Abstract
Summary
The global AI in healthcare market was valued at $8.23 Billion in 2020, and is projected to reach $194.14 billion by 2030, growing at a CAGR of 38.1% from 2021 to 2030.
Artificial intelligence (AI) can be defined as the science and engineering adopted to design intelligent machines, especially intelligent computer programs. AI is an intelligent system that 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. AI is widely applicable in medication management, treatment plans, and drug discovery.
The impact of COVID-19 pandemic is expected to remain positive for the AI in healthcare market owing to increase in usage of AI tools to detect & diagnose the virus and retorting to the outbreak through personalized information and learning, one of them being AI in healthcare. For instance, In February 2020, British AI-startup Benevolent AI published article in which AI tools are used to identify approved drugs that might block the viral replication process of SARS-CoV-2.
In addition, as per study the artificial intelligence in healthcare market is projected to boost the growth in future as many key players such as IBM, and Microsoft are using AI technologies to add value to their customers.
Moreover, IBM has made its AI platform ‘Watson Assistant for Citizens’ on the public cloud available free of charge for at least 90 days. It helps people to recognize and respond to queries about COVID-19. For Instance, in April 2020, Microsoft investment $20 million to help in COVID-19 research with the use of artificial intelligence technology and data sciences, mainly focusing on hospital resources, diagnostics, and other critical areas. Thus, AI has emerged as a boon to control the COVID-19 pandemic.
The growth of the global AI in healthcare market is driven by the ability of AI to improve patient outcomes, need to increase coordination between healthcare workforce & patients, increase in adoption of precision medicine, and a notable rise in venture capital investments. In addition, rise in importance of big data in healthcare is expected to fuel the market growth. Furthermore, technological advancements in AI systems are anticipated to augment the market growth. Prospective of AI-based tools for elderly care and the untapped potential of emerging markets, such as China and India, are expected to present various opportunities for market expansion.
However, an imprecise regulatory scenario and reluctance among healthcare professionals to adopt AI-based technologies are expected to hamper the market growth.
The AI in healthcare market is segmented on the basis of offering, algorithm, application, end user, and region. By offering, the market is divided into hardware, software, and services. By algorithm, it is classified into deep learning, querying method, natural language processing, and context aware processing. By application, it is fragmented into robot-assisted surgery, virtual nursing assistant, administrative workflow assistance, fraud detection, dosage error reduction, clinical trial participant identifier, preliminary diagnosis, and others. By end user, it is categorized into healthcare providers, pharmaceutical & biotechnology companies, patients, and payers. Region-wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Some of the key players operating in the global AI in healthcare market include Welltok, Inc., Intel Corporation, NVidia Corporation, Google Inc., IBM Corporation, Microsoft Corporation, General Vision, Inc., Enlitic, Inc., Next IT Corporation, ICarbonX, Shimadzu Recursion Pharmaceuticals, Inc., Siemens Healthineers, General Electric (GE) Company, Koninklijke Philips N.V., Cloudmedx, Inc., and Bay Labs, Inc.
KEY BENEFITS FOR STAKEHOLDERS
• This report entails a detailed quantitative analysis along with the current AI in healthcare market trends from 2020 to 2030 to identify the prevailing opportunities along with the strategic assessment.
• The global AI in healthcare market forecast is studied from 2020 to 2030.
• The market size and estimations are based on a comprehensive analysis of key developments in the AI in healthcare industry.
• A qualitative analysis based on innovative products facilitates strategic business planning.
• The development strategies adopted by the key market players are enlisted to understand the competitive scenario of the global AI in healthcare market.
KEY MARKET SEGMENTS
By Offering
• Hardware
• Software
• Services
By Algorithms
• Deep Learning
• Querying Method
• Natural Language Processing
• Context Aware Processing
By Application
• Robot-assisted Surgery
• Virtual Nursing Assistant
• Administrative Workflow Assistance
• Fraud Detection
• Dosage Error Reduction
• Clinical Trial Participant Identifier
• Preliminary Diagnosis
• Others
By End User
• Healthcare Providers
• Pharmaceutical & Biotechnology Company
• Patients
• Payers
By Region
• North America
o U.S.
o Canada
o Mexico
• Europe
o Germany
o France
o UK
o Italy
o Spain
o Rest of Europe
• Asia-Pacific
o Japan
o China
o India
o Australia
o Rest of Asia-Pacific
• LAMEA
o Brazil
o South Africa
o Saudi Arabia
o Rest of LAMEA
KEY MARKET PLAYERS
• Welltok, Inc.
