Market Research Report
UK AI in Healthcare Market 2019-2025
|Published by||Orion Market Research Pvt Ltd||Product code||922235|
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|UK AI in Healthcare Market 2019-2025|
|Published: January 14, 2020||Content info:||
UK 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
UK AI in healthcare market is estimated to grow significantly at a CAGR of 55.4% during the forecast period. Healthcare industry in the UK is well developed and established due to the presence of separate publicly funded healthcare of England, Scotland, Northern Ireland, and Wales each; funded by separate government and parliament. The digitalization of healthcare services in the country is a key driver for the growth of the AI in healthcare market the country. The country has a well-developed infrastructure of ICT. The increasing number of start-ups will significantly contribute to the growth of the AI in healthcare market in UK.
There are increasing number of start-ups due to large funding raised by private and government agencies. Increasing number of start-up will significantly contribute to the growth of the AI in healthcare market in UK. Some of the start-ups working significantly in AI sector include Onfido and Medopad. These start-ups have received impressive funding in past years. For instance, Onfido has received Series B funding of around $25 million in 2016, led by Idinvest Partners. Further, in 2017, the company received $30 million, led by Crane Venture Partners.
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.
Partnership and collaboration have been observed as the primary growth strategies adopted by the leading players. Leading pharmaceutical giants are collaborating with AI start-ups for the development of novel methods to treat chronic diseases. For instance: Karantis360, a UK-based care management provider in June 2018, entered into a collaboration with IBM. This collaborative effort was aimed at developing smart cloud-based solution, for enabling assisted living through non-intrusive monitoring of the individuals in their own homes, sheltered housing, residential care or healthcare facilities.
The companies as well as governments are increasingly investing to use Artificial Intelligence in drug discovery. With these investments, the government and companies are aimed at reducing the overall timeline of the drug discovery process. For instance: BenevolentAI in May 2018, has also secured an investment of $115 million from investors in the US to employ AI technology aiming at the reduction of the drug development timeline by at least 4 years.
The market study of the UK 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. In the report, the analysis of country 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, private companies, healthcare companies, research institutes, hospitals, 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.