Artificial Intelligence in Healthcare Market Trends – Rising Focus on Reducing Computing Hardware Costs and Rapid Adoption of Human-Aware AI Systems

Emergen Research has published its latest report titled “AI in Healthcare Market, By Offering (Hardware, Software, Services), By Technology (Machine Learning, Deep Learning, Reinforcement Learning, Natural Language Processing, Context-aware Computing, Computer Vision, Others), By Application, By End-use (Pharmaceuticals & Biotechnology Companies, Hospitals & Healthcare Providers, Healthcare Payers, Patients, Others), and By Region Forecast to 2028”

Market Dynamics:

Major factors driving revenue growth of the global AI in healthcare market are substantially increasing volumes of healthcare data, growing need to reduce rising healthcare operational costs, growing complexity of healthcare datasets, growing imbalance between healthcare workers and patients, and increasing focus on improving computing power and cutting down on hardware costs. Artificial intelligence (AI) in the healthcare sector helps healthcare providers develop and deliver advanced medical diagnosis and treatment plans. AI in healthcare improves the quality of life through enhanced patient care, and integration of the technology significantly increases the accuracy and efficacy of medical imaging and diagnostic tools. Globally leading healthcare institutions such as the Mayo Clinic, Memorial Sloan Kettering Cancer Center, and British National Health Services (NHS) have developed state-of-the-art AI solutions for disease diagnosis, treatment protocol development, patient monitoring & care, and development of personalized medicine.

Other key factors expected to boost market revenue growth in near future are rise in cross-industry partnerships & collaborations, rising need for advanced and remote healthcare services, growing trends of telehealth and telemedicine in the COVID-19 pandemic era, and rapid adoption of AI technologies such as deep learning and computer vision by pharmaceutical and biotechnology companies.

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COVID-19 Impact Analysis:

  • Social distancing and restrictions severely disrupted businesses and operations
  • Lockdowns caused disruptions in transportation and logistics
  • Impacted manufacturing activities and mining operations globally
  • Took a toll on economy of various countries
  • Caused sudden and drastic downturn in economic activity
  • Disrupted agriculture, fisheries, dairy, and other sectors
  • Caused loss of employment and financial crisis
  • Supply impacts were further compounded owing to reduced disposable income
  • Emergence of variants  continue to cause concerns and impact normal routines

Software Segment Accounted for Largest Revenue Share in 2020:

The software segment dominated other offering segments in terms of revenue share in the global market in 2020. Rapid digitization in the healthcare industry, rising adoption of AI-based software solutions by healthcare facilities and pharmaceutical and biotechnology companies, and increasing healthcare applications of AI software solutions, such as clinical trials, cybersecurity, fraud detection, telemedicine, virtual assistants, and robot-assisted surgeries are some factors expected to drive revenue growth of this segment.

Clinical Trials Segment to Account for Fastest Revenue CAGR:

Based on application, the clinical trials segment is expected to register the fastest revenue CAGR in the global AI in the healthcare market over the forecast period. Growing need for faster and more accurate clinical trials, rise in new drug discovery and development projects, rapid adoption of AI-based technologies by pharmaceutical and biotechnology companies for better clinical trial outcomes, and increasing government investments in the life sciences sector are key factors contributing to this segment’s revenue growth.

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North America Accounted for Largest Revenue Share in 2020:

The North America AI in healthcare market dominated other regional markets in terms of revenue share in the global market in 2020. Increasing adoption of healthcare IT (HCIT) solutions, rising focus on improving healthcare management, increasing R&D activities for advanced AI-based healthcare solutions, and expanding pharmaceutical and biotechnology sectors in the region are key factors driving the regional market revenue growth.

