Artificial Intelligence in Medicine Market - Growth, Trends, and Forecast (2020 - 2025)
The artificial intelligence in medicine market was valued at USD 3.14 billion in 2019 and is projected to reach a value of USD 23.85 billion by 2025, registering a CAGR of 40.15% during the forecast period, (2020-2025). The rapidly increasing adoption of cloud computing techniques has facilitated the adoption of artificial intelligence solutions for mining large amounts of data to identify mistakes in the present scenarios and offer alternative solutions in complex situations.
- The use of AI technology has been encouraged by many players in the healthcare industry since it is able to potentially enhance the service being provided by manifold. The access to data, collection of patient symptoms and the communication of corresponding treatments are the major functions that need the highest integration of AI in the industry.
- The healthcare industry is estimated to generate data of the volume of hundreds of exabytes and it is expected to reach the measure of zettabytes in the near future. Such large volumes of data need to be stored and accessed at a much faster rate than the current industry standards which can be done by the adoption of AI-powered solutions.
- The scope of applications of AI in the healthcare industry extends to adding value to various services such as personal health assistants, advanced analytics & research, healthcare bots, among others.
- Developing new pharmaceuticals through clinical trials with the assistance of AI systems has been growing rapidly since the revelation by Atomwise. The first Deep Learning AI technology that assisted in predicting two drugs which could significantly reduce Ebola.
Scope of the Report
Artificial intelligence (AI) in healthcare is the use of algorithms and software to approximate human cognition in the analysis of complex medical data. Specifically, AI is the ability of computer algorithms to approximate conclusions without direct human input. The primary aim of health-related AI applications is to analyze relationships between prevention or treatment techniques and patient outcomes.
Key Market Trends
Patient Management Application to Witness Significant Growth
- Effective management of patients is one of the most important needs for hospital facilities. Several studies have demonstrated the importance of patient engagement in improving health outcomes. Lacking such engagement has been a major contributor to preventable deaths.
- There has been a rise in the overall healthcare costs with increasing demand for better results. This is increasing the expectation of more effective data management solutions in order to improve quality and increase patient satisfaction within the optimum delivery time.
- With the help of AI solutions, certain aspects, such as biometric indicators, fitness tracking, diet tracking, mental well-being, and genomic screening can be tracked in real-time. This data will be aggregated and fed to the analytics, which offers insights to make improved decisions for the future course of actions.
- Smart wearables also play a vital role in the transformation of the current healthcare industry. The awareness among consumers is also increasing regarding wearables, many consumers today believe that wearing a smart device, which monitors their vitals, will lead to increase in the average life expectancy.
North America Occupies the Largest Market Share
- The North American region has a well-established healthcare and medicine system, which integrates the use of the latest technologies. With huge investments from large companies in healthcare AI, the market is expected to witness further growth. Research & development, pharmacy, and other sectors are also expected to utilize AI and incorporate it in industries, driving the growth of the market. Overall, AI in the medicine market in the North American region is projected to grow at a healthy rate
- Medical errors cost the industry billions of dollars annually. Thus, the need for efficient management and support in the region is increasing. Also, with the increasing amount of data and complexity of operations in the domain are challenging resource management.
- Canada has also been rated as one of the best 10 healthcare systems across the globe which further emphasizes the need for better healthcare systems that further drive the growth of Artificial Intelligence in this region.
The artificial intelligence in medicine market is highly competitive owing to the presence of a large number of players in the market operating in domestic as well as in the international market. The market appears to be fragmented. Owing to the increase in the applications of AI across various industries, major players in the market are adopting strategies like product innovation and mergers and acquisition. Some key players in the market include IBM, Zebra Medical Vision Ltd, Sense.Ly Inc. among others.
- March 2019 - IBM developed a virtual assistant "Andělín" to help patients of the Czech Neurorehabilitation Center ERGO Aktiv after a stroke to their return to an active life and work. The virtual assistant help reduce confusion and misinterpretation of information by answering questions and providing general information related to the post-stroke rehabilitation shared widely on the Internet.
- September 2019 - Atomwise and Jiangsu Hansoh Pharmaceutical Group have launched an up-to USD 1.5 billion collaboration to design and discover potential drug candidates for up to 11 undisclosed target proteins in cancer and multiple other therapeutic areas.
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- 1 INTRODUCTION
- 1.1 Study Deliverables
- 1.2 Study Assumptions
- 1.3 Scope of the Study
- 2 RESEARCH METHODOLOGY
- 3 EXECUTIVE SUMMARY
- 4 MARKET DYNAMICS
- 4.1 Market Overview
- 4.2 Introduction to Market Drivers and Restraints
- 4.3 Market Drivers
- 4.3.1 Increased Spectrum of Applications
- 4.3.2 Increased Adoption of Ai in The Industry And Emphasis On Cost Saving
- 4.4 Market Restraints
- 4.4.1 Concerns Over the Patient Perception And Reception Of The AI Technologies
- 4.5 Industry Value Chain Analysis
- 4.6 Industry Attractiveness - Porter's Five Force Analysis
- 4.6.1 Threat of New Entrants
- 4.6.2 Bargaining Power of Buyers/Consumers
- 4.6.3 Bargaining Power of Suppliers
- 4.6.4 Threat of Substitute Products
- 4.6.5 Intensity of Competitive Rivalry
- 5 MARKET SEGMENTATION
- 5.1 By Application
- 5.1.1 Medical Administration and Support
- 5.1.2 Patient Management
- 5.1.3 Research & Development
- 5.1.4 Others Application
- 5.2 Geography
- 5.2.1 North America
- 5.2.2 Europe
- 5.2.3 Asia-Pacific
- 5.2.4 Rest Of The World
- 6 COMPETITIVE LANDSCAPE
- 6.1 Company Profiles
- 6.1.1 Atomwise Inc.
- 6.1.2 IBM Watson Health
- 6.1.3 Zebra Medical Vision Ltd
- 6.1.4 Cyrcadia Health Inc.
- 6.1.5 AiCure LLC
- 6.1.6 Modernizing Medicine Inc.
- 6.1.7 Sense.ly Inc.
- 6.1.8 Berg Health
- 6.1.9 Medasense Biometrics Ltd
- 6.1.10 Hindsait Inc.
- 6.1.11 Ekso Bionics Holdings Inc.
- 7 INVESTMENT ANALYSIS
- 8 MARKET OPPORTUNITIES AND FUTURE TRENDS