AI in Healthcare Market projected a CAGR of 52.3% during the forecast period, 2020-2026

According to BlueWeave Consulting, the global AI in the Healthcare market is estimated to reach US$ 37.9 Billion by 2026 with a growing CAGR of 52.3 % during the forecast period 2020- 2026. Several factors driving growth are the increasing need to reduce healthcare costs, the rising importance of big data in healthcare, increased acceptance of precision medicine and raising hardware costs. The increasing applicability of AI-based software in medical care and growing investment in venture capital can also be attributed to the surge in demand for this technology. For example, Care Predict, Inc. is using AI technology to track changes in behavioral patterns and activity to predict health issues early.

An increasing number of cross-industry partnerships are expected to boost the healthcare sector’s adoption of AI, which is further responsible for its lucrative growth rate. GNS Healthcare entered into a cross-industry partnership with Alliance and Amgen in September 2018 to conduct oncology clinical trials. The goal of the collaboration was to use data from clinical trials and Artificial Intelligence (AI) to identify factors that improve treatment responses in patients with metastatic colorectal cancer (CRC).

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Growth drivers

Push for digitalization in healthcare

Digitized healthcare not only simplifies the provision of healthcare services but also helps to handle patient data efficiently and safely. This creates new revenue generation opportunities for the stakeholders. AI and advanced analytics allow healthcare providers by collecting patient-specific information to deliver customized medicines and diagnostics. With the aid of telemedicine, precision medicine and digitized record handling, the rise in digitalization of healthcare has also contributed to medical tourism. This will result in the expansion of global artificial intelligence (AI) in the healthcare market during the forecast period with lucrative growth rate. Creating strategies for the Internet of Medical Things (IoMT) that suit sophisticated sensors with AI-backed analytics will be crucial to creating future smart hospitals–and smart homes.

Growing potential for AI-based tools in elderly care

Healthcare providers have begun to use AI extensively in intelligent monitoring of biometric information and early disease detection. AI enhances the therapies and increases patient and clinician satisfaction. AI’s uses include mainly smart devices, assisted living, fall detection, home health monitoring and virtual assistants, such as robots for elderly care. This progress should have a positive effect on the overall growth of the market.

The objective of the Study:

  • To analyze and forecast the global AI in Healthcare market size of the market in terms of value.
  • To examine the careful market segmentation and forecast the market size, in terms of value, based on the region by segmenting.
  • The Global AI in Healthcare market segmented into five regions, namely, North America, Europe, Asia Pacific, Middle East, South America, and their leading countries.
  • To outline, categorized, and forecast the global AI in Healthcare market based on the product offering, technology, end use application and end user coupled with the region.
  • To examine competitive developments like technological advancement, services, and regulative framework within the global AI in Healthcare market.
  • To highlight the impact analysis of the factors affecting the market dynamics such as drivers, restraints, opportunities, and challenges.
  • To strategically profile the key players and comprehensively analyze their market shares along with detailing the competitive landscape for market leaders.

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Scope of the Report

Attribute Details
Years Considered Historical data – 2016-2019 

Base Year – 2019

Forecast – 2020 – 2026

Facts Covered Revenue in USD Million/Billion
Market Coverage U.S, Canada, Germany, UK, France, Italy, Spain, Brazil, Mexico, Argentina, Japan, South Korea, China, India, UAE, South Africa, Saudi Arabia
Product/Service Segmentation By Offering, Services, Technology, End-Use Application and End-User
Key Players NVIDIA, Intel, IBM, Microsoft, Google, Siemens Healthineer, General Electric (GE) Company, Medtronic, Amazon Web Services (AWS), Koninklijke Philips, Johnson & Johnson Services, Butterfly Network, Welltok, Inc., Micron Technology, Other Prominent Players

By Offering

  • Hardware
  • Processor
  • Memory
  • Network
  • Software
  • AI Solutions
  • On-Premises
  • Cloud
  • AI Platform
  • Machine Learning Framework
  • Application Program Interface (API)
  • Services
  • Deployment & Integration
  • Support & Maintenance

By Technology

  • Machine Learning
  • Deep Learning
  • Supervised Learning
  • Reinforcement Learning
  • Unsupervised Learning
  • Others
  • Natural Language Processing
  • Context-Aware Computing
  • Computer Vision
  • Querying Method

By End-Use Application

  • Patient Data and Risk Analysis
  • Inpatient Care & Hospital Management
  • Medical Imaging & Diagnostics
  • Lifestyle Management & Monitoring
  • Virtual Assistant
  • Drug Discovery
  • Research
  • Cybersecurity
  • Others

By End-User

  • Hospitals and Providers
  • Patients
  • Pharmaceutical and Biotechnology Companies
  • Healthcare Payers
  • Others

By Region:

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

Competitive Landscape

  • Intel
  • IBM
  • Microsoft
  • Google
  • Siemens Healthineer
  • General Electric (GE) Company
  • Medtronic
  • Amazon Web Services (AWS)
  • Koninklijke Philips
  • Johnson & Johnson Services
  • Butterfly Network
  • Welltok, Inc.
  • Micron Technology
  • Other Prominent Players

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