AI in Healthcare Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2017-2027, Segmented By Offering (Software v/s Hardware), By Technology (Machine Learning, Computer Vision, Natural Language Processing, Context-Aware Computing), By Application (Medical Imaging & Diagnostics, Robotic Surgeries, Drug Discovery, Inpatient Care & Hospital Management, Patient Data & Risk Analysis, Others), By End User (Healthcare Providers, Pharmaceutical & Biotechnology Companies, Patients, Others) By Region, Competition Forecast & Opportunities

  • Industry : Healthcare
  • Pages : 110
  • Published Date : June, 2022
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Summary

Report Description

Global AI in healthcare market stood at USD 8231.36 Million in 2021 and is expected to grow at a CAGR of 21.56% during the forecast period. The market's growth is being fueled by an influx of large and complex healthcare datasets. A growing need to reduce healthcare costs, improve computing power, and decrease hardware costs, and an increase in the number of partnerships and collaborations among different domains in the healthcare sector, and a growing need for improved healthcare services due to a workforce-patient imbalance. Furthermore, the rising potential of AI-based tools for elderly care, the increased focus on developing human-aware AI systems, and the rising potential of AI technology in genomics, drug discovery, and diagnostic imaging to combat COVID-19 are expected to drive the artificial intelligence in healthcare market. Furthermore, increasing demand for personalized medicine and the rising demand for reducing care expenses are some of the major driving forces of the market. The growing global geriatric population, changing lifestyles, and rising prevalence of chronic diseases have all contributed to an increase in demand for early disease diagnosis and better understanding. Machine learning (ML) and artificial intelligence (AI) algorithms are becoming widely adopted and integrated into healthcare systems to effectively identify diseases in their early stages based on past health statistics. Moreover, the demand for artificial intelligence technology in the healthcare sector is driven by governments' increasing initiatives to decrease healthcare costs and provide better and faster treatment to patients.

Sudden Outbreak & Spread of COVID-19 Driving Market Growth

The COVID-19 outbreak boosted demand for AI technology in healthcare. This technology is widely used in healthcare systems to diagnose and detect distinct virus strains rapidly. In the diagnosing sector, AI/ML algorithms were used, with datasets of chest CT scans, symptoms, pathological findings, and exposure history to train these technologically driven modules to diagnose COVID-19 positive patients quickly and reliably. The growing shortage of healthcare workers also fueled the use of artificial intelligence/machine learning technology. As a result, AI algorithms can be used to assess patient health data, assisting care practitioners in swiftly diagnosing the problem and designing an effective treatment plan.

Healthcare Innovation by Administering Health Benefits Supporting Market Growth

Insurers and providers seek ways to improve their administrative operations as the population ages and the frequency of chronic illness rises. Insurers and providers increasingly rely on computerized systems to assess patients and define their level of treatment by applying Artificial intelligence/Machine Learning-driven algorithms. It is anticipated that the use of artificial intelligence/machine learning in a variety of administrative tasks, including patient intake, diagnosis, and billing, will significantly reduce insurers' and providers' long-term costs. There's also a chance that AI/ML-driven algorithms will help personalize care by removing bias and favoritism from decision-making, driving the global AI in healthcare market.

Increase in Patient Volume & Complexities Associated with Data Supports Market Growth

In the healthcare industry, there is a wealth of data from clinical activities, medical images, and hospital records. Data drives AI. The complexity of diseases has increased, necessitating various technologies to give better patient care solutions. This is how healthcare may become more proactive and provide information about treatment options. Healthcare is improving, allowing people to live better and longer lives. Nonetheless, these solutions are in high demand worldwide, making it difficult for life science enterprises to meet demand without increasing their costs. AI has the potential to make healthcare more efficient and patient-centered by allowing it to interact with large amounts of medical data. Hence, driving the growth of the global AI in healthcare market.

Shortage of Healthcare Professionals Supporting Market Growth of AI in Healthcare Market

AI identified gaps in healthcare services, as there is a high demand for improved treatments for a variety of ailments, and the operating workforce in the healthcare system is getting smaller. Some executive-level jobs, like record-keeping and assisting in patient engagement, can be replaced by AI. Artificial intelligence has the potential to make processes more efficient and less expensive. According to a report, there will be a high demand for complicated and advanced medical solutions due to rise in geriatric population. Because of the shortage of operational personnel, implementing AI and its applications will enhance the AI in healthcare market.

