Healthcare Artificial Intelligence Market to Experience a Hike in Growth by 2023

Posted by Sapana on September 5th, 2019

Market Insights

The advent of artificial intelligence (AI) will be responsible for transforming the way world works in the coming years. Its inclusion in the healthcare is a fast approaching reality that may potentially revolutionize the sector. Currently, the healthcare sector is experiencing immense pressure to meet changing patient needs, however, the use of healthcare artificial intelligence is expected to improve outcomes while reducing costs.

Market Research Future’s (MRFR) report on the healthcare artificial intelligence market provides a comprehensive understanding of the developing trends and insights for this market.  The report also includes detailed information about relevant market segments as well as key strategies used by key players of the market.

MRFR has identified several growth patterns that will drive the healthcare AI market. A growing demand & adoption of precision medicine, automated diagnosis using pattern recognition and advancements in robotic surgery are some identified key facilitators of growth. There is also a wider acceptance of use of machines and relevant technology to help deliver medical care.

The competitive landscape for this market is expected to be diverse with many small players using venture funding to develop proprietary technology. Additionally, tech start-ups are projected to compete directly with major players due to the low cost of scaling developed technology.

Controversy surrounding AI and a lack of precise regulations may restrict growth, however, due to the under developed nature of the market and immense scope the impact of the aforementioned restraints is expected to be minimal.

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Market Segmentation

Segmental evaluation of the global healthcare artificial intelligence market is conducted on the basis of type, technology, application, end user and region.

On the basis of type, the market is segmented into hardware, software and services.

On the basis of technology, the market is segmented into language & image processing, pattern awareness, context awareness, querying, deep learning and others

On the basis of application the market is segmented into robot assisted surgery, workflow assistance, prognosis & treatment assistance, financial & risk management, clinical trials, diagnosis, cyber security, drug discovery and others.

On the basis of end users, the market is segmented into providers, payers, marketing, pharmaceutical & biotech companies and others.

On the basis of region, the market is segmented into North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA) and the Rest of the World (ROW).

Regional Analysis

North America currently leads the healthcare artificial intelligence market, primarily due to the presence of key global players in the market. The U.S. is expected to be at the forefront of market growth owing to the substantial buying power the country possesses, an increasing number of cross-industry collaborations as well as a developing focus on precision medicine. Additionally, a faster adoption of current technology in this region is also expected to fuel growth during the forecast period.

Europe, another region with substantial buying power follows North America closely in terms of market share and growth pattern. Countries such as France, Germany and the U.K. are expected to facilitate growth in this segment.

 Asia Pacific is expected to see considerable growth during the forecast period. China and India are expected to grow at a fast pace owing to increasing healthcare expenditure and a strong technological presence in the global market. Japan is projected to make significant contributions to the healthcare artificial intelligence market. A leader in technological development, Japan is also gaining momentum in its emerging research and development in the healthcare sector.

The Middle East and Africa region will likely see restricted growth. Middle Eastern countries such as the U.A.E and Saudi Arabia are expected to drive growth in this region. The primary reasons for this are a strong, positive attitude toward artificial intelligence adoption and the emergence of numerous tech startups in the Middle Eastern region. Meanwhile, the presence of under developed and poverty stricken African countries indicates poor growth opportunities for part of the MEA region.  

Key Players

The report identifies and analyses extensive information about key players and the strategies they use so as to provide market insights and a clear understanding of the current market scenario.

Eminent players carrying a strong presence in the competitive landscape include, IBM Corporation, Koninklijke Philips N.V., Medtronic Plc., Johnson & Johnson, NVIDIA Corporation, Stryker Corporation, Intel Corporation, Deep Genomics Inc., Microsoft Corporation, Siemens Healthineers GmbH, General Electric Company, General Vision In. and others.

Latest Industry News

The Food and Drug Administration (FDA) has begun encouraging the use of AI in healthcare. FDA Commissioner Scott Gottlieb has said that the FDA is currently in the process of creating a regulatory frame work that will encourage product innovation in the healthcare artificial intelligence market.

The FDA is not the only government authority to endorse the advent of healthcare AI. Indian IT minister, Ravi Shankar Prasad has recently asked tech startups in India to pursue healthcare solutions in India by way of developing relevant AI technologies.

In the UK, the National Health Service is also set to embrace innovative AI technologies. Thousands of NHS employees are projected to be trained so that they can offer patients modern healthcare. Dr. Eric Topol, an expert in digital medicine, genetics and cardiology has been asked to review how to incorporate modern AI technologies so that NHS may pioneer new treatments and contribute to the impending transformation of the health care sector in the coming years.

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