Owing to benefits such as improved delivery of healthcare and medicine, better care outcomes, enhanced productivity, efficiency of care delivery, speed and accuracy of diagnosis and screening for diseases, Artificial Intelligence in Healthcare is experiencing rapid adoption as opposed to traditional technologies or manual tasks done to collect, analyse, and give well-defined outputs, thus fostering growth in the global Artificial Intelligence in Healthcare market.
Covid-19 Impact & Market Status
Covid-19 has heavily impacted the market growth. And now the market is impacting due to new Covid variant Omricon identified by scientists in South Africa. This has led to variations in raw material prices, fluctuations in profit margin, mobility bans by governments, and market panic. The supply and demand side disruption is this affecting the economic recovery and market performance. At the same time, advent of powerful computational tools, cheap electronic storage, increasing implementation of AI in analysing electronic health records (EHRs) is driving the global artificial intelligence in healthcare market. This important new report on global artificial Intelligence in Healthcare market provides valuable insights to the market participants and strategies on how to maximize benefits, minimizing risks, and avoid market pitfalls. Furthermore, the competitive environment, financial details based on individual segments, challenges, and current as well as future investment opportunities are given in detail in this report.
Artificial Intelligence in Healthcare Type to Emerge as the Most Lucrative Segment
The market is classified into hardware, software and services based on offering. Among these, the software segment may record substantial revenue in the forecast span. The key factors such as reductions in human errors and more accurate diagnosis, reliable monitoring, automatic monitoring & report generation are major factors driving the demand of AI software in healthcare thereby boosting its revenue in the global market.
Neural networks and deep learning to Remain Atop
The market is classified into NLP, neural networks and deep learning, computer vision, rule based expert systems, physical robots, and others based on technology. Among these, the neural networks and deep learning technology segment accounted for highest CAGR in global Artificial Intelligence in Healthcare market. Neural networks and deep learning is proving to be extremely significant in recognition of potentially cancerous lesions in radiology images, and radiomics due to greater accuracy in diagnosis. This is the major factor increasing its use and demand in healthcare.
Industrial Applications to Ensure Revenue Maximization
The market is classified into diagnosis, treatment recommendations, patient engagement and adherence, administrative activities, new medicine discovery, MRI & ultrasounds, others based on applications in the global artificial Intelligence in Healthcare market. Among these, AI is greatly been used in diagnosis. The key factors such as cost savings, reduction is resources and time needed, enhanced accuracy, and AI diagnosis giving professionals the ability to leverage and optimize critical clinical decision are driving the demand for AI in diagnosis.
North American Region to Render Ample Investment Avenues
North America region especially the United States and Canada are the most mature markets for global artificial intelligence in healthcare market. Presence of technology giants line Intel, Microsoft, IBM, and others innovating AI for use in healthcare, increasing adoption of AI technologies, adoption of AI in hospitals & clinics, AI focused R&D activities for discovering new vaccines and medicines are the key factors propelling North America’s share in global artificial intelligence in healthcare market.
The need to increase the ability of healthcare professionals to better understand daily patterns, automate manual processes, freeing up resources and focus on optimizing care, service, and experience has increased the reliance on Artificial Intelligence in Healthcare.
Rapid end use applications such as diagnosis, treatment recommendations, patient engagement and adherence, administrative activities are fostering remarkable progress in the global Artificial Intelligence in Healthcare market.
Advantages such as superlative capabilities for diagnosing diseases and medicine delivery, robot assisted surgeries, early detection of symptoms and triage, better patient care and medication management, early detection of covid with AI, and its use during the pandemic for early detection and diagnosis of infection by computed therapy encourage further adoption. These factors collectively influence thumping growth in the global Artificial Intelligence in Healthcare market, ensuring overall market size of 68.90 Bn USD by 2028 with and annual growth rate of 34.57% through the forecast span.
Artificial Intelligence in Healthcare is the use of machine learning algorithms and software to mimic human cognition in the data analysis, presentation, and comprehension of complex healthcare and medical data. AI in healthcare is uniquely designed to improve delivery in healthcare and medicine. AI is therefore being used extensively in healthcare.
Factors such as increasing enthusiasm in the healthcare research and development community for using artificial intelligence to provide big data analytics and improved decision making, better analysis of complex healthcare big data, improved analysis of complex data contained in electronic health records (EHRs), etc have made superlative progress of global Artificial Intelligence in Healthcare market.
However, ethical issues in the application of AI to healthcare, inaccurate data for decision making, exponential growth of healthcare data, enormous pressure on healthcare systems and equipment are major factors likely to hamper market growth. Furthermore, advent of powerful computational tools, cheap electronic storage, increasing implementation of AI in analysing electronic health records (EHRs) are anticipated to be great opportunities for global Artificial Intelligence in Healthcare market.
The major companies ranking on top in AI innovation in healthcare are Intel, Pillo, Ginger.io, Cylance, Desktop Genetics, Qventus, Gauss Surgical, MDLIVE, Babylon Health, Welltok, Atomwise, Recursion Pharmaceuticals, FDNA, Cota, Precision Health AI, Qure.ai, Lunit, Enlitic, Oncora Medical, CloudmedX, General Vision, Johnson & Johnson, Amazon Web Services, Micron Technology, Medtronic, General Electric Company, Google, Nvidia, Healthineers, Siemens, IBM, Microsoft, and Philips among all the well-established and emerging players.
Latest Innovations in the Global Artificial Intelligence in Healthcare Market: a Snapshot
- CVS Pharmacy has teamed up with IBM Watson Advertising for using IBM’s AI technology to encourage people to take their flu shots. The AI technology will be used to create personalized mobile messages that will identify the high risk areas and alert the people in the area before the flu hits.
- Intel, AMAX, and Winning Health Technology recently collaborated to innovate and optimise application of AI assisted devices in healthcare and leverage its applications in medical industry.
Artificial Intelligence in Healthcare Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2028||68.90 Bn USD|
|Growth Rate||CAGR of 34.57% during 2021-2028|
|Segment Covered||Offering, Technology, Application, Regions|
|Regions Covered||North America, Europe, South America, Middle East and South Africa|
|Key Players Profiled||Intel, Pillo, Ginger.io, Cylance, Desktop Genetics, Qventus, Gauss Surgical, MDLIVE, Babylon Health, Welltok, Atomwise, Recursion Pharmaceuticals, FDNA, Cota, Precision Health AI, Qure.ai, Lunit, Enlitic, Oncora Medical, CloudmedX, General Vision, Johnson & Johnson, Amazon Web Services, Micron Technology, Medtronic, General Electric Company, Google, Nvidia, Healthineers, Siemens, IBM, Microsoft, and Philips among all the well-established and emerging players.|
Key Segments of the Global Artificial Intelligence in Healthcare Market
Offering Overview, 2018-2028 (USD Billion)
Technology Overview, 2018-2028 (USD Billion)
- Neural networks and deep learning
- Computer vision
- Rule based expert systems
- physical robots
Application Overview, 2018-2028 (USD Billion)
- Treatment recommendations
- Patient engagement and adherence
- Administrative activities
- New medicine discovery
- MRI & ultrasounds
Regional Overview, 2018-2028 (USD Billion)
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
Middle East and South Africa