Artificial Intelligence (AI) Market in Healthcare Sector by Application and Geography - Forecast and Analysis 2022-2026
The artificial intelligence market share in the healthcare sector is expected to increase to USD 13 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 29.16%.
This artificial intelligence (AI) market in healthcare sector research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers the artificial intelligence market in healthcare sector segmentation by application (medical imaging and diagnostics, drug discovery, virtual assistants, operations management, and others) and geography (North America, Europe, APAC, South America, and Middle East and Africa). The AI market in healthcare sector report also offers information on several market vendors, including Ada Health GmbH, Alphabet Inc., Amazon.com Inc., Atomwise Inc., BenchSci Analytics Inc., CarePredict Inc., Catalia Health Inc., Cyclica, Deep Genomics, Entelai, Exscientia PLC, General Electric Co., International Business Machines Corp., Intel Corp., Koninklijke Philips NV, MaxQ ai Ltd., Medtronic Plc, Microsoft Corp., NVIDIA Corp., and Siemens Healthcare GmbH among others.
What will the Artificial Intelligence (AI) Market Size in Healthcare Sector be During the Forecast Period?
Download the Free Report Sample to Unlock the Artificial Intelligence (AI) Market Size in Healthcare Sector for the Forecast Period and Other Important Statistics
Artificial Intelligence (AI) Market in Healthcare Sector: Key Drivers, Trends, and Challenges
The push for digitization in healthcare is notably driving the AI market growth in healthcare sector, although factors such as physician and provider skepticism may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the artificial intelligence (AI) industry in healthcare sector. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Artificial Intelligence (AI) Market Driver in Healthcare Sector
One of the key factors driving the global artificial intelligence (AI) market growth in healthcare sector is the push for digitization in healthcare. Digitalized healthcare simplifies the delivery of healthcare services and helps in the easy and secure management of patient data. The high demand for connected healthcare services is driving the demand for the adoption of advanced technologies, including ai, AR, and advanced analytics. The transformation of healthcare records from paper-based systems to EHRs is a major development in the digital revolution in healthcare. The increase in digitalization of healthcare has also led to medical tourism, with the help of advanced solutions such as telemedicine, precision medicine, and digitalized record handling. ai is widely being used in a variety of healthcare systems. Pharmaceutical companies are using ai to model different chemical structures and develop new drugs. The increasing shortage of medical professionals will further drive the market growth.
Key Artificial Intelligence (AI) Market Trend in Healthcare Sector
New growing potential for ai-based tools in elderly care is one of the key artificial intelligence (AI) market trends in healthcare sector that is expected to impact the industry positively in the forecast period. Between 2000 and 2050, the population aged 60 years and above is expected to increase from about 605 million to nearly 2 billion. In the US, the population above 65 years of age is expected to account for 20% of its total population by 2030. The rising geriatric population has led to the development of new healthcare delivery systems. In view of this, healthcare providers have started using artificial intelligence in diagnostics . Some of the examples of the development of ai in elderly care are as follows: CarePredict Inc., (US), is using ai to detect changes in behavior and activity patterns for the early detection of health issues. Voice-based virtual assistants from Amazon and Orbita Inc., such as Amazon Echo and Orbita Health, are using ai to enable medication support and care for elderly patients.
Key Artificial Intelligence (AI) Market Challenge in Healthcare Sector
One of the key challenges to the global artificial intelligence (AI) market growth in healthcare sector is physician and provider skepticism. The ai-based healthcare solutions have not impacted mainstream physician practice at large as it is still in the developmental stage. The advent of ai has brought many transformations in the healthcare sector, however, many physicians are concerned as AI tools handle sensitive patient information. Medical professionals primarily prefer ai tools offered by government institutions, hospital systems, or independent medical information providers instead of the offerings of technology companies. The privacy concerns, biased outcomes, and acceptability concerns in monitoring various day-to-day lives can limit the adoption of AI, which, in turn, may hamper the growth of the market during the forecast period.
This AI market in healthcare sector analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Parent Market Analysis
Technavio categorizes the global artificial intelligence (AI) market in the healthcare sector as a part of the global application software market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the artificial intelligence (AI) market in healthcare sector during the forecast period.
Who are the Major Artificial Intelligence (AI) Market Vendors in Healthcare Sector?
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
Siemens Healthcare GmbH
This statistical study of the artificial intelligence (AI) market in healthcare sector encompasses successful business strategies deployed by the key vendors. The artificial intelligence (AI) market in healthcare sector is fragmented and the vendors are deploying growth strategies such as investment in R&D to compete in the market.
