Updates 2020: Rising Number Of Cross-Industry Partnerships Is Expected To Boost The Growth Of The Global Artificial Intelligence In Healthcare Market During The Forecast Period
Global Artificial Intelligence in Healthcare Market: Key Highlights
- The Global Artificial Intelligence in Healthcare Market is estimated to reach USD 47.96 Billion by 2027 at a CAGR of 43.5% during the review period
- The artificial intelligence in healthcare market is majorly segments into component, technology, application and end-user
- On the basis of component, the market is sub segmented into software, hardware and services. The software segment is expected to grow with a largest share in the forecast period. The growth of AI-based software solutions for healthcare and healthcare operational support by hospitals is excepted to one of the key factors driving the growth. Also, the companies such as Google, IBM, and Microsoft are growing and offer machine learning framework
- On the basis of region, the market is segmented into Americas, Europe, Asia-Pacific, and Middle East & Africa
- Americas accounted for the major market share, as the region is the home to some of the major multinational corporations, which includes IBM, Microsoft, Google, NVIDIA, Intel, and Johnson & Johnson
- Top players that account for the major share include Amazon Web Services, Inc., General Electric, Google, IBM Corporation, Intel Corporation, Medtronic, Micron Technology, Inc., Microsoft, NVIDIA Corporation, Siemens Healthineers AG, and among others.
Global Artificial Intelligence in Healthcare Market: Key Market Dynamics
- There has been rising number of cross-industry partnerships is play a significant role for the artificial intelligence in healthcare market
- The growing application of AI in technologies utilized in pharmaceutical industry is also led to enhance the demand of the artificial intelligence in healthcare market growth
- Further, ongoing Covid-19 pandemic play as a significant opportunity for the market growth
- However, data privacy concerns are hindering the growth of the market.
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Global Artificial Intelligence in Healthcare Market: Regional Overview
- America region is further divided into North America and Latin America. Globally, Americas accounted for the major market share
- Americas accounted for the major market share, as the region has rising adoption of AI technology for diagnosis of chronic conditions which is likely to drive the growth of market in the forecast period
- For example, the Microsoft, which is a prominent company based out of the United States. In January 2020, it has announced AI for Health, a five-year program, of USD 40 million which aims to help the healthcare organizations leverage artificial intelligence as well as machine learning to drive the health of patients and populations
- For example, the rising advancements in technology as well as the several government initiatives are aiding adoption of digital platforms in life sciences, which is anticipate to boost the market growth in the region.
- Asia-Pacific region is segmented into five major countries including China, Japan, India, Australia, and South Korea
- Asia-Pacific is projected grow at the fastest growth rate, with the improving infrastructure for healthcare IT as well as the growing in the number of AI start-ups, lead to fuel the market demand in the region
- The increasing adoption technology for the modernization of the health care platform also lead to create a major opportunity for the growth of market in the region.
Global Artificial Intelligence in Healthcare Market: Key Players
Some of the key players operating in the Amazon Web Services, Inc., General Electric, Google, IBM Corporation, Intel Corporation, Medtronic, Micron Technology, Inc., Microsoft, NVIDIA Corporation, Siemens Healthineers AG, and among others.
Global Artificial Intelligence in Healthcare Market: Key Developments
- On December 2019, the GE Healthcare had launched more than 30 new, imaging intelligent applications as well as the smart devices designed to growth the efficiency in radiology departments, enhance productivity and for cost savings for systems by 2025.
- On April 2019, Royal Philips and Spencer Health Solutions has expanded their partnership to offer in-home medication adherence as well as the telehealth platform of Philips to chronically ill patients in selected European Union (EU) countries.
- On July 2019, IBM had acquired RedHat. The Red Hat’s open hybrid cloud technologies are now paired with IBM’s innovation and industry expertise. Also the IBM and Red Hat will accelerate innovation by offering a next-generation hybrid multi-cloud platform.
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