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Artificial Intelligence in Healthcare Market by Offering, Technology, Application, End-User Industry And Geography – Global Forecast to 2022

Artificial Intelligence: Healthcare Market Forecast until 2022

  • May 2017
  • 222 pages
  • ID: 4897122
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"Growing usage of big data in healthcare sector and imbalance between health workforce and patients is predicted to push the rise of the AI in healthcare market"

The artificial intelligence in healthcare market was estimated at $667.10M in 2016 and is forecasted to reach $7988.80M by 2022, at a compound annual growth rate of ~52.7 percent between 2017 and 2022. The rise of this market is influenced by the increasing usage of Big Data in healthcare market, ability of AI to enhance patient outcomes, imbalance between health workforce and patients, reducing the healthcare costs, increasing importance on precision medicine, cross-industry partnerships, and significant growth in venture capital investments in AI in healthcare domain. Nevertheless, reluctance among medical practitioners to take AI-based technologies and ambiguous regulatory guidelines for medical software are the main factors restraining the rise of the AI in healthcare market

"Faster calculations and lesser power consumption are the factors driving the increase of the hardware market for AI in healthcare"

Hardware-which includes GPUs, DSPs, FPGAs, and neuromorphic chips-is forecasted to grow at the maximal rate in the offering segment of AI in healthcare. The GPU, DSP, and FPGA are widely used to implement the deep learning algorithm. In terms of throughput, GPU is faster than FPGA; whereas in the case of power efficiency, FPGA is better than GPU. Keeping these factors in mind, the AI providers choose the hardware accordingly.

"Owing the factors of Natural Language Processing to handle structured and unstructured data are driving the NLP market in AI in healthcare market"

NLP currently holds the biggest market share among the AI technologies. This demand has grown since the firms have started to structure the clinical data and find interpretation from them. Moreover the increasing usage of internet and connected devices together with huge volume of patient's data driven the increase of this market.

"North America to witness the more important increase rate in the industry for AI in healthcare"

North America continent is anticipated to be the biggest and quickest-increasing market for AI in healthcare during the outlook period. The regulatory mandates for the use of Electronic Health Records, growing focus on precision medicine, strong presence of leading firms engaged in developing AI solutions for healthcare, and big number of cross-industry collaborations and increasing investments in the field of AI in healthcare are driving the increase of the market in North America (NA).

The breakup of the profile of primary members taking part has been provided below:

• By Firms: Tier 1 - 40 %, Tier 2 - 20.0 percent, and Tier 3 - 40.0 percent

• By Description: C-suite executives - 40.0 percent, Directors - 40.0 percent, and Others - 20.0 percent

• By Area: North America continent - 40.0 percent, EU - 40.0 percent, Asia-Pac - 10.0 percent, and rest of the world - 10.0 percent

This business report offers valuable insights into the ecosystem of the AI in healthcare market containing the software firms, and chipset and medical solution providers. The main players in the AI in healthcare market are IBM (NYSE:IBM), Intel (NASDAQ:INTC), Google, Incorporated, NVIDIA Corporation, Microsoft (NASDAQ:MSFT), iCarbonX, Next IT Corp., CloudMedx Inc., Carescore, Atomwise, Incorporated, Zephyr Health, Incorporated, Sentirian, BabyLabs, Incorporated, Siemens Healthineers GmbH, Johnson & Johnson (NYSE:JNJ),Welltok, Incorporated, General Vision, Incorporated, Enlitic, Incorporated, Recursion Pharmaceuticals, General Electric (NYSE:GE), Stryker (NYSE:SYK), Deep Genomics, Incorporated, Medtronic Plc., Koninklijke Philips (NYSE:PHG), and Oncora Medical, Incorporated.

Segment Research

The AI in healthcare market has been split on the basis of offering, technology, application, end-user sector, and area. On the basis of offering, the sector has been further broken down into hardware, software, and services. The AI in healthcare market is further split on the basis of technology into deep learning, querying method, NLP, and context aware processing. The market has been split on the basis of application into patient data and risk analysis lifestyle management and monitoring, precision medicine, in-patient care and hospital management, medical imaging and diagnosis, drug discovery, virtual assistant, wearables, and analysis. On the basis of geography, the sector has been divided into north america, Europe (EU), Asia Pacific (APAC), and Rest of the globe.

Why Purchasing This Study Can Help You:

The market research would benefit the market top players/new sector entrants in the AI in healthcare market in these ways:

1. This document breaks down the AI in healthcare market comprehensively and offers the closest approximations of the market sizes for the global market and sub-segments across the distinct applications and localities.

2. This industry report benefits partners to comprehend the pulse of the AI in healthcare market and offers them information on main market drivers, market restraints, opportunities, and alternatives.

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