Healthcare Artificial Intelligence Market report offers in-depth analysis of the industry size, share, major segments, and different geographic regions, forecast for the next five years, key market players, and premium industry trends. It also focuses on the key drivers, restraints, opportunities and industry challenges.
The deployment of artificial intelligence in healthcare will be significantly bolstered by the influx of advanced and newer technologies. There is an increasing appeal to remotely render services with enhanced care to affected patients that are stationed across less-developed regions of the world. This has led to the higher incorporation of AI in telemedicine solutions. There are also various developments related to streamlining the healthcare processes to offer cost-savings to consumers.
Furthermore, the incursion of big data healthcare services in the U.S. has helped cut down the instances of opioid abuse. The consistent focus towards mitigating cases of fraud while improving security and quality of care delivery will boost the prospects for artificial intelligence and healthcare.
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As per a recent research report by GMI Inc., the global healthcare artificial intelligence market size is expected to cross an annual estimation of more than USD 21 billion by 2026.
Increased adoption in virtual assistants
Demand for healthcare artificial intelligence systems in the virtual assistant application will contribute close to USD 2.9 billion over the next few years. The growth can be attributed to the benefits rendered by the solutions like enhanced patient satisfaction and outcomes as well as better healthcare quality with the help of a minimum staff. There are also robust developments in AI-powered virtual assistant solutions.
For instance, Nuance Communications launched Dragon Medical, an AI deployed virtual assistant solution for the assistance of healthcare providers in September 2017. These systems render conversational dialogues and automation of high-value clinical workflows with the help of pre-built competencies.
Asia Pacific as an emerging market
The Asia Pacific is home to a prominent healthcare sector. This regional industry for healthcare artificial intelligence is anticipated to rise at a significant pace of 46.3% through 2026. This can be owed to the growing need for better healthcare services and more advanced healthcare infrastructure in the region on account of the expanding patient pool. There are continuous R&D activities in Japan for the introduction of new artificial intelligence-based solutions.
Besides, the influx of big data analysis and the higher deployment of artificial intelligence technology across the healthcare sector will drive the industry outlook for China. For instance, GE Healthcare, in September 2019, introduced the Edison AI platform to help hospitals across the country. The firm also offered the Critical Care Suite platform to these facilities to assist radiologists to prioritize cases related to collapsed lungs.
Presence from competitive strategies
Solution providers in artificial intelligence for healthcare applications are working on acquisitions, partnerships, and business capacity expansions to highlight their presence across the globe. The ongoing COVID-19 pandemic has also positively influenced the need for these firms to sustain competition and come up with novel technology developments.
For instance, Zebra Medical Vision, in May 2020, received the fifth FDA 510(k) clearance for its product, Vertebral Compression Fractures (VCF). This is the latest AI solution offered by the firm that automatically identifies compression fractures, and aids clinicians to treat patients that are at a higher risk of osteoporosis to counter the chances of life-changing fractures.
IBM Watson Health, NVIDIA Corporation, Sophia Genetics, and Modernizing Medicine are some of the other prominent healthcare artificial intelligence companies.
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Partial Chapter of the Table of Content
Chapter 2 Executive Summary
2.1 Healthcare artificial intelligence industry 360° synopsis, 2015-2026
2.1.1 Business trends
2.1.2 Application trends
2.1.3 Regional trends
Chapter 3 Healthcare Artificial Intelligence Industry Insights
3.1 Industry segmentation
3.2 Industry landscape, 2015 - 2026
3.3 Industry impact forces
3.3.1 Growth drivers
126.96.36.199 Rising adoption of healthcare artificial intelligence in research areas
188.8.131.52 Increasing range of future applications
184.108.40.206 Advancements in big data analytics
220.127.116.11 Favorable funding scenario in China and Singapore
18.104.22.168 Potential to increase quality of care delivery
3.3.2 Industry pitfalls & challenges
22.214.171.124 High initial capital requirement
126.96.36.199 Large scale human unemployment
188.8.131.52 Difficulty in deployment
3.4 COVID-19 impact analysis
3.5 Start-up scenario
3.6 Healthcare artificial intelligence projects
3.6.1 Microsoft announced new AI powered health bot project
3.6.2 iCarbonX heads consortium using artificial
3.6.3 Orbital Media develops cutting edge artificial intelligence technologies
3.6.4 Partners HealthCare and GE collaborates
3.7 Medical and technological advancements
3.7.3 Asia Pacific
3.8 Regulatory landscape
3.9 Growth potential chart
3.9.1 By application
3.10 Porter's analysis
3.11 Competitive landscape, 2019
3.11.1 Company matrix analysis, 2019
3.11.2 Patent analysis
3.12 PESTEL analysis