Artificial Intelligence in Healthcare Market by Component (Software Solutions, Hardware, and Services), By Application (Robot Assisted Surgery, and Others), By End-User (Hospitals & Providers, Others), By Geography, Estimation & Forecast, 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.
  • Market Definition

    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. Artificial intelligence (AI) enables computers to perform human intelligence-based functions which include logical reasoning, problem-solving skills, among others. In recent years, AI has shown to revolutionize the healthcare sector owing to the availability of a large number of healthcare data and growing development in analytics techniques. Some of the well-adopted AI techniques include machine learning, natural language processing, querying, neural networks, among others.

    Industry Dynamics

    The increasing significance of big data, growing adoption of precision medicine, and the rising need for reducing healthcare costs are some driving factors contributing to market growth. Moreover, increasing adoption of precision medicine, improving computer efficiency coupled with growth in venture capital investments can be associated with the increase in uptake for this technology. For instance, in July 2019, Freenome announced the closure of Series B financing round with $160 million. Likewise, in May 2019, Tempus, a precision medicine company received funding of $200 million. Similarly, in July 2018, GV and Kleiner Perkins invested nearly $21 million in Viz.ai, a AI start-up. Few key venture capitalist organizations working in this sector are Data Collective, ACCEL PARTNERS, General Catalyst Partners, Kleiner Perkins, Comet Labs, and others.

    Recently, a growing number of collaborations are expected to positively impact market growth. In May 2017, GE Healthcare and Partners Healthcare announced the launch of a 10-year collaboration for developing and integrating deep learning technology in all aspects of patient journey. Moreover, an imbalance in physician workforce in some countries is expected to propel the uptake of AI technology.

    Despite the number of drivers, concerns related to data privacy and limited interoperability between the AI platforms provided by various vendors may hamper the growth of the market. In addition, hesitation among medical professionals to adopt AI technology may further act as a restraint to market growth.

    Market Segmentation

    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.

    Regional Analysis

    On 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 leading region in the global market and is expected to maintain its position throughout the assessment period. The presence of well-established healthcare IT sector, high uptake of advanced technologies, government reforms for AI, and availability of funding are key factors driving the market growth in the region. In June 2018, the Canadian government launched a program of $24.9 million for funding cross-disciplinary research in the field of healthcare and AI.

    Asia Pacific is expected to be the fastest-growing region during the assessment period. Factors such as an increasing number of AI start-ups, growth in number of government initiatives for AI, and steadily growing uptake of advanced technologies are contributing to market growth in this region.

    Key Players

    Key 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. Strategic partnerships, product upgradation, product launches, and investment in R&D to develop new products are some strategies adopted by prominent players to obtain a competitive edge in the market. For instance, in October 2019, Medtronic plc launched GI Genius intelligent endoscopy module, an artificial intelligence system at United European Gastroenterology (UEG) Week 2019.

    Similarly, in September 2019, GE Healthcare received the U.S. Food and Drug Administration (FDA) clearance for Critical Care Suite, an AI platform for x-ray scans. This platform has been developed in collaboration with UC San Francisco and it is by Edison AI technology of GE.

    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

    By Geography

    • North America
      • The U.S.
      • Canada
    • Europe
      • U.K
      • Germany
      • France
      • Italy
      • Rest of Europe
    • Asia Pacific
      • India
      • China
      • Japan
      • South Korea
      • Rest of Asia Pacific
    • South America
      • Brazil
      • Argentina
      • Mexico
      • Rest of South America
    • Middle East & Africa
      • GCC Countries
      • Egypt
      • South Africa
      • Rest of Middle East & Africa
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  • Table of Content

    1. Market Introduction
    1.1. Executive Summary
    1.2. Market Definition
    1.3. Market Scope

    2. Research Methodology
    2.1. Primary Research
    2.2. Research Methodology
    2.3. Assumptions & Exclusions
    2.4. Secondary data sources

    3. Global Artificial Intelligence in Healthcare Market Overview
    3.1. Report Segmentation & Scope
    3.2. Key Market Trend
    3.3. Drivers
    3.4. Restraints
    3.5. Opportunities
    3.6. Porter’s Five Forces Analysis
    3.6.1. Porter’s Five Forces Analysis
    3.7. Market Share Analysis

    4. Global Artificial Intelligence in Healthcare Market, By Component
    4.1. Overview
    4.2. Software Solutions
    4.2.1. Market Size & Forecast
    4.3. Hardware
    4.3.1. Market Size & Forecast
    4.4. Services
    4.4.1. Market Size & Forecast

