The Global Artificial Intelligence (AI) in Healthcare market is expected to rise with a CAGR of 40% over the forecast period of 2017-2025. The market is primarily being driven by factors like the rise of personalized medicine in tests for clinical decision-making and big data in healthcare industry and the growing adoption of artificial intelligence (AI) in genetics. Also, AI created real-time monitoring system, and healthcare wearables are playing a crucial role in healthcare monitoring.
The global artificial intelligence in healthcare market is segmented on the basis of offerings, technology, application and end user. The offering segment can be further classified into software, hardware, and services. The technology segment includes deep learning, context-aware processing, querying method, and natural language processing. The market finds its applications in areas like inpatient care & hospital management, drug discovery, lifestyle management & monitoring, patient data & risk analysis, medical imaging & diagnostics, research, precision medicine, virtual assistance, and wearables. The end-users for the market are ACOS & MCOS, payers, patients, and pharmaceutical & biotechnology companies.
Geographically, the global artificial intelligence (AI) in healthcare market has been segmented into four major regions, namely the Asia-Pacific, North America, Europe and Rest of world. The North America region dominated the global market in the year 2016 on account of the growing AI technology in healthcare in countries like Canada and the US. However, it is the Asia Pacific region which is forecasted to exhibit the highest growth in the coming years due to factors like growing healthcare expenditure, large patient pool and booming big data & Internet of Things (IoT) device market.
North America dominated the global artificial intelligence in healthcare market by capturing the largest market share in terms of revenue for the year 2016. This dominance of North America is on account of the growing adoption of machine learning in the medical sector, which has considerably increased the growth of AI in healthcare for countries such as the U.S. and Canada. Furthermore, the high investments by the US government in healthcare initiatives that rely on Artificial intelligence such as Cancer Moonshot and Precision Medicine Initiative are expected to boost the AI in the healthcare market for this region. On the other hand, the Asia Pacific region is predicted to be the fastest growing market over the forecast period. Increasing healthcare expenditure, high prevalence rate of chronic & infectious diseases resulting in large patient pool, expanding big data & Internet of Things (IoT) device market, high adoption rate of cloud computing, positive economic outlook, rising internet penetration, and government initiatives supporting digital growth are the factors driving the Asia Pacific artificial intelligence in healthcare market.
The global artificial intelligence in the healthcare market has been segmented on the basis of offerings, technology, application and end user. The offering segment is further sub-segmented into software, hardware, and services. The technology segment includes context-aware processing, deep learning, natural language processing and querying method, as its sub-segments. The overall market is also segmented on the basis of Application and End Users. The Application segment includes drug discovery, inpatient care & hospital management, lifestyle management & monitoring, medical imaging & diagnostics, patient data & risk analysis, precision medicine research, virtual assistant and wearables. The market segment by End Users is divided in, ACOS & MCOS, patients, payers, pharmaceutical & biotechnology companies and providers.
The key companies operating in the global artificial intelligence (AI) in healthcare market are:
- Google, Inc.
- International Business Machines (IBM) Corporation
- Intel Corporation
- Microsoft Corporation
- GE Healthcare
Company profiles of the prominent market players are discussed in detail. Most of the companies look for strategies such as merger & acquisition, partnership, contracts, agreements, new product launch, etc. in order to gain a competitive edge over each other. In May 2017, GE Healthcare and Partners HealthCare signed a partnership agreement to create applications in order to advance patient outcomes in diagnostic imaging and productivity. Their main objective was to develop new business models for artificial intelligence (AI) in healthcare. In February 2017, Microsoft announced the launch of Healthcare NExT; a new initiative promised to transform the health care. This initiative uses intelligent technology to improve the lives of people all around the world.
Key findings of the global artificial intelligence (AI) in healthcare market:
- North America accounts for the largest market share of overall artificial intelligence (AI) in healthcare
- China, Japan & India contributing to the Asia Pacific market to be the fastest evolving market over the forecast period.
- The market for the patient data and risk analysis is expected to dominate as compared to other applications of artificial intelligence (AI) in healthcare
- Inorganic growth is the preferred growth path. Product launch, partnership & agreements, are the prime strategies undertaken by the market giants to gain a competitive edge over other companies.
- Natural Language Processing is commanding the artificial intelligence (AI) in healthcare Market, in terms of Technology.
Google Inc, International Business Machines (IBM) Corporation, Intel Corporation, Microsoft Corporation and GE Healthcare are the top five companies reigning the market. These companies are increasingly employing strategies like partnerships, contracts, merger & acquisition, agreements, new product launch, etc. to compete in the market. Some of the other major market players are Deep Genomics Inc, Enlitic Inc, General Vision Inc, iCarbonX, Next IT Corporation, Nvidia Corporation, Oncore Medical Inc, Recursion Pharmaceuticals Inc, Stryker Corporation and Welltok Inc.