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Artificial Intelligence (AI) in Healthcare Market Size Report, 2025

Artificial Intelligence in Healthcare Market Analysis Report By Component, By Application, By Region, Competitive Insights And Segment Forecasts From 2019 To 2025

Report ID: MN17619441  |  Published: October 2020  |  No of Pages: 120
Format: Electronic (PDF)  |  Industry: Healthcare IT  |  Publisher: Grand View Research

Industry Insights

The global artificial intelligence in healthcare market size was generated a revenue of USD 2.5 billion in 2018. It is also estimated to register a 41.5% CAGR from 2019 to 2025. The increasing need for enhancing the efficiency of healthcare procedures and services coupled with the rising importance of big data for predicting the outcomes is projected to drive the market growth.

Huge investments to conduct R& D activities are being undertaken by the key players operating across the healthcare domain. There has also been an exponential rise in the number of venture capital investments across the healthcare IT sector owing to their increasing demand. For example, CarePredict, Inc. makes use of AI technology for behavioral monitoring to detect diseases at early stages.           

U.S. artificial intelligence in healthcare market

Thus, the players operating in this market have started establishing partnerships for developing AI-based solutions. Such initiatives are expected to open new avenues for the market growth of AI-based healthcare solutions. For example, GNS Healthcare had partnered with Alliance and Amgen in 2018 to perform clinical trials related to oncology. This partnership was aimed at gaining insights from the expedite response on metastatic CRC (Colorectal Cancer) patients.

There has been a significant rise in the number of AI-based healthcare IT startups for the last few years. They are leveraging the AI-based models and tools to support the clinical decisions, predict the outcomes of the surgical procedures, and assist medical practitioners in the treatment based on the patient's medical history.

Component Insights

In 2018 the software component segment accounted for the largest share across the global artificial intelligence in healthcare market. The innovation, development, and deployment of software solutions that are based on AI are projected to propel the growth for this segment. For example, Nuance Communications has developed a software named as Dragon Medical One which would transcribe the speech of physician into EHR(Electronic Health Records) via the NLP technique.

The segment of hardware is projected to witness 40.0% CAGR from 2019 to 2025. The rising demand for hardware that can provide more computing power for the smooth operation of AI-based software is expected to drive the market growth. Also, the development of technologically advanced processors like MPUs, FPGAs, GPUs, and ASICs especially for AI-based platforms is projected to augment the market growth.

Application Insights

The clinical trial application segment accounted for the largest share across the global market. It generated a revenue of USD 620.5 million in 2018. The need for curbing the financial loss caused due to unsuccessful trials and delays in drug launches across the market is expected to trigger the demand for AI solutions. These solutions help in reducing the downtime and predicting the results and thus are gaining wide popularity worldwide.

Global artificial intelligence in healthcare market

The robot-assisted surgery segment is expected to register significant growth in the upcoming years. This can be associated with the features of robots like the gathering and integration of information from real surgical experiences. These recorded experiences can provide improved insights to surgeons and patients.

Regional Insights

North America held the dominant share across the global market in 2018. Increasing adoption of IT solutions across the healthcare sector and rapid technological advances across the AI sector undertaken by several organizations is expected to drive the market growth across this region. Moreover, favorable initiatives undertaken by governing authorities of the U.S. and Canada for promoting the usage of digital platforms across the life science sector is projected to propel the market growth.

The Asia Pacific is anticipated to witness the highest growth in the upcoming years. Surging healthcare IT infrastructure, rising adoption of advanced technologies, and an increase in the number of several AI startups is projected to augment the market growth across this region.

COVID-19 Impact Analysis

The artificial intelligence in healthcare market has been positively impacted due to the COVID-19 pandemic. A large number of the infected population require medical treatment either at home or at hospitals. Thus, several countries across the globe have started increasing their healthcare expenditure and are adopting several technological solutions for virus tracking. For instance, the ‘Arogya Setu’ mobile app prescribed by the Government of India provides information about the number of active patients in our vicinity. Moreover, the increasing need to perform preliminary trials of medicines, vaccines, and immunity boosters projected to propel the market growth over the post-pandemic period.

Artificial Intelligence in Healthcare Market Share Insights

The global market includes key players such as IBM Corporation, Microsoft, NVIDIA Corporation, Intel Corporation, DeepMind Technologies Limited, and Nuance Communications, Inc. Continuous innovation is carried out by these players to enhance the user experience of healthcare facilities.

Strategies like collaborations, mergers, partnerships, and acquisitions are undertaken by the key players to gain a competitive advantage over other players. For example, IBM Corporation had announced a 10-year partnership with Brigham and Women’s Hospital and University Medical Center in 2019 for conducting AI research.

Report Scope

Attribute

Details

Market size value in 2020

USD 5.9 billion

Revenue forecast in 2027

USD 31.3 billion

Growth Rate

CAGR of 41.5% from 2019 to 2025

Base year for estimation

2018

Actual estimates/Historic data

2014 - 2017

Forecast period

2019 - 2025

Quantitative Units

Revenue in USD million and CAGR from 2019 to 2025

Report coverage

Revenue forecast, company ranking, competitive landscape, growth factors, and trends

Segments covered

Component, application, region

Regional scope

North America; Europe; Asia Pacific; Latin America; MEA

Country scope

U.S.; Canada; Germany; U.K.; France; Italy; Spain; Russia; Japan; China; India; Australia; Singapore; South Korea; Brazil; Mexico; Argentina; South Africa; Saudi Arabia; UAE

Key companies profiled

IBM Corporation; NVIDIA Corporation; Nuance Communications, Inc.; Microsoft; Intel Corporation; DeepMind Technologies Limited.

Customization scope

Free report customization (equivalent up to 8 analysts working days) with purchase. Addition or alteration to country, regional & segment scope.

Pricing and purchase options

Avail customized purchase options to meet your exact research needs.


Segments Covered in the Report

This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends from 2014 to 2025 in each of the sub segments. For the purpose of this study, Million Insights has segmented the global artificial intelligence in healthcare market on the basis of component, application, and region:

• Component Outlook (Revenue, USD Million, 2014 - 2025)
    • Software Solutions
    • Hardware
    • Services

• Application Outlook (Revenue, USD Million, 2014 - 2025)
    • Robot-assisted Surgery
    • Virtual Assistants
    • Administrative Workflow Assistants
    • Connected Machines
    • Diagnosis
    • Clinical Trials
    • Fraud Detection
    • Cybersecurity
    • Dosage Error Reduction

• Regional Outlook (Revenue, USD Million, 2014 - 2025)
    • North America
        • U.S.
        • Canada
    • Europe
        • U.K.
        • Germany
        • Spain
        • Italy
        • Russia
        • France
    • Asia Pacific
        • Australia
        • Japan
        • South Korea
        • India
        • China
        • Singapore
    • Latin America
        • Brazil
        • Mexico
        • Argentina
    • Middle East & Africa
        • South Africa
        • UAE
        • Saudi Arabia

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