According to Coherent Market Insights, the global artificial intelligence in healthcare market 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).
Key Trends and Analysis:
The increasing number of product launches is expected to drive growth of the artificial intelligence in healthcare market during the forecast period. For instance, in May 2020, Nuance Communications, Inc. announced the launch and availability of its Dragon Medical One cloud-based platform in Denmark, Finland, and Sweden. Integrated within the electronic health record (EHR), Dragon Medical One enables physicians to capture the patient’s complete story during posint-of-care and thereby, reducing administrative workloads while improving documentation quality and care.
Key manufacturers operating in the artificial intelligence in healthcare market are engaged in developing more advanced products for use of advanced AI tools to detect indicators of fraudulent activity, which has saved a huge amount of money for the governments. For instance, Highmark Inc.’s Financial Investigations and Provider Review (FIPR) department leveraged artificial intelligence to generate over US$ 260 million in savings associated with fraud, waste, and abuse in 2019, and has saved over US$ 850 million in the past five years.
Emerging economies such as China, India, Japan, and Brazil are estimated to gain an early momentum in the market, as a result of massive investments by key players in the artificial intelligence in healthcare market. For instance, in June 2020, Tokyo-based artificial intelligence (AI) healthtech startup Ubie raised US$ 18.7 million in a Series B round of financing, according to a statement released by the company, to provide solutions to workflow management in hospitals and personal health management for consumers.
The global artificial intelligence in healthcare market is expected to witness significant growth, owing to increasing partnerships and collaborations. For instance, in January 2020, medical imaging technology company Oxipit announced partnership with Switzerland-based medical distribution company, Healthcare Konnect, to bring ChestEye AI imaging suite to healthcare institutions in Nigeria. The partnership aims to introduce vanguard AI diagnostic capabilities and improve detection of 75 pathologies, including tuberculosis, to one of the largest markets in Africa.
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Key Market Takeaways:
The global artificial intelligence in healthcare market is expected to exhibit a CAGR of 56.2% during the forecast period (2020-2027), owing to the rising prevalence of chronic diseases, worldwide. For instance, according to the International Diabetes Federation, in 2017, diabetes affected 425 million people worldwide, of which four million died in the same year. In diabetes, timely diagnosis, education of patient about self-management, and continuous medical care are required to prevent acute complications and to minimize the risk of long-term complications such as nephropathy, retinopathy, diabetic foot, cardiovascular disease or stroke.
Key players in the North America artificial intelligence in healthcare market are focused on strategic partnerships and collaborations with each other to provide better products to the customers, which is expected to drive growth of the market during the forecast period. For instance, in January 2018, Microsoft Corporation and Adaptive Biotechnologies partnered to combine artificial intelligence with human immune system sequencing (from Adaptive Biotechnologies). Moreover, in 2017, Nvidia Corporation collaborated with GE Healthcare to accelerate adoption of AI in healthcare.
Key players operating in the global 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.
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Global Artificial Intelligence in Healthcare Market, By Products and Services:
- Software & Services
Global Artificial Intelligence in Healthcare Market, By Technology:
- Speech Recognition
- Natural Language Processing
- Machine Learning
- Context Aware Processing
Global Artificial Intelligence in Healthcare Market, By Application:
- Imaging & Diagnostics
- Home Health
- Medical Device and Robotics
- Virtual Assistants
Global Artificial Intelligence in Healthcare Market, By End User:
- Hospitals & Clinics
- Medical Device Companies
- Diagnostic Centers
Global Artificial Intelligence in Healthcare Market, By Region:
- North America
- Asia Pacific
- Latin America
- Middle East
Coherent Market Insights is a global market intelligence and consulting organization focused on assisting our plethora of clients achieve transformational growth by helping them make critical business decisions. Our client base includes players from across various business verticals in over 57 countries worldwide.