HEALTHCARE ARTIFICIAL INTELLIGENCE (AI) INDUSTRY OUTLOOK
The global healthcare artificial intelligence (AI) market was valued at USD 4.56 Billion in 2020 and is expected to reach USD 44.5 billion by 2026, growing at a CAGR of 46.21% during the forecast period.
Several pharmaceutical companies are implementing innovative technologies to boost their growth in the global healthcare industry. Collaboration of GSK with Exscientia identified a small compound for targeted therapeutics and its characteristics towards the specific target using the AI platform. AI is becoming an incredible platform in the pharmaceutical industry. For instance, Novartis announced Microsoft as a strategic partner in AI and data science to set up an AI innovation lab. Since the last year, over 50+ companies have got machine learning and AI algorithms approvals. During the COVID-19 pandemic, AI played a significant role in the healthcare industry. An analytics study by Accenture combined with clinical applications demonstrated the potential of AI to reduce approximately USD 150 billion per annum by 2026 in the US healthcare system.
- The healthcare providers segment accounted for the largest market share with around 48% compared to others in 2020.
- According to the research, Arizton estimated that APAC would witness the highest growth in the healthcare artificial intelligence (AI) market during the forecast period.
- During the COVID-19 pandemic, the University of Oxford collaborated with AstraZeneca to develop and deliver the vaccines. These kinds of collaborations are quite standard where companies are willing to approach new opportunities.
- AI companies are offering customized and pre-expensive solutions to boost the growth of the healthcare artificial intelligence (AI) market.
HEALTHCARE ARTIFICIAL INTELLIGENCE (AI) MARKET SEGMENTATION
This research report includes a detailed segmentation by
HEALTHCARE ARTIFICIAL INTELLIGENCE (AI) MARKET SEGMENTS
The software industry provides numerous services to the healthcare industry. With the advent of medical software, human errors are minimized in the global medical market. Using advanced software in healthcare enables the clinical experts to expertise their practices. Software providers are gaining huge opportunities in the healthcare artificial intelligence (AI) market. Software development companies are constantly striving to improve the industry and bring innovations. In 2020, the global healthcare artificial intelligence (AI) market by software & services was valued at USD 3371.68 million. The development of AI solutions helps doctors to optimize workflows by extracting insights from the data.
Machine learning is the subset of AI and gaining high traction in artificial intelligence (AI) across the healthcare industry. The future development of machine learning in the medical field will continue to transform the medical industry into a newer version. Companies are demanding high for machine learning engineers to develop algorithms that will boost business growth and efficiency. Investments in AI and machine learning largely benefit the healthcare industry, and the investments are expected to increase in the future.
US is the major revenue generator of the healthcare artificial intelligence (AI) market across the North American region. In North America, the potential increase in AI GDP is compounded by tremendous opportunities to adopt more productive technologies. In 2020, Canada accounted for a share of 6.72% of the North American healthcare artificial intelligence (AI) market. The advent of AI holds the potential to restore balance, and Canada is uniquely positioned as a world leader in systems design using AI technology. Canada’s AI talent pipelines continue to be an important focus on AI advisory boards. The Commission will expand Canada’s talent base in technology & business and raise awareness of AI as a pioneer in AI employment in the upcoming years.
Giant players are focusing on pursuing organic growth strategies to enhance their product portfolio in the healthcare artificial intelligence (AI) market. Several initiatives by the players will complement growth strategies, which are gaining traction among end-users in the market. Rising growth of startups collaborating with key vendors in promoting their artificial intelligence in healthcare applications creating heavy competition in the market. For instance, Google is one of the major players offering artificial intelligence in the healthcare sector; by creating advanced AI research and mobile tools, the company is positively impacting patients and hospitals. Deep Mind, an advanced AI company, teamed up with Google to develop better solutions in healthcare. Players are facing heavy competition with other players in the healthcare artificial intelligence (AI) market.
The global healthcare artificial intelligence market research report includes in-depth coverage of the industry analysis with revenue and forecast insights for the following segments:
- Software & Services
- Hospital Workflow Management
- Medical Imaging and Diagnosis
- Drug Discovery and Precision Medicine
- Patient Management
- Machine Learning
- Querying Method
- Natural Language Processing
- Healthcare Providers
- Pharma-biotech and medical devices companies
- North America
- Nordic Countries
- Japan, Australia
- South Korea
- Rest of APAC
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa