Dublin, June 21, 2021 (GLOBE NEWSWIRE) – The “Artificial Intelligence (AI) in the Health Market 2020-2026” Report was added to ResearchAndMarkets.com to offer.
The global healthcare AI market is expected to have a CAGR of around 51.5% over the forecast period. AI is the technology that combines the power of machine learning and deep learning technology used by many sectors including remote sensing, medical diagnostics, electronic commerce, transportation, education, and others. It is one of the essential tools in healthcare as it supports the analysis of complex medical data through the use of software and algorithms. The AI-based technologies are also supported in the detection and prevention of diseases in patients. One of the factors responsible for the growth of the market is the increasing demand for early and effective detection of diseases as people become more aware of their health. Therefore, advanced AI technology supports the early detection of diseases. Another factor is increasing investment in health care to provide better health facilities to patients, resulting in cost and time savings in major surgeries.
However, some factors are holding back the market from growing including security concerns about the technology as all data is stored on a wide area network called IoT which can result in loss of information and services. In addition, relevant data must be available for AI to work and without such correct data it is impossible to get it working, which is another constraint on the market. As government funds soar, investments in R&D and venture capital create significant opportunities for the market to grow.
Effects of COVID-19 on AI in the healthcare industry
COVID-19 has accelerated the adoption of AI in the healthcare sector, where AI-based solutions are deployed on a large scale and can respond more quickly to the dynamic nature of such a crisis. Many market participants, universities, established companies and start-ups are working together on the integration of AI into the healthcare industry. For example, Current Health, the UK-based remote monitoring company, is helping Mayo Clinic and Baptist Health with their COVID-19 responses by contributing to the industry through a rapid digital adoption and scaling faster to meet demand during such a crisis . Companies like Google, Microsoft and Apple are also involved in initiatives like contact tracking, drug development, distance communication between patients and clinicians among others. COVID-19 has fueled unprecedented data sharing and collaboration efforts, for example, C3 AI created an API accessible data lake containing a growing number of COVID-19-related datasets, including genomic sequences of virus samples and image data. These initiatives will build new infrastructures that will drive the future growth of AI in the healthcare industry.
The global healthcare AI market is segmented based on product type, application, and end-user. Based on the product type, the market is further divided into Hardware and Software & Services. Additionally, the market is segmented into Diagnostics, Biomarkers, AI-Assisted Hospital Care, Drug Discovery, and others based on application. Based on the end user, the market is divided into Hospitals and Healthcare Facilities, Personal Care, Biotechnology, and Pharmaceutical Companies.
Global Healthcare AI Market Share by Application, 2020 (%)
The AI-enabled hospital care segment is expected to dominate global AI in the healthcare market.
Among the applications, the AI-enabled hospital supply segment is estimated to hold the largest share of the global AI healthcare market. AI can act as a care provider in hospitals using a number of advanced solutions such as intelligent monitoring of IV solutions, patient alert systems, patient medication tracking, nurse scoring systems and patient movement tracking in hospitals, among others. Robotic surgeries and a number of uses of AI in routine phlebotomy procedures are some other potential uses of AI in hospitals. It significantly reduces drug dosing errors and further increases the productivity of hospital nurses.
Geographically, global AI in the healthcare market is divided into four main regions, including North America (US and Canada), Europe (UK, Germany, France, Italy, Spain and the rest of Europe), Asia-Pacific (India, China), Japan, South Korea and others Asia Pacific) and Rest of the World (Latin America and the Middle East and Africa (MEA)). Europe is expected to grow at a significant CAGR over the forecast period. The market growth is attributed to the increasing number of startups increasing health spending in the region. The other factors like well developed ICT infrastructure, health care and business services in countries like UK, Germany and others.
Geographically, North America is expected to hold a significant share of the global healthcare AI market. Factors contributing to the growth of the market include high healthcare spending and the presence of key market players in the region such as Google, IBM, GE Healthcare, Jonson & Johnson and others. Other factors include the increasing demand for digital health systems and the decline in the health care workforce in various North American countries, increasing the demand for effective diagnostic and treatment services. The United States and Canada are the major economies in North America, with well-developed IT infrastructures and large numbers of networked devices in healthcare facilities.
Outlook for market participants
The main AI players in the healthcare market are making a significant contribution by offering different types of products and increasing their geographic presence around the world. The main players in the market include Siemens AG, Microsoft Corp., IBM Corp., Google, LLC. and General Electric Co .. These market players use various strategies such as product launches, partnerships, collaborations, mergers and acquisitions to maintain a strong position in the market. In February 2019, IBM Corp. announced that it plans to invest $ 50 million in 10-year research collaborations with two academic centers, Brigham and Women’s Capital and Vanderbilt University Medical Center, to advance AI research and its applications in key public health issues. This scientific collaboration with both universities will focus on critical health issues that are well-suited for AI solutions.
The report includes
- Market value data analysis 2019 and forecast to 2026.
- Annualized market revenue (in millions of US dollars) for each market segment.
- Country-specific analysis of the most important geographical regions.
- Key companies involved in the global Healthcare AI market. Depending on the availability of the data, information on pipeline products and relevant news is also available in the report.
- Analyze business strategies by identifying key market segments that are positioned for strong growth in the future.
- Analysis of market entry and market expansion strategies.
- Competitive strategies by identifying the “who is where in the market”.
Key topics covered:
1. Summary of the report
2. Market overview and insights
2.1. Scope of the report
2.2. Analyst insight and current market trends
2.2.1. Most important findings
3. Competitive landscape
3.1. Analysis of the main companies
3.1.2. Financial analysis
3.1.3. SWOT analysis
3.2. Key strategy analysis
3.3. Effects of Covid on key players
4. Market determinants
5. Market segmentation
5.1. Global Healthcare AI Market by Product Type
5.1.2. Software and services
5.2. Global Healthcare AI Market by Application
5.2.3. AI-enabled hospital care
5.2.4. Drug discovery
5.2.5. Others (remote monitoring)
5.3. Global Healthcare AI Market by End-User
5.3.1. Hospitals and health care facilities
5.3.2. personal hygiene
5.3.3. Biotechnology and pharmaceutical companies
6. Regional analysis
6.1. North America
6.1.1. United States
6.2.1. United Kingdom
6.2.6. Rest of Europe
6.3. Asia Pacific
6.3.4. South Korea
6.3.5. Rest of Asia Pacific
6.4. rest of the world
7. Company profiles
7.1. 3Scan, Inc.
7.2. Atomic, Inc.
7.3. Amara Health Analytics Inc.
7.4. Bay Labs, Inc.
7.5. BioBeats Inc
7.6. Cloudmedx Inc.
7.7. Google LLC
7.8. General Electric Co.
7.9. IBM Corp.
7.10. Intel Corp.
7.12. Johnson & Johnson Services Inc.
7.13. Royal Philips NV
7.14. Medtronic PLC
7.15. MedAware Systems, Inc.
7.16. Microsoft Corp.
7.17. Micron Technology Inc.
7.18. NVIDIA Corp.
7.19. Oncora Medical
7.20. Siemens AG
For more information on this report, see https://www.researchandmarkets.com/r/bt3k3w