The Worldwide Healthcare Artificial Intelligence Market financial drivers are savings and reduction of waste and duplication, market demand forecasting, financial growth and risk assessment, and others. The growing seed and venture funding is another bright spot for the market as the AI market benefits a small player with advanced proprietary technology over a large firm. The cost of up scaling once the technology is developed is lower as compared to development costs which reduce the barrier for a start-up company. The clinical drivers of the market are automated diagnosis by pattern recognition in imaging, voice etc., advancements in robotic surgery, rise in adoption of precision medicine, growing number of clinical trials and others.
Artificial intelligence (AI) or machine intelligence is a range of technologies so as to enable machines to sense, comprehend, and learn tasks requiring human intelligence. Artificial intelligence in healthcare is all set to unleash its potential ranging from financial, diagnosis to marketing. AI uses complex algorithms which mimic human intelligence capabilities such as reasoning, learning, pattern recognition and problem solving, and others to aid a v. Furthermore, AI is applicable in medication management, treatment plans, and drug discovery.
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Healthcare Artificial Intelligence Market Dynamics:
Drivers
Marketing and financial applications such as demand forecasting, risk assessment, financial growth assessment and other lead other applications of artificial intelligence. The rapid adoption of artificial intelligence in healthcare duplicating the retail industry is another positive sign of the market. The explosive growth of seed and venture funding coupled with interest of giants such as Google and Microsoft has resulted in large enthusiasm for the industry. Health IT companies were at the forefront of venture capital funding gathering a whopping USD 1.1 billion in 2016 alone! This coupled with the attractive economics of up scaling and expanding has resulted in flurry of investments in the sector.
Google, and Microsoft are data led artificial intelligence first companies with Machine learning and cloud deeply embedded in their products and strategies. This puts them and such other companies at critical advantage over others. The clinical drivers include time and cost benefits of automated diagnosis by image and voice pattern recognition. IBM Watson has a huge critical advantage in this field and is a leader in the market. Oncology has received the greatest attention in the market regarding the diagnosis using AI. Growing adoption of robotic surgery and precision medicine, growing number of clinical trials and others are other drivers of the market.
Restraints
The high cost of development and maintenance of AI systems, the nascent state of the technology, and scarcity of trained manpower are critical restraints of the market. Concerns about data security and data ownership are serious restraints on the market. Thus data management and ethical issues are hampering the market.
Key players of Global Healthcare artificial Intelligence Market:
Key players profiled in the report are IBM Corporation, Koninklijke Philips N.V., NVIDIA Corporation, Intel Corporation, Microsoft Corporation, Deep Genomics, Inc., General Electric Company, Siemens Healthineers GmbH, Google, Inc., CloudMedx Inc., Johnson & Johnson, General Vision, Inc., Stryker Corporation, Medtronic Plc and others.
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Healthcare Artificial Intelligence Market Segments:
The global healthcare artificial intelligence market is segmented on the basis of types, technology, applications, end users and regions so as to gain an accurate assessment of the market. Based on the types, the market has been segmented as hardware, software, and services.
Based on the technology, the market has been segmented as language and image processing, context awareness, deep learning, querying, pattern recognition and others. Based on the application, the market has been segmented as robot-assisted surgery, workflow assistance, financial and risk management, prognosis and treatment assistance, clinical trials, diagnosis, cybersecurity, drug discovery and others.
Based on the end users, the market has been segmented as providers, payers, pharmaceutical and biotech companies, marketing, and others. Based on the regions, the market has been segmented as North America, Europe, Asia Pacific Middle East and Africa and rest of the world.
Healthcare Artificial Intelligence Market Regional Analysis:
U.S. accounts for the largest market share owing to faster adoption of latest technology, large buying power and presence of global players such as IBM Watson. Europe led by Germany, U.K. and France is the second largest market. The developed regions are expected to maintain their hegemony over the future after which the market is estimated to shift to the developing regions of the Asia Pacific. Asia pacific region is anticipated to be the fastest region led by China and India. The Middle East and Africa market will be skewed in favor of the gulf nations particularly Saudi Arabia and UAE. The poor regions of Africa are expected to be a laggard due to poor economic and political conditions.
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