Overview

Artificial Intelligence in Healthcare Market is estimated to value over USD 65.3 billion by 2029 end and is expected to register a CAGR of over 44% during the forecast period 2020 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.

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

Impact of COVID-19 on Artificial Intelligence in Healthcare Market:

Microsoft have mobilized their AI for healthcare initiative to emphasize on assisting the healthcare personnel working on the frontline for COVID-19 research. They are primarily focusing on five specific areas and have dedicated over USD 20 million for this initiative. They have established some crucial partnerships for fighting COVID-19. The COVID-19 High Performance Computing Consortium, which is an initiative led by the White House Office of Science and Technology Policy, has been provided access to some of the most powerful computing sources for research purposes. This can substantially pace up scientific discoveries for developing appropriate vaccines to fight the virus. Furthermore, The Institute for Health Metrics and Evaluation which is a health research organization from the UWSCM, has released a visualization and forecast data set for COVID-19 that has been actively used by the FEMA, White House, hospitals and governors for mobilizing resources. Such initiatives shall reinforce the growth of the market.

Artificial Intelligence in Healthcare Market

Artificial Intelligence in Healthcare Market Segmentation:

By Technology
• Natural Language Processing (NLP)
• Machine Learning
o Deep Learning
o Supervised Learning
o Unsupervised Learning
o Reinforcement Learning
o Others
• Context-Aware Computing
• Computer Vision

By Offering
• Software
o AI Solutions
o On-Premises
o Cloud
o AI Platform
o Machine Learning Framework
o Application Program Interface
• Hardware
o Processor
o MPU
o GPU
o FPGA
o ASIC
o Memory
o Network
• Services
o Deployment & Integration
o Support & Maintenance

By Application
• In-Patient Care & Hospital
• Patient Data and Risk Analysis
• Medical Imaging & Diagnostics
• Lifestyle Management & Monitoring
• Virtual Assistant
• Healthcare Assistant Robots
• Wearable
• Drug Discovery
• Research
• Precision Medicine
• Emergency Room & Surgery
• Mental Health
• Cybersecurity

By End User
• Hospitals & Healthcare Providers
• Patients
• Pharmaceuticals & Biotechnology Companies
• Healthcare Payers
• Others (ACOS and MCOS)

By Region
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

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.
• Micron Technology
• Amazon Web Services
• Intel
• Nvidia
• Google
• Microsoft
• NVIDIA Corporation
• General Vision, Inc.
• General Electric (GE) Healthcare
• Siemens Healthineers
• Medtronic plc
• Siemens Healthineers

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 market by technology, by offering, by application, by end user and by region
• 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 Middle East and Africa.
• 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

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