Artificial Intelligence (AI) in Healthcare Market – Global Drivers, Opportunities, Trends, and Forecasts to 2022

  • 90
    Pages

  • 20
    Tables

  • 56
    Charts

  • 12/4
    Regions/ Countries

  • 10
    Companies

  • 10
    Enquiry Hours

Overview:

Artificial intelligence(AI) is the creation of intelligent systems that can perform tasks without human interventions and instructions. It is the constellation of different technologies such as natural language processing, machine learning, perception and reasoning. These systems use computer algorithms, and huge amount of data to provide a response to a request. AI is being adopted in healthcare using algorithm and software for the analysis of medical data with a view to predict diseases and provide proper medication. It will lead to personalization and optimization leading to improved outcomes for both patients and healthcare systems. A basic AI computer used today in clinical practices can be used for alerts and reminder, diagnostic, therapy planning, Information retrieval and image interpretation. However, glitches in communication and technical infrastructure are amongst the barriers to the growth of AI in health care.

Market Analysis:

According to Infoholic Research, the “Artificial Intelligence in Healthcare Market” is expected to reach $ 1,139.2 million by 2022, growing at a CAGR of around 62.2% during the forecast period 2016–2022.The need of pre-operative planning, high costs associated with healthcare, adoption of mobile devices and rising chronic diseases amongst masses is driving the need of integrating AI in healthcare solutions. The AI market in healthcare has high growth opportunities due to rising needs of self-care and real-time monitoring.

Technology Analysis:

The AI technology is leading towards innovation of efficient and inexpensive healthcare solutions. The major technologies involved are natural language processing, machine learning, biometric security, speech recognition and disaster recovery. The technology providers are heading towards development of innovative products and solutions for end-users. At present, NLP market is having the major share with an estimated increase to $487.7 million by 2022 growing at a CAGR of 61.6%. The increase in adoption of cloud computing, internet and innovation in network connectivity is driving the adoption of NLP in healthcare sector. Besides, NLP the second most prominent technology in healthcare is machine learning which is expected to reach $223.7 million by 2022, growing at a CAGR of 61.9%. Based on end users, the market encapsulates diagnostic centres, hospitals and clinincs, R&D and healthcare institutes. AI finds wide application in precision medicine, real- time monitoring, drug development and personal health assistants.

 

Regional Analysis:

North America is leading in AI in healthcare market followed by Europe. Huge investments and strict governmental regulations is driving the growth in North America. One such initiative is Patient Protection and Affordable Care Act(ACA), which is leading emphasis on cost management and integrated care delivery models. The European market is enhancing due to increased need of quality care and high cost burden associated with re-hospitalisation. The Benevolent AI, Google’s DeepMind, Skin Analytics are working for providing healthcare solutions in Europe. APAC region has high growth potential accompanied with high investment in the market especially India and China. The major part (40%) of digital transformation in APAC will be driven by AI by 2022. LAMEA is yet developing and growing in the region. The increased adoption of internet and mHealth is enhancing the growth of AI in the region.

Key Players:

The key vendors leveraging solutions for healthcare included in the report are IBM, Microsoft, Google, Apple, Amazon, Medtronic Inc., Sentrian, Buoy Health, Healthsense Inc., and Propeller Health.

 

Competitive Analysis:

The study covers and analyzes the “AI in Healthcare” market. Bringing out the complete key insights of the industry, the report aims to provide an opportunity for players to understand the latest trends, current market scenario, government initiatives, and technologies related to the market. In addition, helps the venture capitalist in understanding the companies better and take informed decisions.

Benefits:

The report provides with in-depth analysis of artificial intelligence in healthcare market aiming at reduction in cost and improvement in efficiency. The report provides with major drivers as well as challenges coming forth in the path of market growth. The information provided can benefit the stakeholders with knowledge on trends, investments, drivers, governmental initiatives and various regulatory changes about to be adopted in years to come. The report covers profiles of major vendors leveraging solutions for AI in healthcare to the end-users.

Key Stakeholders:

Device manufacturers, network providers, data security solution vendors, policy makers, standard development organizations, investor community, university researchers, blog writers, and technology magazines.

 

