Global Artificial Intelligence in Healthcare Market: Snapshot
The global market for artificial intelligence in healthcare derives much of its progress from the increasing prominence of big data in the medical and the healthcare industry. The efficacy of artificial intelligence to enhance the patient outcomes, resulting in reduced cost incurred in healthcare, is also propelling this market significantly. In addition to this, the imbalance between patients and medical professionals, cross-industry partnerships, increasing significance on precision medicine, and the remarkable rise in venture capital investments in artificial intelligence in the medical healthcare domain are projected to stimulate the growth of this market in the years to come.
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Europe, Asia Pacific, Latin America, North America, and the Middle East and Africa have surfaced as the leading regional markets for artificial intelligence in healthcare. With a technologically advanced medical and healthcare industry, the North America market for artificial intelligence in healthcare has occupied the dominance and this scenario is expected to remain so over the forthcoming years. Europe, which stood second in 2016, is expected to retain its position in the near future, thanks to the presence of numerous companies operating in this market. Asia Pacific and the Middle East and Africa are also projected to witness steady a rise in their respective markets in the near future.
Artificial intelligence in health care denotes a collection of multiple technologies empowering machines to sense, understand, act, and learn so that these can perform administrative and clinical health care functions. Unlike legacy technologies that are only algorithms or tools that complement a human, artificial intelligence in health care can truly augment human activity. Artificial intelligence could play a significant role in supporting prevention, diagnosis, treatment plans, medication management, precision medicine, and drug creation. Health care manpower, improved with artificial intelligence tools, could better address increased health care demands in future.
Presently, most data in health care is unstructured and difficult to share. With the help of artificial intelligence, information is analyzed in a manner similar to human brain function toward pattern recognition and learning, and the expert system provides recommendations and support for decision making. The outputs are used for real time decision support as well as long term planning.
Artificial intelligence has various clinical applications such as oncology diagnostic assistance, medical image processing, physician and hospital error reduction, effectiveness of care matrix, predictive care guidance, population health management, and analysis of patient’s health records. Artificial intelligence is also useful in workflow optimization in health care such as elimination of unnecessary procedures and costs, payers claim processing, training & education of physician, hospital staff & patient, and supply cost management. Artificial intelligence is also useful for consumers in cost comparison, wearables integration diet guidance, etc.
Increasing adoption of precision medicine has led to simplicity of management and cost reduction in health care practices. Growing applications in genomics research combined with incremental invention in robotic personal digital assistants is anticipated to boost market growth. Increasing big data volume and the ever-increasing need to efficiently store and manage health care data is likely to drive the artificial intelligence in health care market. Advent of innovative technologies for proper diagnosis & treatment are expected to accelerate business penetration. Drug discovery is one of the major applications of artificial intelligence in health care. Machine learning in combination with artificial intelligence is expected to drive R&D and can increase success rate of early stage drug discovery. Market players are utilizing machine learning algorithms to reduce development time and build a robust and sustainable drugs pipeline. Significant maintenance & repair costs and high initial investment could limit industry growth. Increasing concerns that adoption of artificial intelligence in health care could result in unemployment on a large scale can hamper market growth during the forecast period.
Based on offering, the artificial intelligence in health care market has been segmented into software, hardware, and services. Increasing demand for software-based artificial intelligence solutions and research activities of major software companies providing artificial intelligence software are expected to drive the software segment.
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In terms of technology, the artificial intelligence in health care market has been segmented into querying method, deep learning, context aware processing, and natural language processing. Based on application, the market has been segmented into lifestyle management and monitoring, patient data and risk analysis, precision medicine, medical imaging and diagnosis, in-patient care and hospital management, virtual assistant, drug discovery, wearables, and research.
Geographically, the global artificial intelligence in health care market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America constitutes significant share of the global artificial intelligence in health care market, followed by Europe and Asia Pacific. Adoption of novel technology is faster in the U.S. and countries in Europe. Hence, North America and Europe are anticipated to hold major share of the global artificial intelligence in health care market during the forecast period. In addition, presence of major artificial intelligence providers such as IBM Corporation, Google, Inc., and Intel Corporation in North America is expected to propel the artificial intelligence in health care market in North America.
Key players in the global artificial intelligence in health care market are IBM Corporation, Google, Inc., Intel Corporation, NVIDIA Corporation, iCarbonX, Microsoft Corporation, Next IT Corp., General Vision, Inc., Welltok, Inc., Enlitic, Inc., General Electric Company, Recursion Pharmaceuticals, Stryker Corporation, Medtronic plc, Deep Genomics, Inc., Koninklijke Philips N.V., and Oncora Medical, Inc., among others.
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