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The artificial intelligence (ai) in the healthcare sector market size is forecast to increase by USD 11.827 billion between 2022 and 2027, accelerating at a CAGR of 23.5%. In 2017, US held the largest market share, projecting an annual revenue of USD 0.86 billion.The report includes a comprehensive outlook on Artificial Intelligence (AI) in the Healthcare Sector Market, offering forecasts for the industry segmented by Application, which comprises Medical imaging and diagnostics, Drug discovery, Virtual assistants, Operations management, and Others. Additionally, it categorizes Component into Software, Hardware, and Services and covers Geography regions, including North America, Europe, APAC, South America, and Middle East and Africa. The report provides market size, historical data spanning from 2017 to 2021, and future projections, all presented in terms of value in (USD billion) for each of the mentioned segments.
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The growing demand for reduced healthcare costs is notably driving AI in healthcare market growth. Healthcare costs are increasing across the world and have been a major concern for governments and patients. The demand for cost reduction has become a major priority of healthcare organizations such as hospitals and clinics. The optimization of operations and resources by healthcare providers significantly reduces costs and increases efficiency. The experience of patients and health professionals is improved through affordable, quality treatment and care.
In addition, AI is capable of reducing traditional medical costs and enhancing treatment while enabling patients to self-service their health needs through the use of virtual assistants such as doctors or chatbots that significantly minimize human labor. To provide models that reduce the costs of health plans and enable access to medical expertise at a low cost, by early anticipating expensive risks like heart failure, healthcare providers use AI and data science techniques. Automation of operations through AI, ML, and cloud-based solutions helps healthcare organizations streamline operations to increase patient satisfaction while reducing costs. Hence, the demand to reduce healthcare costs will drive the AI market in the healthcare sector during the forecast period.
The market share growth by the medical imaging and diagnostics segment will be significant during the forecast period and was valued at USD 1,073.31 Billion in 2017. Medical imaging is creating a visual representation of the body or the functioning of organs or tissues for clinical analysis and medical diagnosis. Medical imaging consists of X-rays, CAT scans, and MRIs. Data management of highly high-resolution //images for treatment and diagnosis is challenging, even for major healthcare institutions and experienced clinical professionals. Nearly 90% of all healthcare data comes from medical imaging. Hence, medical imaging is one of the richest sources of information about patients, and analyzing healthcare data for diagnostic purposes is highly complex. Imaging research laboratories are developing new AI systems to modernize medical imaging. They are working on reducing noise and improving computer-aided detection, computer-aided classification, and radio genomics. AI systems use DL and ML algorithms in medical imaging to help expert physicians perform clinical interpretation tasks. Eliminating diagnostic errors, improving patient care and increasing performance at a low cost is achieved through the use of AI-powered medical imaging systems.
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North America is estimated to contribute 38% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. Early adoption of technology and increasing investments by market players such as Microsoft, Google, and IBM are witnessing growth in demand for AI in the region. The US is one of the leading countries globally in terms of the number of AI patents filed. US and Canada together hold nearly 26% of all AI patent applications globally. IBM has the largest share of AI-related patents, followed by Microsoft and Google.
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The Artificial Intelligence (AI) in the Healthcare Sector Market is fragmented in nature. Some significant players include Ada Health GmbH and Alphabet Inc.
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Amazon.com Inc., Atomwise Inc., BenchSci Analytics Inc., CarePredict Inc., Catalia Health, Cyclica, Deep Genomics Inc., Entelai, Exscientia PLC, General Electric Co., Intel Corp., International Business Machines Corp., Koninklijke Philips NV, MaxQ AI, Medtronic Plc, Microsoft Corp., NVIDIA Corp., and Siemens Healthineers AG
The market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 - 2027.
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Artificial Intelligence (AI) In Healthcare Sector Market Scope |
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Report Coverage |
Details |
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Page number |
186 |
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Base year |
2022 |
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Historic period |
2017 - 2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 23.5% |
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Market growth 2023-2027 |
USD 11.827 billion |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
21.73 |
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Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
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Performing market contribution |
North America at 38% |
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Key countries |
US, China, Japan, Germany, and UK |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Ada Health GmbH, Alphabet Inc., Amazon.com Inc., Atomwise Inc., BenchSci Analytics Inc., CarePredict Inc., Catalia Health, Cyclica, Deep Genomics Inc., Entelai, Exscientia PLC, General Electric Co., Intel Corp., International Business Machines Corp., Koninklijke Philips NV, MaxQ AI, Medtronic Plc, Microsoft Corp., NVIDIA Corp., and Siemens Healthineers AG |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Component
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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