AI in Healthcare Market
Artificial Intelligence is the development of computer systems that are able to perform tasks that would require human intelligence with much higher precisions and error control than that done by humans. AI facilitates in creation of intelligent agents where an intelligent agent is a system that recognizes its environment of operation and takes actions which maximizes its likelihood of success. The importance of AI in healthcare was realised in early 1980s when the absence of proper data management and requirement of extreme precision along with importance of minimal invasive methods was recognised. Artificial intelligence is a branch of computer science and information technology that is capable of analysing complex medical data. Today, in the age of breakthrough of technology and automation, the research and implementation of AI in healthcare is at its best. Healthcare sector is one of the most important sectors that is a priority for the human race. Owing to its amalgamation with the IT industry, the growth and development of healthcare industry has increased and reached the next level.
The outburst of technology that is digitally enabled, wireless connectivity across increasingly mobile devices has created an increasing democratisation of access for healthcare. Some of the most powerful AI tools are already embedded in Android or iOS. This technology is providing consumers with the data and information they need to proactively manage their own health and wellness, and to make better, more informed decisions in partnership with their healthcare providers. AI can prove to be a boom in the field of diagnosis. The high cost involved in diagnostic processes, over-testing of low-risk patients, and limited capability for early detection of chronic diseases are driving the adoption of AI in diagnostics. This is because AI is capable of bridging the gap between doctor-centric diagnosis and AI-based diagnosis through pattern recognition and machine learning technologies.
Coming to drug development, it requires lots of time, investment and resources. Owing to this, the pharma companies are keen to embrace digital transformation and AI. According to Deloitte, in 2017, 12 largest biopharma companies received just 3.2% returns from their drug-research units, as against 10% in 2010. The use of AI in drug discovery is expected to expedite the overall process. Applied intelligence can improve drug discovery success rates by 8-10%, resulting in savings worth billions of dollars for the industry. Finding drug discovery compounds and precision medicine are the major trending applications over other pharma based AI applications.
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“Machine learning technology of AI dominated the market globally in 2018 and is expected to maintain its lead in 2025”
Based on technology, the global AI in healthcare market has been segmented into machine learning, deep learning and artificial neural network. Out of these technologies, in 2018, machine learning dominated the market globally and is expected to maintain its lead in 2025. The increasing power of machine learning in diagnosing disease and in categorisation and classifying health data is empowering physicians and speed-up decision making across the medical facilities including hospitals or clinic.
“Amongst application, robotic surgery holds the major share globally in 2018 but diagnosis has been estimated to lead the market during the forecast period.”
Based on technology, the global AI in healthcare market has been segmented into robotic surgery, diagnosis, Virtual Nursing assistance and Administrative workflow assistance. In 2018, robotic surgery dominated the application segment of global AI in healthcare market, generating revenue of US$8589 million, followed by virtual nursing assistance and administrative workflow. The segment is expected to grow at a CAGR of XX% during the forecast period by 2025. However, the diagnosis segment is expected to witness the highest CAGR of XX% during the analysed period.
“Amongst end users, hardware segment has been anticipated to dominate the AI in healthcare sector by 2025.”
Based on the type of offering, the global AI in healthcare market is segmented into hardware, software or services. Currently, services segment dominates the market. However, hardware segment is expected to witness the highest CAGR growth during the forecast period 2018-2025.
“North America region holds the highest market share in 2018 but Asia Pacific market has been expected to witness the highest market growth in the forecast period”
Artificial intelligence in healthcare market in North America has been on an up-surging trend due to the high adoption rate of AI in country such as the US and Canada, paired with development and growth of research & development activities that combine the investments by government and private organizations. As far as Asia-Pacific region is concerned, it has lagged behind North America and Europe in terms of technology adoption. However, AI is one technology area where Asia-Pacific can stand apart, compared to other region and has been expected to witness the highest growth in the forecast period.
Competitive Landscape-Top 10 Market Players
Medtronic Plc, Abbott Laboratories, Johnson and Johnson, Bcton Dickinson, Boston Scientific Corporation, Koninklijke Philips N.V, Roche Holding AG, Siemens Healthineers AG, Stryker Corporation and Oracle Corporation are the major players operating in the AI in healthcare market. These company are partnering up with technology leaders and are investing heavily to come up with new and innovative AI backed healthcare equipment to treat patients.
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