Healthcare Artificial Intelligence Market to expand at a CAGR of 51.9% by 2023

Healthcare Artificial Intelligence Market Scenario:

Artificial intelligence (AI) or machine intelligence technology using complex algorithms which enables machines to sense, comprehend, and learn tasks requiring general or human intelligence. Artificial intelligence mimics human intelligence capabilities including learning, reasoning, pattern recognition and others to drive machine decisions in applications ranging from financial, diagnosis, marketing and others.

Healthcare Artificial Intelligence Market Dynamics:

Drivers

Marketing and financial applications such as demand forecasting, risk assessment, financial growth assessment and other lead other applications of artificial intelligence. The rapid adoption of artificial intelligence in healthcare duplicating the retail industry is another positive sign of the market. The explosive growth of seed and venture funding coupled with interest of giants such as Google and Microsoft has resulted in large enthusiasm for the industry. Health IT companies were at the forefront of venture capital funding gathering a whopping USD 1.1 billion in 2016 alone! This coupled with the attractive economics of up scaling and expanding has resulted in flurry of investments in the sector.

Google, and Microsoft are data led artificial intelligence first companies with Machine learning and cloud deeply embedded in their products and strategies. This puts them and such other companies at critical advantage over others. The clinical drivers include time and cost benefits of automated diagnosis by image and voice pattern recognition. IBM Watson has a huge critical advantage in this field and is a leader in the market. Oncology has received the greatest attention in the market regarding the diagnosis using AI.  Growing adoption of robotic surgery and precision medicine, growing number of clinical trials and others are other drivers of the market.

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Restraints

The high cost of development and maintenance of AI systems, the nascent state of the technology, and scarcity of trained manpower are critical restraints of the market. Concerns about data security and data ownership are serious restraints on the market. Thus data management and ethical issues are hampering the market.

Healthcare Artificial Intelligence Market  Segments:

The global healthcare artificial intelligence market is bisected by types, technology, applications, end users and regions so as to deliver a bird’s view of the market.

Types - hardware, software, and services.

Technology - language and image processing, context awareness, deep learning, querying, pattern recognition and others.

Application - robot-assisted surgery, workflow assistance, financial and risk management, prognosis and treatment assistance, clinical trials, diagnosis, cybersecurity, drug discovery and others.

End users - providers, payers, pharmaceutical and biotech companies, marketing, and others.

Regions - North America, Europe, Asia Pacific Middle East and Africa and rest of the world.

Healthcare Artificial Intelligence Market  Regional analysis:

North America followed by Europe accounts for the largest market share owing to developed and sophisticated innovation ecology, large buying power, faster adoption of technology, and presence of major players such as IBM Watson. Europe is dominated by U.K., Germany, and France is the second largest market. The market is anticipated to shift to Asia Pacific which is estimated to be the fastest growing region. The Middle East and Africa market are expected to deliver moderate growth led by the gulf nations such as Saudi Arabia and UAE.

Healthcare Artificial Intelligence Market  Key players:

Key players profiled in the report are IBM Corporation, Koninklijke Philips N.V., NVIDIA Corporation, Intel Corporation, Microsoft Corporation, Deep Genomics, Inc., General Electric Company, Siemens Healthineers GmbH, Google, Inc., CloudMedx Inc., Johnson & Johnson, General Vision, Inc., Stryker Corporation, Medtronic Plc., and others.

Healthcare Artificial Intelligence Industry News:

March 2018 - Royal Philips launched HealthSuite Insights, which is a set of technologies needed to build, maintain, and deploy AI technology.

March 2018 – Microsoft and Apollo Hospitals collaborated on a deal to develop new machine learning models that predict patient risk for heart disease employing AI.

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Sapana Joined: March 13th, 2019