Artificial Intelligence in Healthcare Market: Industry Trends, Share, Size and Forecast Report

Overview

Global Artificial Intelligence in Healthcare Market is estimated to value over USD 37 billion by 2029 end and is expected to register a CAGR of over 50% during the forecast period 2019 to 2029.

Artificial Intelligence (AI) is mainly applicable in treatment procedures, medication management and drug discovery. Increasing demand for treatments customised according to the requirements of an individual patient is predicted to boost the market growth. Furthermore, AI technology is employed to implement data mining to accelerate healthcare delivery services will increase the adoption of AI technology worldwide. Additionally, the emanation of promising and novel applications for diagnosis and monitoring of diseases will prove to be an integral factor responsible for the significant market growth.

Global Artificial Intelligence in Healthcare Market Overview:
Based on technology, the market is bifurcated into natural language processing (NLP), machine learning, context-aware computing and computer vision. Machine learning segment is further sub-segmented as deep learning, supervised learning, unsupervised learning and reinforcement learning.

In terms of offering, the market is categorised as software, hardware and services. The hardware segment further bifurcated into processor and memory while the services segment is further sub-segmented as deployment and integration and support & maintenance.

Depending on the end-use application, the market is bifurcated into in-patient care & hospital, patient data and risk analysis, medical imaging & diagnosis, lifestyle management & monitoring, virtual assistant, healthcare assistant robots, wearable and mental health. Apple watch series 4 was recently granted de novo status making it a class 2 medical device. This has opened new opportunities for the wearables segment to exhibit a soaring market growth globally.

End-user-wise, the market is categorised as patients, hospitals, biotechnology companies and high-tech hospitals & research labs

Global Artificial Intelligence in Healthcare Market Segmentation:
1. By Region
• North America
• Europe
• Asia Pacific
• Latin America
• Rest of the World

2. By Technology
• Natural Language Processing (NLP)
• Machine Learning
o Deep Learning
o Supervised Learning
o Unsupervised Learning
o Reinforcement Learning

• Context-Aware Computing
• Computer Vision

3. By Offering
• Software

• Hardware
o Processor
o Memory

• Services
o Deployment & Integration
o Support & Maintenance

4. By End-Use Application
• In-Patient Care & Hospital
• Patient Data and Risk Analysis
• Medical Imaging & Diagnostics
• Lifestyle Management & Monitoring
• Virtual Assistant
• Healthcare Assistant Robots
• Wearable
• Mental Health

5. By End User
• Patients
• Hospitals
• Biotechnology Companies
• High-tech Hospitals and Research Labs

Competitive Landscape:
• Tier 1 players- established companies in the market with a major market share
• Tier 2 players
• Emerging players which are growing rapidly
• New Entrants

Key Market Players:
• IBM (Watson Health)
• AiCure
• APIXIO Inc.
• iCarbonX
• Insilico Medicine Inc.
• Sophia Genetics
• Welltok
• Zebra Medical Vision Ltd.

FutureWise Key Takeaways:
• With an ever-increasing patient population, the healthcare database volume shall be consistently increasing thus making the AI technology more crucial for database management
• Deep learning technology is currently at its nascent stage and further advancements in this technology shall expand the market significantly

Objectives of the Study:

• To provide with an exhaustive analysis on the artificial intelligence in healthcare market by region, by technology, by offering, by end-use application, by end user
• To cater comprehensive information on factors impacting market growth (drivers, restraints, opportunities, and industry-specific restraints)
• To evaluate and forecast micro-markets and the overall market
• To predict the market size, in key regions (along with countries)— North America, Europe, Asia Pacific, Latin America and rest of the world
• To record evaluate and competitive landscape mapping- product launches, technological advancements, mergers and expansions
• Profiling of companies to evaluate their market shares, strategies, financials and core competencies