The global AI in healthcare market accounted for a value of USD 4.0 billion in 2019 and is projected to register growth at a CAGR of 37.9% during forecast period.
COVID-19 has impacted the AI in healthcare market. The government has implemented various initiatives such as lockdown, social distancing and travel restriction norms. The social distancing is very hard to follow inside the hospital and there is high chance of spreading corona viruses among healthcare staff. The adoption of AL and various other technologies in healthcare helps in maintaining social distancing while taking care of corona virus patience. The remote monitoring is also possible using AI in healthcare and it helps in tracking corona virus patients. The market for AI is likely witness growth due to COVID-19.
For more details, visit: Global AI in Healthcare Market By Technology (Machine Learning, Computer Vision, Others), By Offering (Software and Hardware), By Application (Visual Assistants, Research, Others), By End-Users, By Region, Forecast & Opportunities to 2026
The volume of healthcare data is increasing and the complexities of datasets are also increasing and this increases demand for AI. The need to reduce healthcare cost is also increasing among population. The AI makes healthcare operation convenient. The imbalance between health workforce and patients is rising and this increases demand for improvised healthcare services. The adoption of AI in healthcare is rapidly increasing and this drives growth in AI in healthcare market during forecast period.
On the basis of offering, the AI in healthcare market is segmented into software and hardware. The software segment is estimated to hold largest market share during forecast period. The software solutions are developed by various companies for healthcare applications. The adoption of AI-driven healthcare informatics solutions is growing immensely. This increases the adoption of software in healthcare sector and drives growth in software segment during forecast period.
On the basis of technology, the AI in healthcare market is segmented into machine learning, natural language processing, computer vision and contest-aware computing. The machine learning segment is estimated grow at highest CAGR during forecast period. The adoption of deep learning in healthcare applications is increasing especially in the areas of medical imaging, drug discovery and disease diagnostics. The use of different devices and sensors to track patient’s health status in real time is increasing. This drives growth in machine learning segment during forecast period.
On the basis of application, the AI in healthcare market is segmented into patient data & risk analysis, medical imaging & diagnostics, inpatient care & hospital management, lifestyle management & patient monitoring, visual assistants, drug discovery, research, healthcare assistance robots, cybersecurity, mental health, wearables, emergency room & surgery and precision medicine. The medical imaging & diagnostics segment is estimated to grow at highest CAGR during forecast period. There is a large volume of imaging data available and AI system offers various advantages in healthcare segment. This drives growth in medical imaging & diagnostics segment during forecast period.
North America region accounted for largest market share in 2019. However, Asia-Pacific region is estimated to be the fastest growing segment during forecast period. The healthcare infrastructure is improving and implementing AI and gradually adopting different advanced technologies. The government is adopting various initiatives for supporting AI technology. This increases implementation of AI in healthcare sector in Asia-Pacific region and drives growth in Asia-Pacific region during forecast period.
The key market players in AI in healthcare market are NVIDIA, Intel, IBM, Google, Microsoft, General Electric Company, Siemens Healthineers, Medtronic, Micron Technology, Amazon Web Services, Johnson & Johnson Services, General Vision, Koninklijke Philips, Nuance Communication, DeepMind Technologies and Zebram Medical Vision.
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