- Continuous research activities in disease diagnosis and monitoring will further increase the demand for incorporation of AI technologies.
- Data privacy concerns may hinder the growth of AI in health care.
- North America accounted for maximum market share.
The global artificial intelligence (AI) in healthcare market is primarily driven by the increasing usage of big data in healthcare sector and advantage of AI to improve the imbalance among the healthcare professionals and patients, augment patient outcomes and aid in clinical trial simulation and development process. The continuous research activities in disease diagnosis and monitoring will further increase the demand for incorporation of AI technologies. The continuous growth in population has led to the generation of large healthcare data, which requires AI to enhance data mining and computing abilities.
AI technology would help the medical practitioners efficiently which would cater the increasing patient demand. The rise in shift towards aging population would increase the strain on the healthcare system. AI technology is studied to expand its application in home healthcare support for the aged patients and those with chronic illnesses. For instance, Amazon’s product Alexa is being researched to support patients with long-term health conditions such as diabetes.
Smart wearables play an important role in the healthcare industry. For instance, smart watches such as FitBit and wristbands aid in lifestyle improvement and enhance physical activity are on high demand. The ease of availability of such devices, rise in awareness and increase in adoption of healthy lifestyle has led to the rise in wearables. Consumers believe that wearing such smart devices that monitor their vital signs, daily calorie consumption and exercise patterns lead to an increase in life expectancy.
Data privacy would be the major hurdle that industry players investing in AI need to take care of. AI would replace humans in the forefront is on the major concerns that hamper the growth of AI in the healthcare sector. Medical devices using AI would also face regulatory challenges for approval, which could hamper the growth of this market.
AI in medicine is gaining demand across geographies. North America accounted for maximum market share owing to its high disposable income, rise in healthcare expenditure, the increase in demand for newer technologies and major market players being headquartered in this region. The high cost involved in development and requirement of a suitable healthcare infrastructure are the major causes that could hamper the growth of healthcare AI in low and middle-income economies.
The Global Artificial Intelligence in Healthcare Market is segmented as follows:
- By Offering
- By Application
- Patient Data and Risk Analysis
- Lifestyle Management and Monitoring
- Precision Medicine
- In-Patient Care and Hospital Management
- Medical Imaging and Diagnosis
- Drug Discovery
- Virtual Assistant
- By Geography
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
The Global artificial intelligence in healthcare market involves a competitive pool of various industrial players namely, IBM Watson Health, Cyrcadia Health Inc., Modernizing Medicine, Aicure Llc, Berg Health, Mendasense Biometrics Ltd., Hindsait, Esko Bionics, Atomwise Inc., , Zebra Medical Vision, Sense.Ly Inc. and others.
This report offers:
- A thorough understanding of global artificial intelligence in healthcare market
- Market analysis for the period from 2016 to 2026, with 2016 as the historic year and 2017 as the base year
- CAGR for the duration from 2018 to 2026 for each considered segment and the entire market
- Qualitative information of the market dynamics in terms of market drivers, restraints and opportunities
- An extensive understanding on the competitive landscape and profiles of the key industrial players dominating this market