DUBLIN–(BUSINESS WIRE)–Jan 11, 2021–
Artificial intelligence in healthcare global market is expected to reach $35,323.5 million by 2027 growing at an exponential CAGR from 2020 to 2027 due to the gradual transition from volume to value-based healthcare.
The surging need to accelerate and increase the efficiency of drug discovery and clinical trial processes, advancement of precision medicines, escalation of AI as a medical device, increasing prevalence of chronic, communicable diseases and escalating geriatric population and the increasing trend of acquisitions, collaborations, investments in the AI in healthcare market.
Artificial intelligence (AI) is the collection of computer programs or algorithms or software to make machines smarter and enable them to simulate human intelligence and perform various higher-order value-based tasks like visual perception, translation between languages, decision making and speech recognition.
The rapidly evolving vast and complex healthcare industry is slowly deploying AI solutions into its mainstream workflows to increase the productivity of various healthcare services efficiently without burdening the healthcare personnel, to streamline and optimize the various healthcare-associated administrative workflows, to mitigate the physician deficit and burnout issues effectively, to democratize the value-based healthcare services across the globe and to efficiently accelerate the drug discovery and development process.
Artificial intelligence in healthcare global market is classified based on the application, end-user and geography.
Based on the application, the market is segmented into Medical diagnosis, drug discovery, precision medicines, clinical trials, Healthcare Documentation management and others consisting of AI guided robotic surgical procedures and AI-enhanced medical device and pharmaceutical manufacturing processes.
The AI-powered Healthcare documentation management solutions segment accounted for the largest revenue in 2020 and is expected to grow at an exponential CAGR from 2020 to 2027. AI-enhanced Drug Discovery solutions segment is the fastest emerging segment, growing at an exponential CAGR from 2020 to 2027.
The artificial intelligence in healthcare global end-users market is grouped into Hospitals and Diagnostic Laboratories, Pharmaceutical companies, Research institutes and other end-users consisting of health insurance companies, medical device and pharmaceutical manufacturers and patients or individuals in the home-care settings.
Among these end users, Hospitals and Diagnostic Laboratories segment accounted for the largest revenue in 2020 and is expected to grow at an exponential CAGR during the forecasted period. Pharmaceutical companies segment is the fastest-growing segment, growing at an exponential CAGR from 2020 to 2027.
The artificial intelligence in healthcare global market by geography is segmented into North America, Europe, Asia-Pacific and the Rest of the world (RoW). North American region dominated the global artificial intelligence in healthcare market in 2020 and is expected to grow at an exponential CAGR from 2020 to 2027. The Asia-Pacific region is the fastest-growing region, growing at an exponential CAGR from 2020 to 2027.
The artificial intelligence in healthcare market is consolidated with the top five players occupying majority of the market share and the remaining minority share of the market being occupied by other players.
Key Topics Covered:
1 Executive Summary
3 Market Analysis
3.2 Market Segmentation
3.3 Factors Influencing Market
3.3.1 Drivers and Opportunities
22.214.171.124 Aiabetting the Transition from Volume Based to Value Based Healthcare
126.96.36.199 Acceleration and Increasing Efficiency of Drug Discovery and Clinical Trials
188.8.131.52 Escalation of Artificial Intelligence as a Medical Device
184.108.40.206 Advancement of Precision Medicines
220.127.116.11 Acquisitions, Investments and Collaborations to Open An Array of Opportunities for the Market to Flourish
18.104.22.168 Increasing Prevalence of Chronic, Communicable Diseases and Escalating Geriatric Population
3.3.2 Restraints and Threats
22.214.171.124 Data Privacy Issues
126.96.36.199 Reliability Issues and Black Box Reasoning Challenges
188.8.131.52 Ethical Issues and Increasing Concerns Over Human Workforce Replacement
184.108.40.206 Requirement of Huge Investment for the Deployment of AI Solutions
220.127.116.11 Lack of Interoperability Between AI Vendors
3.4 Regulatory Affairs
3.4.1 International Organization for Standardization
3.4.2 Astm International Standards
3.5 Porter’s Five Force Analysis
3.6 Clinical Trials
3.7 Funding Scenario
3.8 Regional Analysis of AI Start-Ups
3.9 Artificial Intelligence in Healthcare FDA Approval Analysis
3.10 AI Leveraging Key Deal Analysis
3.11 AI Enhanced Healthcare Products Pipeline
3.12 Patent Trends
3.13 Market Share Analysis by Major Players
3.13.1 Artificial Intelligence in Healthcare Global Market Share Analysis
3.14 Artificial Intelligence in Healthcare Company Comparison Table by Application, Sub-Category, Product/Technology and End-User
4 Artificial Intelligence in Healthcare Global Market, by Application
4.2 Medical Diagnosis
4.3 Drug Discovery
4.4 Clinical Trials
4.5 Precision Medicine
4.6 Healthcare Documentation Management
4.7 Other Application
5 Artificial Intelligence in Healthcare Global Market, by End-User
5.2 Hospitals and Diagnostic Laboratories
5.3 Pharmaceutical Companies
5.4 Research Institutes
5.5 Other End-Users
6 Regional Analysis
7 Competitive Landscape
7.3 Product Launch
7.7 Product Approval
8 Major Companies
8.1 Alphabet Inc. (Google Deepmind, Verily Lifesciences)
8.2 General Electric Company
8.3 Intel Corporation
8.4 International Business Machines Corporation (IBM Watson)
8.5 Koninklijke Philips N.V.
8.6 Medtronic Public Limited Company
8.7 Microsoft Corporation
8.8 Nuance Communications Inc.
8.9 Nvidia Corporation
8.10 Welltok Inc.
Laura Wood, Senior Press Manager
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INDUSTRY KEYWORD: TECHNOLOGY BIOTECHNOLOGY HEALTH OTHER TECHNOLOGY
SOURCE: Research and Markets
Copyright Business Wire 2021.
PUB: 01/11/2021 07:58 AM/DISC: 01/11/2021 07:59 AM