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Pulished Date February, 2020
ID: 9469
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Global Artificial Intelligence in Healthcare Market Analysis – Segmentation by Offering (Hardware, Software, and Services), Algorithm (Deep Learning, Querying Method, Natural Language Processing, and Context Aware Processing), Application (Robot-Assisted Surgery, Virtual Nursing Assistant, Administrative Workflow Assistance, Fraud Detection, Dosage Error Reduction, Clinical Trial Participant Identifier, Preliminary Diagnosis, and Others), and End-User (Healthcare Provider, Pharmaceutical & Biotechnology, Patient, and Payer) - Opportunity Analysis and Industry Forecast, 2020-2025

Pulished: February, 2020
ID: 9469
Pages: 150

Artificial Intelligence (AI) in Healthcare Market Analysis (2020 - 2025)

Global AI in the healthcare market was valued at $ 2.4 billion in 2019 and is projected to reach $ 31.02 billion in 2025, registering a whopping CAGR of 48.7% from 2020 to 2025.

Advances in data analysis will drive growth in the healthcare AI market over the review period. Each year, huge data is generated in the healthcare sector, and the ever-growing volume of big data has created the need to adopt artificial intelligence technology to manage data effectively. Artificial intelligence has revolutionized the healthcare field by designing treatment plans, helping with repetitive tasks, managing medications and discovering medications. It can also be used effectively for health data management through the collection, storage and standardization of data. Recently, Google's artificial intelligence research division launched its Google Deepmind Health project to extract data from medical records to provide better and faster health services.

Market growth and trends:

  • Clinical Workflow Solutions Market: The global clinical workflow solutions market is poised for significant growth during the forecast period. Population aging, declining resources, budget constraints, and lack of clinical SOPs and standard regimes are some of the main drivers of growth.
  • Cosmetovigilance market: The global cosmetovigilance market is assumed to grow during the projection years. The increasing importance of aesthetics, the increase in purchasing power in developing countries, and the greater acceptance of cosmetic products by consumers are key growth factors.
  • Immunoinformatics Market: The global immunoinformatics market is presumed to experience lucrative growth due to numerous applications with the integration of computational and experimental approaches in handling abundant genome sequencing data for humans and organisms.

One of the main trends in AI in the healthcare market is the increase in the number of new IT companies offering solutions for the medical sector. This in itself is the result of the availability of increased venture capital financing for these companies.

New and expanded opportunities with big data, AI's ability to improve patient care, a massive imbalance between the patient base and healthcare professionals, and opportunities to reduce medical costs are some of the main factors expected to increase demand for AI in the healthcare sector. Furthermore, the increasing importance of precision medicine, the growing number of interprofessional collaborations, the constant influx of risk capital investments and the increase in the geriatric population are some of the other factors that should be positively reflected. In this market, on the other hand, the reluctance of doctors to adopt new technologies, the significant lack of predefined and universal regulatory guidelines, the lack of health care data and the problems of data confidentiality prevent the market from reaching higher levels.

Market Drivers and Restraints:

AI systems assist with medication management using NLP and context-specific treatment technology. Consequently, with the decline in the doctor-patient relationship, AI offers new solutions to bridge the gap between healthcare staff and patients. The growth of the global AI market in healthcare is driven by AI's ability to improve patient outcomes, the need for greater coordination between healthcare workers and patients, increased adoption of healthcare medicine precision and a significant increase in venture capital investments. Furthermore, the growing importance of big data in healthcare should drive market growth. The market is supposed to experience moderate growth during the forecast period due to the increased adoption of AI systems. Furthermore, technological advancements in AI systems are likely to boost the market growth. The prospect of AI-based tools for elder care and the untapped potential of emerging markets such as China and India should present several opportunities for market expansion. 

However, an imprecise regulatory scenario and the reluctance of healthcare professionals to adopt AI-based technologies should hamper the market growth. AI technologies provide clinicians with tools to help them better diagnose and treat patients effectively. However, doctors are reluctant to new technologies.

Market Segmentation:

Depending on the offering, the global AI in the healthcare market is divided into hardware, software and services. The software segment occupied the largest share in 2016, due to continuous software innovation that meets the demands of the healthcare industry. The hardware segment is expected to experience the highest growth rate over the forecast period.

Based on the algorithm, it is classified as deep learning, query method, natural language processing and contextual processing. The deep learning segment is foreseen to grow at the highest CAGR over the forecast period due to the increased use of signal reduction, data mining and image recognition, which are integral components of most AI.

Based on the application, the global AI in the healthcare market is divided into robot-assisted surgery, virtual nursing assistant, administrative workflow assistant, fraud detection, dosage error reduction, clinical trial participant identifier, preliminary diagnosis, and others. 

By End-User, the global market is separated as healthcare providers, pharmaceutical & biotechnology, patient and payer. Of these, the healthcare providers account for a prominent share that is likely to continue in the foreseen period.

