1. Market Research
  2. > Advanced IT Market Trends
Artificial Intelligence in Healthcare Market Forecast to 2027 - COVID-19 Impact and Global Analysis By Component, Application, End User, and Geography

Artificial Intelligence in Healthcare Market Forecast to 2027 - COVID-19 Impact and Global Analysis By Component, Application, End User, and Geography

  • February 2021
  • 233 pages
  • ID: 6038314
  • Format: PDF
  • The Insight Partners

Summary

Table of Contents

Search Inside

The artificial intelligence in healthcare market was valued at US$ 3,991.23 million in 2019 and it is projected to reach US$ 107,797.82 million by 2027; it is expected to grow at a CAGR of 49.8% during 2020–2027.

The growth of the artificial intelligence in healthcare market is attributed to the rising application of artificial intelligence in healthcare, growing investment in AI healthcare start-ups, and increasing cross-industry partnerships and collaborations. However, dearth of skilled AI workforce and imprecise regulatory guidelines for medical software is the major factor hindering the market growth.

Cross-industry partnerships are resulting into the introduction of new machine learning models that predict risk and provide cognitive assistance.AI is mostly applied in the clinical trials to obtain accurate and valuable output.

For instance, the AI-based tools, such as clinical decision support systems and voice recognition software, help streamline workflow processes in hospitals and improve medical care, thereby enhancing the patient experience. Cross-sector partnerships are among the most dynamic practice within corporate and society relations that bridge various sectors, such as public, private, and nonprofit.

The growing number of cross-industry partnerships is anticipated to boost AI adoption in the healthcare sector, which is further accountable for its lucrative growth rate.For instance, in September 2018, GNS Healthcare entered into a cross-industry partnership with Alliance and Amgen for clinical trials in oncology.

The collaboration aimed at applying artificial intelligence (AI) to the data from clinical trials and to identify factors that expedite treatment responses in metastatic Colorectal Cancer (CRC) patients. Likewise, in March 2018, Microsoft entered into a partnership with Apollo Hospitals, one of India’s primary healthcare systems, to establish new machine learning models for predicting the risk of developing cardiac diseases and aid doctors in treatment planning.
In December 2020, Subsea Europe Services GmbH joined the Artificial Intelligence Center Hamburg eV (ARIC), a cross-industry initiative to foster acquisition, application-oriented research, drill, diffusion, and application of technologies, methods, and research results in the field of artificial intelligence (AI). Further, in November 2019, Thermo Fisher Scientific became a member of the Pistoia Alliance, a not-for-profit alliance of life science companies, to decrease life science barriers and healthcare R&D over pre-competitive collaboration.

Similarly, in March 2018, GE partnered with Intel on AI in medical imaging workflows and clinical diagnostic scanning, to find ways to diagnose a disease in the initial phases and transforming data into actionable insights.Moreover, in January 2017, Intel Corporation entered into a partnership with the University of California San Francisco for developing a deep learning analytics platform that will deliver clinical decision support and predictive analytics capabilities to its users.

The platform pursues to connect the power of advanced significant data sources with information from genomic sequencing, the Internet of Things, and medical devices.
Therefore, the rising number of cross-industry partnerships is projected to improve AI adoption in the healthcare sector, which propels the market growth.

The artificial intelligence in healthcare market is expected to witness substantial growth post-pandemic.The global healthcare infrastructure has observed that, in order to develop and maintain sustainable healthcare setup, utilization of computational technologies such as artificial intelligence becomes crucial.

Moreover, majority of the market players have focused on development of AI-powered models to fight against coronavirus pandemic.In addition, several number of research centers and governments have actively participated in the building of robust AI technologies which are assisting the healthcare professionals to work efficiently even under shortage of resources.

These factors will eventually drive the market growth.

Based on component, the artificial intelligence in healthcare market is segmented into software solutions, hardware, and services.In 2019, the software solution segment held larger share of the market.

Also, the same segment is estimated to register highest CAGR during the forecast period.

Based on application, the artificial intelligence in healthcare market is segmented into robot assisted surgery, virtual assistants, administrative workflow assistants, connected machines, diagnosis, clinical trials, fraud detection, cybersecurity, dosage error reduction, and others. The clinical trials segment held the largest market share in 2019, and the robot assisted surgery segment is estimated to register the highest CAGR during the forecast period.

In terms of end user, the artificial intelligence in healthcare market is segmented into hospitals & healthcare providers, patients, pharma & biotech companies, healthcare payers, and others. The hospitals & healthcare providers segment held the largest share of the market in 2019, and it is further estimated to register the highest CAGR during the forecast period.

The World Health Organization, Food and Drug Administration, National Health Service, and Centers for Disease Control and Prevention are among the major primary and secondary sources referred to while preparing this report.

Get Industry Insights. Simply.

  • Latest reports & slideshows with insights from top research analysts
  • 150+ Million searchable statistics with tables, figures & datasets
  • More than 25,000 trusted sources
  • Single User License — provides access to the report by one individual.
  • Department License — allows you to share the report with up to 5 users
  • Site License — allows the report to be shared amongst all employees in a defined country
  • Corporate License — allows for complete access, globally.

