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Artificial Intelligence (AI) in Healthcare market Worth $22,790 million by 2023 | 48.0% CAGR

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Artificial Intelligence (AI) in Healthcare market Worth $22,790 million by 2023 | 48.0% CAGR

May 06
16:22 2020
Artificial Intelligence (AI) in Healthcare market Worth $22,790 million by 2023 | 48.0% CAGR
AI in Healthcare Market by Offering (Hardware, Software, and Services), Algorithm (Deep Learning, Querying Method, Natural Language Processing, and Context Aware Processing), Application (Robot-assisted Surgery, Virtual Nursing Assistant, Administrative Workflow Assistance, Fraud Detection, Dosage Error Reduction, Clinical Trial Participant Identifier, Preliminary Diagnosis, and Others), and End User (Healthcare Provider, Pharmaceutical & Biotechnology Company, Patient, and Payer) Forecast 2023

The Global Artificial Intelligence (AI) in Healthcare market is estimated to grow at a CAGR of 48.0% during the forecast period 2017-2023. As per the detailed market study, the global market was valued $1,441 million in the year 2016 and is estimated to record a value of $22,790 million by the end of the year 2023.

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Artificial Intelligence is an intelligent system that uses advanced software for the analysis of complex medical data in healthcare sector. The AI in healthcare is also used to analyse relationship between prevention techniques and health outcomes of patients through intelligent systems. The system is also useful for diagnosis, treatment, patient monitoring as well as care. The rising demand for real-time monitoring system and increasing usage of big data in healthcare industry are responsible for the growth of the global artificial intelligence in healthcare market.

According to 2019 Internet Trends Report by Mary Meeker, global internet users have touched 3.8 Billion. Among these, Asia has the largest share of internet users in the world with India and China as the major contributors. This represents more than half of the total internet users present across the globe whereas, America has the highest internet user penetration rate of around 88% out of the total population. Therefore, there is an increase in the internet usage worldwide. Integration of Internet of Things technology with the healthcare sector introduces a way for medical Internet of Things. Medical IoT is a critical area for digital transformation of healthcare. These devices are capable to transmit data to patient’s home to hospital staff.

Segmentation Overview of the Global Artificial Intelligence in Healthcare Market

The Global Artificial Intelligence in Healthcare Market is segmented on the basis of various market segments that include Offering, Algorithm, Application and End User. These major market segments are further categorized into various sub-segments to study the market in detail.

The Offering Segment of the Global Artificial Intelligence in Healthcare Market is Sub-Segmented into:

  • Hardware
  • Software
  • Service

The Algorithm Segment of the Global Artificial Intelligence in Healthcare Market is Sub-Segmented into:

  • Deep Learning
  • Context Aware Processing
  • Natural Language Processing
  • Querying Method

The Application Segment of the Global Artificial Intelligence in Healthcare Market is Sub-Segmented into:

  • Robot-Assisted Surgery
  • Preliminary Diagnosis
  • Virtual Nursing Assistant
  • Clinical Trial Participant Identifier
  • Dosage Error Reduction
  • Administrative Workflow Assistance
  • Fraud Detection
  • Others

The End-User Segment of the Global Artificial Intelligence in Healthcare Market is Sub-Segmented into:

  • Pharmaceutical Company and Biotechnology Company
  • Healthcare Provider
  • Patient
  • Payer

Regional Overview of the Global Artificial Intelligence in Healthcare Market

North America is expected to be the largest region for the artificial intelligence in healthcare market during the forecast period. The regional market growth is attributed to regulatory mandates for the use of electronic health records, rising focus towards precision medicine, presence of key market players in the region, large number of cross industry collaborations and growing 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. Artificial Intelligence has a wide range of applications in drug discovery and medical imaging industry.

Key Players Insights

iCarbonX, Next IT Corporation, Enlitic, Inc., General Vision Inc., Microsoft Corporation, IBM Corporation, Google Inc., Nvidia Corporation, Intel Corporation, Welltok Inc., Bay Labs, Inc., Cloudmedx, Inc., Koninklijke Philips N.V., General Electric (GE), Siemens Healthineers and Shimadzu Recursion Pharmaceuticals Inc. among others are some major players included in the research study of the global artificial intelligence in healthcare market.

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