The global Artificial Intelligence In Healthcare market size is expected to be worth around US$ 31.10 billion by 2028, according to a new report by Vision Research Reports.
The global Artificial Intelligence In Healthcare market size was valued at US$ 2.10 billion in 2020 and is anticipated to grow at a CAGR of 41.10% during forecast period 2021 to 2028.
The rising demand to reduce healthcare costs, increasing adoption of precision medicine, growing importance of big data in healthcare, and declining hardware costs are some factors propelling adoption of AI technology in healthcare industry. Moreover, rise in potential applications of AI-based tools in medical care and growth in venture capital investments are anticipated to aid growth over the forecast period.
Rise in the number of cross-industry collaborations is anticipated to fuel growth. For instance, in March 2020,Microsoft announced partnership with Apollo Hospitals, one of the prominent healthcare systems in India. The partnership was focused on developing and deploying new machine learning models for predicting the risk of developing cardiac diseases and aid doctors in treatment planning. Increase in venture capital funding is a key factor propelling growth of AI start-ups, which is further contributing to market growth.
The adoption of AI in healthcare is increasing, as healthcare providers are focused on enhancing patient care further. The adoption of this technology in healthcare has various benefits, both patients and healthcare providers. AI enables personalized care, based on body constitution and past medical history. Moreover, the shortage of physicians in some countries is anticipated to increase demand for AI in healthcare.
Software solutions segment held the largest share in the artificial intelligence in healthcare market in 2020. The development of AI-based software solutions for healthcare is one of the key factors boosting segment growth. For instance, Nuance Communications develops a software named Dragon Medical One. According to Nuance Communications, this software can help healthcare companies as well as providers transcribe a physician’s speech into an Electronic Health Record (EHR) via natural language processing. Companies such as Google, IBM, and Microsoft are develop and offer machine learning framework.
Hardware segment is expected to grow with a CAGR 40.03% over the forecast period. The growing need for hardware platforms with high computing power to operate several AI-based software is one of the major factors contributing to segment growth. Processors such as ASICs, MPUs, GPUs, and FPGAs are used in AI-based platforms designed for use in healthcare.
The growth of services segment can majorly be attributed to the rising need for integration and deployment of AI solutions. Moreover, the rise in adoption of AI platforms in the healthcare sector has increased the need for maintenance and support services, which are imperative to keep the devices functional.
Clinical trials emerged as the largest segment in terms of application and was valued at USD 620.5 million in 2020. Unsuccessful clinical trials generally lead to delay/failure of launch of drug candidates in the market. In order to automate clinical trial processes, pharmaceutical companies are focusing on integrating them with artificial intelligence. According to an analysis published by Accenture, the annual value for clinical trial participant identifier is estimated to reach USD 13 billion by 2026 on using this technology.
The adoption of artificial intelligence in robotic-assisted surgery platforms is anticipated to grow at significant pace and the segment is expected to show a lucrative CAGR over the forecast period. Such robots can integrate information from actual surgical experiences to form new improved insights. Such improvement is expected to enhance overall surgical outcome, thereby, enhancing consumer trust on AI integration across surgery centers.
North America dominated the global market. Rising adoption of healthcare IT solutions, well-established healthcare sector, and availability of funding for developing AI capabilities are some of the factors contributing to the growth of the market in the region. The U.S. held the largest revenue share in North America, and is anticipated to maintain its position over the forecast period. Advancements in technology and several government initiatives are aiding adoption of digital platforms in life sciences, which can also be attributed to this share.
Nuance Communications, Inc.
DeepMind Technologies Limited
Administrative Workflow Assistants
Dosage Error Reduction
Middle East & Africa
The Artificial Intelligence In Healthcare market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Artificial Intelligence In Healthcare market for the base year 2020 and the forecast between 2021 and 2028. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Artificial Intelligence In Healthcare market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Artificial Intelligence In Healthcare market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Artificial Intelligence In Healthcare market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Artificial Intelligence In Healthcare capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Artificial Intelligence In Healthcare by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Artificial Intelligence In Healthcare market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2028. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Artificial Intelligence In Healthcare market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Artificial Intelligence In Healthcare market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the Artificial Intelligence In Healthcare industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
The Artificial Intelligence In Healthcare market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Artificial Intelligence In Healthcare market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Artificial Intelligence In Healthcare market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Artificial Intelligence In Healthcare market. These factors have benefited the growth of the global market for Artificial Intelligence In Healthcare. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Artificial Intelligence In Healthcare. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
In this study, the years considered to estimate the market size of Artificial Intelligence In Healthcare are as follows:
Reasons to Purchase this Report:
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
Market Size Estimation
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).
The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.
Market Breakdown and Data Triangulation
After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.
Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.
The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.
The study objectives of this report are:
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