Healthcare Artificial Intelligence (AI) Market Size to Reach Revenues of USD 44.5 Billion by 2026 - Arizton

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Dec 01, 2021, 10:21 ET

CHICAGO, Dec. 1, 2021 /PRNewswire/ -- In-depth analysis and data-driven insights on the impact of COVID-19 included in this global healthcare artificial intelligence (AI) market report.

The healthcare artificial intelligence (AI) market is expected to grow at a CAGR of over 46.21% during the period 2020−2026.

Key Highlights Offered in the Report:

1. Software & services in healthcare AI is expected to witness high growth rate due to the evolution in digital health technologies such as EMR/EHR, telehealth, e-prescribing in healthcare services. The software and services segment accounted for 73.92% of healthcare AI market share in 2020.

2. Artificial intelligence in drug discovery and clinical decision-making leads to new path of speedy workflow in pharmaceutical drug & dosage management. This emerging trend of advancements in drug discovery is incorporated widely as it is cost and time efficient.

3. The growth and acceptance of AI in hospital workflow management witnessed streamlined and efficient patient care offered by the healthcare facilities. Hospital workflow management accounted for 38.41% of healthcare AI market in 2020 and expected to retain its market dominance in coming years.

4. North America captured a dominant position in the market and generated maximum revenue in compared to rest. Additionally, Europe and APAC are likely to see the top line growth in adoption of AI and healthcare information technology solutions in healthcare facilities.

5. Vendors from the market are rising the investment in digital solutions for healthcare. In recent years, the number of collaborations between IT companies and healthcare providers have been made to adopt new technologies and incorporating to better outcomes.

6. Machine learning is widely applied in and adopted in the healthcare services because of its algorithmic more accurate results. In application segment machine learning accounted a major share of 41.16% of healthcare AI market in 2020.

Key Offerings:

Market Size & Forecast by Revenue | 2020−2026
Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
Market Segmentation – A detailed analysis by category, application, technology, end-user, and geography
Competitive Landscape – 7 key vendors and 30 other vendors

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Healthcare Artificial Intelligence (AI) Market – Segmentation

The best use of AI hardware is by medical device companies and healthcare providers. Robotic surgery is one of the major segments with a wide adoption rate in healthcare. MedTech companies specialize in the invention, creation, and production of medical devices that can be used in different healthcare systems.
Clinical work is needed to determine the underlying reason for symptoms, and diagnostic AI solutions may help by improving accuracy or saving time. Across the different diagnostic areas, we see a variety of applications for diagnostic tests, which start with simple to more sophisticated diagnostic applications such as OLO, an AI-enhanced blood testing device that counts blood cells at the point of care.
Machine learning (ML) is a subset of AI that enables software applications to predict results more accurately. Machine learning algorithms use historical data as input to predict new outputs. It can give companies insight into trends in customer behavior and speed up business processes for new product development, being at the core of many leading companies today.

Healthcare Artificial Intelligence (AI) Market by Category

Software & Services
Hardware

Healthcare Artificial Intelligence (AI) Market by Application

Hospital Workflow Management
Medical Imaging and Diagnosis
Drug Discovery and Precision Medicine
Patient Management

Healthcare Artificial Intelligence (AI) Market by Technology

Machine Learning
Querying Method
Natural Language Processing

Healthcare Artificial Intelligence (AI) Market by End-users

Healthcare Providers
Pharma-biotech and medical devices companies
Payers
Others

Healthcare Artificial Intelligence (AI) Market – Dynamics

Global key vendors from the pharmaceutical and biotech industry, such as Amgen, BASF, LEO, Eli Lilly, AstraZeneca, Bayer, Novartis, J&J, and Merck, are now a part of machine learning for pharmaceutical discovery. These vendors are making remarkable growth as AI-driven solutions are easy for the user interface and are creating analytical bookmarks on key drivers in sales to determine investments. For example, the collaboration of GSK with Exscientia identified a small compound for targeted therapeutics and its characteristics toward the specific target using AI platforms. Gilead Sciences and Insitro partnered to research on non-alcoholic steatohepatitis patients. Using machine learning and human genetics, Insitro identified discovery & development in therapeutics.

Key Drivers and Trends fueling Market Growth:

Mergers, Acquisitions, & Collaborations with Life Science & Medical Device Companies
Influx/Emergence of Many Startups in the Healthcare AI Industry
Increase in Patient Volume & Complexities Associated with Data
Technological Advancements & Innovations in AI

Healthcare Artificial Intelligence (AI) Market – Geography

North America captured a dominant position in healthcare artificial intelligence (AI). The presence of a large patient population, coupled with better adoption of digital healthcare with the latest advancements in artificial intelligence (AI), is the primary factor for its high market share. The strong presence of key healthcare IT players is also another reason for the high uptake of healthcare artificial intelligence (AI) in North America. The rise in the adoption of AI technologies in drug discovery & development and patient-centric treatment procedures are expected to drive the market growth during the forecast period. New artificial intelligence (AI) technologies can help companies create more value for their patients and communities by turning time-consuming, labor-intensive, and often ineffective functions into actionable insights for better results. Forward-thinking hospital and healthcare system executives view AI as the most effective path to a more productive, efficient, and better performing healthcare organization.

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Healthcare Artificial Intelligence (AI) Market by Geography

North America

US
Canada

Europe

Germany
UK
France
Italy
Spain
Nordic Countries

APAC

China
India
Japan, Australia
South Korea
Rest of APAC

Latin America

Brazil
Mexico
Argentina

Middle East & Africa

Turkey
Saudi Arabia
South Africa
UAE

Major Vendors

Google
International Business Machines
Intel Corporation
Medtronic
Microsoft Corporation
Nvidia Corporation
Siemens Healthineers

Other Prominent Vendors

Arterys
Caption Health
Enlitic
Catalia Health
General Vision
Koninklijke Philips
Stryker
Shimadzu Recursion Pharmaceuticals
GE Healthcare
Remedy Medical
Subtle Medical
Netbase Quid
Biosymetrics
Sensely
Inform AI
Bioclinica
Owkin
AI
Oncora Medical
AI Technologies
Lunit
Caresyntax
Anju software
Imagia Cybernetics
Deep Genomics
Welltok Inc.
MDLive
MaxQ AI
Qventus
Workfusion

Explore our healthcare and lifesciences profile to know more about the industry.

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SOURCE Arizton Advisory & Intelligence