvidia Corporation, Google Inc., IBM Corporation, Microsoft Corporation, General Vision, Inc., Enlitic, Inc., Next IT Corporation, and iCarbonX.
The other players in the value chain include Shimadzu Recursion Pharmaceuticals, Inc., Siemens Healthineers, General Electric (GE) Company, Koninklijke Philips N.V., Cloudmedx, Inc., and Bay Labs, Inc.
AI Market, By Geography, 2016-2023 ($Million)
Asia-Pacific possesses high growth potential, owing to increase in accessibility & availability of AI systems, rise in healthcare & research expenditure, and high economic development.
Australia AI In Healthcare Market, 2016-2023 ($Million)
Australia AI market is projected to grow at a CAGR of 58.1% during the forecast period.
- This report entails a detailed quantitative analysis of the current market trends from 2016 to 2023 to identify the prevailing opportunities.
- Market estimations are based on comprehensive analysis of the key developments in the industry.
- In-depth geographical analysis assists to understand the regional market and the strategic business planning.
- Developmental strategies adopted by key manufacturers are enlisted to understand the competitive scenario of the market.
Artificial Intelligence (AI) in Healthcare Market Key Segments
- Deep Learning
- Querying Method
- Natural Language Processing
- Context Aware Processing
- Robot-assisted Surgery
- Virtual Nursing Assistant
- Administrative Workflow Assistance
- Fraud Detection
- Dosage Error Reduction
- Clinical Trial Participant Identifier
- Preliminary Diagnosis
By End User
- Healthcare Provider
- Pharmaceutical & Biotechnology Company
- North America
- Rest of Europe
- Rest of Asia-Pacific
- Saudi Arabia
- South Africa
- Rest of LAMEA