DUBLIN–(BUSINESS WIRE)–The “Healthcare Artificial Intelligence Market – Global Forecast to 2027” report has been added to ResearchAndMarkets.com’s offering.
The global healthcare artificial intelligence (AI) market is expected to grow at a CAGR of 41.4% from 2020 to 2027 to reach $51.3 billion by 2027.
The growth in the healthcare artificial intelligence market is mainly attributed to the factors such as rising venture capital investment for artificial intelligence in healthcare sector, growing demand for personalized therapy, positive impact due to COVID-19, rising demand to reduce healthcare costs, and rise in volume and complexities in healthcare datasets. Moreover, the growing potential of AI based tools for treatment of chronic illness and its growing implementation in clinical trials provide growth opportunities for players operating in the healthcare artificial intelligence market.
On the basis of product & services, the software segment is estimated to command the largest share of the healthcare artificial intelligence market in 2020. The large share of this segment is mainly attributed to the factors such as its ability to reduce operational or administrative complexity, acceleration of data analysis with high accuracy, and rise in the software launch by the medical devices and healthcare IT companies. Further, due to the COVID-19 pandemic since November 2019, there is an expansion in the software solutions which helps the healthcare specialists to track the disease progression and recovery in COVID-19 patients thereby helping in the crisis situation.
On the basis of technology, the natural language processing (NLP) segment is estimated to command the largest share of the overall healthcare artificial intelligence market in 2020. The factors such as ability to collect large amount of data and handle big data, offering of organized physician documentation, and efficient back-end coding to optimize billing procedure are the major factors responsible for the largest share of this segment.
On the basis of application, the hospital workflow management segment is estimated to hold the largest share of the overall market in 2020. However, the drug discovery segment is slated to grow with the fastest CAGR during the forecast period, due to the growing implementation of AI by pharmaceutical and biotechnology companies to derive the successful drug product in shorter times and low cost.
On the basis of end user, the hospitals and diagnostic centers segment is estimated to command the largest share of the overall healthcare artificial intelligence market in 2020. However, the healthcare payers segment is slated to grow at the fastest CAGR during the forecast period, due to growth in opting for healthcare insurance; and increasing inclination of healthcare facilities to have organized billing and accounts, health claims, and healthcare IT operations in their premises.
North America is estimated to command the largest share of the overall healthcare artificial intelligence market in 2020, followed by Europe, Asia-Pacific, Latin America, and Middle East & Africa. However, Asia Pacific is expected to grow at the fastest CAGR during the forecast period.
The factors driving the growth of the Asia Pacific healthcare artificial intelligence market are growing need for coordination between healthcare workforce & patients, rise in adoption of precision medicine, growing prevalence of diseases, and remarkable growth in venture capital investments. In addition to this, the factors such as significant use of big data in the healthcare sector, growing technological innovation, and demand from China are also supporting the growth of the healthcare AI market in the APAC region
Key Topics Covered:
2. Research Methodology
3. Executive Summary
4. Market Insights
4.1. Market Overview
4.2.1. Rising Venture Capital Investments in Artificial Intelligence for the Healthcare Sector
4.2.2. Acquisition of Small Healthcare AI Players by Big Companies to Offer Better AI Solutions
4.2.3. Growing Demand for Personalized Therapy
4.2.4. Rising Need to Reduce Healthcare Costs
4.2.5. Rise in the Volume and Complexities Associated with Healthcare Datasets
4.2.6. Growing Shortage of the Healthcare Workforce
4.2.7. The Impact of COVID-19
4.3.1. Reluctance in the Adoption of AI Technologies Due to Lack of Trust
4.4.1. Growing Potential of AI-Based Tools in the Treatment of Chronic and Infectious Diseases
4.4.2. AI in Robotic Surgery
4.4.3. Growing Incorporation of AI in Clinical Trials to Accelerate New Drug Launches
4.5.1. Practical Implementation of AI in Healthcare
4.5.2. Discrepancies Arising Due to Upgrades and Human Barriers to AI Adoption
5. Global Healthcare Artificial Intelligence Market, by Product & Solution
6. Healthcare Artificial Intelligence Market, by Technology
6.2. Natural Language Processing
6.3. Context-Aware Processing
6.4. Machine Learning
6.5. Querying Method
7. Global Healthcare Artificial Intelligence Market, by Application
7.2. Drug Discovery
7.3. Hospital Workflow Management
7.4. Patient Data & Risk Analytics
7.5. Medical Imaging & Diagnosis
7.6. Patient Management
7.7. Precision Medicine
8. Healthcare Artificial Intelligence Market, by End User
8.2. Hospitals & Diagnostic Centers
8.3. Pharmaceutical & Biotechnology Companies
8.4. Healthcare Payers
9. Healthcare Artificial Intelligence Market, by Geography
10. Competitive Landscape
10.2. Key Growth Strategies
10.3. Competitive Benchmarking
10.4. Market Share Analysis (2019)
10.4.1. Microsoft Corporation (U.S.)
10.4.2. GE Healthcare (U.S.)
10.4.3. IBM Corporation (U.S.)
11. Company Profiles
- Microsoft Corporation (U.S.)
- Alphabet Inc. (U.S.)
- NVIDIA Corporation (U.S.)
- General Vision Inc (U.S.)
- Intel Corporation (U.S.)
- IBM Corporation (U.S.)
- Welltok Inc. (U.S.)
- General Electric Company (U.S.)
- Verint Systems Inc. (U.S.)
- iCarbonX (China)
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