Market Research Report
North American AI in Healthcare Market 2019-2025
|Published by||Orion Market Research Pvt Ltd||Product code||922234|
Delivery time: 2-3 business days
|North American AI in Healthcare Market 2019-2025|
|Published: January 14, 2020||Content info:||
North American AI in Healthcare Market Size, Share & Trends Analysis Report by Offering (Hardware and Software & Services), By End-User Industry (Hospitals & Healthcare Facilities, Personal Care, Biotechnology & Pharmaceutical Companies), By Application (Diagnosis, Biomarker, Virtual Nursing Assistance, Remote Monitoring of Patients, Drug Discovery, and AI-Enabled Hospital Care), and Forecast 2019-2025
The North American AI in healthcare market is estimated to grow significantly at a CAGR of 50.4% during the forecast period. The North American market for AI in healthcare is analyzed based on countries such as the US and Canada. The factors that are contributing significantly to the market growth include R&D, and high expenditure by the government as well as a private organization in AI technology. The US and Canada are the major economies of North America. The region has well-developed information communication technology (ICT) and employs the adoption of a large number of connected devices.
Canada is a promising market for AI in healthcare due to increasing healthcare expenditure and the penetration of AI technology in drug discovery and development. According to the Canadian Institute of Health information, the total expenditure on healthcare in Canada was estimated to reach $253.5 billion in 2018. The total expenditure of Canada on prescribed drugs by the public sector was around $14.4 billion in 2018. The Canadian life sciences sector is a significant contributor to Canada's innovation economy, engaging in creating the medical innovations that improve health-care delivery and patient care in Canada and abroad.
The market is segmented on the basis of offering, end-user industry, and application. Based on offering, the market is divided into software & services and hardware. Based on the end-user industry, the market is segmented into hospitals & healthcare facilities, personal care, and biotechnology & pharmaceutical companies. Further, on the basis of application, the market is segmented into diagnosis, biomarker, virtual nursing assistance, remote monitoring of patients, drug discovery, and ai-enabled hospital care.
The companies which are contributing to the growth of the North American AI market include Microsoft Corp., IBM Corp., Google, LLC. and GE Healthcare. The market players are considerably contributing to the market growth by the adoption of various strategies including new product launch, merger, and acquisition, collaborations with government, funding to the start-ups and technological advancements to stay competitive in the market. For instance, in January 2018, Microsoft and Adaptive Biotechnologies entered in partnership to map the genetics of the human immune system, which will enable to detect cancers and other diseases at the early stage. The partnership enables top merge the immune sequencing technology of Adaptive Biotechnologies with Microsoft's research, machine learning and cloud computing capabilities which enables disease diagnostics.
The market study of the North American AI in Healthcare market is incorporated by extensive primary and secondary research conducted by the research team. Secondary research has been conducted to refine the available data to breakdown the market in various segments, derive total market size, market forecast, and growth rate. Different approaches have been worked on to derive the market value and market growth rate. Our team collects facts and data related to the market from different geography to provide a better regional outlook. In the report, the country-level analysis is provided by analyzing various regional players, regional tax laws and policies, consumer behavior and macro-economic factors. Numbers extracted from Secondary research have been authenticated by conducting proper primary research. It includes tracking down key people from the industry and interviewing them to validate the data. This enables our analyst to derive the closest possible figures without any major deviations in the actual number. Our analysts try to contact as many executives, managers, key opinion leaders, and industry experts. Primary research brings authenticity to our reports.
The report is intended for IT companies, healthcare companies, research institutes, hospitals, and government organizations, and other market participants for the overall market and competitive analysis. The report provides an in-depth analysis on market size, and future market opportunities. The report will serve as a source for 360-degree analysis of the market thoroughly delivering insights into the market for making better business decisions. The report will serve as a source for 360-degree analysis of the market thoroughly integrating different models.