    5. Global Artificial Intelligence in Healthcare Market, By Application
    5.1. Overview
    5.2. Robot-Assisted Surgery
    5.2.1. Market Size & Forecast
    5.3. Virtual Assistants
    5.3.1. Market Size & Forecast
    5.4. Administrative Workflow Assistants
    5.4.1. Market Size & Forecast
    5.5. Connected Machines
    5.5.1. Market Size & Forecast
    5.6. Diagnosis
    5.6.1. Market Size & Forecast
    5.7. Clinical Trials
    5.7.1. Market Size & Forecast
    5.8. Fraud Detection
    5.8.1. Market Size & Forecast
    5.9. Cyber Security
    5.9.1. Market Size & Forecast
    5.10. Dosage Error Reduction
    5.10.1. Market Size & Forecast

    6. Global Artificial Intelligence in Healthcare Market, By End-Use
    6.1. Overview
    6.2. Hospitals & Providers
    6.2.1. Market Size & Forecast
    6.3. Patients
    6.3.1. Market Size & Forecast
    6.4. Pharmaceutical and Biotechnology Companies
    6.4.1. Market Size & Forecast
    6.5. Healthcare Payers
    6.5.1. Market Size & Forecast
    6.6. Others

    7. Global Artificial Intelligence in Healthcare Market, Region
    7.1. Overview
    7.1.1. Global Market Size & Forecast
    7.2. North America Artificial Intelligence in Healthcare Market
    7.2.1. North America Market Size & Forecast, By Country
    7.2.2. North America Market Size & Forecast, By Component
    7.2.3. North America Market Size & Forecast, By Application
    7.2.4. North America Market Size & Forecast, By End-Use
    7.2.5. U.S.
    7.2.5.1. Market Size and Forecast
    7.2.6. Canada
    7.2. 6.1. Market Size and Forecast
    7.3. Europe Artificial Intelligence in Healthcare Market
    7.3.1. Europe Market Size & Forecast, By Country
    7.3.2. Europe Market Size & Forecast, By Component
    7.3.3. Europe Market Size & Forecast, By Application
    7.3.4. Europe Market Size & Forecast, By End-Use
    7.3.5. Germany
    7.3.5.1. Market Size and Forecast
    7.3.6. France
    7.3.6.1. Market Size and Forecast
    7.3.7. UK
    7.3.7.1. Market Size and Forecast
    7.3.8. Italy
    7.3.8.1. Market Size and Forecast
    7.3.9. Spain
    7.3.9.1. Market Size and Forecast
    7.3.10. Rest of Europe
    7.3.10.1. Market Size and Forecast
    7.4. Asia-Pacific Artificial Intelligence in Healthcare Market
    7.4.1. Asia-Pacific Market Size & Forecast, By Country
    7.4.2. Asia-Pacific Market Size & Forecast, By Component
    7.4.3. Asia-Pacific Market Size & Forecast, By Application
    7.4.4. Asia-Pacific Market Size & Forecast, By End-Use
    7.4.5. Japan
    7.4.5.1. Market Size and Forecast
    7.4.6. China
    7.4.6.1. Market Size and Forecast
    7.4.7. Australia
    7.4.7.1. Market Size and Forecast
    7.4.8. India
    7.4.8.1. Market Size and Forecast
    7.4.9. South Korea
    7.4.9.1. Market Size and Forecast
    7.4.10. Rest of Asia-Pacific
    7.4.10.1. Market Size and Forecast
    7.5. South America Artificial Intelligence in Healthcare Market
    7.5.1. South America Market Size & Forecast, By Country
    7.5.2. South America Market Size & Forecast, By Component
    7.5.3. South America Market Size & Forecast, By Application
    7.5.4. South America Market Size & Forecast, By End-Use
    7.5.5. Brazil
    7.5.5.1. Market Size and Forecast
    7.5.6. Argentina
    7.5.6.1. Market Size and Forecast
    7.5.7. Rest of South America
    7.5.7.1. Market Size and Forecast
    7.6. Middle East & Africa Artificial Intelligence in Healthcare Market
    7.6.1. Middle East & Africa Market Size & Forecast, By Country
    7.6.2. Middle East & Africa Market Size & Forecast, By Component
    7.6.3. Middle East & Africa Market Size & Forecast, By Application
    7.6.4. Middle East & Africa Market Size & Forecast, By End-Use
    7.6.5. GCC Countries
    7.6.5.1. Market Size and Forecast
    7.6.6. Egypt
    7.6.6.1. Market Size and Forecast
    7.6.7. South Africa
    7.6.7.1. Market Size and Forecast
    7.6.8. Rest of Middle East & Africa
    7.6.8.1. Market Size and Forecast

