Global Artificial Intelligence (AI) in Healthcare Market Outlook, Trend and Opportunity Analysis, Competitive Insights, Actionable Segmentation & Forecast 2024

Industry : Healthcare Date : December 11th, 2018
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Global Artificial Intelligence (AI) in Healthcare market is expected to grow significantly from USD 1.12 billion in 2017 to USD 19.9 billion in 2024, at a CAGR of 48.7% during 2018-2024. The growth in the market is attributed to the growing adoption of AI in medical research, limited number of healthcare professionals to cure patients, and increasing demand for precision medicine. Moreover, rising healthcare applications of AI, and increasing capital investments in AI are further propelling the market growth. The years used for the assessment are as follows;

Historical year: 2014, 2015, and 2016

Base year: 2017

Forecast period: 2018 – 2024

RESEARCH METHODOLOGY

The research and analysis is based on the data and information obtained from various primary and secondary sources. The data obtained is validated by interacting with the companies of the concerned domain. The steps involved in the research methodology are;

  • Obtaining historical data of the market based on news, articles, publications, government websites, annual reports, press releases, white papers, surveys, investor presentation of companies, and other secondary sources
  • Interacting with key opinion leaders of the market and developing data points based on interaction with them
  • Study of past trends in the market and their year on year Impact on the market size and share
  • Analyzing the collected data points
  • Bridging the data points to calculate the total global artificial intelligence (AI) in healthcare market and its various segments
  • Anticipating potential risks
  • Analyzing market forces such as drivers, restraints, and opportunities to assess new growth areas for the global artificial intelligence (AI) in healthcare market
  • Finalizing the overall size and share of the global artificial intelligence (AI) in healthcare market

OBJECTIVES:

  • To analyze market trends, opportunities, drivers, and restraints associated with the global artificial intelligence (AI) in healthcare market
  • To study market response with respect to the mergers and acquisitions in the industry
  • To profile key companies operating in the artificial intelligence (AI) in healthcare market and provide their competitive landscape

MARKET SCOPE

The research scope for global artificial intelligence (AI) in healthcare market is as follows:

By Offering

  • Software
    • Solution
    • AI Platform
  • Hardware
  • Services
    • Support and Maintenance
    • Deployment and Integration

By Technology

  • Context Aware Processing
  • Querying Method
  • Natural Language Processing (NLP)
  • Deep Learning

By Application

  • Research
  • Patient Data and Risk Analysis
  • Inpatient Care and Hospital Management
  • Medical Imaging and Diagnostics
  • Wearable’s
  • Clinical Trial Participant Identifier
  • Precision Medicine
  • Virtual Nursing Assistant
  • Robot-Assisted Surgery
  • Lifestyle Management & Monitoring
  • Drug Discovery

By End-user

  • Hospitals
  • Pharmaceutical and Biotechnology Companies
  • Research Centers

By Region

  • North America
  • Europe
  • Asia-Pacific
  • Central & South America
  • Middle East and Africa

Artificial Intelligence (AI) offers a large number of benefits in healthcare sector. The main advantage of AI in healthcare is its decision-making technique, which helps in taking accurate decision by analyzing patient’s records. Moreover, there are several ways in which AI is being used in the healthcare industry which includes data storage, monitoring conditions, data collection, and AI-assisted robotic surgeries. Furthermore, growing number of hospitals, diagnostic companies, and pharmaceutical companies are using AI in their businesses.

Geographically, the AI in healthcare market is segmented into North America, Europe, Asia-Pacific, Central & South America, and Middle East and Africa. North America is expected to hold the major market share of the global AI in healthcare market during the forecast period. The growth in the region is attributed to rising adoption of advanced technologies, and presence of major market players in the region. Europe held the second largest share of the global market owing to rising government initiatives to promote AI. However, Asia-Pacific is expected to be the fastest growing market in the global AI market in healthcare during the forecast period. The factors driving the growth of the Asia-Pacific market are; limited number of healthcare professionals, and rising government initiative to support AI in healthcare sector. Moreover, rising healthcare expenditure, and new startup & ICT companies in the region are also supporting the market growth.

