Growing Importance of Big Data Coupled with Rising Need for Reduction of Healthcare Costs Is Expected to Propel the Growth of The Global Artificial Intelligence in Healthcare Market at A CAGR of 43.2% During the Forecast Period, 2019-2026

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Global artificial intelligence in healthcare market is estimated to reach $2.45 billion in 2019 with a CAGR of 43.2% from 2019 to 2026.

North America is the major region in the global artificial intelligence in healthcare market and is expected to continue its trend throughout the assessment period. The early adoption of new technologies, government reforms for AI, and availability of funding for budding start-ups are major factors boosting the market growth in the region.

 

Growing Importance of Big Data Coupled with Rising Need for Reduction of Healthcare Costs Is Expected to Propel the Growth of The Global Artificial Intelligence in Healthcare Market at A CAGR of 43.2% During the Forecast Period, 2019-2026

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OVERVIEW

The growing adoption of precision medicine, reducing hardware costs, rising significance of big data, and growing need for reducing healthcare costs are some key factors driving the market growth. Moreover, improving computer efficiency coupled with rising venture capital investments can be associated with the growth in uptake for this technology. For instance, in July 2019, Freenome announced the closure of Series B financing round with $160 million. Few key venture capitalist organizations working in this sector are ACCEL PARTNERS, Data Collective, General Catalyst Partners, Comet Labs, Kleiner Perkins, and others. In recent years, the growing number of partnerships is anticipated to positively impact market growth. For instance, in August 2019, Microsoft entered into a partnership with Apollo Hospitals for setting up a National Clinical Coordination Committee (NCCC) for tackling cardiovascular diseases.

Moreover, the growing research in the field of AI applications in elderly care poses an opportunity for the market. The development of virtual assistance by some companies such as Nuance Communications is projected to aid inpatient care. Further, in the case of pharmaceutical companies, clinical trials play a huge role in the drug development process. Failed clinical trials may delay the market launch of drug candidates, thereby affecting the company’s revenue. In such a scenario, artificial intelligence can assist the pharmaceutical companies in automating the clinical trial process and thus avoiding unsuccessful trials.

On the other hand, data privacy related concerns and limited interoperability between the AI platforms provided by various vendors may hamper the growth of the market. In addition, reluctance among healthcare professionals to adopt AI technology may negatively impact market growth.

The global artificial intelligence in healthcare market is mainly classified into component, application, and end-use. Based on component, the market has been segmented into software solutions, hardware, and services. Further, the application segment has been classified into robot-assisted surgery, virtual assistants, administrative workflow assistants, connected machines, diagnosis, clinical trials, fraud detection, cyber security, and dosage error reduction. The end-use segment has been bifurcated into hospitals & providers, patients, pharmaceutical and biotechnology companies, healthcare payers, and others.

On the regional basis, the global artificial intelligence in healthcare market has been bifurcated into North America, Europe, Asia-Pacific, South America, and Middle East & Africa. North America has been classified into the U.S. and Canada. Europe region has been segmented into the UK, Germany, France, Italy, and Rest of Europe. Asia-Pacific has been segmented into South Korea, China, India, Japan, and Rest of Asia-Pacific. Furthermore, the South America region has been segmented into Brazil, Mexico, Argentina, and the Rest of South America, while the Middle East & Africa is categorized into GCC Countries, Africa, and the Rest of Middle East.

North America is the major region in the global artificial intelligence in healthcare market and is expected to continue its trend throughout the assessment period. The early adoption of new technologies, government reforms for AI, and availability of funding for budding start-ups are major factors boosting the market growth in the region.

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Prominent players operating in the artificial intelligence in healthcare industry include Intel Corporation, NVIDIA, IBM Corporation, GE Healthcare, AWS, General Vision, Google, Microsoft, Siemens Healthineers, Medtronic plc.

Product Launches

  • In September 2019, Google Inc. launched an artificial intelligence (AI) research lab in Bengaluru, India.
  • In September 2019, Siemens Healthineers received the FDA Clearance for three modules of Al-Rad Companion Chest CT software.
  • In June 2018, Medtronic plc along with its partner IBM Watson Health announced the launch of Sugar. IQ app for diabetes management.

 

Strategic Partnerships

  • In October 2019, Care.ai entered into a collaboration with Google, Inc. to launch an AI-Powered Autonomous Monitoring
  • In September 2019, IBM Watson Health and Guerbet signed an agreement to co-develop and co-commercialize an AI solution to assist clinicians in diagnosing and monitoring prostate cancer patients.
  • In January 2017, Mayo Clinic entered into a collaboration with Tempus, a Chicago-based start-up for providing personalized treatment to the cancer patients.

Acquisitions & Mergers

  • In December 2019, Medtronic plc acquired Klue, a software company based in California. With this acquisition, the company planned to integrate Klue’s AI technology into its Personalized Closed Loop insulin pump system.

 

Artificial Intelligence in Healthcare Market Key Segments:

By Component

  • Software Solutions
  • Hardware
  • Services

By Application

  • Robot-Assisted Surgery
  •  Virtual Assistants
  • Administrative Workflow Assistants
  • Connected Machines
  •  Diagnosis
  •  Clinical Trials
  •  Fraud Detection
  • Cyber Security
  • Dosage Error Reduction

By End-Use

  • Hospitals & Providers
  • Patients
  • Pharmaceutical And Biotechnology Companies
  • Healthcare Payers
  • Others

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