The global AI in healthcare market is expected to reach over 8 USD billion by 2026 and is expected to grow at CAGR 49.7% during the forecast period, 2019-2026.
An innovation like Artificial Intelligence could have far-reaching effects on healthcare by helping in the detection of diseases and continuous monitoring of the conditions. To improve the technology the researcher and scientist are working on improving the applications of Artificial Intelligence. For instance, Google has developed a wide range of products and is focusing on various sectors through their AI solutions. Moreover, the company is focusing on collaboration and acquisition strategy to spread their wing under AI domain. Still, there are huge opportunities in the market and it is clear that in coming years the technology will transform the healthcare sector.
The AI in Healthcare market is segmented on the basis of application, technology and end users. On the basis of application, the market is segmented into imaging diagnostics, drug discovery, lifestyle management & monitoring, emergency room and hospital management, wearables, insights & risk analytics, virtual assistance, insurance. On the basis of technology, the market is categorized into speech recognition, natural language processing, machine learning, deep learning. On the basis of end users, the market is segmented into hospitals, pharmaceutical organizations, diagnostic centers, and clinics.
America commands the largest share in the global AI in healthcare market owing to the increasing adoption and awareness about AI technology. Various tech giants such as Amazon.com, Inc., IBM Corporation, AMD, Nvidia Corporation, Oracle Corporation are offering AI-based services. Nvidia and AMD are providing GPUs required for AI mining. Software-based companies are building their own AI platform and integrating AI with cloud. Along with this, the organizations are collaborating with healthcare companies and start-ups to obtain benefits of the emerging technology.
US based tech giants like IBM Corporation, Amazon.com, Inc., Nvidia Corporation, Oracle Corporation and many more have adopted AI technology to solve current problems in the industry. The companies have collaborated with other organizations to provide AI platform or use the platforms provided by them and have also partnered with healthcare companies to provide AI based solutions. Emerging start-ups are developing AI based healthcare products involving genomic data as well. The growth of AI market can also be attributed to the need for reducing healthcare costs as Centre of Medicare & Medicaid services (CMS) is spending billions of dollars on US healthcare.
Canada, being the second largest market share holder in North America, is expected to grow with a CAGR of 35.9%. The Canadian healthcare system is one of the best in terms of effectiveness, safety, coordination, equity, and patient-centeredness. However, Canada’s system is subject to numerous pressures. The cost of hospital insurance is increasing, and Canada’s aging population will apply additional pressure to the health-care system over the next few years as the Baby Boom generation enters their senior years. There is a growing need to achieve better healthcare results.
Growing investments in better information systems attributes to the high growth rate of AI in healthcare market. The healthcare stakeholders function as independent entities resulting in poor information flow and eventually fail to serve patients in a coordinated way. AI will fortify a patient-centred healthcare system, linking long-fragmented systems into immutable, single and powerful systems. The biggest challenge in Canadian healthcare system is longer waiting time for patients to access the services. Patient wait times will be reduced due to delays being fixed with a one-stop scanning of the distributed ledger’s information. Companies such as VitalHub Corporation have launched an AI platform to solve interoperability problem in the present healthcare system.
Europe holds second leading position in the market owing to the Well developed technology, availability of fund, and government support will drive the market growth in Europe and America. The Asia Pacific is the fastest growing market owing to the huge untapped opportunity in this region. It is expected that Japan will lead the Asia Pacific market, whereas, Indian and China will show a growth in the market.
On the other hand Middle East & Africa holds the least share in the global market owing to the presence of poor economy, low penetration of the technology and limited development in the healthcare infrastructure. However, the region holds the major opportunity for the market growth.
Some of the key players in the global AI in healthcare market include Microsoft, IBM, Johnson & Johnson Services, Inc., Oncora, Koninklijke Philips N.V, Siemens, GE Healthcare, Medtronic, Google, Amazon, Intel, CareSkore, CloudMedx Inc., Clarify Health Solutions, Zebra Medical Vision Ltd., Qventus Inc., NextHealth Technologies, Anju Software Inc. (Zephyr Health) among other.