Global Healthcare Artificial Intelligence Market was Estimated to Grow at 25.9% CAGR During the Forecast Period Due to the Rising Adoption of Electronic Patient Registries Creating Potential Datasets for Analytics Using AI: Absolute Markets Insights
Healthcare artificial intelligence market is estimated to be US$ 3,120 Mn in 2018 and is anticipated to grow at a CAGR of 25.9% over the forecast period owing to digitalization of medical device and patient registries
PUNE, India, March 5, 2020 /PRNewswire/ -- In terms of revenue, the global healthcare artificial intelligence market is estimated to be US$ 3,120 Mn in 2018 and is anticipated to reach US$ 24,700 Mn by 2027 growing at a CAGR of 25.9% over the forecast period.
The increasing use of electronic patient registry and medical device registries is leading to generation of potential datasets for application of AI technologies and deriving predictive insights. Electronic patient registry or electronic health record (EHR) are used by hospitals and clinics to collect observational medical data of their patients. This data is collected and analyzed by a web-based software and can be made available to the medical community, government agencies and research organizations as per their requirement. It allows professionals in healthcare and other industries to analyze available treatments and how patients with various characteristics and medical history respond to these treatments. In a similar way, medical device registry is used to collect, store and retrieve data to medical devices and equipment used for healthcare delivery. The trend of electronically storing patient and device data in healthcare sector has been witnessing growth in past few years due to the digital revolution.
Major players such as McKesson Corporation, IBM and others have introduced their EHR products. The rising adoption of electronic patient and medical device registry has led to generation of huge datasets which can be optimally utilized for analytical predictive purposes. AI and advanced analytics enable healthcare providers to extract patient-specific information from connected medical devices instead of having to analyze large, time-consuming and complicated datasets, thus propelling the growth of global healthcare artificial intelligence market. Such specific patient information can aid them to offer personalized medicines and diagnostics. For instance, Qualetics Data Machines Inc. offers an intelligence platform for healthcare industry which provides incisive insights using artificial intelligence, machine learning, natural language processing and predictive analysis coupled with data obtained from patient registries.
In other such instance, Saykara, Inc. has developed an AI based virtual assistant for physicians utilizing speech recognition technology, which listens in the background during attending any patient and automatically generates notes which is later updated in the EHR system. These application of AI technologies in combination with EHR systems are enhancing healthcare delivery and user experience thus enhancing the growth of global healthcare artificial intelligence market. Going forward deployment of patient and medical device registries on cloud platform further deepens the market penetration of these electronic registries thus creating extensive potential application for AI technologies. For instance, SyTrue in partnership with Microsoft has introduced Azure, cloud platform of Microsoft, based solution to manage health records through natural language processing technology. Thus, growing digitalization of patient and medical device registries are expected to boost the growth of global healthcare artificial intelligence market globally.
The detailed research study provides qualitative and quantitative analysis of healthcare artificial intelligence market. The market has been analyzed from demand as well as supply side. The demand side analysis covers market revenue across regions and further across all the major countries. The supply side analysis covers the major market players and their regional and global presence and strategies. The geographical analysis done emphasizes on each of the major countries across North America, Europe, Asia Pacific, Middle East & Africa and Latin America.
Key Findings of the Report:
The global healthcare artificial intelligence market is estimated to be US$ 3,120 Mn in 2018 and is anticipated to grow at a CAGR of 25.9% over the forecast period owing to digitalization of medical device and patient registries.
On the basis of application, drug discovery is expected to hold the significant market share in 2018 due to its ability to enhance cost efficiency in new drug development.
North America held the largest market share due to high GDP spending in healthcare, particularly in the US and Canada. In addition, North America's various government programs and support concentrate on promoting the development of the artificial intelligence industry in healthcare.
The primary market participants include IBM Corporation, Welltok, Inc., Intel Corporation, Google, Inc., Next IT Corp., Microsoft Corporation, General Electric Company, Medtronic PLC, and Koninklijke Philips N.V.
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