Major Companies in the Global AI in Healthcare Market Include:

  • Intel Corporation
  • Koninklijke Philips
  • Microsoft Corporation
  • IBM Corporation
  • Siemens Healthineers
  • Nvidia Corporation
  • Google LLC
  • General Electric Company
  • Medtronic Plc
  • Micron Technology
  • Amazon Web Services
  • Johnson & Johnson
  • General Vision
  • CloudmedX
  • Oncora Medical
  • Enlitic
  • Precision Health AI
  • FDNA Inc.
  • Recursion Pharmaceuticals
  • Atomwise
  • Welltok
  • Babylon Health
  • Gauss Surgical
  • Qventus
  • Desktop Genetics
  • Cylance

For the purpose of this report, Emergen Research has segmented the global AI in healthcare market based on offering, technology, application, end-use, and region:

Offering Outlook (Revenue, USD Billion; 2018-2028)

  • Hardware
  • Software
  • Services

Technology Outlook (Revenue, USD Billion; 2018-2028)

  • Machine Learning
  • Deep Learning
  • Reinforcement Learning
  • Computer Vision
  • Natural Language Processing
  • Context-aware Computing
  • Others

Application Outlook (Revenue, USD Billion; 2018-2028)

  • Patient Data & Risk Analysis
  • Inpatient Care & Hospital Management
  • Medical Imaging & Diagnostics
  • Lifestyle Management & Monitoring
  • Virtual Assistants
  • Drug Discovery
  • Research & Development
  • Clinical Trials
  • Healthcare Assistant Robots
  • Precision Medicine
  • Emergency Room & Surgery
  • Wearables
  • Mental Health
  • Cybersecurity

End-use Outlook (Revenue, USD Billion; 2018-2028)

  • Pharmaceuticals & Biotechnology Companies
  • Hospitals & Healthcare Providers
  • Healthcare Payers
  • Patients
  • Others

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Region Outlook (Revenue, USD Billion; 2018-2028)

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • France
    • U.K.
    • Italy
    • Spain
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Rest of Latin America
  • Middle East & Africa
    • Saudi Arabia
    • U.A.E.
    • South Africa
    • Turkey
    • Rest of Middle East & Africa

Reasons to buy the report:

  1. This study segments the Artificial Intelligence in Healthcare market and derives the precise valuation of the overall, as well as segment-based, market across different industry verticals, geographies, and products.
  2. The report will help participants understand the trajectory of the progress of the market and provide information on key drivers, restraints, challenges, threats, and opportunities for the growth of the Artificial Intelligence in Healthcare sectors.
  3. This Artificial Intelligence in Healthcare report would allow readers to be well-versed with the existing competition and gain more insights to improve their standing in the worldwide business. The competitive landscape considers the dominant competitors, along with product launches and technological advancements, strategic expansions, mergers and acquisitions, and procurement strategies implemented by key players in the Artificial Intelligence in Healthcare market.

Key features of the report:

  • To study the key aspects impacting the Artificial Intelligence in Healthcare market size.
  • To identify growth prospects in the Artificial Intelligence in Healthcare market.
  • To analyze the Artificial Intelligence in Healthcare market segments and deduce the dominant trends observed in the industry.
  • To examine the Artificial Intelligence in Healthcare market by investigating the available products, market share, and value proposition of the products.
  • To analyze the industry by assessing the scope and application of the Artificial Intelligence in Healthcare market and highlight the growth of each application.

Table of Content

Chapter 1. Methodology & Sources

    1.1. Market Definition

    1.2. Research Scope 

    1.3. Methodology

    1.4. Research Sources

          1.4.1. Primary

          1.4.2. Secondary

          1.4.3. Paid Sources

    1.5. Market Estimation Technique

Chapter 2. Executive Summary

    2.1. Summary Snapshot, 2020-2030

Chapter 3. Key Insights

Chapter 4. Artificial Intelligence in Healthcare Market Segmentation & Impact Analysis

    4.1. Artificial Intelligence in Healthcare Market Material Segmentation Analysis

    4.2. Industrial Outlook

          4.2.1. Market indicators analysis

          4.2.2. Market drivers’ analysis

          4.2.3. Market restraints analysis

    4.3. Technological Insights

    4.4. Regulatory Framework

    4.5. Porter’s Five Forces Analysis

    4.6. Competitive Metric Space Analysis

    4.7. Price trend Analysis

    4.8. Covid-19 Impact Analysis


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