The Global Artificial intelligence in healthcare market was $6.1 Bn in 2019, and it is expected to reach $170.5 Bn by 2028. It is eventually growing at a commendable high compound of annual growth rate CAGR of 42% between 2020-2028. However, the current pandemic of COVID-19 might make a slight difference in the growth rate in the present year. The major factors driving the market growth are technological advancements for enhancing laboratory efficiency, and surging need for intelligent automation. Some other prominent factors driving the market growth are increasing investment in medical and life sciences research and R&D initiatives for faster drug discovery.
By End User, Research Segment Is Estimated to Witness Remarkable Growth.
Source: SAI Research
The global Artificial intelligence in healthcare market has been segmented into components, application, end user, technology and regions.
By technology, the global Artificial intelligence in healthcare market is divided into Virtual Reality, Machine learning, Wearables, Predictive Analytics, Robotics, and Others. By components, the global Artificial intelligence in healthcare market is divided into Hardware, Services, and Software. Services are estimated to witness remarkable growth over the forecast period. While in terms of application market is segmented into Personal Health Assistants, Patient Data and Risk Analysis, Lifestyle Management and Monitoring, Medical Imaging and diagnosis, Surgeries, Training, Research, and Others. Research is expected to lead the overall AI market in Healthcare. IN term of end user market is segmented into Diagnostics Centers, Research and Development centers, Hospitals, Pharmaceuticals, Biotechnology, and Others.
By Region, North America is Holding the Major Market Share
The global Artificial intelligence in healthcare market has been geographically segmented into North America, Asia Pacific, Latin America, Middle East, and Africa region. In addition to this, North America Artificial intelligence in healthcare market is holding the largest market share currently and is estimated to show the steady compound annual growth rate in the upcoming forecast period due to factors such as increasing interest of startups, database management solution for patients and better vision from automation angle. The Asia Pacific region, however, is projected to register the fastest growth rate during the forecast period due to increasing medical and life science research and development activities and rapidly growing biotechnology industry in the region. Europe and LAMEA are also anticipated to witness significant growth during the forecast period from 2020 to 2028.
Major Players in Global Artificial intelligence in healthcare market
Some of the major players in the global artificial intelligence in healthcare market include Alphabet Inc., Cyrcadia Health, Inc., General Vision, Inc., Icarbonx Co. Ltd., Intel Corporation, International Business Machines Corporation (IBM Corporation), Lifegraph Ltd., Microsoft Corporation, Modernizing Medicine Inc., Next It Corp., Nvidia Corporation, Oncora Medical, Inc., Welltok, Inc and others.
Apart from this, some of the notable startups operating in this field are Path AI, Buoy Health, Inc., Enlitic, Inc., Freenome Inc., Zebra Medical Vision Ltd., Bioxcel Therapeutics, Berg LLC, Atomwise, Inc. BenevolentAI Limited, Qventus, Inc, Babylon Health, CloudMedx and Kensci.
The Global Artificial intelligence in healthcare market Has Been Segmented into:
Global Artificial intelligence in healthcare market: By Components
Global Artificial intelligence in healthcare market: By Application
Global Artificial intelligence in healthcare market: By Technology
Global Artificial intelligence in healthcare market: By End User
Global Artificial intelligence in healthcare market: By Region