Artificial Intelligence in Healthcare Market Outlook, Application Potential and Forecast 2027

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AI has developed various applications across the healthcare sector, such as the detection of diseases, delivery of health services, management of chronic conditions, and drug discovery.

Artificial Intelligence in Healthcare Market Overview

AI has developed various applications across the healthcare sector, such as the detection of diseases, delivery of health services, management of chronic conditions, and drug discovery. It assures efficiency and effectiveness, which is projected to accelerate its adoption over the next couple of years. Additionally, AI has strengthened its foothold in the healthcare research industry for the deliverance of accurate results.

As per Market Research Future (MRFR)’s latest analysis, the global AI in Healthcare market size is set to expand at an exponential CAGR of 51.9% during the forecast period 2018 to 2023. The value of the global market is poised to reach USD 12,218.3 Mn by 2023 from 1,003.3 Mn in 2017. Investments are likely to flow towards artificial intelligence as it mitigates challenges prevailing in the healthcare sector. For instance, in July 2018 Kleiner Perkins, an American venture capital firm, invested USD  21 Mn in healthcare AI startup, Viz.aito, to upgrade its technology developed for stroke. The trend is poised to continue over the next few years and catapult the market on an upward trajectory.

AI enables healthcare to overcome the crisis of human resource by offering increased productivity through automation of complicated tasks. This, in turn, is likely to augment the market during the assessment period by increasing demand for the integration of AI in healthcare. However, the high cost of implementation and stringent guidelines regulating AI are expected to hold the growth of the market in the coming years.

Artificial Intelligence in Healthcare Market Players

Some of the key players profiled in the report include DEEP GENOMICS, Next IT Corp., General Vision, Google, NVIDIA Corporation, IBM Watson Health, Intel Corporation, Koninklijke Philips N.V., General Electric, Stryker, Microsoft Corporation, CloudMedx Inc.

among others are some key companies in the global Artificial Intelligence in Healthcare that are listed by MRFR for market research.

Artificial Intelligence in Healthcare Market Segmentation

MRFR’s report offers a detailed analysis of the global healthcare artificial intelligence market based on component, application, technology, and end-user. By component, the global market has been segmented into services, software, and hardware. Among these, the hardware segment is likely to account for a dominant share throughout the projection period expanding at a relatively higher CAGR over 2023.

  • By application, the market is segmented into robot-assisted surgery, virtual nursing assistant, dosage error reduction, clinical trial, preliminary diagnosis, automated image diagnosis and artificial intelligence in medicine inc. The robot-assisted surgery segment holds the most significant share of the market and is poised to retain its dominance in the foreseeable future. The growth of the segment is attributable to the high precision and flexibility assured by robot-assisted surgeries while performing complex procedures. Meanwhile, the automated image diagnosis segment resonates strong growth opportunities and is estimated to register a comparatively higher CAGR.
  • By technology, the market has been segmented into machine learning, querying method, and natural language processing. Among these, the machine learning segment is prognosticated to register the highest CAGR and hold a dominant share of the global market over the next couple of years. The ability to handle multi-dimensional data while facilitating a reduction in the process time cycle is favoring the growth of the segment.
  • By end-user, the market is segmented into hospital diagnostic centers, pharmaceutical biotechnology companies, and academic research laboratories. The hospital diagnostic centers segment has control over the largest share of the market and is prognosticated to retain its pole position over the assessment period. The segment has been estimated to strike a relatively higher CAGR over 2023 due to extensive application of healthcare AI in robotic surgeries and diagnostic imaging.

Artificial Intelligence in Healthcare Market Regional Analysis

The global healthcare artificial intelligence market, by region, has been segmented into Americas, Europe, Asia Pacific, and the Middle East Africa. Americas is currently dominating the global market owing to the boom witnessed in the biotechnology industry, increasing cases of robotics surgeries and the presence of a developed healthcare sector. The region is poised to retain its dominant position through the forecast period and reach a valuation over USD 5000 Mn by 2023-end.

Europe has secured the second spot globally and is likely to witness a growth of USD 3453.4 Mn in terms of market value from 2017 to 2023. Extensive research development for healthcare AI coupled with increased funding are responsible for catalyzing the proliferation of the regional market. The region is prognosticated to witness increased rate of adoption of the technology in the forthcoming years.

Asia Pacific is poised to strike a relatively higher CAGR of 52.4% over the assessment period. The growth can be ascribed to rising therapeutic demand for chronic diseases and the fast-developing healthcare sector. Meanwhile, the Middle East Africa is projected to hold the least share of the market valuing at 70.4 Mn towards the end of the forecast period. It is prognosticated to exhibit sluggish growth at 24.9% CAGR over 2023. The factors that remain impediments to the growth of the regional market are limited exposure to healthcare services, lack of awareness, and stringent government regulations.

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