Some of the key companies operating in the market include IBM Corporation, Microsoft Corporation, Welltok, Inc., General Electric Company, Royal Philips, Google, Inc, Intel Corporation, Siemens Healthcare GmbH, CloudMedx Inc., and Zebra Medical Vision, Inc., among others.

Artificial Intelligence (AI) Healthcare Market

TABLE OF CONTENTS

CHAPTER 1. Market Scope and Methodology

1.1. Research methodology

1.2. Research scope & assumptions

1.3. List of data sources

CHAPTER 2. Executive Summary

2.1. Global Artificial Intelligence in Healthcare- Market Snapshot

CHAPTER 3. Industry Analysis

3.1. Market definition

3.2. Market segmentation

3.3. Key findings of the global artificial intelligence in healthcare market

3.4. Market opportunities & trends

3.4.1. Growing research and development in AI

3.4.2. Emerging markets in developing countries

3.5. Market driver analysis

3.5.1.1. Limited number of healthcare professionals to cure patients

3.5.1.2. Increasing demand for precision medicine

3.5.1.3. Increasing capital investments in AI

3.5.1.4. Growing adoption of AI in medical research

3.5.1.5. Rising healthcare applications

3.6. Market restraint analysis

        3.6.1.1. Privacy and security issues

        3.6.1.2. Stringent government regulations

3.7. Industry Analysis-Porters five forces of analysis

CHAPTER 4. Competitive Outlook

4.1. Company share analysis

4.2. Competitive factors

4.3. Strategies adopted

CHAPTER 5. Global Artificial Intelligence in Healthcare Market Size and Forecast (2014 – 2024)

