Global Artificial Intelligence (AI) in Healthcare market is expected to grow significantly from USD 1.12 billion in 2017 to USD 19.9 billion in 2024, at a CAGR of 48.7% from 2018 to 2024.
The growth in the market is attributed to the growing adoption of AI in medical research, limited number of healthcare professionals to cure patients, and increasing demand for precision medicine. Moreover, rising healthcare applications of AI, and increasing capital investments in AI are further propelling the market growth. However, privacy and security issues, and stringent government regulations may hamper the market growth to some extent.
Key findings of the report:
- The global artificial intelligence (AI) in healthcare market is expected to reach USD 19.9 billion in 2024, at a CAGR of 48.7% during 2018 -2024
- Based on offering, the software segment held the major share of the market in 2017, owing to growing development in software, and increasing demand for medical diagnostics
- On the basis of technology,
○ The natural language processing (NLP) segment held the major of the market in 2017
○ The deep learning segment is expected to register the highest CAGR during the 2018-2024
- On the basis of application, the medical imaging and diagnostics segment held the major share of the market. The growth is attributed to rising demand for image analysis and disease diagnostics, and shortage of skilled professionals. Moreover, technological advancements in AI for early disease detection and growing investments in research and development activities are also driving the growth in the segment.
- Asia-Pacific region is expected to register highest CAGR during the forecast period
- Some of the key companies operating in the market include IBM Corporation, Microsoft Corporation, Welltok, Inc., General Electric Company, Royal Philips, Google, Inc, Intel Corporation, Siemens Healthcare GmbH, CloudMedx Inc., and Zebra Medical Vision, Inc., among others
Increasing adoption of AI in healthcare Sector
In recent year, there has been an increasing focus on the use of artificial intelligence in healthcare sector. The adoption of artificial intelligence in healthcare is rapidly growing due to increasing number of healthcare applications of AI, and its growing demand for medical research. AI is being employed in a myriad of settings such as clinical laboratories, research facilities, and hospitals. Moreover, technological advancements in deep learning and broader applications of AI have led to its increasing adoption in healthcare sector. AI in healthcare is being used for diagnosis, prognosis and therapy. Furthermore, major technological companies are investing in the development of AI for healthcare and research.
Global Artificial Intelligence (AI) in Healthcare Market– Regional insight
Geographically, the AI in healthcare market is segmented into North America, Europe, Asia-Pacific, Central & South America, and Middle East and Africa. North America is expected to hold the major market share of the global AI in healthcare market during the forecast period. The growth in the region is attributed to rising adoption of advanced technologies, and presence of major market players in the region. Europe held the second largest share of the global market owing to rising government initiatives to promote AI. However, Asia-Pacific is expected to be the fastest growing market in the global AI market in healthcare during the forecast period. The factors driving the growth of the Asia-Pacific market are; limited number of healthcare professionals, and rising government initiative to support AI in healthcare sector. Moreover, rising healthcare expenditure, and new startup & ICT companies in the region are also supporting the market growth.
This report segments global artificial intelligence (AI) in healthcare market based on offering, technology, application, end-User, and region.
○ AI Platform
○ Support and Maintenance
○ Deployment and Integration
- Context Aware Processing
- Querying Method
- Natural Language Processing (NLP)
- Deep Learning
- Patient Data and Risk Analysis
- Inpatient Care and Hospital Management
- Medical Imaging and Diagnostics
- Clinical Trial Participant Identifier
- Precision Medicine
- Virtual Nursing Assistant
- Robot-Assisted Surgery
- Lifestyle Management & Monitoring
- Drug Discovery
- Pharmaceutical and Biotechnology Companies
- Research Centers
- North America
- Central & South America
- Middle East and Africa