Market Research Report
AI in Healthcare Market by Offering, Algorithm, Application, and End User : Global Opportunity Analysis and Industry Forecast, 2021--2030
|AI in Healthcare Market by Offering, Algorithm, Application, and End User : Global Opportunity Analysis and Industry Forecast, 2021--2030|
Published: August 31, 2021
Allied Market Research
Content info: 286 Pages
Delivery time: 2-3 business days
The global AI in healthcare market was valued at $8.23 Billion in 2020, and is projected to reach $194.14 billion by 2030, growing at a CAGR of 38.1% from 2021 to 2030.
Artificial intelligence (AI) can be defined as the science and engineering adopted to design intelligent machines, especially intelligent computer programs. AI is an intelligent system that applies various human intelligence-based functions such as reasoning, learning, and problem-solving skills on different disciplines such as biology, computer science, mathematics, linguistics, psychology, and engineering. AI is widely applicable in medication management, treatment plans, and drug discovery.
The impact of COVID-19 pandemic is expected to remain positive for the AI in healthcare market owing to increase in usage of AI tools to detect & diagnose the virus and retorting to the outbreak through personalized information and learning, one of them being AI in healthcare. For instance, In February 2020, British AI-startup Benevolent AI published article in which AI tools are used to identify approved drugs that might block the viral replication process of SARS-CoV-2.
In addition, as per study the artificial intelligence in healthcare market is projected to boost the growth in future as many key players such as IBM, and Microsoft are using AI technologies to add value to their customers.
Moreover, IBM has made its AI platform 'Watson Assistant for Citizens' on the public cloud available free of charge for at least 90 days. It helps people to recognize and respond to queries about COVID-19. For Instance, in April 2020, Microsoft investment $20 million to help in COVID-19 research with the use of artificial intelligence technology and data sciences, mainly focusing on hospital resources, diagnostics, and other critical areas. Thus, AI has emerged as a boon to control the COVID-19 pandemic.
The growth of the global AI in healthcare market is driven by the ability of AI to improve patient outcomes, need to increase coordination between healthcare workforce & patients, increase in adoption of precision medicine, and a notable rise in venture capital investments. In addition, rise in importance of big data in healthcare is expected to fuel the market growth. Furthermore, technological advancements in AI systems are anticipated to augment the market growth. Prospective of AI-based tools for elderly care and the untapped potential of emerging markets, such as China and India, are expected to present various opportunities for market expansion.
However, an imprecise regulatory scenario and reluctance among healthcare professionals to adopt AI-based technologies are expected to hamper the market growth.
The AI in healthcare market is segmented on the basis of offering, algorithm, application, end user, and region. By offering, the market is divided into hardware, software, and services. By algorithm, it is classified into deep learning, querying method, natural language processing, and context aware processing. By application, it is fragmented into robot-assisted surgery, virtual nursing assistant, administrative workflow assistance, fraud detection, dosage error reduction, clinical trial participant identifier, preliminary diagnosis, and others. By end user, it is categorized into healthcare providers, pharmaceutical & biotechnology companies, patients, and payers. Region-wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Some of the key players operating in the global AI in healthcare market include Welltok, Inc., Intel Corporation, NVidia Corporation, Google Inc., IBM Corporation, Microsoft Corporation, General Vision, Inc., Enlitic, Inc., Next IT Corporation, ICarbonX, Shimadzu Recursion Pharmaceuticals, Inc., Siemens Healthineers, General Electric (GE) Company, Koninklijke Philips N.V., Cloudmedx, Inc., and Bay Labs, Inc.
By End User
List of other players in the value chain (profiles not included in the report):