LONDON, Aug. 27, 2020 /PRNewswire/ — According to a new market research report “Healthcare Artificial Intelligence Market by Product & Services (Software, Services), Technology (Machine Learning, NLP), Application (Medical Imaging, Precision Medicine, Patient Management), End User (Hospitals, Patients) -Global Forecast to 2027 “, published by Meticulous Research®, the healthcare artificial intelligence market is expected to grow at a CAGR of 41.4% from 2020 to reach $51.3 billion by 2027.
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In recent years, AI is predominantly used in clinical research, robotic personal assistants, and big data analytics. Classic venture capitalists and corporate strategic investors are both investing generously in this space. The difference today is that new technologies are making such efforts much easier. Use of the cloud and the rapid digitalization of information has improved access to data and the speed of computation. Thus, due to the advantages offered by AI in healthcare, there is a rising funding for artificial intelligence and participation of larger companies in the acquisition of small companies, startups, and single technology firms. Venture capitalist (VC) investors have seen the concept of AI become mainstream and are investing accordingly.
Impact of COVID-19 on the Healthcare AI Market
The COVID-19 pandemic has put tremendous burden on the healthcare sector all over the world. Currently, hospitals are juggling due to limited resources and staff, which has hampered some surgeries and other medical procedures. According to the World Health Organization (WHO), as of April 2020, the COVID-19 pandemic has hit over 22,000 healthcare workers across 52 countries. Also, in severely affected regions, the influx of COVID-19 patients requiring continuous monitoring and ventilation is increasing rapidly, leading to an overloading of hospital systems and disrupting the routine treatment of chronic illness in patients, whose conditions are likely to get worsened if usual standard care is delayed.
To manage the patients affected by pandemic and other chronic illness, AI adoption is seeing high growth across the globe. For instance, owing to the rising coronavirus cases globally, the U.S. FDA has approved ICU-specific platform developed by CLEW Medical (Israel). The product was designed to offer COVID care teams with advance warning on patients at high risk of serious symptoms. It can also help the hospitals to increase the time available for intervening early and planning ahead. Similarly, various AI based products employing data capturing ability and facilitating online consultation have seen large number of users in this pandemic. Therefore, AI is witnessing a high growth in adoption at present and is expected to see upward trajectory in the future as well.
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The healthcare artificial intelligence market study presents historical market data in terms of value (2018 & 2019), estimated current data (2020), and forecasts for 2027 – by product & services, technology, application, and end user. The study also evaluates industry competitors and analyzes the market at a regional and country level.
Based on product & services, the software segment is estimated to command the largest share of the overall healthcare artificial intelligence market in 2020. The large share of this segment is mainly attributed to the factors such as ability to reduce operational or administrative complexity, acceleration of data analysis with high accuracy, and rise in the software launches by the medical devices and healthcare IT companies. However, the services segment is slated to grow at the fastest CAGR during the forecast period, mainly due to the rise in the adoption of AI-driven healthcare informatics solutions by hospitals and other healthcare service providers.
Based on application, the hospital workflow management segment is estimated to hold the largest share of the overall healthcare artificial intelligence market in 2020. The factors such as increasing amount of healthcare data generated, ability to manage medical records and assemble and evaluate patient’s data generated in the hospitals, and increased use of Chabot’s for customer service engagement are expected to propel the growth of this segment. However, the drug discovery segment is slated to grow with the fastest CAGR during the forecast period, due to the growing implementation of AI by pharmaceutical and biotechnology companies to derive the successful drug product in shorter times and low cost.
Based on technology, the Natural Language Processing (NLP) segment is estimated to command the largest share of the overall healthcare artificial intelligence market in 2020. The factors such as ability to collect large amount of data and handle big data, offering of organized physician documentation, and efficient back-end coding to optimize billing procedure are the major factors responsible for the largest share of this segment.
Based on end user, the hospitals and diagnostic centers segment is estimated to command the largest share of the overall healthcare artificial intelligence market in 2020. Rising focus of the technology companies on collaborations with research sector, AI’s ability in assisting preoperative planning in hospitals, and coronavirus pandemic supported the largest share of this segment. However, the healthcare payers segment is slated to grow at the fastest CAGR during the forecast period, due to growth in opting healthcare insurance; and increasing inclination of healthcare facilities to have organized billing and accounts, health claims, and healthcare IT operations in their premises.
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Geographically, the global healthcare artificial intelligence market is estimated to be dominated by North America in 2020. Well established IT infrastructure in healthcare, presence of innovative software vendors and venture capitalists, rising adoption of EHR, flourishing biopharmaceutical industry, rise in funding for new product development, and increasing number of startups for healthcare artificial intelligence in the region supported the largest share of North America in the healthcare artificial intelligence market. However, Asia Pacific region is expected to grow at the fastest CAGR during the forecast period. The factors driving the growth of the Asia Pacific healthcare artificial intelligence market are growing need for coordination between healthcare workforce & patients, rise in adoption of precision medicine, growing prevalence of diseases, and remarkable growth in venture capital investments. In addition to this, the factors such as significant use of big data in the healthcare sector, growing technological innovation, and demand from China are also supporting the growth of the healthcare AI market in the APAC region.
The report also includes extensive assessment of the product portfolio, geographic analysis, and key strategic developments adopted by leading market participants in the industry over the past 4 years (2017–2020). The healthcare artificial intelligence market has witnessed number of new product launches, approvals, agreements, partnerships, collaborations, and acquisitions in recent years. For instance, in May 2020, Nvidia Corporation (U.S.) collaborated with IBM Corporation (U.S.) to accelerate the deployment of edge networks. IBM’s Edge Application Manager on the NVIDIA EGX platform provides world-class software management on the most powerful offering for accelerated computing and AI. Also, in October 2019, Microsoft Corporation (U.S.) partnered with Humana Inc. (U.S.) to build predictive and personalized health care solutions to manage health issues.
The key players operating in the overall healthcare artificial intelligence market are Microsoft Corporation (U.S.), Alphabet Inc. (U.S.), NVIDIA Corporation (U.S.), General Vision, Inc. (U.S.), Intel Corporation (U.S.), IBM Corporation (U.S.), Welltok, Inc. (U.S.), General Electric Company (U.S.), Verint Systems Inc. (U.S.), and iCarbonX (China) among others.
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Scope of the Report:
Healthcare Artificial Intelligence Market, by Product & Services
Healthcare Artificial Intelligence Market, by Technology
- Machine Learning (ML)
- Natural Language Processing (NLP)
- Context Aware Processing
- Querying Method
Healthcare Artificial Intelligence Market, by Application
- Hospital Workflow Management
- Patient Data and Risk Analytics
- Medical Imaging And Diagnosis
- Drug Discovery
- Precision Medicine
- Patient Management
- Other Applications
(Other applications comprises of bioinformatics, wearable devices, and virtual assistance.)
Healthcare Artificial Intelligence Market, by End User
- Hospitals and Diagnostic Centers
- Pharmaceutical and Biopharmaceutical Companies
- Healthcare Payers
- Other End Users
(Other end users comprise of accountable care organizations, clinical research organizations, and managed care organizations)
Healthcare Artificial Intelligence Market, by Geography
- North America
- Rest of Europe (RoE)
- Asia-Pacific (APAC)
- Rest of APAC (RoAPAC)
- Latin America
- Middle East & Africa
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