According to a new market research report “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”, published by Meticulous Research®, the global artificial intelligence in healthcare market is expected to grow at a CAGR of 43.5% from 2018 to reach $27.6 billion by 2025.
Artificial intelligence (AI) is utilized by the healthcare industry in various applications such as patient data and risk analytics, medical imaging and diagnosis, drug discovery, precision medicine, hospital workflow management, and patient management as it applies various human intelligence-based functions such as reasoning, learning, and problem-solving skills on different disciplines such as biology, computer science, mathematics, linguistics, psychology, and engineering.
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The growth of artificial intelligence in healthcare market is mainly driven by growing demand of precision medicines, effective cost reduction in the healthcare expenditure, and rising funding in healthcare artificial intelligence. In addition, growing need for accurate & early diagnosis of the chronic diseases and disorders further support the growth of this market. However, reluctance in adopting AI technologies among the end users, lack of trust, and potential risks associated with AI in healthcare is restricting the growth of this market to some extent.
The overall artificial intelligence in healthcare market is mainly segmented by product, technology, application, end user, and geography. The market by product type broadly comprises software, services, and hardware; whereas, the technologies analyzed are natural language processing (NLP), context aware processing, machine learning, and querying method.
NLP technology segment is estimated to account for the largest share of the overall artificial intelligence in healthcare market in 2019, mainly attributed to the rising adoption of NLP in clinical documentation and automated coding in claims submissions. Currently, the market for natural language processing (NLP) technology in healthcare is in a nascent stage, dominated by legacy vendors such as IBM Corporation (U.S.) and Google Inc. (U.S.) focusing on front-end speech recognition for computer-assisted physician documentation and back-end coding to optimize billing.
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On the basis of application, the artificial intelligence in healthcare market is segmented into patient data and risk analytics, medical imaging and diagnosis, drug discovery, precision medicine, hospital workflow, patient management, and other applications. Hospital workflow management application segment is estimated to account for the largest share of the overall artificial intelligence market in healthcare. The large share of this segment can be attributed to increasing implementation of machine learning, deep learning, and other detailed pattern recognition algorithms that provide clinical decision support while improving the efficiency of radiologists, pathologists, and other image-based diagnostics. Moreover, rising adoption of the artificial intelligence solutions in hospitals and clinics to manage the complicated work flow and customer service is also expected to support the growth of this market segment.
On the basis of end user, the artificial intelligence market in healthcare is segmented into hospitals and diagnostic centers; pharmaceutical and biopharmaceutical companies; healthcare payers; patients; and others (Accountable Care Organizations, clinical research organizations, and Managed Care Organizations). Hospitals and diagnostics centers end user segment is estimated to dominate the overall artificial intelligence in healthcare market during the forecast period, mainly due to increasing number of collaborations among hospitals and companies to develop and implement customized Al solutions. In addition, increasing focus towards development of precision medicine approaches further supports the growing adoption of AI by the hospitals and diagnostic centers.
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Geographically, artificial intelligence in healthcare market is sub-segmented into North America (U.S., Canada) Europe (Germany, France, Italy, Spain, U.K., and RoE), Asia-Pacific (Japan, China, India, RoAPAC), Latin America, and Middle East & Africa. While, North America will continue to dominate the global artificial intelligence market IN healthcare, the Asia Pacific region is expected to grow at a highest CAGR during the forecast period of 2018 to 2025. The growing technological innovation and demand from China is the primary driver for AI in healthcare market in the APAC region. Moreover, Japan, Korea, India, Taiwan, and Singapore have also announced national AI strategies, focusing on their own niche areas of strength whether it is in software, hardware, or services; which is further expected to support the growth of the AI in healthcare market in the APAC region in the coming years.
Artificial intelligence in healthcare market is fragmented owing to the presence of number of large-sized companies, mid-sized & small-sized companies, and many start-ups that provide artificial intelligence in healthcare industry. However, the companies that hold the majority share of artificial intelligence in healthcare market are Nvidia Corporation (U.S.), Intel Corporation (U.S.), IBM Corporation (U.S.), Alphabet, Inc. (U.S.), and Microsoft Corporation (U.S.). Other major companies operating in the global artificial intelligence market in healthcare are AntWorks (Singapore), Atomwise (U.S.), Babylon Health (U.K.), Carre Technologies inc. (Hexoskin) (U.S.), Deep Genomics (Canada), Enlitic, Inc. (U.S.), General Electric (GE) Company (U.S.), General Vision Inc. (U.S.), iCarbonX (China), Johnson & Johnson Services, Inc. (U.S.), Koninklijke Philips N.V. (Netherlands), Medtronic Plc (U.S.), Next IT Corp. (U.S.), Siemens Healthineers (A Division of Siemens AG) (Germany), Butterfly Network (U.S.), Welltok, Inc. (U.S.), and Zebra Medical Vision(Israel).