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Artificial Intelligence is the creation of intelligent systems which perform tasks without human instructions and intervention. Artificial Intelligence in healthcare uses software and algorithms for the analysis of medical data and can predict diseases and provide medications accordingly. Artificial Intelligence in healthcare uses various technologies such as machine learning, natural language processing etc. Global Artificial Intelligence in healthcare market is expected to have a CAGR of about 51% during the forecast period 2016-2023. The various practices that are carried out in healthcare industry using Artificial Intelligence include diagnosis process, drug development, treatment protocol development, personalized monitoring and patient monitoring and care. Moreover increased usage of big data in the healthcare industry the use of Artificial Intelligence has become very popular in the healthcare industry. Also, the ability of Artificial Intelligence to improve patient outcomes (health status of a patient resulted due to health care) and increasing importance on precision medicine is also responsible for growth of the global Artificial Intelligence in healthcare market. However, ambiguous regulatory guidelines for medical software and reluctance among medical practitioners to adopt Artificial Intelligence based technologies are the factors that are responsible to restrain the growth of the global Artificial Intelligence in healthcare market.
Source: OBRC Analysis.
The report on global Artificial Intelligence in healthcare market includes offering, technology, applications and end user industry.
Offering is segmented into:
Technology is segmented into:
The global Artificial Intelligence in healthcare market’s applications include:
End user industry is segmented into:
The report scope is widely categorized on the basis of its segments such as offering, technology, applications and end user industry. Moreover, the market revenue estimates and forecast includes only the Artificial Intelligence systems. However, report scope excludes other software.
The global Artificial Intelligence in healthcare market report has been geographically segmented in:
North America held the largest market share in the global Artificial Intelligence in healthcare market in 2016 and is expected to be the largest and fastest growing market for Artificial Intelligence in healthcare during the forecast period. The regulatory mandates the use of electronic health records, increasing focus on precision medicine, strong presence of leading companies, large number of cross industry collaborations and increasing investments in the field of Artificial Intelligence in healthcare are growing the market in the region. Also, high usage of personal care products is driving growth of the Artificial Intelligence in healthcare market in North America.
Software (offering) segment is estimated to hold the largest share of the global Artificial intelligence in healthcare market during the forecast period. The Artificial Intelligence software is used to assist the medical system in relevant insights, drug discovery, medical imaging and diagnosis, virtual assistance, in patient care and hospital management, precision medicine, lifestyle management and monitoring, patient data and risk analysis and research. The increasing usage of smart devices and presence of major Artificial Intelligence software providers such as IBM, Microsoft, Google etc are driving the growth of Artificial Intelligence in healthcare market for the software offering. Also, Deep learning technology (by technology) segment which includes signal recognition, image recognition, and data mining is expected to witness the highest growth during the forecast period. The U.S. government mandates for using Electronic Health Records (EHR) which is responsible for the growth of this segment during the forecast period.
The major market players of the global Artificial Intelligence in healthcare market are:
These companies use various strategies such as merger & acquisition, collaboration, partnership and product launch. Whereas, merger & acquisition is the key strategy adopted by the companies in the global Artificial Intelligence in healthcare market.
For example: In 2017, a leading precision medicine company, GNS Healthcare announced collaboration with Genentech. Genentech is a member of Roche Group. This collaboration was done to power the development of novel cancer therapies. These two companies will collaborate to unlock knowledge from various data resources such as next generation sequencing, longitudinal Electronic Media Records (EMR) and other ohmic data.
The report covers detailed analysis of companies which comprises of overview, SCOT analysis, product portfolio, strategic initiative, strategic analysis, competitive landscape and market share analysis in the global Artificial Intelligence in healthcare market.
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At Occams we provide an extensive portfolio which is comprehensive market analysis along with the market size, market share, and market segmentations. Our report on global Artificial Intelligence in healthcare market offers detailed analysis of strategic models such as investment vs. adoption model, see saw analysis and others strategic models. Also, the report contains the detailed analysis of application, adoption scenario and decision support for each segment. The report discusses competitive landscape of the global Artificial Intelligence in healthcare market, with giving extensive SCOT analysis of key companies.
Key findings of the global Artificial Intelligence in healthcare market: