BLOOMINGTON, Minnesota, October 18, 2017 /PRNewswire/ --
According to a new market research report by BIS Research, titled "Global Artificial Intelligence Market in Healthcare Sector - Analysis and Forecast (2017-2025)", the artificial intelligence market in healthcare sector is estimated to reach $28 billion by 2025 at a CAGR of 45.1% from 2017 to 2025. The increasing need for driving huge amount of complex data, which can be achieved with the use of artificial intelligence, is one of the major reasons for the growth of the artificial intelligence market in the healthcare sector.
Browse 81 market data Tables and 79 Figures spread through 190 Pages and in-depth TOC on "Global Artificial Intelligence Market in Healthcare Sector"
The rapid pace at which the scientific innovations are taking place, the expansion of artificial intelligence into various healthcare verticals and the fact that the efficiency of systems can be improved using artificial intelligence are some of the factors that are currently driving the market. The use of artificial intelligence in the medical and healthcare sector has revolutionized the industry with artificial intelligence being used in several practices such as diagnostics, personalized medicine, the development of drugs, and continuous monitoring and care of the patients.
Numerous companies have invested in the application of artificial intelligence in healthcare. IBM's Watson is being used for oncology and cancer treatment in the hospitals. IBM is also working with CVS Health for chronic disease treatment using the artificial intelligence. The company has also collaborated with Johnson & Johnson to find connections for the development of drugs. Whereas, Microsoft has collaborated with Oregon Health & Science University to provide cancer drug treatment options for the patients. Microsoft is working on several other healthcare projects including the image analysis of tumor progression and the development of programmable cells.
Google's DeepMind is providing healthcare solutions to the patients via a mobile app. Additionally, Google is also developing computer vision algorithms to detect the cancerous tissue in collaboration with the UK National Health Services. Another Fortune 500 company, Intel, recently invested in a start-up called Lumiata which helps in identifying at-risk patients and developing solutions for them using artificial intelligence. General Electric's subsidiary, GE Healthcare, provides a wide range of services including medical imaging, medical diagnostics and patient monitoring system using artificial intelligence. GE Healthcare collaborated with Partners HealthCare to integrate artificial intelligence throughout every part of the patient experience. This ten year partnership aims at providing artificial intelligence tools for population health, pathology and genomics. GE Healthcare also collaborated with Harvard hospitals to detect abnormalities in scans using artificial intelligence that would benefit the radiologists.
According to Rishabh Sinha, an analyst at BIS Research, "Artificial intelligence in the healthcare sector has maximum usage in the personal health & nursing assistant application. The adoption of personal health and nursing assistants has witnessed a robust growth, over the recent years. Presently, the people are more focused on utilizing their precious time doing something productive rather than wasting it in the hospitals waiting for their turn. The personal health and nursing assistants support the patients by analyzing their historical medical reports and present conditions."
The artificial intelligence market in the healthcare sector has been categorized into numerous key applications such as real-time monitoring, precision medicine, personal health & nursing assistants, drug development & discovery, robot-assisted surgery, administrative workflow assistance, clinical trials, diagnostic & clinical decision support, and 'others'. Others include connected machines, fraud detection, dosage error reduction, etc. Babylon is the perfect example of a personal health and nursing assistant application. Babylon is an application for Android and iOS users, which is based on common medical knowledge and personal medical history. The app checks the symptoms reported by the user against a database of diseases with the help of speech recognition. Surgical robots support the doctors by performing several types of complex procedures with more control, flexibility, and precision in comparison to the traditional technologies. It is an advancement of assistive, rehabilitation and surgical solutions, which can be used during hospital automation, physical complications and surgical procedures.
Geographically, North America dominated the global artificial intelligence market in healthcare sector, in 2016, in terms of value. The North American industry was an early adopter of the artificial intelligence technologies which has now made it a hub for the companies providing artificial intelligence solutions for the healthcare market. The region also offers potential growth opportunities to companies because of the increased adoption of artificial intelligence technologies across various verticals of the healthcare industry.
Asia Pacific has been the fastest growing region in terms of developments and innovations due to the presence of the leading companies such as IBM, Microsoft, Apple, Google, Siemens and GE Healthcare, among others. Japan has always been one of the leading regions when it comes to the technological developments because of its refined communications infrastructure. Japan has been emerging as a technological hub for research and development, which is attributed to the presence of numerous universities and industries providing healthcare services, in the nation.
This market report includes a thorough analysis of the market trends and size, along with market estimation based on key geographical regions. Inculcating detailed financial analysis of the key players in the market, the report provides individual SWOT analysis of each company. Some of the key players analyzed in the report are iCarbonX.com, GE Healthcare, Medtronic PLC, Enlitic Inc., Alphabet Inc., NVIDIA Corporation, Next IT Healthcare, Johnson & Johnson Services Inc., Microsoft Corporation, Koninklijke Philips N.V., International Business Machines Corporation, Intel Corporation, Siemens Healthcare GmbH, Flatiron Health Inc., and Welltok Inc. The key strategies being adopted by the market players in order to attain their respective market shares in this emerging domain are product launches, joint ventures, collaborations, partnerships, and contracts.
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This report is a meticulous compilation of research on more than 50 players in the artificial intelligence ecosystem in the healthcare sector and draws upon insights from in-depth interviews with key opinion leaders, market participants, and vendors.
The report addresses the following questions about the artificial intelligence market in healthcare sector:
- What was the size, in terms of value ($million), of artificial intelligence market in healthcare sector in 2016?
- What will be the growth rate of the artificial intelligence market in healthcare sector during the forecast period, 2017-2025?
- What are the major market drivers, challenges and opportunities in the global artificial intelligence market in healthcare sector?
- What is the market share of the leading applications of the global artificial intelligence market in healthcare sector in 2016 and 2025?
- How will each application of the global artificial intelligence market in healthcare sector grow during the forecast period and what will be the revenue generated by each of the segments by the end of 2025?
- What are the influencing factors that may affect the market share of the key players?
- How will the industry evolve during the forecast period between 2016 and 2025?
- What are the key developmental strategies implemented by the key players to stand out in this market?
- Who are the key players for the artificial intelligence market in healthcare sector?
- Which geographical location will dominate the artificial intelligence market in healthcare sector?
About BIS Research:
BIS Research (Business Intelligence and Strategy Research) is a global B2B market intelligence and advisory firm which focuses on those emerging trends in technology which are likely to disrupt the dynamics of the market.
With over 150 market research reports published annually, BIS Research focuses on high technology verticals such as 3D printing, advanced materials & chemicals, aerospace and defense, automotive, healthcare, electronics & semiconductors, robotics & UAV and other emerging technologies.
Our in-depth market intelligence reports focus on the market estimations, technology analysis, emerging high-growth applications, deeply segmented granular country-level market data and other important market parameters useful in the strategic decision making for the senior management.
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