• Intel Corporation
• Nvidia Corporation
• Google Inc.
• IBM Corporation
• Microsoft Corporation
• General Vision, Inc.
• Enlitic, Inc.
• Next IT Corporation
• iCarbonX
List of other players in the value chain (profiles not included in the report):
• Shimadzu Recursion Pharmaceuticals, Inc.
• Siemens Healthineers
• General Electric (GE) Company
• Koninklijke Philips N.V.
• Cloudmedx, Inc.
• Bay Labs, Inc.
Table of Contents
1 INTRODUCTION
1.1 Report description
1.2 Key benefits for stakeholders
1.3 Key market segments
1.4 Research methodology
1.4.1 Secondary research
1.4.2 Primary research
1.4.3 Analyst tools and models
2 EXECUTIVE SUMMARY
2.1 CXO perspective
3 MARKET OVERVIEW
3.1 Market definition and scope
3.2 Key findings
3.2.1 Top investment pockets
3.2.2 Top winning strategies
3.2.3 Top Player Positioning
3.3 Subsidy programs and funding
3.4 Porter’s five forces analysis
3.5 Regulations and reimbursement scenario
3.6 Market dynamics
3.6.1 Drivers
- 3.6.1.1 Increase in processing power of AI systems leading to enhanced AI capabilities
- 3.6.1.2 Dearth of skilled healthcare professionals
- 3.6.1.3 Application of AI for novel surgeries and screening
3.6.2 Restraints
- 3.6.2.1 Limitations of AI decision-making
- 3.6.2.2 Limited acceptance from healthcare professionals owing to risk of injury and misinterpretation
3.6.3 Opportunities
- 3.6.3.1 Untapped market in developing regions
3.6.4 Impact analysis
3.7 Impact of Covid-19 on the market
4 ARTIFICIAL INTELLIGENCE IN HEALTHCARE MARKET, BY OFFERING
4.1 Overview
4.1.1 Market size and forecast
4.2 Hardware
4.2.1 Key market trends and opportunities
4.2.2 Market size and forecast
4.2.3 Market analysis, by country
4.3 Software
4.3.1 Key market trends and opportunities
4.3.2 Market size and forecast
4.3.3 Market analysis, by country
4.4 Services
4.4.1 Key market trends and opportunities
4.4.2 Market size and forecast
4.4.3 Market analysis, by country
5 ARTIFICIAL INTELLIGENCE IN HEALTHCARE MARKET, BY ALGORITHM
5.1 Overview
5.1.1 Market size and forecast
5.2 Deep learning
5.2.1 Market size and forecast
5.2.2 Market analysis, by country
5.3 Querying method
5.3.1 Market size and forecast
5.3.2 Market analysis, by country
5.4 Natural language processing
5.4.1 Market size and forecast
5.4.2 Market analysis, by country
5.5 Context aware processing
5.5.1 Market size and forecast
5.5.2 Market analysis, by country
6 ARTIFICIAL INTELLIGENCE IN HEALTHCARE MARKET, BY APPLICATION
6.1 Overview
6.1.1 Market size and forecast
6.2 Robot-assisted surgery
6.2.1 Market size and forecast
6.2.2 Market analysis, by country
6.3 Virtual nursing assistant
6.3.1 Market size and forecast
6.3.2 Market analysis, by country
6.4 Administrative workflow assistance
6.4.1 Market size and forecast
6.4.2 Market analysis, by country
6.5 Fraud detection
6.5.1 Market size and forecast
6.5.2 Market analysis, by country
6.6 Dosage error reduction
6.6.1 Market size and forecast
6.6.2 Market analysis, by country
6.7 Clinical trial participant identifier
6.7.1 Market size and forecast
6.7.2 Market analysis, by country
6.8 Preliminary diagnosis
6.8.1 Market size and forecast
6.8.2 Market analysis, by country
6.9 Others
6.9.1 Market size and forecast
6.9.2 Market analysis, by country
7 ARTIFICIAL INTELLIGENCE IN HEALTHCARE MARKET, BY END USER
7.1 Overview
7.1.1 Market size and forecast
7.2 Healthcare providers
7.2.1 Market size and forecast
7.2.2 Market analysis, by country
7.3 Pharmaceuticals & biotechnology companies
7.3.1 Market size and forecast
7.3.2 Market analysis, by country
7.4 Patients
7.4.1 Market size and forecast
7.4.2 Market analysis, by country
7.5 Payer
7.5.1 Market size and forecast
7.5.2 Market analysis, by country
8 ARTIFICIAL INTELLIGENCE IN HEALTHCARE MARKET, BY REGION