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Market Segmentation

The global AI in Healthcare market is segmented based on offering, technology, application, end user, region, and company. Based on the offering, the market can be split into software and hardware. Based on technology, the market can be categorized into machine learning, computer vision, natural language processing, context-aware computing. Based on end user, the market can be segmented into healthcare providers, pharmaceutical & biotechnology companies, patients, others. Regionally, North America dominated the market among Europe, Asia Pacific, South America, and Middle East & Africa region. The United States dominated the North America regional market and stood at USD2419.96 million in 2021 on account of early adoption of the technology and presence of key market players in the country.

Company Profiles

Alphabet Inc, Microsoft Corporation, Intel Corporation, NVDIA Corporation, Medtronic Plc, Koninklijke Philips NV, Siemens Healthineers AG, General Electric Company, Micron Technology Inc, Amazon Web Services Inc are among the major market players in the global platform that lead the market growth of the global AI in Healthcare market.

Attribute

Details

Market size value in 2021

USD8231.36 Million

Revenue Forecast in 2027

USD25121.10 Million

United States Market Size Value in 2021

USD 2419.96 Million

Growth Rate

21.56%

Base Year

2021

Historical Years

2017 – 2020

Estimated Year

2022

Forecast Period

2023 – 2027

Quantitative Units

Revenue in USD Million, and CAGR for 2017-2021 and 2022-2027

Report Coverage

Revenue forecast, company share, competitive landscape, growth factors, and trends

Segments Covered

·         Offering

·         Technology

·         Application

·         End User

Regional Scope

North America; Europe; Asia Pacific; South America; Middle East & Africa

Country Scope

United States; Canada; Mexico; United Kingdom; Germany; France; Italy; Spain; Netherlands; China; Japan; India; South Korea; Australia; Indonesia; Brazil; Argentina; Colombia; Chile; Israel, South Africa; Saudi Arabia; Turkey; UAE;

Key Companies Profiled

Alphabet Inc, Microsoft Corporation, Intel Corporation, NVDIA Corporation, Medtronic Plc, Koninklijke Philips NV, Siemens Healthineers AG, General Electric Company, Micron Technology, Inc., Amazon Web Services Inc.

Customization Scope

10% free report customization with purchase. Addition or alteration to country, regional & segment scope.

Pricing and Purchase Options

Avail customized purchase options to meet your exact research needs. Explore purchase options

Delivery Format

PDF and Excel through Email (We can also provide the editable version of the report in PPT/pdf format on special request)

 

Report Scope:

In this report, global AI in healthcare market has been segmented into following categories, in addition to the industry trends which have also been detailed below:

  • AI in Healthcare Market, By Offering:
    • Software
    • Hardware
  • AI in Healthcare Market, By Technology:
    • Machine Learning
    • Computer Vision
    • Natural Language Processing
    • Context-Aware Computing
  • AI in Healthcare Market, By Application:
    • Medical Imaging & Diagnostics
    • Robotic Surgeries
    • Drug Discovery
    • Inpatient Care & Hospital Management
    • Patient Data & Risk Analysis
    • Others
  • AI in Healthcare Market, By End User:
    • Healthcare Providers
    • Pharmaceutical & Biotechnology Companies
    • Patients
    • Others
  • AI in Healthcare Market, By Region:
    • North America
      • United States
      • Canada
      • Mexico
    • Europe
      • United Kingdom
      • Germany
      • France
      • Italy
      • Spain
      • Netherlands
    • Asia-Pacific
      • China
      • Japan
      • India
      • South Korea
      • Australia
      • Indonesia
    • South America
      • Brazil
      • Argentina
      • Colombia
      • Chile
    • Middle East & Africa
      • South Africa
      • Saudi Arabia
      • Turkey
      • UAE

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in global AI in healthcare market.

Available Customizations:

With the given market data, TechSci Research offers customizations according to a company’s specific needs. The following customization options are available for the report:

Company Information

  • Detailed analysis and profiling of additional market players (up to five).

