Market Insights

The Global Artificial Intelligence in Healthcare Market is expected to grow from USD 4.5 billion in 2020 to USD 36.7 billion by 2026 at a CAGR of over 42.6% during the forecast period.

Figure: Global Artificial Intelligence in Healthcare Market Size, 2020-2026 (USD Billion)

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What is Artificial intelligence?

Artificial intelligence can be defined as a simulation of human intelligence in machines to perform the actions of human beings and think like humans. It involves various types of technologies including machine learning, natural language processing, computer vision, and context-aware processing.

Key Players

Key players operating in the global Artificial Intelligence in Healthcare Market are-

• Microsoft Corporation (The U.S),
• Nuance Communications, Inc. (The U.S),
• IBM Corporation (The U.S),
• NVIDIA Corporation (The U.S),
• Intel Corporation (The U.S),
• DeepMind Technologies Limited (UK),
• General Electric Company (The U.S),
• Google LLC (The U.S),
• Siemens Healthineers AG (Germany),
• Micron Technology, Inc. (US),
• Koninklijke Philips N.V. (Netherlands), and
• General Vision, Inc. (US).

Market Dynamics

Rising venture capital investments to promote the development of AI-based tool is likely to drive the market growth.

• The growth of global artificial intelligence in the healthcare market is primarily driven by the increasing usage of big data analytics in healthcare.
• Increasing collaborations by the market players with hospitals are also expected to add to the market growth significantly.
• Furthermore, the growing adoption of AI in hospitals to provide improves healthcare services is projected to create significant growth opportunities for the players operating in the global artificial intelligence in the healthcare market over the forecast period.

Segment Analysis

Application Trends

Based on application, the market has been segmented into robot assisted surgery, virtual assistants, connected machines, diagnosis, clinical trials and others.

• The clinical trial segment accounted for the largest market share in 2020. The segment growth can be attributed to increasing integration of artificial intelligence in clinical trial process to save time and efforts.

Regional Trends

Geographically, the market in North America accounted for the largest market share in 2020 and is expected to continue its dominance over the forecast period owing increasing adoption of technologically advanced healthcare solution and increasing investment in R&D activities in healthcare sector.

The market in Asia-Pacific region is projected to register fastest growth during the review period on account of increasing investment of development of advanced healthcare infrastructure and government support to promote usage of AL based tools in healthcare sector.

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COVID-19 Impact on Global Artificial Intelligence in Healthcare Market

The covid-19 outbreak impacted the growth of artificial intelligence in the healthcare market positively as there was a shortage of skilled workers in some healthcare organizations and it helped provide virtual assistance to the patients and also healthcare professionals in surgeries.

Critical Questions Answered in the Report

• What are the key trends in the global artificial intelligence in healthcare market?
• How the market (and its various sub-segments) has grown in the last five years and what would be the growth rate in the next five years?
• What is the impact of COVID-19 on global artificial intelligence in healthcare market?
• What are the key strategies adopted by the major vendors to lead in the global artificial intelligence in healthcare market?
• What is the market share of the top vendors?

Target Audience

The following is a list of the customers that the Artificial intelligence in healthcare market aims to convert the most:

• Artificial intelligence in healthcare manufacturers
• Artificial intelligence in healthcare suppliers
• Artificial intelligence in healthcare distributors
• Organizations
• Government bodies

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