Artificial Intelligence In Healthcare Market

2021-2030 Analysis and Review Artificial Intelligence In Healthcare Market

Artificial Intelligence In Healthcare Market

Artificial Intelligence In Healthcare Market By Offering, By Technology, By Application, By End Users - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2021 – 2030

24-03-2022 REP-HC-139360 104 pages Format

Global Artificial intelligence in healthcare market is estimated to growat a CAGR of 41% during the forecast period 2022-2030. The global artificial intelligence in healthcare market is primarily driven by growing investment by the private firms. Moreover, advancements in IT and big data capabilities along with surging healthcare expenditure is fueling the artificial intelligence in healthcare market globally. IT healthcare and capability of big data analytics benefit healthcare organizations by connecting with consumers in a real-time scenario. Organizations uses big data capabilities to refine and measure health status of the patients. According to world economic forum organization, 4.4 zettabyte of digital data was created by the end of 2013 and is expected to boost 44 zettabytes by the end of 2023.  This is expected to fuel the demand of AI platforms in the market.

Artificial Intelligence In Healthcare Market

Increasing End User Application Remains as the Key Booster

Artificial intelligence is all set to lead the next wave of technology (digital) disruption. Artificial intelligence systems in the areas of robotics, autonomous vehicles, language, computer vision, machine learning and virtual reality are leading technology disruption. Investment in artificial intelligence is growing at rapid pace. Artificial intelligence with over 91% spent on research & technology deployment and 10% on acquisition. According to Economic Intelligence Unit, more than 75% of the fortune 500 companies are looking forward to implementing artificial intelligence in their organization by 2022. Acute Market Reports anticipates more than 31% of fortune 500 companies will employ artificial intelligence to enhance their primary sales by FY 2022.

Software Takes the Lion’s Share

The global artificial intelligence in healthcare market has been segmented on the basis of offerings, technology, application and end user. The offering segment is further segmented into Software, hardware and services. Software leads the offerings segment in terms of revenue in the global Artificial intelligence in healthcare market with over 48.36% market share in 2021. Further software market in AI in healthcare market is expected to grow at the highest rate with a CAGR of 41.6 % during the forecasted period. The software used in AI include data gathering software, predictive & analytical software and other software that are used to approximate human perception in the order to analyze complex medical data and to analyze relationship between treatment or prevention technique and patient outcomes. The software market is primarily driven by high investment to the startups in the AI solution for healthcare by big giants such as Google Inc.

Patient Data & Risk Analysis: Leading Application

Patient data and risk analysis segment is growing with a CAGR of 41.2% during forecast period. The growing adoption of health electronic records by healthcare sector is boosting growth in the global patient data & risk analysis market. Rapid adoption of electronic health records among the healthcare sector across the globe majorly contributes to the growth of the global artificial intelligence in healthcare patient data and risk analysis market during the forecast period. According to the Office of National Coordinator for Health Information Technology, United States, adoption of electronic health records in the U.S. Electronic health records analyses the data to provide better healthcare facilities which are helpful in health management to reduce risks related to health of person. Thus, the growing adoption of electronic health record is boosting growth in global patient data & risk analysis market.

North America Leads the Global Artificial Intelligence in Healthcare Market

Geographically, the global artificial intelligence in healthcare market has been segmented into North America, Europe, Asia Pacific and Rest of the world (ROW). North America leads the global artificial intelligence in healthcare market by capturing largest market share in terms of revenue of 38% in 2021. Further North America AI in healthcare market is anticipated to grow at highest CAGR of 41.9 % during the forecast period. The dominance of North America is attributed to rising adoption of machine learning in medical sector which has increased the growth in AI in healthcare market in countries such as the U.S. and Canada.

The Intensity of Competitive Rivalry to Remain High Over the Forecast Period

Collaboration and partnership allows companies to enhance the capabilities and effectiveness of business which help them to innovate and develop new products. Product launch allows companies to offer innovative and technically upgraded products to meet the requirement and demand of the consumers. The product launch by companies allows companies to capture large market share by offering innovative and advanced products.The intensity of competitive rivalry in the Artificial Intelligence in healthcare market is expected to remain high over the forecast period. The major companies in the artificial intelligence in healthcare market are Google, Microsoft, Stryker, IBM and Intel these companies combined have a net ~XX% share in the global artificial intelligence in healthcare market. The new companies in the artificial intelligence in healthcare market are incorporating mobile based application and cognitive computing capabilities to support artificial intelligence infrastructure. Themajor companies are engaged in research and development activities to make their services more attractive and cost effective for the consumers. The companies are involved in collaborative research. Companies are trying to compete with each other by providing the same characteristics and similar price or by similar features at competitive prices. Companies are focusing on mergers, new product development and collaborative research and development activities with medical institutes in order to serve the consumer efficiently to sustain in the market and strengthen their respective positions in the global artificial intelligence in healthcare market which is also increasing the competition.

Historical & Forecast Period

This research report presents the analysis of each segment from 2020 to 2030 considering 2021 as the base year for the research. Compounded annual growth rate (CAGR) for each respective segment are calculated for the forecast period from 2022 to 2030.

Report Methodology

Market revenues and CAGR were derived from primary and secondary research. Both quantitative and qualitative trends were considered for extrapolation of market revenues. The derived market estimates were further validated from top down, bottom strategies and primary research. The scope of the market is limited to the following segments of product categories and region.

By Offering(2020-2030; US$ Mn)

  • Hardware
  • Software
  • Services

By Technology(2020-2030; US$ Mn)

  • Context Aware Processing
  • Deep Learning
  • Natural Language Processing
  • Querying Method

By Application

  • Drug discovery
  • Inpatient Care and Hospital Management
  • Lifestyle Management & Monitoring
  • Medical Imaging and Diagnostics
  • Patient Data and Risk Analysis
  • Precision Medicine
  • Research
  • Virtual Assistant
  • Wearables

By End Users

  • ACOS and MCOS
  • Patients
  • Payers
  • Pharmaceutical and Biotechnology Companies
  • Providers

By Region (2020-2030; US$ Mn)

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Africa

Global Impact of Covid-19 Segment (2020-2021; US$ Mn)

  • Pre Covid-19 situation
  • Post Covid-19 situation

Key questions answered in this report

  • What are the key market segments in current scenario and in the future by product categories?
  • What are the key market segments in current scenario and in the future by regions?
  • What is the key impact of Covid-19 over market revenues and market determinants in the global artificial intelligence in healthcaremarket?
  • What are the primary and secondary macro and micro factors influencing the market growth currently and during the forecast period?
  • What are the primary and secondary macro and micro factors deterring the market growth currently and during the forecast period?
  • How to overcome the current market challenges and leverage the opportunities in each of the market segment?
  • Who are the key players in the operational predictive maintenance market and what are their key product categories and strategies?
  • What are the key strategies – mergers/acquisitions/R&D/strategic partnerships etc. that companies are deploying to enhance market revenues and growth?

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