5.1. Global Artificial Intelligence in Healthcare Market, By Offering (USD Billion)

5.1.1. Software

 5.1.1.1. Solution

 5.1.1.2. AI Platform

5.1.2. Hardware

5.1.3. Services

  5.1.3.1. Support and Maintenance

  5.1.3.2. Deployment and Integration

5.2. Global Artificial Intelligence in Healthcare Market, By Technology (USD Billion)

5.2.1. Context Aware Processing

5.2.2. Querying Method

5.2.3. Natural Language Processing (NLP)

5.2.4. Deep Learning

5.3. Global Artificial Intelligence in Healthcare Market, By Application (USD Billion)

5.3.1. Research

5.3.2. Patient Data and Risk Analysis

5.3.3. Inpatient Care and Hospital Management

5.3.4. Medical Imaging and Diagnostics

5.3.5. Wearable’s

5.3.6. Clinical Trial Participant Identifier

5.3.7. Precision Medicine

5.3.8. Virtual Nursing Assistant

5.3.9. Robot-Assisted Surgery

5.3.10. Lifestyle Management & Monitoring

5.3.11. Drug Discovery

5.4. Global Artificial Intelligence in Healthcare Market, By End-User (USD Billion)

5.4.1. Hospitals

5.4.2. Pharmaceutical and Biotechnology Companies

5.4.3. Research Centers

CHAPTER 6. Global Artificial Intelligence in Healthcare Market, By Geography

6.1. North America Artificial Intelligence in Healthcare Market

6.1.1. North America Artificial Intelligence in Healthcare Market, By Offering (USD Billion)

6.1.2. North America Artificial Intelligence in Healthcare Market, By Technology (USD Billion)

6.1.3. North America Artificial Intelligence in Healthcare Market, By Application (USD Billion)

6.1.4. North America Artificial Intelligence in Healthcare Market, By End-User (USD Billion)

6.1.5. North America Artificial Intelligence in Healthcare Market, By Country

  6.1.5.1. United States

  6.1.5.2. Canada

  6.1.5.3. Mexico

6.2. Europe Artificial Intelligence in Healthcare Market

6.2.1. Europe Artificial Intelligence in Healthcare Market, By Offering (USD Billion)

6.2.2. Europe Artificial Intelligence in Healthcare Market, By Technology (USD Billion)

6.2.3. Europe Artificial Intelligence in Healthcare Market, By Application (USD Billion)

6.2.4. Europe Artificial Intelligence in Healthcare Market, By End-User (USD Billion)

6.2.5. Europe Artificial Intelligence in Healthcare Market, By Country

  6.2.5.1. United Kingdom

  6.2.5.2. Spain

  6.2.5.3. France

  6.2.5.4. Netherlands

  6.2.5.5. Germany

  6.2.5.6. Rest of Europe

6.3. Asia-Pacific Artificial Intelligence in Healthcare Market

6.3.1. Asia-Pacific Artificial Intelligence in Healthcare Market, By Offering (USD Billion)

6.3.2. Asia-Pacific Artificial Intelligence in Healthcare Market, By Technology (USD Billion)

6.3.3. Asia-Pacific Artificial Intelligence in Healthcare Market, By Application (USD Billion)

6.3.4. Asia-Pacific Artificial Intelligence in Healthcare Market, By End-User (USD Billion)

6.3.5. Asia-Pacific Artificial Intelligence in Healthcare Market, By Country

  6.3.5.1. Japan

  6.3.5.2. China

  6.3.5.3. India

  6.3.5.4. Australia

  6.3.5.5. Rest of Asia-Pacific

6.4. Central & South America Artificial Intelligence in Healthcare Market

6.4.1. Central & South America Artificial Intelligence in Healthcare Market, By Offering (USD Billion)

6.4.2. Central & South America Artificial Intelligence in Healthcare Market, By Technology (USD Billion)

6.4.3. Central & South America Artificial Intelligence in Healthcare Market, By Application (USD Billion)

6.4.4. Central & South America Artificial Intelligence in Healthcare Market, By End-User (USD Billion)

6.4.5. Central & South America Artificial Intelligence in Healthcare Market, By Country

   6.4.5.1. Brazil

   6.4.5.2. Argentina

   6.4.5.3. Rest of Central & South America

6.5. Middle East and Africa Artificial Intelligence in Healthcare Market

6.5.1. Middle East and Africa Artificial Intelligence in Healthcare Market, By Offering (USD Billion)

6.5.2. Middle East and Africa Artificial Intelligence in Healthcare Market, By Technology (USD Billion)

6.5.3. Middle East and Africa Artificial Intelligence in Healthcare Market, By Application (USD Billion)

6.5.4. Middle East and Africa Artificial Intelligence in Healthcare Market, By End-User (USD Billion)

6.5.5. Middle East and Africa Artificial Intelligence in Healthcare Market, By Region

   6.5.5.1. Saudi Arabia

   6.5.5.2. South Africa

   6.5.5.3. Rest of Middle East and Africa

CHAPTER 7. Key Players and Strategic Developments

7.1. IBM Corporation

7.1.1. Business Overview

7.1.2. Product and Service Offering

7.1.3. Financial Overview

7.1.4. Strategic Developments

7.2. Microsoft Corporation

7.2.1. Business Overview

7.2.2. Product and Service Offering

7.2.3. Financial Overview

7.2.4. Strategic Developments

7.3. Welltok, Inc.

7.3.1. Business Overview

7.3.2. Product and Service Offering

7.3.3. Financial Overview

7.3.4. Strategic Developments

7.4. General Electric Company

7.4.1. Business Overview

7.4.2. Product and Service Offering

7.4.3. Financial Overview

7.4.4. Strategic Developments

7.5. Royal Philips

7.5.1. Business Overview

7.5.2. Product and Service Offering

7.5.3. Financial Overview

7.5.4. Strategic Developments

7.6. Google, Inc

7.6.1. Business Overview

7.6.2. Product and Service Offering

7.6.3. Financial Overview

7.6.4. Strategic Developments

7.7. Intel Corporation

7.7.1. Business Overview

7.7.2. Product and Service Offering

7.7.3. Financial Overview

7.7.4. Strategic Developments

7.8. Siemens Healthcare GmbH

7.8.1. Business Overview

7.8.2. Product and Service Offering

7.8.3. Financial Overview

7.8.4. Strategic Developments

7.9. CloudMedx Inc.

7.9.1. Business Overview

7.9.2. Product and Service Offering

7.9.3. Financial Overview

7.9.4. Strategic Developments

7.10. Zebra Medical Vision, Inc.

7.10.1. Business Overview

7.10.2. Product and Service Offering

7.10.3. Financial Overview

7.10.4. Strategic Developments

Global Artificial Intelligence (AI) in Healthcare Market Outlook, Trend and Opportunity Analysis, Competitive Insights, Actionable Segmentation and Forecast 2024