Healthcare Artificial Intelligence Market by Product & Services (Software, Services), Technology (Machine Learning, NLP), Application (Medical Imaging, Precision Medicine, Patient Management), End User (Hospitals, Patients) -Forecast to 2027
The global healthcare artificial intelligence (AI) market is expected to grow at a CAGR of 41.4% from 2020 to 2027 to reach $51.3 billion by 2027.
Succeeding an extensive secondary and primary research and in-depth analysis of the market scenario, the report carries out the impact analysis of key industry drivers, restraints, challenges, and opportunities. The growth in the healthcare artificial intelligence market is mainly attributed to the factors such as rising venture capital investment for artificial intelligence in healthcare sector, growing demand for personalized therapy, positive impact due to COVID-19, rising demand to reduce healthcare costs, and rise in volume and complexities in healthcare datasets. Moreover, the growing potential of AI based tools for treatment of chronic illness and its growing implementation in clinical trials provide growth opportunities for players operating in the healthcare artificial intelligence market.
The healthcare artificial intelligence market study presents historical market data in terms of value (2019), estimated current data (2020), and forecasts for 2027 - by product & services, technology, application, and end user. The study also evaluates industry competitors and analyzes the market at regional and country level.
On the basis of product & services, the software segment is estimated to command the largest share of the healthcare artificial intelligence market in 2020. The large share of this segment is mainly attributed to the factors such as its ability to reduce operational or administrative complexity, acceleration of data analysis with high accuracy, and rise in the software launch by the medical devices and healthcare IT companies. Further, due to the COVID-19 pandemic since November 2019, there is an expansion in the software solutions which helps the healthcare specialists to track the disease progression and recovery in COVID-19 patients thereby helping in the crisis situation.
On the basis of technology, the natural language processing (NLP) segment is estimated to command the largest share of the overall healthcare artificial intelligence market in 2020. The factors such as ability to collect large amount of data and handle big data, offering of organized physician documentation, and efficient back-end coding to optimize billing procedure are the major factors responsible for the largest share of this segment.
On the basis of application, the hospital workflow management segment is estimated to hold the largest share of the overall market in 2020. However, the drug discovery segment is slated to grow with the fastest CAGR during the forecast period, due to the growing implementation of AI by pharmaceutical and biotechnology companies to derive the successful drug product in shorter times and low cost.
On the basis of end user, the hospitals and diagnostic centers segment is estimated to command the largest share of the overall healthcare artificial intelligence market in 2020. However, the healthcare payers segment is slated to grow at the fastest CAGR during the forecast period, due to growth in opting for healthcare insurance; and increasing inclination of healthcare facilities to have organized billing and accounts, health claims, and healthcare IT operations in their premises.
An in-depth analysis of the geographical scenario of the healthcare artificial intelligence market provides detailed qualitative and quantitative insights about the five major geographies (North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa) along with the coverage of major countries in each region. North America is estimated to command the largest share of the overall healthcare artificial intelligence market in 2020, followed by Europe, Asia-Pacific, Latin America, and Middle East & Africa. However, Asia Pacific is expected to grow at the fastest CAGR during the forecast period. The factors driving the growth of the Asia Pacific healthcare artificial intelligence market are growing need for coordination between healthcare workforce & patients, rise in adoption of precision medicine, growing prevalence of diseases, and remarkable growth in venture capital investments. In addition to this, the factors such as significant use of big data in the healthcare sector, growing technological innovation, and demand from China are also supporting the growth of the healthcare AI market in the APAC region
The key players operating in the overall healthcare artificial intelligence market are Microsoft Corporation (U.S.), Alphabet Inc. (U.S.), NVIDIA Corporation (U.S.), General Vision, Inc (U.S.), Intel Corporation (U.S.), IBM Corporation (U.S.), Welltok, Inc. (U.S.), General Electric Company (U.S.), Verint Systems Inc. (U.S.), and iCarbonX (China), among others.
Scope of the Report:
Global Healthcare Artificial Intelligence Market, by Product & Services
Global Healthcare Artificial Intelligence Market, by Technology
- Machine Learning (ML)
- Natural Language Processing (NLP)
- Context Aware Processing
- Querying Method
Global Healthcare Artificial Intelligence Market, by Application
- Hospital Workflow Management
- Patient Data and Risk Analytics
- Medical Imaging and Diagnosis
- Drug Discovery
- Precision Medicine
- Patient Management
- Other Applications
Other applications comprises of bioinformatics, wearable devices, and virtual assistance.
Global Healthcare Artificial Intelligence Market, by End User
- Hospitals and Diagnostic Centers
- Pharmaceutical and Biopharmaceutical Companies
- Healthcare Payers
- Other End Users
Other end users comprise of accountable care organizations, clinical research organizations, and managed care organizations
Global Healthcare Artificial Intelligence Market, by Geography
- North America
_ Rest of Europe (RoE)
- Asia-Pacific (APAC)
_ Rest of APAC (RoAPAC)
- Latin America
- Middle East & Africa