Artificial Intelligence in Healthcare Market Worth $27.6 Billion by 2025, Says Meticulous Research®

LONDON, March 20, 2019 (Newswire.com) - ​According to this latest publication from Meticulous Research^®, the global artificial intelligence market in healthcare is expected to grow at a CAGR of 43.5% from 2018 to reach $27.6 billion by 2025. The high growth of Healthcare artificial intelligence market is mainly attributed to factors such as rising funding in healthcare artificial intelligence, growing demand of precision medicines, effective cost reduction in the healthcare expenditure, and accurate & early diagnosis of the chronic diseases and disorders. However, reluctance in adopting AI technologies among the end users and lack of trust & potential risks associated with AI in healthcare is restricting the growth of this market to a certain extent. On the other hand, ability of artificial intelligence in healthcare to improve patient outcomes, growing potential of AI-based tools for geriatric patients and high growth prospects in emerging economies offer significant growth opportunity in this market.

The healthcare artificial intelligence market by type broadly comprises software, services, and hardware. In 2018, software segment commanded the largest share of the global artificial intelligence market in healthcare. However, services segment is expected to grow at the fastest CAGR during the forecast period, owing to the technological developments in the industry and evolution of AI based services for the healthcare industry. The increasing focus of many of the global healthcare IT and medical device companies towards incorporating AI technology in their solutions is also expected to contribute to the growth of this market over the forecast period.

On the basis of technology, the healthcare artificial intelligence market is segmented into natural language processing (NLP), context aware processing, machine learning, and querying method. NLP technology segment dominated the artificial intelligence market in healthcare in 2018. Currently, the market for natural language processing (NLP) technology in healthcare is in nascent stage, dominated by legacy vendors such as IBM Corporation (U.S.) and Google Inc. (U.S.) focusing on front-end speech recognition for computer-assisted physician documentation and back-end coding to optimize billing.

For more insights on global artificial intelligence market in healthcare, download sample report: https://www.meticulousresearch.com/download-sample-report/cp_id=4937

On the basis of end user, the artificial intelligence market in healthcare is segmented into hospitals and diagnostic centers; pharmaceutical and biopharmaceutical companies; healthcare payers; patients; and others (accountable care organizations, clinical research organizations, and managed care organizations). In 2018, hospitals and diagnostics centers end user segment accounted for the largest share of the global artificial intelligence market in healthcare. Rising adoption of IT in healthcare organizations, increasing focus towards development of precision medicine approaches, and increasing number of collaborations among hospitals and companies for the development and implementation of customized AI solutions are some of the major factors attributed to the large share of this end user segment.

On the basis of application, the healthcare artificial intelligence market is segmented into patient data and risk analytics, medical imaging and diagnosis, drug discovery, precision medicine, hospital workflow, patient management, and other applications. Hospital workflow management commanded the largest share of the global market in 2018. The large share of this segment is mainly attributed to greater penetration of AI-powered chatbots and smart speakers among healthcare providers. Increasing adoption of AI-based solutions for managing various tasks such as scheduling appointments; checking insurance coverage parameters, and instantly accessing information about drug interactions and side effects are some of the key factors driving the growth of this market.

Geographically, North America commanded the largest share of the global artificial intelligence market in healthcare in 2018, followed by Europe and Asia Pacific. The large share of this region is mainly attributed to the factors such as established IT infrastructure in healthcare, presence of innovative software vendors and venture capitalists, rising adoption of EHR, and the largest biopharmaceutical and biotechnological pipeline. Moreover, rise in funding for new product development and increasing number of startups for AI in healthcare are expected to drive the AI in healthcare market during the forecast period.

Artificial intelligence market in healthcare is a fragmented market owing to the number of large-sized companies, mid-sized & small-sized companies, and many start-ups that provide artificial intelligence in healthcare industry. The key players operating in the global artificial intelligence market in healthcare are Nvidia Corporation (U.S.), Intel Corporation (U.S.), IBM Corporation (U.S.), Alphabet, Inc. (U.S.), and Microsoft Corporation (U.S.), AntWorks (Singapore), Atomwise (U.S.), Babylon Health (U.K.), Carre Technologies inc. (Hexoskin) (U.S.), Deep Genomics (Canada), Enlitic, Inc. (U.S.), General Electric (GE) Company (U.S.), General Vision Inc. (U.S.), iCarbonX (China), Johnson & Johnson Services, Inc. (U.S.), Koninklijke Philips N.V. (Netherlands), Medtronic Plc (U.S.), Next IT Corp. (U.S.), Siemens Healthineers (A Division of Siemens AG) (Germany), Butterfly Network (U.S.), Welltok, Inc. (U.S.), and Zebra Medical Vision(Israel).

For more insights on global artificial intelligence market in healthcare, download sample report: https://www.meticulousresearch.com/download-sample-report/cp_id=4937

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Source: Meticulous Market Research Pvt. Ltd.