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Artificial Intelligence in Healthcare Market by Product (Hardware, Software, Services),
Technology (Machine Learning, Context-Aware Computing, NLP), Application (Drug
Discovery, Precision Medicine), End User, and Geography – Global Forecast to 2025.
Artificial Intelligence in Healthcare Market In Healthcare Market Worth $27.6
Billion By 2025
The global healthcare artificial intelligence market is expected to grow at a CAGR
of 43.5% from 2018 to reach $27.6 billion by 2025. The high growth of Artificial
Intelligence (AI) in healthcare market is mainly attributed to factors such as
rising funding in healthcare artificial intelligence, growing demand of precision
medicines, effective cost reduction in the healthcare expenditure, and accurate
& early diagnosis of the chronic diseases and disorders. However, reluctance in
adopting AI technologies among the end users and lack of trust & potential risks
associated with AI in healthcare is restricting the growth of this market to a
certain extent.
The global artificial intelligence market in healthcare study presents historical
market data in terms of values (2016 and 2017), estimated current data (2018),
and forecasts for 2025-by product (hardware, software, and services),
technology (natural language processing (nlp), context aware processing,
machine learning, and querying method), application (medical imaging and
diagnosis, patient data and risk analytics, hospital workflow management, drug
discovery, patient management, precision medicine, and other applications),
and end user (hospital & diagnostic centers, pharmaceutical and biotechnology
companies, healthcare payers, patients, and other end users). The study also
evaluates industry competitors and analyzes the market at regional and country
level.
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On the basis of product, software segment commanded the largest share of the
global artificial intelligence market in healthcare in 2018. However, services
segment is expected to grow at a fastest CAGR during the forecast period, owing
to the technology developments in Healthcare IT industry. Moreover, many of
the global healthcare IT companies, medical device companies, and technology
providers are continuously focusing on developing AI-based solutions for the
healthcare industry.
On the basis of technology, natural learning process commanded the largest
share of the global market in 2018. Major factors propelling the growth of NLP
technology is the rising adoption of NLP in clinical documentation and
automated coding in claims submissions. On the other hand, the use of AI in
drug discovery and development applications is also supporting the growth of
the healthcare AI market among pharma and biotech companies, CROs, and
other non-healthcare provider end-user segments.
On the basis of application, hospital workflow management accounted for the
largest share of the global market in 2018. The large share of this segment is
mainly attributed to greater penetration of AI-powered chatbots and smart
speakers among healthcare providers. Increasing adoption of AI-based
solutions for managing various tasks such as scheduling appointments; checking
insurance coverage parameters; instantly accessing information about drug
interactions and side effects are some of the key factors driving the growth of
this market.
In 2018, hospitals and diagnostics centers end user segment accounted for the
largest share of the global artificial intelligence market in healthcare. Rising
adoption of IT in healthcare organizations, increasing focus towards
development of precision medicine approaches, and increasing number of
collaborations among hospitals and companies for the development and
implementation of customized AI solutions are some of the major factors
attributed to the large share of this end user segment.
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This research report analyzes major geographies and provides comprehensive
analysis of North America (U.S., Canada), Europe (Germany, France, U.K., Italy,
Spain, and Rest of Europe), Asia-Pacific (China, Japan, India, and RoAPAC), Latin
America, and Middle East & Africa. North America commanded the largest share
of the global artificial intelligence market in healthcare in 2018, followed by
Europe and Asia Pacific. However, Asia Pacific region is expected to grow at a
higher CAGR during the forecast period. Growth in this market is expected to be
driven by rise in adoption of precision medicine, and remarkable growth in
venture capital investments. In addition, significant use of big data in the
healthcare sector is expected to fuel the market growth. The growing
technological innovation and demand from China is the primary driver for
healthcare AI market in the APAC region.
The major players operating in the global artificial intelligence market in
healthcare are General Electric (GE) Company (U.S.), Intel Corporation (U.S.),
IBM Corporation (U.S.), Nvidia Corporation (U.S.), Microsoft Corporation (US),
iCarbonX (China), Enlitic, Inc. (U.S.), General Vision Inc. (U.S.), Alphabet Inc.
(U.S.), Verint Systems (U.S.), and Welltok, Inc. (U.S.) among others.
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