Regional Analysis:

Depending on the region, AI in the healthcare market is divided into North America, Europe, Asia Pacific and Latin America and MEA. North America had the largest share in AI in the healthcare market in 2016 and is suspected of remaining dominant throughout the forecast period. The Asia Pacific and Europe are other promising areas for the implementation of AI in healthcare in the coming years.

Key market players:

The report provides in-depth 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 are Shimadzu Recursion Pharmaceuticals, Inc., Siemens Healthineers, General Electric (GE) Company, Koninklijke Philips N.V., Cloudmedx, Inc. and Bay Labs, Inc.

1. Introduction                                 

                1.1 Market Definition                    

                1.2 Scope of the report                

                1.3 Study Assumptions                 

                1.4 Base Currency, Base Year and Forecast Periods                          

2. Research Methodology                                           

                2.1 Analysis Design                         

                2.2 Research Phases                      

                                2.2.1 Secondary Research           

                                2.2.2 Primary Research 

                                2.2.3 Data Modelling      

                                2.2.4 Expert Validation  

                2.3 Study Timeline                          

3. Report Overview                                        

                3.1 Executive Summary                

                3.2 Key Inferencees                       

4. Market Dynamics                                       

                4.1 Impact Analysis                         

                                4.1.1 Drivers      

                                4.1.2 Restaints  

                                4.1.3 Opportunities        

                4.2 Regulatory Environment                       

                4.3 Technology Timeline & Recent Trends                            

5. Competitor Benchmarking Analysis                                    

                5.1 Key Player Benchmarking                     

                                5.1.1 Market share analysis        

                                5.1.2 Products/Service  

                                5.1.3 Regional Presence               

                5.2 Mergers & Acquistion Landscape                      

                5.3 Joint Ventures & Collaborations                        

6. Market Segmentation                                              

                6.1 Artificial Intelligence in Healthcare Market, By Offering                          

                                6.1.1 Hardware

                                6.1.2 Software  

                                6.1.3 Services    

                                6.1.4 Market Size Estimations & Forecasts (2019-2024)   

                                6.1.5 Y-o-Y Growth Rate Analysis             

                                6.1.6 Market Attractiveness Index          

                6.2 Artificial Intelligence in Healthcare Market, By Algorithm                       

                                6.2.1 Deep Learning       

                                6.2.2 Querying Method

                                6.2.3 Natural Language Processing          

                                6.2.4 Context Aware Processing               

                                6.2.5 Market Size Estimations & Forecasts (2019-2024)   

                                6.2.6 Y-o-Y Growth Rate Analysis             

                                6.2.7 Market Attractiveness Index          

                6.3 Artificial Intelligence in Healthcare Market, By Application                    

                                6.3.1 Robot-Assisted Surgery     

                                6.3.2 Virtual Nursing Assistant   

                                6.3.3 Administrative Workflow Assistance           

                                6.3.4 Fraud Detection    

                                6.3.5 Dosage Error Reduction     

                                6.3.6 Clinical Trial Participant Identifier   

                                6.3.7 Preliminary Diagnosis         

                                6.3.8 Market Size Estimations & Forecasts (2019-2024)   

                                6.3.9 Y-o-Y Growth Rate Analysis             

                                6.3.10 Market Attractiveness Index        

                6.4 Artificial Intelligence in Healthcare Market, By End-User                        

                                6.4.1 Healthcare Provider            

                                6.4.2 Pharmaceutical & Biotechnology   

                                6.4.3 Patient      

                                6.4.4 Payer         

                                6.4.5 Market Size Estimations & Forecasts (2019-2024)   

                                6.4.6 Y-o-Y Growth Rate Analysis             

                                6.4.7 Market Attractiveness Index          

7. Geographical Landscape                                         

                7.1 Global Identity Governance and Administration Market, by Region                  

                7.2 North America - Market Analysis (2018 - 2024)                            

                                7.2.1 By Country              

                                                7.2.1.1 USA

                                                7.2.1.2 Canada

                                7.2.2 By Offering             

                                7.2.3 By Algorithm          

                                7.2.4 By Application        

                                7.2.5 By End-User           

                7.3 Europe                         

                                7.3.1 By Country              

                                                7.3.1.1 UK

                                                7.3.1.2 France

                                                7.3.1.3 Germany

                                                7.3.1.4 Spain

                                                7.3.1.5 Italy

                                                7.3.1.6 Rest of Europe

                                7.3.2 By Offering             

                                7.3.3 By Algorithm          

                                7.3.4 By Application        

                                7.3.5 By End-User           

                7.4 Asia Pacific                  

                                7.4.1 By Country              