ReportLinker may already be registered as a supplier with your company. If you want to Order by PO, check with us first and we'll let you know if we are a registered supplier and what the vendor number is. Otherwise, we'll provide you with the necessary information to register ReportLinker as a vendor.

Ahmad helps you find the right report:
Testimonials

The research specialist advised us on the best content for our needs and provided a great report and follow-up, thanks very much we shall look at ReportLinker in the future.

Kate Merrick

Global Marketing Manager at
Eurotherm by Schneider Electric

We were impressed with the support that ReportLinker’s research specialists’ team provided. The report we purchased was useful and provided exactly what we want.

Category Manager at
Ikea

ReportLinker gave access to reliable and useful data while avoiding dispersing resources and spending too much time on unnecessary research.

Executive Director at
PwC Advisory

The customer service was fast, responsive, and 100% professional in all my dealings (...) If we have more research needs, I'll certainly prioritize working with ReportLinker!

Scott Griffith

Vice President Marketing at
Maurice Sporting Goods

The research specialist provided prompt, helpful instructions for accessing ReportLinker's product. He also followed up to make sure everything went smoothly and to ensure an easy transition to the next stage of my research

Jessica P Huffman

Research Associate at
American Transportation Research Institute

Excellent customer service. Very responsive and fast.

Director, Corporate Strategy at
Ingredion

I reached out to ReportLinker for a detailed market study on the Air Treatment industry. The quality of the report, the research specialist’s willingness to solve my queries exceeded my expectations. I would definitely recommend ReportLinker for in-depth industry information.

Mariana Mendoza

Global Platform Senior Manager at
Whirlpool Corporation

Thanks! I like what you've provided and will certainly come back if I need to do further research works.

Bee Hin Png

CEO at
LDR Pte Ltd

The research specialist advised us on the best content for our needs and provided a great report and follow-up, thanks very much we shall look at ReportLinker in the future.

Kate Merrick

Global Marketing Manager at
Eurotherm by Schneider Electric

FAQ
  • How we can help
    • I am not sure if the report I am interested in will fulfill my needs. Can you help me?
    • Yes, of course. You can call us at +33(0) 4 37 65 17 03 or drop us an email at [email protected] to let us know more about your requirements.
    • We buy reports often - can ReportLinker get me any benefits?
    • Yes. Set up a call with a Senior Research Advisor to learn more - [email protected] or +33(0) 4 37 65 17 03.
    • I have had negative experiences with market research reports before. How can you avoid this from happening again?
    • We advise all clients to read the TOC and Summary and list your questions so that we can get more insight for you before you make any purchase decision. A research advisor will accompany you so that you can compare samples and reports from different sources, and choose the study that is right for you.

  • Report Delivery
    • How and when I will receive my Report?
    • Most reports are delivered right away in a pdf format, while others are accessed via a secure link and access codes. Do note that sometimes reports are sent within a 12 hour period, depending on the time zones. However, you can contact us to escalate this. Should you need a hard copy, you can check if this option is offered for the particular report, and pay the related fees.
  • Payment conditions
    • What payment methods do you accept?
      1. Credit card : VISA, American Express, Mastercard, or
      2. You can download an invoice to pay by wire transfer, check, or via a Purchase Order from your company, or
      3. You can pay via a Check made out in US Dollars, Euros, or British Pounds for the full amount made payable to ReportLinker
    • What are ReportLinker’s Payment Terms?
    • All payments must normally be submitted within 30 days. However, you can let us know if you need extended time.
    • Are Taxes and duties included?
    • All companies based in France must pay a 20% tax per report. The same applies to all individuals based in the EU. All EU companies must supply their VAT number when purchasing to avoid this charge.
    • I’m not satisfied. Can I be refunded?
    • No. Once your order has been processed and the publisher has received a notification to send you the report, we cannot issue any refund or cancel any order. As these are not ‘traditional’ products that can be returned, reports that are dispatched are considered to be ‘consumed’.
  • User license
    • The license that you should acquire depends on the number of persons that need to access the report. This can range from Single User (only one person will have the right to read or access the report), or Department License (up to 5 persons), to Site License (a group of persons based in the same company location), or Corporate License (the entire company personnel based worldwide). However, as publishers have different terms and conditions, we can look into this for you.
Purchase Reports From Reputable Market Research Publishers

Artificial Intelligence in Healthcare Market by Offering, Technology, Application, End User and Geography - Global Forecast to 2027

  • $ 4950
  • October 2021
  • 253 pages

The artificial intelligence in healthcare market is projected to grow from USD 6.9 billion in 2021 to USD 67.4 billion by 2027; it is expected to grow at a CAGR of 46.2%from 2021 to 2027. Many companies ...

  • World
  • United States
  • Healthcare
  • Artificial Intelligence
  • Industry analysis
  • Health Provider Density
  • Medical Technology Density

ref:plp2021

Reportlinker.com © Copyright 2022. All rights reserved.

ReportLinker simplifies how Analysts and Decision Makers get industry data for their business.

Make sure you don’t miss any news and follow us on