    8. Company Profile
    8.1. Intel Corporation
    8.1.1. Company Basic Information, Manufacturing Base, Sales Area and Its Competitors
    8.1.2. Product Category, Application, and Specification
    8.1.3. Financial Performance (2016-2018)
    8.1.4. Strategic Initiatives
    8.2. NVIDIA
    8.3. IBM Corporation
    8.4. GE Healthcare
    8.5. AWS
    8.6. General Vision
    8.7. Google
    8.8. Microsoft
    8.9. Siemens Healthineers
    8.10. Medtronic plc

    9. List of Tables
    Table 1 Global Artificial Intelligence in Healthcare Market Share, By Component, 2016-2026 ($Million)
    Table 2 Software, Artificial Intelligence in Healthcare Market Share, By Region, 2016-2026 ($Million)
    Table 3 Hardware Artificial Intelligence in Healthcare Market Share, By Region, 2016-2026 ($Million)
    Table 4 Services, Artificial Intelligence in Healthcare Market Share, By Region, 2016-2026 ($Million)
    Table 5 Global Artificial Intelligence in Healthcare Market Share, By Application, 2016-2026 ($Million)
    Table 6 Robot-assisted Surgery, Artificial Intelligence in Healthcare Market Share, By Region, 2016-2026 ($Million)
    Table 7 Virtual Assistants, Artificial Intelligence in Healthcare Market Share, By Region, 2016-2026 ($Million)
    Table 8 Administrative Workflow Assistants, Artificial Intelligence in Healthcare Market Share, By Region, 2016-2026 ($Million)
    Table 9 Connected Machines, Artificial Intelligence in Healthcare Market Share, By Region, 2016-2026 ($Million)
    Table 9 Diagnosis, Artificial Intelligence in Healthcare Market Share, By Region, 2016-2026 ($Million)
    Table 9 Clinical Trials, Artificial Intelligence in Healthcare Market Share, By Region, 2016-2026 ($Million)
    Table 9 Fraud Detection, Artificial Intelligence in Healthcare Market Share, By Region, 2016-2026 ($Million)
    Table 9 Cyber Security, Artificial Intelligence in Healthcare Market Share, By Region, 2016-2026 ($Million)
    Table 9 Dosage Error Reduction, Artificial Intelligence in Healthcare Market Share, By Region, 2016-2026 ($Million)
    Table 10 Global Artificial Intelligence in Healthcare Market Share, By End-Use, 2016-2026 ($Million)
    Table 11 Hospitals & Providers, Artificial Intelligence in Healthcare Market Share, By Region, 2016-2026 ($Million)
    Table 12 Patients, Artificial Intelligence in Healthcare Market Share, By Region, 2016-2026 ($Million)
    Table 13 Pharmaceutical & Biotechnology Companies, Artificial Intelligence in Healthcare Market Share, By Region, 2016-2026 ($Million)
    Table 13 Healthcare Payers, Artificial Intelligence in Healthcare Market Share, By Region, 2016-2026 ($Million)
    Table 13 Others, Artificial Intelligence in Healthcare Market Share, By Region, 2016-2026 ($Million)
    Table 14 Global Artificial Intelligence in Healthcare Market Value, 2016-2026 ($Million)
    Table 15 North America, Artificial Intelligence in Healthcare Market Value and Growth Rate, 2016-2026 ($Million)
    Table 16 North America, Artificial Intelligence in Healthcare Market Share Value, By Country, 2016-2026 ($Million)
    Table 17 North America Artificial Intelligence in Healthcare Market Share Value, By Component, 2016-2026 ($Million)
    Table 18 North America Artificial Intelligence in Healthcare Market Share Value, By Application, 2016-2026 ($Million)
    Table 19 North America Artificial Intelligence in Healthcare Market Share Value, By End-Use, 2016-2026 ($Million)
    Table 20 Europe Artificial Intelligence in Healthcare Market Value and Growth Rate, 2016-2026 ($Million)
    Table 21 Europe Artificial Intelligence in Healthcare Market Share Value, By Country, 2016-2026 ($Million)
    Table 22 Europe Artificial Intelligence in Healthcare Market Share Value, By Component, 2016-2026 ($Million)
    Table 23 Europe Artificial Intelligence in Healthcare Market Share Value, By Application, 2016-2026 ($Million)
    Table 24 Europe Artificial Intelligence in Healthcare Market Share Value, By End-Use, 2016-2026 ($Million)
    Table 25 Asia Pacific Artificial Intelligence in Healthcare Market Value and Growth Rate, 2016-2026 ($Million)
    Table 26 Asia Pacific Artificial Intelligence in Healthcare Market Share Value, By Country, 2016-2026 ($Million)
    Table 27 Asia Pacific Artificial Intelligence in Healthcare Market Share Value, By Component, 2016-2026 ($Million)
    Table 28 Asia Pacific Artificial Intelligence in Healthcare Market Share Value, By Application, 2016-2026 ($Million)
    Table 29 Asia Pacific Artificial Intelligence in Healthcare Market Share Value, By End-Use, 2016-2026 ($Million)
    Table 30 South America Artificial Intelligence in Healthcare Market Value and Growth Rate, 2016-2026 ($Million)
    Table 31 South America Artificial Intelligence in Healthcare Market Share Value, By Country, 2016-2026 ($Million)
    Table 32 South America Artificial Intelligence in Healthcare Market Share Value, By Component, 2016-2026 ($Million)
    Table 33 South America Artificial Intelligence in Healthcare Market Share Value, By Application, 2016-2026 ($Million)
    Table 34 South America Artificial Intelligence in Healthcare Market Share Value, By End-Use, 2016-2026 ($Million)
    Table 35 Middle East & Africa Artificial Intelligence in Healthcare Market Value and Growth Rate, 2016-2026 ($Million)
    Table 36 Middle East & Africa Artificial Intelligence in Healthcare Market Share Value, By Country, 2016-2026 ($Million)
    Table 37 Middle East & Africa Artificial Intelligence in Healthcare Market Share Value, By Component, 2016-2026 ($Million)
    Table 38 Middle East & Africa Artificial Intelligence in Healthcare Market Share Value, By Application, 2016-2026 ($Million)
    Table 39 Middle East & Africa Artificial Intelligence in Healthcare Market Share Value, By End-Use, 2016-2026 ($Million)
    Table 40 Recent Developments

