Artificial Intelligence in Healthcare Global Market estimated to be worth $35.3 billion by 2027
Artificial intelligence (AI) is a constellation of technologies that enables the machines to perform the human intelligence characterized tasks like understanding, recognizing, problem-solving and planning efficiently. The current flurry of AI advancement in the healthcare industry is attributed to the availability of massive healthcare data, emergence of the powerful graphics processing units (GPUs) for complex and higher-order computations, the re-emergence of the deep learning techniques and the shift to fee for value paradigm. The potential of AI to seamlessly assist and guide the healthcare personnel in arriving at the accurate, precise and rapid diagnostic or therapeutic conclusions, to improve patient care, to empower individuals in their self-care, to optimize the various administrative tasks of healthcare organizations effectively, to humanize and personalize the various healthcare services, to enhance human ingenuity with precision and speed and to accelerate the drug discovery and development process efficiently is expected to revolutionize the healthcare field in the coming years and make it an indispensable part of healthcare ecosystem.
AI in healthcare global market is expected to reach $35,323.5 million by 2027 growing at an exponential CAGR from 2020 to 2027. Some of the factors such as the gradual transition from volume to value-based healthcare, the surging need to accelerate and increase the efficiency of drug discovery and clinical trial processes, advancement of precision medicines are driving the market growth. Factors like escalation of AI as a medical device, increasing prevalence of chronic, communicable diseases and escalating geriatric population and the increasing trend of acquisitions, collaborations, investments in the AI in healthcare market are further substantiating the enormous growth opportunities of the market.
AI in healthcare market is classified based on the application, end-user and geography. Based on the application, the market is segmented into Medical diagnosis, drug discovery, precision medicines, clinical trials, Healthcare Documentation management and others consisting of AI guided robotic surgical procedures and AI enhanced medical device and pharmaceutical manufacturing processes. The artificial intelligence in healthcare global end users market is grouped into Hospitals and Diagnostic Laboratories, Pharmaceutical companies, Research institutes and other end-users consisting of health insurance companies, medical device and pharmaceutical manufacturers and patients or individuals in the home-care settings. The AI in healthcare global market by geography is segmented into North America, Europe, Asia-Pacific and the Rest of the world (RoW).
The promising future of AI in the healthcare industry is further substantiated in the report through several IQ4I analyses of the AI associated funding scenario, key AI leveraging deals, FDA regulatory approvals, regional and country-wise spread of an illustrative set of healthcare AI start-ups, patent trends and clinical trials. The enormous funding of ~$5,000.51 million raised by the various private sector AI companies during 2019 – 2020 for the development of innovative AI solutions, for expanding the geographical reach of these highly efficient solutions and up-scaling of their existing AI solutions, the large number of existing and emerging AI-based healthcare start-ups across the globe involved in the development of AI solutions for real world problems, the numerous deals made by the various kinds of healthcare organizations and pharma companies for leveraging the disruptive AI technology to improve their operational efficiency, to humanize and democratize their services and ensure enhanced client satisfaction and the persistently extending robust AI embedded healthcare solutions pipeline being evaluated through various stages of development for determining their feasibility all point out to the slow but pertinacious integration of AI into healthcare industry and that it is all set to transform or revolutionize the healthcare industry in the near future.
To increase their market reach and to perpetuate their leading position in the market, AI companies have adopted the strategies of co-developing of innovative AI solutions through collaborations or partnerships, up-scaling of their AI solutions, launching of novel AI solutions and acquisitions. The AI in healthcare market is consolidated with the top five players occupying majority of the market share. Some of the top players are IBM Corp., GE, Microsoft Corp., Alphabet Inc., Nuance Communications Inc., Intel Corp., Medtronic PLC, Nvidia Corp., Welltok Inc., Philips N.V. and others.