Healthcare Artificial Intelligence Market Scope
Artificial intelligence in healthcare uses the complex algorithms for the analysis of complicated medical data. With Artificial Intelligence the conclusions can be approximated without human intervention. It provides well defines output, and enhances the ability to gain information. In addition to this, AI recognises the patterns and makes own logic out of it. Artificial Intelligence is used in diagnosis, treatment development, drug development, personalised medicine, patient monitoring and care. It has various benefits such as cost reduction, and patient satisfaction.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
Key Companies Profiled | IBM (United States), Microsoft (United States), Siemens Healthineers (Germany), Micron Technology (United States), General Electric (United States), Medtronic (Ireland), AiCure (United States), APIXIO, Inc. (United States), Atomwise, Inc. (United States) and Butterfly Network, Inc, (United States) |
CAGR | % |
Research Analyst at AMA estimates that United States Players will contribute to the maximum growth of Global Healthcare Artificial Intelligence market throughout the predicted period.
IBM (United States), Microsoft (United States), Siemens Healthineers (Germany), Micron Technology (United States), General Electric (United States), Medtronic (Ireland), AiCure (United States), APIXIO, Inc. (United States), Atomwise, Inc. (United States) and Butterfly Network, Inc, (United States) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research are Cyrcadia Health Inc. (United States), Enlitic, Inc. (United States), iCarbonX (China) and CloudMedx (United States).
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.
Segmentation Overview
The study have segmented the market of Global Healthcare Artificial Intelligence market by Type , by Application (Patient data and Risk analysis, Inpatient care & Hospital Management, Medical Imaging and Diagnostics, Lifestyle Management and Monitoring, Virtual Assistant, Drug Discovery and Others) and Region with country level break-up.
On the basis of geography, the market of Healthcare Artificial Intelligence has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
region held largest market share in the year 2023.
Market Leaders and their expansionary development strategies
In October 2019, Microsoft has acquired Mover which is a platform for moving files and streamlining the process of user data transfer to cloud. and On 4th September 2019, Microsoft has acquired Movere which is a SaaS based platform for capturing integrating and analysing the data that is needed to make the decisions.
In October 2019, Medtronic has launched artificial intelligent systems for colonoscopy. It provides powerful new solution for colorectal cancer.
Influencing Trend:
Adoption of AI in Drug Discovery, Medical Imaging Industry, Precision Medicine and Other Field and Technological Advancements in Data Analytics
Market Growth Drivers:
Increasing need of improved health care services is fuelling the market. The balance between patients and workforce is becoming difficult in countries like India, and China. In this situations AI can help the workers to achieve their tasks. This contributes towards bridging the gap between workforce and patients
Challenges:
Difficulty in Deployment Artificial Intelligence
Restraints:
Reluctance to Adopt AI Based Technologies in Developing Economies and Affordability Issue Due to High Capital Requirement
Opportunities:
Rising Need to have Personalised Treatments and Increasing Need to Accelerate Healthcare Delivery Services
Key Target Audience
Software providers, Distributors, Research Organisations, Government Agencies and Organisations