    10. List of Figures
    Figure 1 Global Artificial Intelligence in Healthcare Market Overview
    Figure 2 Global Artificial Intelligence in Healthcare Market Segmentation
    Figure 3 Global Artificial Intelligence in Healthcare Market Drivers
    Figure 4 Global Artificial Intelligence in Healthcare Market Restrains
    Figure 5 Global Artificial Intelligence in Healthcare Market Porter’s Analysis
    Figure 6 Global Artificial Intelligence in Healthcare Market share, By Component, 2018 VS 2026 (%)
    Figure 7 Global Artificial Intelligence in Healthcare Market share, By Application, 2018 VS 2026 (%)
    Figure 8 Global Artificial Intelligence in Healthcare Market share, By End-Use, 2018 VS 2026 (%)
    Figure 9 U.S. Artificial Intelligence in Healthcare Market share, 2016-2026 ($Million)
    Figure 10 Canada Artificial Intelligence in Healthcare Market share, 2016-2026 ($Million)
    Figure 11 U.K. Artificial Intelligence in Healthcare Market share, 2016-2026 ($Million)
    Figure 12 Germany Artificial Intelligence in Healthcare Market share, 2016-2026 ($Million)
    Figure 13 France Artificial Intelligence in Healthcare Market share, 2016-2026 ($Million)
    Figure 14 Italy Artificial Intelligence in Healthcare Market share, 2016-2026 ($Million)
    Figure 17 Rest of Europe Artificial Intelligence in Healthcare Market share, 2016-2026 ($Million)
    Figure 18 India Artificial Intelligence in Healthcare Market share, 2016-2026 ($Million)
    Figure 19 China Artificial Intelligence in Healthcare Market share, 2016-2026 ($Million)
    Figure 20 Japan Artificial Intelligence in Healthcare Market share, 2016-2026 ($Million)
    Figure 21 South Korea Artificial Intelligence in Healthcare Market share, 2016-2026 ($Million)
    Figure 22 Rest of Asia Pacific Artificial Intelligence in Healthcare Market share, 2016-2026 ($Million)
    Figure 23 Brazil Artificial Intelligence in Healthcare Market share, 2016-2026 ($Million)
    Figure 24 Argentina Artificial Intelligence in Healthcare Market share, 2016-2026 ($Million)
    Figure 25 Mexico Artificial Intelligence in Healthcare Market share, 2016-2026 ($Million)
    Figure 26 Rest of South America Artificial Intelligence in Healthcare Market share, 2016-2026 ($Million)
    Figure 27 GCC Countries Artificial Intelligence in Healthcare Market share, 2016-2026 ($Million)
    Figure 28 Egypt Artificial Intelligence in Healthcare Market share, 2016-2026 ($Million)
    Figure 29 South Africa Artificial Intelligence in Healthcare Market share, 2016-2026 ($Million)
    Figure 30 Rest of Middle East & Africa Artificial Intelligence in Healthcare Market share, 2016-2026 ($Million)

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  • Key Industry Players

    • Intel Corporation
    • NVIDIA
    • IBM Corporation
    • GE Healthcare AWS
    • General Vision
    • Google
    • Microsoft
    • Siemens Healthineers
    • Medtronic plc
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