                                                7.4.1.1 China

                                                7.4.1.2 India

                                                7.4.1.3 Japan

                                                7.4.1.4 South Korea

                                                7.4.1.5 South East Asia

                                                7.4.1.6 Australia & NZ

                                                7.4.1.7 Rest of Asia-Pacific

                                7.4.2 By Offering             

                                7.4.3 By Algorithm          

                                7.4.4 By Application        

                                7.4.5 By End-User           

                7.5 Latin America                             

                                7.5.1 By Country              

                                                7.5.1.1 Brazil

                                                7.5.1.2 Argentina

                                                7.5.1.3 Mexico

                                                7.5.1.4 Rest of Latin America

                                7.5.2 By Offering             

                                7.5.3 By Algorithm          

                                7.5.4 By Application        

                                7.5.5 By End-User           

                7.6 Middle East and Africa                           

                                7.6.1 By Country              

                                                7.6.1.1 Middle East

                                                7.6.1.2 Africa

                                7.6.2 By Offering             

                                7.6.3 By Algorithm          

                                7.6.4 By Application        

                                7.6.5 By End-User           

8. Key Player Analysis                                    

                8.1 Welltok, Inc                

                                8.1.1 Business Description           

                                8.1.2 Products/Service  

                                8.1.3 Financials 

                                8.1.4 SWOT Analysis       

                                8.1.5 Recent Developments       

                                8.1.6 Analyst Overview 

                8.2 Intel Corporation                     

                8.3 Nvidia Corporation                  

                8.4 Google Inc                  

                8.5 IBM Corporation                      

                8.6 Microsoft Corporation                           

                8.7 General Vision, Inc.                 

                8.8 Enlitic, Inc                    

                8.9 Next IT Corporation                

                8.10 iCarbonX                   

9. Market Outlook & Investment Opportunities                                

Appendix                                           

                List of Tables                     

                List of Figures                   

  • Global, regional and country-level analysis and forecasts of the study market; providing Insights on the major countries/regions in which this industry is blooming and to also identify the regions that are still untapped
  • Segment-level analysis in terms of Offering, Algorithm, Application, End-Uer and along with market size forecasts and estimations to detect key areas of industry growth in detail
  • Identification of key drivers, restraints, opportunities, and challenges (DROC) in the market and their impact on shifting market dynamics
  • Study of the effect of exogenous and endogenous factors that affect the global market; which includes broadly demographic, economics, and political, among other macro-environmental factors presented in an extensive PESTLE Analysis
  • Study the micro environment factors that determine the overall profitability of an Industry, using Porter’s five forces analysis for analyzing the level of competition and business strategy development
  • A comprehensive list of key market players along with their product portfolio, current strategic interests, key financial information, legal issues, SWOT analysis and analyst overview to study and sustain the market environment
  • Competitive landscape analysis listing out the mergers, acquisitions, collaborations in the field along with new product launches, comparative financial studies and recent developments in the market by the major companies
  • An executive summary, abridging the entire report in such a way that decision-making personnel can rapidly become acquainted with background information, concise analysis and main conclusions
  • Expertly devised analyst overview along with Investment opportunities to provide both individuals and organizations a strong financial foothold in the market

Global Artificial Intelligence in Healthcare Market By Region, From 2020-2025 ( USD Billion )

Global Artificial Intelligence in Healthcare Market By Offering, From 2020-2025 ( USD Billion )

Global Hardware Market By Region, From 2020-2025 ( USD Billion )

Global Software Market By Region, From 2020-2025 ( USD Billion )

Global Services Market By Region, From 2020-2025 ( USD Billion )

Global Artificial Intelligence in Healthcare Market By Algorithm, From 2020-2025 ( USD Billion )

Global Deep Learning Market By Region, From 2020-2025 ( USD Billion )

Global Querying Method Market By Region, From 2020-2025 ( USD Billion )

Global Natural Language Processing Market By Region, From 2020-2025 ( USD Billion )

Global Context Aware Processing Market By Region, From 2020-2025 ( USD Billion )

Global Artificial Intelligence in Healthcare Market By Application, From 2020-2025 ( USD Billion )

Global Robot-Assisted Surgery Market By Region, From 2020-2025 ( USD Billion )

Global Virtual Nursing Assistant Market By Region, From 2020-2025 ( USD Billion )

Global Administrative Workflow Assistance Market By Region, From 2020-2025 ( USD Billion )

Global Fraud Detection Market By Region, From 2020-2025 ( USD Billion )

Global Dosage Error Reduction Market By Region, From 2020-2025 ( USD Billion )

Global Clinical Trial Participant Identifier Market By Region, From 2020-2025 ( USD Billion )

Global Preliminary Diagnosis Market By Region, From 2020-2025 ( USD Billion )

Global Artificial Intelligence in Healthcare Market By End-User, From 2020-2025 ( USD Billion )

Global Healthcare Provider Market By Region, From 2020-2025 ( USD Billion )

Global Pharmaceutical & Biotechnology Market By Region, From 2020-2025 ( USD Billion )

Global Patient Market By Region, From 2020-2025 ( USD Billion )

Global Payer Market By Region, From 2020-2025 ( USD Billion )

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