8.1 Overview
8.1.1 Market size and forecast
8.2 North America
8.2.1 Key market trends and opportunities
8.2.2 Market size and forecast, by country
8.2.3 Market size and forecast, by offering
8.2.4 Market size and forecast, by algorithms
8.2.5 Market size and forecast, by application
8.2.6 Market size and forecast, by end user
8.2.8 U.S
- 8.2.8.1 U.S. Market size and forecast, by offering
- 8.2.8.2 U.S. Market size and forecast, by algorithms
- 8.2.8.3 U.S. Market size and forecast, by application
- 8.2.8.4 U.S. Market size and forecast, by end user
8.2.9 Canada
- 8.2.9.1 Canada Market size and forecast, by offering
- 8.2.9.2 Canada Market size and forecast, by algorithms
- 8.2.9.3 Canada Market size and forecast, by application
- 8.2.9.4 Canada Market size and forecast, by end user
- 8.2.9.5 Mexico Market size and forecast, by offering
- 8.2.9.6 Mexico Market size and forecast, by algorithms
- 8.2.9.7 Mexico Market size and forecast, by application
- 8.2.9.8 Mexico Market size and forecast, by end user
8.3 Europe
8.3.1 Key market trends and opportunities
8.3.2 Market size and forecast, by country
8.3.3 Market size and forecast, by offering
8.3.4 Market size and forecast, by algorithms
8.3.5 Market size and forecast, by application
8.3.6 Market size and forecast, by end user
- 8.3.6.1 Germany Market size and forecast, by offering
- 8.3.6.2 Germany Market size and forecast, by algorithms
- 8.3.6.3 Germany Market size and forecast, by application
- 8.3.6.4 Germany Market size and forecast, by end user
- 8.3.6.5 France Market size and forecast, by offering
- 8.3.6.6 France Market size and forecast, by algorithms
- 8.3.6.7 France Market size and forecast, by application
- 8.3.6.8 France Market size and forecast, by end user
- 8.3.6.9 UK Market size and forecast, by offering
- 8.3.6.10 UK Market size and forecast, by algorithms
- 8.3.6.11 UK Market size and forecast, by application
- 8.3.6.12 UK Market size and forecast, by end user
- 8.3.6.13 Italy Market size and forecast, by offering
- 8.3.6.14 Italy Market size and forecast, by algorithms
- 8.3.6.15 Italy Market size and forecast, by application
- 8.3.6.16 Italy Market size and forecast, by end user
- 8.3.6.17 Spain Market size and forecast, by offering
- 8.3.6.18 Spain Market size and forecast, by algorithms
- 8.3.6.19 Spain Market size and forecast, by application
- 8.3.6.20 Spain Market size and forecast, by end user
- 8.3.6.21 Rest of Europe Market size and forecast, by offering
- 8.3.6.22 Rest of Europe Market size and forecast, by algorithms
- 8.3.6.23 Rest of Europe Market size and forecast, by application
- 8.3.6.24 Rest of Europe Market size and forecast, by end user
8.4 Asia-Pacific
8.4.1 Key market trends and opportunities
8.4.2 Market size and forecast, by offering
8.4.3 Market size and forecast, by algorithms
8.4.4 Market size and forecast, by application
8.4.5 Market size and forecast, by end user
8.4.6 Market size and forecast, by country
- 8.4.6.1 Japan Market size and forecast, by offering
- 8.4.6.2 Japan Market size and forecast, by algorithms
- 8.4.6.3 Japan Market size and forecast, by application
- 8.4.6.4 Japan Market size and forecast, by end user
- 8.4.6.5 China Market size and forecast, by offering
- 8.4.6.6 China Market size and forecast, by algorithms
- 8.4.6.7 China Market size and forecast, by application
- 8.4.6.8 China Market size and forecast, by end user
- 8.4.6.9 Australia Market size and forecast, by offering
- 8.4.6.10 Australia Market size and forecast, by algorithms
- 8.4.6.11 Australia Market size and forecast, by application
- 8.4.6.12 Australia Market size and forecast, by end user
- 8.4.6.13 India Market size and forecast, by offering
- 8.4.6.14 India Market size and forecast, by algorithms
