Market Overview
The Healthcare Artificial Intelligence Market, during the forecast period 2020 to 2027, will register growth at a CAGR of 51.9%. The market for healthcare artificial intelligence is set to reach US$12.22 billion by 2027. As per healthcare artificial intelligence market analysts, the global market is anticipated to witness growth owing to the factors such as the rising value of big data in healthcare as well as the growing volume of healthcare data. However, the market will face challenges and restraints due to emerging players in the market and a growing number of cross-industry collaborations during the forecast period 2020 to 2027.
The increasing need to minimize towering healthcare costs in the market is set to play a key role in determining the growth potential during 2020 to 2027 years. Analysts have also studied the healthcare artificial intelligence market to understand potential threats and challenges the healthcare artificial intelligence market companies could face. Although the market is poised to grow at a fast pace across application, end-user, part, region, and technology segments, factors such as AI’s acceptance in the healthcare market could slow down the healthcare artificial intelligence market’s growth worldwide.
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Market Segmentation
The market has been segmented into application, end-user, component, region, and technology. Based on the segment which is application, the market is categorized on the basis of automated image diagnosis, clinical trial, dosage error reduction, preliminary diagnosis, robot-assisted surgery, and virtual nursing assistant. The global market for healthcare artificial intelligence is further segmented based on end-user into academic & research laboratories, hospitals & diagnostic centres, and pharmaceutical & biotechnology companies. Furthermore, the market, on the basis of component, is segmented into hardware, software, and services. Based on the segment which is technology, the market is categorized on the basis of machine learning, natural language processing, querying method, and others.
The global market research report covers all the aspects of the healthcare artificial intelligence market based on the segmental analysis of these application, end-user, part, region, and technology segments. Analysts have also studied the market’s regional markets spread across many continents and countries. The application, end-user, part, region, and technology segments along with their sub-segments have been analyzed and companies functioning in the healthcare artificial intelligence market across these segments are profiled and analyzed based on input and feedback from market based decision makers as well as primary and secondary sources. The market research report presents analysis based information for companies functioning in the healthcare artificial intelligence market.
Regional Overview
The number of artificial intelligence start-ups in the healthcare industry may hinder the healthcare artificial intelligence market growth. The market research report suggests that companies in the healthcare artificial intelligence market could be supported by increasing sophistication of datasets as well as the demand for AI are the main factors driving market development during the forecast period. The market is set to register growth at a high CAGR owing to these key factors. The market is spread across North America, Europe, Asia-Pacific, and other parts of the world. The global market research report reveals that APAC, North America, and Europe regional healthcare artificial intelligence markets will dominate the global market for healthcare artificial intelligence during the forecast period 2020 to 2027. As per healthcare artificial intelligence market analysts, the market is set to witness tremendous growth across virtual nursing assistant, preliminary diagnosis, and robot-assisted surgery segments in North America which covers healthcare artificial intelligence markets across the United States, Canada, Mexico and several other regional markets. Companies active in the market are also analyzed and studied in the research report.
The market for Europe covers smaller market segments of Germany, Italy, France, and the United Kingdom. Additionally, the market research report covers the Asia-Pacific region covering healthcare artificial intelligence markets from India, China, Japan, Australia, and others. The market is also spread across the rest of the world. The market report covers all such regions including the Middle East, Africa, Brazil, and others.
Competitive Landscape
Healthcare artificial intelligence has seen increased demand over the years, due to developing computing capacity and declining hardware costs and increasing amount of cross-industry alliances and agreements. Companies functioning in the global market are also being challenged due to the growth in venture capital investment in this sector and high costs of AI systems. Mergers and acquisitions by healthcare artificial intelligence market companies are anticipated to help the market during the forecast period 2020 to 2027. As the healthcare artificial intelligence market is set to register a high CAGR of 51.9% and is also anticipated to reach a US$12.22 billion by 2027, the report highlights key areas companies need to focus on. The report suggests that the will see a healthy growth in the long run till 2027. Based on SWOT analysis and healthcare artificial intelligence market’s analysis based on Porters’ Five Force Model presented in the market report. Mergers and acquisitions by healthcare artificial intelligence market companies are anticipated to help the market during the forecast period 2020 to 2027.
Industry News
Saykara, a company that created a voice-enabled smartphone artificial intelligence assistant to simplify physician charting, has been acquired by Nuance Communications. According to the firm, Saykara’s founder, as well as innovation and machine learning experts, will join Nuance’s research and development team to help improve the company’s capabilities in healthcare AI. Nuance’s “ongoing growth of business and technological leadership in conversational artificial intelligence (AI) and ambient clinical intelligence (ACI) solutions that mitigate clinician burnout, enhance patient interactions, and boost overall health system financial credibility.
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