Table of content

1.    Product Overview

2.    Research Methodology

3.    Executive Summary

4.    Impact of COVID-19 on Global AI in Healthcare Market

5.    Voice of Customer

5.1.  Benefits of Using AI in Healthcare

5.2.  Commonly Used Technology

5.3.  Demand, By Application

5.4.  Barriers to Adoption

6.    Global AI in Healthcare Market Outlook

6.1.  Market Size & Forecast

6.1.1.    By Value

6.2.  Market Share & Forecast

6.2.1.    By Offering (Software v/s Hardware)

6.2.2.    By Technology (Machine Learning, Computer Vision, Natural Language Processing, Context-Aware Computing)

6.2.3.   By Application (Medical Imaging & Diagnostics, Robotic Surgeries, Drug Discovery, Inpatient Care & Hospital Management, Patient Data & Risk Analysis, Others)

6.2.4.    By End User (Healthcare Providers, Pharmaceutical & Biotechnology Companies, Patients, Others)

6.2.5.    By Region

6.2.6.    By Company (2021)

6.3.  Product Market Map

7.    North America AI in Healthcare Market Outlook

7.1.  Market Size & Forecast       

7.1.1.    By Value

7.2.  Market Share & Forecast

7.2.1.    By Offering

7.2.2.    By Technology

7.2.3.    By Application

7.2.4.    By End User

7.2.5.    By Country

7.3.  North America: Country Analysis

7.3.1.    United States AI in Healthcare Market Outlook

7.3.1.1.        Market Size & Forecast

7.3.1.1.1.           By Value

7.3.1.2.        Market Share & Forecast

7.3.1.2.1.           By Offering

7.3.1.2.2.           By Technology

7.3.1.2.3.           By Application

7.3.1.2.4.           By End User

7.3.2.    Canada AI in Healthcare Market Outlook

7.3.2.1.        Market Size & Forecast

7.3.2.1.1.           By Value

7.3.2.2.        Market Share & Forecast

7.3.2.2.1.           By Offering

7.3.2.2.2.           By Technology

7.3.2.2.3.           By Application

7.3.2.2.4.           By End User

7.3.3.    Mexico AI in Healthcare Market Outlook

7.3.3.1.        Market Size & Forecast

7.3.3.1.1.           By Value

7.3.3.2.        Market Share & Forecast

7.3.3.2.1.           By Offering

7.3.3.2.2.           By Technology

7.3.3.2.3.           By Application

7.3.3.2.4.           By End User

8.    Europe AI in Healthcare Market Outlook

8.1.  Market Size & Forecast       

8.1.1.    By Value

8.2.  Market Share & Forecast

8.2.1.    By Offering

8.2.2.    By Technology

8.2.3.    By Application

8.2.4.    By End User

8.2.5.    By Country

8.3.  Europe: Country Analysis

8.3.1.    United Kingdom AI in Healthcare Market Outlook

8.3.1.1.        Market Size & Forecast

8.3.1.1.1.           By Value

8.3.1.2.        Market Share & Forecast

8.3.1.2.1.           By Offering

8.3.1.2.2.           By Technology

8.3.1.2.3.           By Application

8.3.1.2.4.           By End User

8.3.2.    Germany AI in Healthcare Market Outlook

8.3.2.1.        Market Size & Forecast

8.3.2.1.1.           By Value

8.3.2.2.        Market Share & Forecast

8.3.2.2.1.           By Offering

8.3.2.2.2.           By Technology

8.3.2.2.3.           By Application

8.3.2.2.4.           By End User

8.3.3.    France AI in Healthcare Market Outlook

8.3.3.1.        Market Size & Forecast

8.3.3.1.1.           By Value

8.3.3.2.        Market Share & Forecast

8.3.3.2.1.           By Offering

8.3.3.2.2.           By Technology

8.3.3.2.3.           By Application

8.3.3.2.4.           By End User

8.3.4.    Italy AI in Healthcare Market Outlook

8.3.4.1.        Market Size & Forecast

8.3.4.1.1.           By Value

8.3.4.2.        Market Share & Forecast

8.3.4.2.1.           By Offering

8.3.4.2.2.           By Technology

8.3.4.2.3.           By Application

8.3.4.2.4.           By End User

8.3.5.    Spain AI in Healthcare Market Outlook

8.3.5.1.        Market Size & Forecast

8.3.5.1.1.           By Value

8.3.5.2.        Market Share & Forecast

8.3.5.2.1.           By Offering

8.3.5.2.2.           By Technology

8.3.5.2.3.           By Application

8.3.5.2.4.           By End User

8.3.6.    Netherlands AI in Healthcare Market Outlook

8.3.6.1.        Market Size & Forecast

8.3.6.1.1.           By Value

8.3.6.2.        Market Share & Forecast

