Artificial Intelligence in Healthcare Market

Artificial Intelligence in Healthcare Market Insights

The global artificial intelligence in the healthcare market is relied upon to develop at a CAGR of 43.5% during the conjecture period (2020-2026). The major factor responsible for driving the AI market is the increasing number of complex and large dataset volume in the healthcare industry. Moreover, the urge to cut down healthcare costs, the growing no of IT and healthcare collaborations, and the adoption of AI technology by major Pharma and Biotech industries will propel the market to grow. Another major fuelling factor for AI market growth is the sudden outrage of the global pandemic which has increased patient volume count and data in various healthcare providing centers. The importance and need to manage the pandemic data will support the growth during 2020-2026.

Artificial Intelligence in Healthcare Market: By Type of Components

Based on component type, the market is segmented into hardware, software, and service. The software segment is expected to show the highest CAGR growth mainly due to the growing adoption of AI in various healthcare, medical device, pharmaceutical companies. To operate AI-based software, hardware platforms with high computing power will have high demand in the forecast period.

Artificial Intelligence in Healthcare Market: By Type of Software Deployment

The market is segmented into on-premise and cloud-based as per the deployment type. Owing to the global pandemic, cloud-based computing system has emerged strongly from this event and hence is the fastest-growing segment too. For most, the healthcare, industries to run smoothly the cloud-based software is a hassle-free data storage system option during this period. Moreover, factors such as consultation by doctors via video call and phone call will accelerate the growth of the cloud-based AI healthcare segment in the market.

Artificial Intelligence in Healthcare Market: By Type of Application

The application market is divided into healthcare administrative workflow, fraud detection robot-assisted surgery, medical education assistance, patient monitoring, connected medical devices, diagnosis and treatment, drug discovery and clinical trials, and cybersecurity, patient data, and risk analysis, and other applications. Clinical trials will be the largest application growing segment and are also ought to grow at the fastest rate owing to the global pandemic. To save time in unsuccessful trails, automated trails processes integrated with AI technology are favored by various pharmaceutical companies.

Artificial Intelligence in Healthcare Market: By Type of Technology

Machine learning, natural language processing, computer vision, and context-aware processing are the segments of the market based on technology.  Machine learning in the AI healthcare market is estimated to grow at the highest growth rate in the projected period due to the ability to handle multi-dimension and multi-variant data coupling up with reduced process time.

Artificial Intelligence in Healthcare Market: By Type of End-User

As per the end-user analysis, the market is segmented into healthcare providers, home healthcare, Pharma & Biotech companies, healthcare insurance companies, and other end-users. Drug discovery is one of the most recent applications of AI that can transform drug processes and reduce the cost of production. Various pharmaceutical companies in collaboration with other companies are taking joined initiatives towards adopting AI integrated drug discovery processes and hence this segment is expected to have accelerated growth in the global market in the coming years.

Artificial Intelligence in Healthcare Market: By Region

Based on the region, the market is segmented into North America, Asia-Pacific, Europe, Middle East & Africa, and Central & South America. Due to well-established healthcare sectors, government initiative towards the adoption of AI in the healthcare sector, and the involvement of many pharmaceutical & biotechnology industries for the adoption of digital platforms in life science, the North American market is ought to grow rapidly in the market. Asia-Pacific will be the fastest-growing region of the AI market. Improved healthcare industries, rising healthcare start-ups, and gradual adoption of AI integrated technology by various end-users is estimated to accelerate its regional growth in the coming years.

Artificial Intelligence in Healthcare Market Share and Competitor Analysis

The key players operating in the artificial intelligence in the healthcare market are Context Vision Operations, Precision Health Intelligence. LLC., CareSkore. Inc, CureMetrix .Inc., Corti, Caption Health, Enlitic, Arterys, Butterfly Network Inc., Oncora Medical, Cloud MedX Health, Babylon Health, General Vision Services, Koninklijke Philips N.V, Johnson&Johnson, Micron Technologies, Amazon Web Services. Inc, Medtronic Plc, Siemens Healthineers AG, General Electric, Microsoft Corporation, Google LLC, IBM Watson Health, Intel Corporation, NVIDIA Corporation, and others.

Please note: This is not an exhaustive list of companies profiled in the report.

In September 2020, NVIDIA Corporation launched an AI and HPC tool based genome analysis kit for a better understanding of COVID-19. This kit, namely, NVIDIA Clara Parabricks makes the process of genome analysis 50x faster.

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In January 2019, Siemens Healthineers AG launched the ACUSON Redwood ultrasound system in India which help in advance detection of the lesion and along with its integrated AI technology, the system helped to improve the precision and analysis process.

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