Global Artificial Intelligence in Healthcare Market, by Products and Services (Hardware and Software & Services), by Technology (Speech Recognition, Natural Language Processing, Machine Learning, and Context Aware Processing), by Application (Imaging & Diagnostics, Home Health, Medical Device and Robotics, Virtual Assistants, and Others), by End User (Hospitals & Clinics, Medical Device Companies, Diagnostic Centers, and Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa), is estimated to be valued at US$ 3,285.0 million in 2020 and is expected to exhibit a CAGR of 56.2% during the forecast period (2020-2027), as highlighted in a new report published by Coherent Market Insights.
Artificial Intelligence in Healthcare Market - Impact of Coronavirus (COVID-19) Pandemic
During the COVID-19 pandemic, most of the companies and research institutes are launching new AI-based products and solutions to increase resources to combat COVID-19 pandemic across the globe. For instance, in June 2020, GE Healthcare launched the Thoracic Care Suite, which uses AI to scan eight chest X-ray abnormalities, including pneumonia indicative of COVID-19, which is a key cause of mortality in patients who suffer from coronavirus infection. The launch of the AI suite is a part of GE Healthcare’s larger effort to ensure that clinicians on the frontlines have the equipment they need to quickly diagnose and effectively treat COVID-19 patients. In August 2020, Cerner launched a new Command Center dashboard to help organizations visualize and optimize operations in a centralized location by leveraging real-time data and predictive analytics to provide situational awareness and decision support during COVID-19.
The increasing number of product launches, investments, collaboration, and partnership strategies adopted by key players are major factors, which are expected to drive growth of the artificial intelligence in healthcare market during the forecast period.
Increasing product launches of artificial intelligence in healthcare is expected to propel the artificial intelligence in healthcare market growth over the forecast period. For instance, in October 2018, Philips launched IntelliVue GuardianSoftware app for patient monitoring to enable clinicians to better monitor patient conditions. It also secured 510(k) clearance from the U.S. Food and Drug Administration (FDA) in October 2018. The latest platform integrates other Philips technologies, notably the Early Warning Scoring (EWS), which helps to predict when a patient’s health will deteriorate and then intervenes. It can also integrate with Philips wearables.
Rising investments for development of artificial intelligence in healthcare sectors is expected to drive growth of the artificial intelligence in healthcare market over the forecast period. For instance, in January 2020, Microsoft launched a five-year US$ 40 million program called AI for Health, an initiative that will use artificial intelligence tools to address some of the biggest challenges in healthcare, including disease diagnosis and treatment, and global health crises.
Various healthcare companies are adopting AI tools for research and development purposes, which has led to growth of the global artificial intelligence in healthcare market. For instance, in September 2018, Fujifilm became the first company to adopt NVIDIA DGX-2 AI supercomputer for their AI development in healthcare, medical imaging in Japan. This supercomputer is designed for rapid development, testing, deployment, and scaling of new deep learning models. This will help the company to massively increase their processing power and AI learning in healthcare.
Browse 45 Market Data Tables and 40 Figures spread through 220 Pages and in-depth TOC on Artificial Intelligence in Healthcare Market, by Products and Services (Hardware and Software & Services), by Technology (Speech Recognition, Natural Language Processing, Machine Learning, and Context Aware Processing), by Application (Imaging & Diagnostics, Home Health, Medical Device and Robotics, Virtual Assistants, and Others), by End User (Hospitals & Clinics, Medical Device Companies, Diagnostic Centers, and Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) - Forecast to 2027".
To know the latest trends and insights related to artificial intelligence in healthcare market, click the link below:
The rising adoption of inorganic growth strategies such as collaborations and partnerships by major companies is expected to drive growth of the artificial intelligence in healthcare market. For instance, in October 2019, care.ai, a healthcare AI innovator, announced partnership with Google, to use Google’s Coral Edge TPU to power autonomous monitoring in hospitals. This collaboration enabled care.ai’s platform to leverage accelerated neural networks, to transform an ordinary room into a 'Self Aware Room', in any care setting at an enterprise scale. Similarly, in October 2019, NVIDIA announced its collaboration with care.ai, a healthcare AI innovator, to transform how healthcare is delivered. care.ai’s cutting edge end-to-end AI solution provides an autonomous monitoring platform that leverages NVIDIA’s world-leading platform for AI at THE EDGE.
Key Takeaways of the Artificial Intelligence in Healthcare Market:
- The artificial intelligence in healthcare market is expected to exhibit a CAGR of 56.2% during the forecast period (2020-2027), owing to the increasing application of AI in technologies utilized in the pharmaceutical industry
- Among technology, the machine learning segment is expected to hold a major revenue share in 2027, owing to the increasing use of machine learning in diagnostics and in the process of deciding treatment regime for patients. Factors such as the increasing number of start-ups working on machine learning tools to provide better in vitro diagnostics, rising diagnostic errors in healthcare, and rising incidence of chronic diseases are expected to drive growth of this segment. The Institute of Medicine at the National Academies of Science, Engineering and Medicine reported that diagnostic errors contribute to around 10% of patient deaths and account for 6 to 17% of hospital complications in the U.S. in 2015.
- Major players operating in the artificial intelligence in healthcare market include IBM Corporation, Google LLC, Medtronic Plc, Koninklijke Philips N.V., Nvidia Corporation, Microsoft Corporation, iCarbonX, CloudMedx Inc., Atomwise Inc., and Next IT Corporation.