1     Industry Outlook 

1.1        Industry Overview

1.2        Industry Trends

1.3        Pest Analysis

2     Report Outline 

2.1        Report Scope

2.2        Report Summary

2.3        Research Methodology

2.4        Report Assumptions

3     Market Snapshot

3.1        Total Addressable Market (TAM)

3.2        Segmented Addressable Market (SAM)

3.3        Related Markets

3.3.1     mHealth Market

3.3.2     Cognitive Analytics

4     Market Outlook 

4.1        Overview

4.2        Market Trends

4.3        Market Definition

4.4        Porter 5 (Five) Forces

5     Market Characteristics

5.1        AI in Healthcare: Advantages and Disadvantages

5.2        AI Applications in Healthcare

5.2.1     Mining Medical Records

5.2.2     Designing Treatment Plans

5.2.3     Assisting Repetitive Jobs

5.2.4     Diagnosis Automation

5.2.5     Medication Management

5.2.6     Drug Creation

5.3        AI in healthcare: Extent of Investments

5.4        Market Segmentation

5.5        Market Dynamics

5.5.1     Drivers

5.5.1.1    Cost-effective

5.5.1.2    Advancement in supplement technologies

5.5.1.3    Increasing spectrum of applications

5.5.1.4    Aging population and rising chronic diseases

5.5.2     Restraints

5.5.2.1    Security concerns

5.5.2.2    Hindrances in adoption of technology

5.5.2.3    Lack of regulations in AI

5.5.3     Opportunities

5.5.3.1    Increasing investment in AI

5.5.3.2    Precision medicine

5.5.3.3    Increasing demand for remote healthcare services

5.5.4     DRO – Impact Analysis

6     Technology 

6.1        Overview

6.2        Natural Language Processing

6.2.1     Market Size and Analysis

6.3        Machine Learning

6.3.1     Market Size and Analysis

6.4        Biometric Security

6.4.1     Market Size and Analysis

6.5        Speech Recognition

6.5.1     Market Size and Analysis

6.6        Disaster Recovery

6.6.1     Market Size and Analysis

6.7        Others

6.7.1     Market Size and Analysis

7     End-Users

7.1        Overview

7.2        Diagnostics centers

7.2.1     Market Size and Analysis

7.3        R&D and healthcare institutions

7.3.1     Market Size and Analysis

7.4        Hospitals and Clinics

7.4.1     Market Size and Analysis

8     Applications

8.1        Overview

8.2        Real-Time Monitoring

8.2.1     Market Size and Analysis

8.3        Precision Medicine

8.3.1     Market Size and Analysis

8.4        Personal Health Assistants

8.4.1     Market Size and Analysis

8.5        Drug Development

8.5.1     Market Size and Analysis

8.6        Others

8.6.1     Market Size and Analysis

9     Regions

9.1        Overview

9.2        North America

9.2.1     Market Size and Analysis

9.2.2     DRO for North America

9.2.3     US

9.2.4     Canada

9.3        Europe

9.3.1     Market Size and Analysis

9.3.2     DRO for Europe

9.3.3     UK

9.3.4     Germany

9.3.5     France

9.3.6     Others

9.4        APAC

9.4.1     Market Size and Analysis

9.4.2     DRO for APAC

9.4.3     India

9.4.4     China

9.4.5     Japan

9.4.6     Others

9.5        LAMEA

9.5.1     Market Size and Analysis

9.5.2     DRO for LAMEA

9.5.3     Brazil

9.5.4     Mexico

9.5.5     South Africa

9.5.6     GCC

9.5.7     Others

10   Vendors

10.1     IBM

10.1.1  Overview

10.1.2  Business Segments

10.1.3  Geographic Revenue

10.1.4  Business Focus

10.1.5  SWOT Analysis

10.1.6  Business Strategy

10.2     Google

10.2.1  Overview

10.2.2  Business Segments

10.2.3  Geographic Revenue

10.2.4  Business Focus

10.2.5  SWOT Analysis

10.2.6  Business Strategy

10.3     Medtronic Inc.

10.3.1  Overview

10.3.2  Business Segments

10.3.3  Geographic Revenue

10.3.4  Business Focus

10.3.5  SWOT Analysis

10.3.6  Business Strategy

10.4     Microsoft

10.4.1  Overview

10.4.2  Business Segments

10.4.3  Geographic Revenue

10.4.4  Business Focus

10.4.5  SWOT Analysis

10.4.6  Business Strategy

10.5     Apple

10.5.1  Overview

10.5.2  Business Segments

10.5.3  Geographic Revenue

10.5.4  Business Focus

10.5.5  SWOT Analysis

10.5.6  Business Strategy

10.6     Amazon

10.6.1  Overview

10.6.2  Business Segments

10.6.3  Geographic Revenue

10.6.4  Business Focus

10.6.5  SWOT Analysis

10.6.6  Business Strategy

11   Companies to Watch For

11.1     Sentrian

11.1.1  Overview

11.2     Healthsense Inc.

11.2.1  Overview

11.3     Propeller Health

11.3.1  Overview

11.4     Buoy Health

11.4.1  Overview

12   Expert’s Views

Annexure

Abbreviations

Infoholic research works on a holistic 360° approach in order to deliver high quality, validated and reliable information in our market reports. The Market estimation and forecasting involves following steps:

  • Data Collation (Primary & Secondary)
  • In-house Estimation (Based on proprietary data bases and Models)
  • Market Triangulation
  • Forecasting

infoholic Research Methodology

Market related information is congregated from both primary and secondary sources.

Primary sources involved participants from all global stakeholders such as Solution providers, service providers, Industry associations, thought leaders etc. across levels such as CXOs, VPs and managers. Plus, our in-house industry experts having decades of industry experience contribute their consulting and advisory services.

Secondary sources include public sources such as regulatory frameworks, government IT spending, government demographic indicators, industry association statistics, and company publications along with paid sources such as Factiva, OneSource, Bloomberg among others.