Artificial Intelligence in Healthcare Market - Global Industry Insights, Trends, Size, Share, Outlook, and Opportunity Analysis, 2017–2025

Artificial intelligence (AI) refers to creation of unique systems with the help of algorithms and software that can perform certain tasks without human intervention and instructions. Artificial intelligence comprises integration of several technologies such as machine learning, natural language processing, reasoning and perception. AI is used in healthcare for the approximation of human cognition and analysis of complex medical and diagnostic imaging data. The basic aim for artificial intelligence in healthcare is to analyze the relationship between treatment techniques and patient outcomes. AI programs are deployed in medical practices such as diagnostic processes, drug development, personalized medicines and patient monitoring care. For instance, AI assistance can cover a large part of clinical process by checking the vital signs, asking questions and giving prescriptions to the patients. The AI systems can also be used for alerts and reminders, image interpretation, information retrieval and therapy planning during medical procedures. Deep learning technology, which is the use of artificial intelligence in the healthcare for image recognition, signal recognition and data mining is the mostly widely used form.

Artificial Intelligence could help the doctors to invest more time on critical cases than giving general prescriptions

The U.S. is the largest healthcare market, with expenditure pegged at US$ 3 trillion per year. The U.S. gross domestic product has high opportunities of dramatic growth with improvements in the Artificial Intelligence field. Moreover, the global report from CNBC suggests death of more than 10 million children as a result of not getting basic healthcare facilities. Advancements in the field of artificial intelligence could potentially help in diagnosis and basic healthcare provision to these victims.

The global artificial intelligence in healthcare market can be segmented on the basis of technology, end users, application and regions.

On the basis of technology, the global market can be segmented as

  1. Speech recognition
  2. Biometrics
  3. Natural language processing
  4. Machine learning
  5. Disaster recovery

Based on application, the global market can be segmented as

  1. Precision Medicine
  2. Real Time Monitoring
  3. Drug Development
  4. Personal Health Assistants

On the basis of end users, the global market can be segmented as

  1. Diagnostic centers
  2. Hospitals
  3. Clinics
  4. R&D sectors in healthcare institutes

Based on the regional segmentation, the global artificial intelligence in healthcare market can be segmented into North America, Europe, Asia Pacific and the rest of the world. The North America is leading the global artificial intelligence in healthcare market, followed by Europe. This dominance owes to presence of major companies propelling growth of the AI in healthcare market in the U.S. and focus on precision and personalized medicines. Growing investments in AI in healthcare infrastructure and cross country collaborations in emerging economies such as China and India are responsible for driving AI in healthcare market in these regions.

The global AI in healthcare market can result in improved outcomes for both patients and healthcare personnel

The global AI in healthcare market is driven by pre-operative planning, rising chronic diseases and high costs related to healthcare. AI systems are helpful in collectively providing suitable solutions in terms of therapy planning, optimization, customization and standardization of parameters required for assistance at basic and advanced stages in patient investigation and treatment procedure. The global AI in healthcare market can also expect a huge growth opportunities as a result of awareness among people about self- care and importance of diagnosis at early stages of disorders. Although, glitches in technical infrastructure and difficulties communication could restrict the global AI in healthcare market growth.

Advancements in machine learning tools and deep learning algorithms has helped the players to sustain their dominance in the global AI in healthcare market

The key players operating global artificial intelligence in healthcare market are IBM Corporation, Google, Inc., NVIDIA Corporation, Microsoft Corporation, iCarbonX, Next IT Corp., CloudMex Inc., Carescore, Atomwise Inc., Zephyr Health Inc., Deep Genomics Inc., Medtronic Plc., Koninkiljke Philips N.V., and Oncora Medical, Inc.

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