The global artificial intelligence (AI) in the healthcare market is primarily driven by the increasing usage of big data in the healthcare sector and the advantage of AI to improve the imbalance among healthcare professionals and patients, augment patient outcomes, and aid in clinical trial simulation and development processes. The continuous research activities in disease diagnosis and monitoring will further increase the demand for the incorporation of AI technologies. The continuous growth in population has led to the generation of large amounts of healthcare data, which requires AI to enhance data mining and computing abilities.
AI technology would help medical practitioners efficiently, which would cater to the increasing patient demand. The shift towards an aging population would increase the strain on the healthcare system. AI technology is being studied to expand its application in home healthcare support for the elderly and those with chronic illnesses. For instance, Amazon’s product Alexa is being researched to support patients with long-term health conditions such as diabetes.
Smart wearables play an important role in the healthcare industry. For instance, smartwatches such as FitBit and wristbands that aid in lifestyle improvement and enhance physical activity are in high demand. The ease of availability of such devices, the rise in awareness, and the increase in the adoption of healthy lifestyles have led to the rise in wearables. Consumers believe that wearing smart devices that monitor their vital signs, daily calorie consumption, and exercise patterns lead to an increase in life expectancy.
Data privacy would be the major hurdle that industry players investing in AI would need to take care of. AI’s potential to replace humans at the forefront is one of the major concerns that hamper the growth of AI in the healthcare sector. Medical devices using AI would also face regulatory challenges for approval, which could hamper the growth of this market.
AI in medicine is gaining demand across geographies. North America accounted for the maximum market share owing to its high disposable income, rise in healthcare expenditure, increase in demand for newer technologies, and major market players being headquartered in this region. The high cost involved in the development and the requirement of suitable healthcare infrastructure is the major causes that could hamper the growth of healthcare AI in low and middle-income economies.
The global artificial intelligence in the healthcare market is segmented as follows:
- By Application
- Patient data and risk analysis
- Lifestyle management and monitoring
- Precision Medicine
- In-Patient Care and Hospital Management
- medical imaging and diagnosis
- Drug Discovery
- Virtual Assistant
- By Geography
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
The global artificial intelligence market in healthcare involves a competitive pool of various industrial players, namely, IBM Watson Health, Cyrcadia Health Inc., Modernizing Medicine, Aicure LLC, Berg Health, Mendasense Biometrics Ltd., Hindsait, Esko Bionics, Atomwise Inc., Zebra Medical Vision, Sense.Ly Inc., and others.
This report offers the following:
- A thorough understanding of the global artificial intelligence market in healthcare
- Market analysis for the period from 2016 to 2026, with 2016 as the historic year and 2017 as the base year
- CAGR for the duration from 2018 to 2026 for each considered segment and the entire market
- Qualitative information about the market dynamics in terms of market drivers, restraints, and opportunities
- An extensive understanding of the competitive landscape and profiles of the key industrial players dominating this market