8.3.6.2.1.           By Offering

8.3.6.2.2.           By Technology

8.3.6.2.3.           By Application

8.3.6.2.4.           By End User

9.    Asia-Pacific AI in Healthcare Market Outlook

9.1.  Market Size & Forecast       

9.1.1.    By Value

9.2.  Market Share & Forecast

9.2.1.    By Offering

9.2.2.    By Technology

9.2.3.    By Application

9.2.4.    By End User

9.2.5.    By Country

9.3.  Asia-Pacific: Country Analysis

9.3.1.    China AI in Healthcare Market Outlook

9.3.1.1.        Market Size & Forecast

9.3.1.1.1.           By Value

9.3.1.2.        Market Share & Forecast

9.3.1.2.1.           By Offering

9.3.1.2.2.           By Technology

9.3.1.2.3.           By Application

9.3.1.2.4.           By End User

9.3.2.    Japan AI in Healthcare Market Outlook

9.3.2.1.        Market Size & Forecast

9.3.2.1.1.           By Value

9.3.2.2.        Market Share & Forecast

9.3.2.2.1.           By Offering

9.3.2.2.2.           By Technology

9.3.2.2.3.           By Application

9.3.2.2.4.           By End User

9.3.3.    India AI in Healthcare Market Outlook

9.3.3.1.        Market Size & Forecast

9.3.3.1.1.           By Value

9.3.3.2.        Market Share & Forecast

9.3.3.2.1.           By Offering

9.3.3.2.2.           By Technology

9.3.3.2.3.           By Application

9.3.3.2.4.           By End User

9.3.4.    South Korea AI in Healthcare Market Outlook

9.3.4.1.        Market Size & Forecast

9.3.4.1.1.           By Value

9.3.4.2.        Market Share & Forecast

9.3.4.2.1.           By Offering

9.3.4.2.2.           By Technology

9.3.4.2.3.           By Application

9.3.4.2.4.           By End User

9.3.5.    Australia AI in Healthcare Market Outlook

9.3.5.1.        Market Size & Forecast

9.3.5.1.1.           By Value

9.3.5.2.        Market Share & Forecast

9.3.5.2.1.           By Offering

9.3.5.2.2.           By Technology

9.3.5.2.3.           By Application

9.3.5.2.4.           By End User

9.3.6.    Indonesia AI in Healthcare Market Outlook

9.3.6.1.        Market Size & Forecast

9.3.6.1.1.           By Value

9.3.6.2.        Market Share & Forecast

9.3.6.2.1.           By Offering

9.3.6.2.2.           By Technology

9.3.6.2.3.           By Application

9.3.6.2.4.           By End User

10. South America AI in Healthcare Market Outlook

10.1.             Market Size & Forecast        

10.1.1. By Value

10.2.             Market Share & Forecast

10.2.1. By Offering

10.2.2. By Technology

10.2.3. By Application

10.2.4. By End User

10.2.5. By Country

10.3.             South America: Country Analysis

10.3.1. Brazil AI in Healthcare Market Outlook

10.3.1.1.     Market Size & Forecast

10.3.1.1.1.         By Value

10.3.1.2.     Market Share & Forecast

10.3.1.2.1.         By Offering

10.3.1.2.2.         By Technology

10.3.1.2.3.         By Application

10.3.1.2.4.         By End User

10.3.2. Argentina AI in Healthcare Market Outlook

10.3.2.1.     Market Size & Forecast

10.3.2.1.1.         By Value

10.3.2.2.     Market Share & Forecast

10.3.2.2.1.         By Offering

10.3.2.2.2.         By Technology

10.3.2.2.3.         By Application

10.3.2.2.4.         By End User

10.3.3. Colombia AI in Healthcare Market Outlook

10.3.3.1.     Market Size & Forecast

10.3.3.1.1.         By Value

10.3.3.2.     Market Share & Forecast

10.3.3.2.1.         By Offering

10.3.3.2.2.         By Technology

10.3.3.2.3.         By Application

10.3.3.2.4.         By End User

10.3.4. Chile AI in Healthcare Market Outlook

10.3.4.1.     Market Size & Forecast

10.3.4.1.1.         By Value

10.3.4.2.     Market Share & Forecast

10.3.4.2.1.         By Offering

10.3.4.2.2.         By Technology

10.3.4.2.3.         By Application

10.3.4.2.4.         By End User

11. Middle East and Africa AI in Healthcare Market Outlook

11.1.             Market Size & Forecast        

11.1.1. By Value

11.2.             Market Share & Forecast

11.2.1. By Offering

11.2.2. By Technology

11.2.3. By Application

11.2.4. By End User

11.2.5. By Country

11.3.             MEA: Country Analysis

11.3.1. South Africa AI in Healthcare Market Outlook

11.3.1.1.     Market Size & Forecast