Artificial Intelligence in Healthcare Market Size, Share and Global Trend By Platform (Hardware, Software, Services), By Application (Robot-Assisted Surgery, Virtual Nursing Assistant, Administrative Workflow Assistance, Fraud Detection, Clinical Trial Participant Identifier, Preliminary Diagnosis), By End User (Hospitals, Clinics, Industries, Healthcare Provider, Pharmaceutical & Biotechnology Company), and Geography Forecast Till 2021-2028

The artificial intelligence (AI) is commonly called as machine intelligence. Artificial intelligence in healthcare deals with the resolution of complex conditions with the help of intelligent algorithms and by the analysis of present medical data. The global artificial intelligence (AI) in healthcare market size expected to reach significant growth by the end of 2026.

In the case of healthcare, artificial intelligence provides efficiency in robotic surgeries, record storing and retrieval, effective patient-physician communication, and clinical trial participant identifier amongst others. Extensive research and innovations in artificial intelligence are offering extended opportunities to utilize it in more number of healthcare activities. In November 2018, General Electric launched a newly designed AI platform, known as Edison platform, which holds the capability to manage the data generated by medical imaging as well as it will help hospitals to develop their own customized algorithms.

The growing demand for time-efficient intelligent systems with an aim to resolve complex medical conditions is expected to boost the growth of artificial intelligence in the healthcare market. Moreover, extensively increasing patient pool and rapidly growing prevalence of chronic diseases is projected to compel the healthcare institutions to adopt artificial intelligence in healthcare by 2026, which will eventually drive the growth of the artificial intelligence in the healthcare market.

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The factors such as lack of security of patient data, high cost and investments, and lack of standard guidelines are expected to hamper the growth of the global artificial intelligence market during the forecast period.

Key Players Covered

Some of the major companies that are present in the global artificial intelligence in healthcare market are;

• Intel Corporation,


• IBM Corporation,


• Microsoft,


• Google, Inc.,


• GENERAL ELECTRIC,


• NVIDIA Corporation,


• Medtronic,


• Koninklijke Philips N.V.,


• iCarbonX,


• Next IT Corp.,


• Welltok, Inc.,


• General Vision, Inc.,


• Recursion Pharmaceuticals,


• Enlitic, Inc.,


• Stryker Corporation,


• Deep Genomics, Inc.,


• Oncora Medical, Inc,

SEGMENTATION

Among the segmentation, robot-assisted surgery in application segment is expected to hold a significant share of the market during the forecast period, prominently because of higher utilization of artificial intelligence in robotic surgeries.

Key Insights

• Technological advancements


• The regulatory scenario for key countries


• Recent industry developments such as partnerships, mergers, and acquisitions


• New systems and application launch by key players


• Key performance indicators for global artificial intelligence in the healthcare market

Regional Analysis

The global artificial intelligence (AI) in the healthcare market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America followed by Europe are the two largest markets for artificial intelligence in healthcare at present and they are expected to account for a large proportion of the market in the forecast period. Certain factors such as higher adoption, increasing integration of healthcare and information technology domain and ability of artificial intelligence to solve complex medical conditions is expected to fuel the growth of the artificial intelligence in healthcare market in North America.

Key Industry Developments

• In March 2019, Cleveland clinic launched Center for Clinical Artificial Intelligence with aim to offer an extensive platform to researchers and data scientists to develop artificial intelligence applications which will improve the patient outcomes within lower costs as well as it will help the hospital to streamline healthcare processes.


• In August 2018, the association of Apollo Hospitals and Microsoft Corporation launched an artificial intelligence model to predict heart attack. The newly developed application is built on Microsoft Corporation’s cloud platform which will predict the risk of heart attack and will provide rich insights to the respective physician.