The healthcare artificial intelligence market is projected to grow at a CAGR of 39.97% to reach US$36.222 billion by 2026 from US$3.441 billion in 2019.
Artificial Intelligence essentially uses machine learning algorithms and deep learning to gather and process data and furnish it to the end user. The foremost am of using healthcare artificial intelligence is to scrutinize relationships between prevention techniques and patient results. It is thus used to analyze a chunk of data through Electronic Health Records to prevent disease.
A major reason for the growth of this market is the increase in the number of Chronic diseases and fewer healthcare facilities available.
According to the World Economic Forum report, “One in three adults worldwide has multiple chronic conditions: cardiovascular disease alongside diabetes, depression as well as cancer, or a combination of three, four, or even five or six diseases at the same time. NCDs represent more than half the global burden of diseases.
With the spread of such chronic diseases, globally, the healthcare industry has recognized the importance of healthcare artificial intelligence.
According to the World Health Organization estimates, there is a shortage of 4.3 million health workers including physicians, nurses, etc, then required, globally. Not only developing countries, but developed countries are also facing a shortage of doctors. According to OECD, “Across lower-middle and low-income Asia-Pacific countries, there is one doctor per 1 000 population, whereas a slightly higher number of doctors – 1.2 per 1 000 population – is reported in upper-middle-income countries.” Also, the WHO findings suggest that the number of health workers across Europe is insufficient to meet future health requirements. The infection rate and chronic disease in Africa have risen more than double. All this has raised the need for getting such diseases diagnosed at an early stage and getting then treated. Artificial Intelligence will help to monitor and diagnose the patient status efficiently and effectively and will also enable efficient follow-ups.
The technological advances and funding by both the private and public sectors are expected to drive the demand for this market in the forecast period.
There have been numerous technological advances in the field of Artificial Intelligence, globally. Many pharmaceutical companies are constantly working on up-gradation. Many healthcare artificial intelligence startups are encouraged across the world. Talking about Asia, in China, many startups benefited from the government's strategic development plans. The Chinese government is constantly promoting private-public partnerships. Recently, a Chinese artificial intelligence healthcare startup synyi raised the US $36.3 million. Similarly, icarbonX received funding of US$ 200 million from various investors to expand its scope of advanced artificial intelligence to cure diseases. The government of India is also funding various AI programs and has also collaborated with the Ministry of Electronics and Information Technology(MeitY), the National E-Governance Division (NeGD), and the National Association of Software and Service Companies (NASSCOM) to build the AI healthcare future. North American countries have also invested a lot of funds into the healthcare AI market. According to WHO, the US holds the largest share in the AI healthcare market in North America. The usage of Big Data in the healthcare industry has also increased. In South America, many startups have been launched in Brazil and Argentina. Cloud platforms and robots are also widely used in the continent. The global technology revolution is at pace, Electronic health record machines are enhancing, and the global health care AI market is expected to flourish.
The outbreak of COVID-19 is anticipated to fuel the growth of this market.
According to the world meter, the total number of COVID-19 cases is more than 17.9 crores, and 38.7 lakh people have died from the COVID-19 outbreak, as of June 2021. The third wave of the novel coronavirus seems to be inevitable. The Healthcare Artificial Intelligence market has seen an upward trend recently. It has helped in the identification of disease clusters. It is also widely used in monitoring cases and diagnoses. Artificial Intelligence also helped in the development of drugs and vaccines required to mitigate the effect of the virus. More developments are required in the industry for carrying out diagnoses and tests.
Artificial Intelligence Health care is expected to add value in various administrative and operational clinics. It is also expected to promote social distancing by reducing human contact and protecting public and healthcare staff by minimizing the time spent on claim processing.
Due to the surge of COVID-19, many AI-POWERED cameras are deployed in Singapore to reduce the need for the workforce required to check the one-to-one temperature. COVID-19 has surely moved people to focus on their personal health and adopt technologically driven healthcare methods.
|Market Size Value in 2019||US$3.441 billion|
|Market Size Value in 2026||US$36.222 billion|
|Growth Rate||CAGR of 39.97% from 2019 to 2026|
|Forecast Unit (Value)||USD Billion|
|Segments Covered||Application, Offering, And Geography|
|Regions Covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies Covered||Caption Health, Inc., Intel Corporation, NVIDIA Corporation, Google, IBM Watson Health, Enlitic, Inc., Lumiata, AiCure, LLC, Butterfly Network, Inc, ICarbon X|
|Customization Scope||Free report customization with purchase|
Frequently Asked Questions (FAQs)
Q1. What will be the healthcare artificial intelligence market size by 2026?
A1. The healthcare artificial intelligence market is projected to reach a market size of US$36.222 billion in 2026.
Q2. What is the size of the global healthcare artificial intelligence market?
A2. Healthcare Artificial Intelligence Market was valued at US$3.441 billion in 2019.
Q3. What are the growth prospects for the healthcare artificial intelligence market?
A3. The global healthcare artificial intelligence market is projected to grow at a CAGR of 39.97% over the forecast period.
Q4. How is the global healthcare artificial intelligence market segmented?
A4. The healthcare artificial intelligence market has been segmented by application, offering, and geography.
Q5. What factors are anticipated to drive the healthcare artificial intelligence market growth?
A5. A major reason for the healthcare artificial intelligence market growth is the increase in the number of Chronic diseases and fewer healthcare facilities available.
1.1. Market Definition
1.2. Market Segmentation
2. Research Methodology
2.1. Research Data
3. Executive Summary
3.1. Research Highlights
4. Market Dynamics
4.1. Market Drivers
4.2. Market Restraints
4.3. Porters Five Forces Analysis
4.3.1. Bargaining Power of End-Users
4.3.2. Bargaining Power of Buyers
4.3.3. The threat of New Entrants
4.3.4. Threat of Substitutes
4.3.5. Competitive Rivalry in the Industry
4.4. Industry Value Chain Analysis
5. Healthcare Artificial Intelligence Market Analysis, by Offering
6. Healthcare Artificial Intelligence Market Analysis, by Application
6.2. Medical Imaging and Diagnostics
6.3. Precision Medicine
6.4. Lifestyle Management and Monitoring
6.5. Virtual Assistant
6.7. Inpatient Care and Hospital Management
6.8. Drug Discovery and Development
7. Healthcare Artificial Intelligence Market Analysis, by Geography
7.2. North America
7.3. South America
7.5. Middle East and Africa
7.5.1. Saudi Arabia
7.6. Asia Pacific
7.6.4. South Korea
8. Competitive Environment and Analysis
8.1. Major Players and Strategy Analysis
8.2. Emerging Players and Market Lucrativeness
8.3. Mergers, Acquisitions, Agreements, and Collaborations
8.4. Vendor Competitiveness Matrix
9. Company Profiles
9.1. Caption Health, Inc.
9.2. Intel Corporation
9.3. NVIDIA Corporation
9.5. IBM Watson Health
9.6. Enlitic, Inc.
9.8. AiCure, LLC
9.9. Butterfly Network, Inc.
9.10. iCarbon X
Caption Health, Inc.
IBM Watson Health
Butterfly Network, Inc
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