Artificial Intelligence in Healthcare Market by Offering (Hardware, Software, Services), Technology (Machine Learning, NLP, Context-aware Computing, Computer Vision), Application, End User and Geography - Global Forecast to 2027
The artificial intelligence in healthcare market is projected to grow from USD 6.9 billion in 2021 to USD 67.4 billion by 2027; it is expected to grow at a CAGR of 46.2%from 2021 to 2027.
Many companies are developing software solutions for various healthcare applications; this is the key factor complementing the growth of the software segment. Strong demand among software developers (especially in medical centers and universities) and widening applications of AI in the healthcare sector are among the prime factors complementing the growth of the AI platform within the software segment. Google AI Platform, TensorFlow, Microsoft Azure, Premonition, Watson Studio, Lumiata, and Infrrd are some of the top AI platforms.
“The market for machine learning segment is expected to grow at the highest CAGR during the forecast period”
The increasing adoption of machine learning technology (especially deep learning) in various healthcare applications such as inpatient monitoring & hospital management, drug discovery, medical imaging & diagnostics, and cybersecurity is driving the adoption of machine learning technology in the AI in healthcare market.
“The medical imaging & diagnostics segment is expected to grow at the highest CAGR of the artificial intelligence in healthcare market during the forecast period.”
The high growth of the medical imaging and diagnostics segment can be attributed to factors such as the presence of a large volume of imaging data, advantages offered by AI systems to radiologists in diagnosis and treatment management, and the influx of a large number of startups in this segment.
“North America region is expected to hold the largest share of the artificial intelligence in healthcare market during the forecast period.”
Increasing adoption of AI technology across the continuum of care, especially in the US, and high healthcare spending combined with the onset of COVID-19 pandemic accelerating the adoption of AI in hospital and clinics across the region are the major factors driving the growth of the North American market.
Break-up of the profiles of primary participants:
By Company Type – Tier 1 – 40%, Tier 2 – 25%, and Tier 3 – 35%
By Designation – C-level – 40%, Director-level – 35%, and, Other – 25%
By Region – North America - 30%, Europe – 20%, APAC – 45%, and RoW – 5%
The key players operating in the artificial intelligence in healthcare market include Intel (US), Koninklijke Philips (Netherlands), Microsoft (US), IBM (US), and Siemens Healthineers (US)
The artificial intelligence in healthcare market has been segmented into offering, technology, application, end user, and region.
Based on offering the market has been segmented into hardware, software, and services. Based on technology the market has been segmented machine learning, natural language processing, context-aware computing, and computer vision. Based on application the market has been segmented into patient data & risk analysis, inpatient care & hospital management, medical imaging & diagnostics, lifestyle management & monitoring, virtual assistants, drug discovery, research, healthcare assistance robots, precision medicine, emergency room & surgery, wearables, mental health, and cybersecurity. Based on end user, the market has been segmented into hospitals & healthcare providers, patients, pharmaceutical & biotechnology companies, healthcare payers, and others. The artificial intelligence in healthcare market has been studied for North America, Europe, Asia Pacific (APAC), and the Rest of the World (RoW).
Reasons to buy the report:
Illustrative segmentation, analysis, and forecast of the market based on offering, technology, application, end user, and region have been conducted to give an overall view of the artificial intelligence in healthcare market.
A value chain analysis has been performed to provide in-depth insights into the artificial intelligence in healthcare market.
The key drivers, restraints, opportunities, and challenges pertaining to the artificial intelligence in healthcare market have been detailed in this report.
Detailed information regarding the COVID-19 impact on the artificial intelligence in healthcare market has been provided in the report.
The report includes a detailed competitive landscape of the market, along with key players, as well as in-depth analysis of their revenues
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