Global Artificial Intelligence (AI) In Healthcare Market – Industry Analysis, Size, Share, Growth, Trends, and Forecast (2020-2026)

The complexity and rise of data in healthcare mean that artificial intelligence (AI) will increasingly be applied within the field. Several types of AI are already being employed by payers and providers of care, and life sciences companies. AI is lauded as having the potential to help address important health challenges, such as meeting the care needs of an aging population. AI works in a range of ways, drawing on principles and tools, including from maths, logic, and biology. An important feature of contemporary AI technologies is that they are increasingly able to make sense of varied and unstructured kinds of data, such as natural language text and images. Machine-learning has been the most successful type of AI in recent years and is the underlying approach of many of the applications currently in use.

AI is getting increasingly sophisticated at doing what humans do, but more efficiently, more quickly and at a lower cost. The potential for both AI and robotics in healthcare is vast. Just like in our every-day lives, AI and robotics are increasingly a part of our healthcare eco-system. One of AI’s biggest potential benefits is to help people stay healthy so they don’t need a doctor, or at least not as often. The use of AI and the Internet of Medical Things (IoMT) in consumer health applications is already helping people.

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The AI in Healthcare market based on technology is bifurcated into machine learning, deep learning, and artificial neural network. Nowadays, machine learning algorithms are successfully employed for classification, regression, clustering, or dimensionality reduction tasks of large sets of, especially high-dimensional input data. The field of machine learning is experiencing exponential growth today, especially in the subject of computer vision.

Based on application type, Global AI in Healthcare market is bifurcated into robotic surgery, diagnosis, Virtual Nursing assistance, and Administrative workflow assistance. In 2018, robotic surgery dominated the application segment of global AI in the healthcare market, generating revenue of US$ 8,589 million, followed by virtual nursing assistance and administrative workflow. Robotic surgery, or robot-assisted surgery, allows doctors to perform many types of complex procedures with more precision, flexibility, and control than is possible with conventional techniques. The major AI in the healthcare market based on offerings is segmented into hardware, software, or services. Currently, the services segment dominates the market.

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For a better understanding of the market penetration of Artificial Intelligence (AI) in Healthcare, the market is analyzed based on geographies and countries including North America, Europe, Asia-Pacific, Rest of World. Artificial intelligence in the healthcare market in North America has been on an up-surging trend due to the high adoption rate of AI in countries such as the US and Canada, paired with development and growth of research & development activities that combine the investments by government and private organizations. As far as the Asia-Pacific region is concerned, it has lagged behind North America and Europe in terms of technology adoption. However, AI is one technology area where Asia-Pacific can stand apart, compared to other regions and has been expected to witness the highest growth in the forecast period.

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Medtronic Plc, Abbott Laboratories, Johnson and Johnson, Becton Dickinson, Boston Scientific Corporation, Koninklijke Philips N.V, Roche Holding AG, Siemens Healthineers AG, Stryker Corporation and Oracle Corporation are the major players operating in the AI in healthcare market. These companies are partnering up with technology leaders and are investing heavily to come up with new and innovative AI-backed healthcare equipment to treat patients.

Global Artificial Intelligence (AI) in Healthcare Market Segmentation

Market Insights, by Technology

  • Machine Learning
  • Deep Learning
  • Artificial Neural Network

Market Insights, by Application

  • Robotic Surgery
  • Diagnosis
  • Virtual Nursing Assistance
  • Administrative Workflow Assistance

Market Insights, by Type of Offerings

  • Hardware
  • Software
  • Services

Market Insights, by Region

  • North America
  • Europe
  • Asia-Pacific
  • Rest of World

Top Company Profiles

  • Medtronic Plc
  • Abbott Laboratories
  • Johnson & Johnson
  • Becton Dickinson
  • Boston Scientific Corporation
  • Koninklijke Philips N.V.
  • Roche Holding AG
  • Siemens Healthineers AG
  • Stryker Corporation
  • Oracle Corporation

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The Artificial intelligence in healthcare market can be customized to the country level or any other market segment. Besides this, UMI understands that you may have your own business need, hence we also provide fully customized solutions to clients.

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