- 8.4.6.15 India Market size and forecast, by application
- 8.4.6.16 India Market size and forecast, by end user
- 8.4.6.17 South Korea Market size and forecast, by offering
- 8.4.6.18 South Korea Market size and forecast, by algorithms
- 8.4.6.19 South Korea Market size and forecast, by application
- 8.4.6.20 South Korea Market size and forecast, by end user
- 8.4.6.21 Taiwan Market size and forecast, by offering
- 8.4.6.22 Taiwan Market size and forecast, by algorithms
- 8.4.6.23 Taiwan Market size and forecast, by application
- 8.4.6.24 Taiwan Market size and forecast, by end user
- 8.4.6.25 Rest of Asia-Pacific Market size and forecast, by offering
- 8.4.6.26 Rest of Asia-Pacific Market size and forecast, by algorithms
- 8.4.6.27 Rest of Asia-Pacific Market size and forecast, by application
- 8.4.6.28 Rest of Asia-Pacific Market size and forecast, by end user
8.5 LAMEA
8.5.1 Key market trends and opportunities
8.5.2 Market size and forecast, by offering
8.5.3 Market size and forecast, by algorithms
8.5.4 Market size and forecast, by application
8.5.5 Market size and forecast, by end user
8.5.6 Market size and forecast, by country
- 8.5.6.1 Brazil Market size and forecast, by offering
- 8.5.6.2 Brazil Market size and forecast, by algorithms
- 8.5.6.3 Brazil Market size and forecast, by application
- 8.5.6.4 Brazil Market size and forecast, by end user
- 8.5.6.5 Saudi Arabia Market size and forecast, by offering
- 8.5.6.6 Saudi Arabia Market size and forecast, by algorithms
- 8.5.6.7 Saudi Arabia Market size and forecast, by application
- 8.5.6.8 Saudi Arabia Market size and forecast, by end user
- 8.5.6.9 South Africa Market size and forecast, by offering
- 8.5.6.10 South Africa Market size and forecast, by algorithms
- 8.5.6.11 South Africa Market size and forecast, by application
- 8.5.6.12 South Africa Market size and forecast, by end user
- 8.5.6.13 Rest of LAMEA Market size and forecast, by offering
- 8.5.6.14 Rest of LAMEA Market size and forecast, by algorithms
- 8.5.6.15 Rest of LAMEA Market size and forecast, by application
- 8.5.6.16 Rest of LAMEA Market size and forecast, by end user
9 COMPANY PROFILES
9.1 Alphabet Inc. (Google Inc.)
9.1.1 Company overview
9.1.2 Operating business segments
9.1.3 Product portfolio
9.1.4 Business performance
9.2 Enlitic Inc
9.2.1 Company overview
9.2.2 Company snapshot
9.2.3 Product portfolio
9.2.4 Key strategic moves and developments
9.3 General Vision
9.3.1 Company overview
9.3.2 Company snapshot
9.3.3 Operating business segments
9.3.4 Product portfolio
9.3.5 Key strategic moves and developments
9.4 iCarbonX
9.4.1 Company overview
9.4.2 Company snapshot
9.4.3 Product portfolio
9.5 Intel Corporation
9.5.1 Company overview
9.5.2 Company snapshot
9.5.3 Operating business segments
9.5.4 Product portfolio
9.5.5 Business performance
9.5.6 Key strategic moves and developments
9.6 IBM Corporation
9.6.1 Company overview
9.6.2 Company snapshot
9.6.3 Operating business segments
9.6.4 Product portfolio
9.6.5 Business performance
9.6.6 Key strategic moves and developments
9.7 Microsoft Corporation
9.7.1 Company overview
9.7.2 Company snapshot
9.7.3 Operating business segments
9.7.4 Product portfolio
9.7.5 Business performance
9.7.6 Key strategic moves and developments
9.8 Nvidia Corporation
9.8.1 Company overview
9.8.2 Company snapshot
9.8.3 Operating business segments
9.8.4 Product portfolio
9.8.5 Business performance
9.8.6 Key strategic moves and developments
9.9 Next IT Corp
9.9.1 Company overview
9.9.2 Company snapshot
9.9.3 Operating business segments
9.9.4 Product portfolio
9.10 Welltok Inc
9.10.1 Company overview
9.10.2 Company snapshot
9.10.3 Operating business segments
9.10.4 Product portfolio
9.10.5 Key strategic moves and developments