Market Scenario
The Global Artificial Intelligence in Healthcare Market is presumed to register 51.9% CAGR
during the forecast period (2018-2023) owing to the growing adoption of AI solutions
among the healthcare providers, asserts Market Research Future (MRFR). Artificial
intelligence (AI) is regarded as the next frontier for healthcare innovation. In the healthcare
sector, artificial intelligence is being applied for sorting structured and unstructured data.
Potential of AI spans across healthcare verticals. AI is considered to play a vital role in
overcoming some of the toughest hurdles being faced by healthcare providers.
Competitive Dashboard
The prominent players operating the global Artificial Intelligence in Healthcare market are
Google, General Electric, IBM Watson Health, Microsoft Corporation, Intel Corporation, DEEP
GENOMICS, Koninklijke Philips N.V., General Vision, NVIDIA Corporation, CloudMedx Inc.,
Next IT Corp., and Stryker.
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Drivers and Constraints Impacting the Market
The augmented focus on the use of artificial intelligence in the healthcare sector in the
recent past. The adoption of AI solutions in the healthcare sector is growing rapidly owing to
the growing number of healthcare applications of AI coupled with its rising demand for
medical research. AI is also being employed in clinical laboratories, hospitals, and research
facilities, which is further contributing to the growth of the market during the assessment
period. Broader applications of AI and technological advancements in deep learning have
further led to its increased adoption in the healthcare sector across the globe.
Technological companies are highly investing in the development of AI for research and
healthcare, which is further boosting the market growth. Moreover, AI in the healthcare
sector is being used for prognosis, diagnosis, and therapy, thereby stimulating its growth
during the appraisal period. AI has also developed several applications across the healthcare
sector, such as delivery of health services, detection of diseases, drug discovery, and
management of chronic conditions. AI in the healthcare sector ensures effectiveness and
efficiency, which is further considered to trigger its adoption in the coming years. AI also
enables the healthcare sector to overcome the crisis of human resource by providing
productivity through automation of complicated tasks. Such factors are presumed to
contribute to the market growth.
On the flip side, the high cost associated with the implementation of AI in the healthcare
sector coupled with the stringent guidelines regulating AI are some of the major concerns
considered to dampen the market growth during the appraisal period.
Global Artificial Intelligence in Healthcare Market: Segmental Analysis
The global Artificial Intelligence in Healthcare market has been segmented on the basis of
component, application, technology, end-user, and region.
By mode of component, the global Artificial Intelligence in Healthcare market has been
segmented into software, hardware, and services.
By mode of application, the global Artificial Intelligence in Healthcare market has been
segmented into virtual nursing assistant, robot-assisted surgery, clinical trial, dosage error
reduction, automated image diagnosis, and preliminary diagnosis. Among these, the robot-
assisted surgery segment is considered to hold the most significant share in the global
market owing to the flexibility and high precision assured by robot-assisted surgeries while
performing complex procedures.
By mode of technology, the global Artificial Intelligence in Healthcare market has been
segmented into querying method, machine learning, and natural language processing.