Product Insights and News
Amazon.com Inc. - The company offers artificial intelligence in the healthcare sector under the subsidiary AWS.
Alphabet Inc. - The company offers artificial intelligence in the healthcare sector such as DeepVariant under the subsidiary Google Health.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The artificial intelligence (AI) market in healthcare sector forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Artificial Intelligence (AI) Market in Healthcare Sector Value Chain Analysis
Our report provides extensive information on the value chain analysis for the artificial intelligence (AI) market in healthcare sector, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
Which are the Key Regions for Artificial Intelligence (AI) Market in Healthcare Sector?
For more insights on the market share of various regions Request for a FREE sample now!
49% of the market's growth will originate from North America during the forecast period. US is the key market for artificial intelligence (AI) in the healthcare sector in North America. Market growth in this region will be faster than the growth of the market in Europe and MEA.
Early adoption of technology and increasing investments by market players such as Microsoft, Google, and IBM will facilitate the artificial intelligence (AI) market growth in healthcare sector in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
COVID-19 had a positive influence on the focused market growth in this region in 2020. Several governments in the region were forced to impose lockdown limitations which prompted several healthcare functions to move digital for the time being. Thus, the outbreak of COVID-19 increased the requirement for AI in healthcare sector of the region in 2020. In addition, the demand for AI in the healthcare sector of this region surged in 2021 due to the easing of lockdown restrictions owing to widespread vaccination efforts across the region. Moreover, the increase in Internet penetration created ample opportunities for healthcare solution providers to cater to a larger customer base through their online presence, leading to the growth of the market in focus in North America during the forecast period.
What are the Revenue-generating Application Segments in the Artificial Intelligence (AI) Market in Healthcare Sector?
To gain further insights on the market contribution of various segments Request for a FREE sample
The artificial intelligence (AI) market share growth in healthcare sector by the medical imaging and diagnostic segment will be significant during the forecast period. Medical imaging consists of X-rays, CAT scans, and MRIs. Data management of extremely high-resolution images for treatment and diagnosis is challenging even for major healthcare institutions and experienced clinical professionals. The implementation of AI-powered medical imaging systems reduces diagnostic errors, improves patient care, and increases efficiency at a low cost. The increasing volume of data to be processed and the need to improve the efficiency of radiologists will drive the adoption of AI for medical imaging.
This report provides an accurate prediction of the contribution of all the segments to the growth of the artificial intelligence (AI) market size in healthcare sector and actionable market insights on post COVID-19 impact on each segment.
Exhibit 17: Five forces analysis - Comparison between 2021 and 2026
4.2 Bargaining power of buyers
Exhibit 18: Chart on Bargaining power of buyers – Impact of key factors 2021 and 2026
4.3 Bargaining power of suppliers
Exhibit 19: Bargaining power of suppliers – Impact of key factors in 2021 and 2026
4.4 Threat of new entrants
Exhibit 20: Threat of new entrants – Impact of key factors in 2021 and 2026
4.5 Threat of substitutes
Exhibit 21: Threat of substitutes – Impact of key factors in 2021 and 2026
4.6 Threat of rivalry
Exhibit 22: Threat of rivalry – Impact of key factors in 2021 and 2026
4.7 Market condition
10.2 Market positioning of vendors
Exhibit 100: Matrix on vendor position and classification
10.3 Alphabet Inc.
Exhibit 101: Alphabet Inc. - Overview
Exhibit 102: Alphabet Inc. - Business segments
Exhibit 103: Alphabet Inc. - Key news
Exhibit 104: Alphabet Inc. - Key offerings
Exhibit 105: Alphabet Inc. - Segment focus
10.4 Amazon.com Inc.
Exhibit 106: Amazon.com Inc. - Overview
Exhibit 107: Amazon.com Inc. - Business segments
Exhibit 108: Amazon.com Inc. - Key news
Exhibit 109: Amazon.com Inc. - Key offerings
Exhibit 110: Amazon.com Inc. - Segment focus
10.5 General Electric Co.
Exhibit 111: General Electric Co. - Overview
Exhibit 112: General Electric Co. - Business segments
Exhibit 113: General Electric Co. - Key news
Exhibit 114: General Electric Co. - Key offerings
Exhibit 115: General Electric Co. - Segment focus
10.6 International Business Machines Corp.
Exhibit 116: International Business Machines Corp. - Overview
Exhibit 117: International Business Machines Corp. - Business segments
Exhibit 118: International Business Machines Corp. - Key offerings
Exhibit 119: International Business Machines Corp. - Segment focus
10.7 Intel Corp.
Exhibit 120: Intel Corp. - Overview
Exhibit 121: Intel Corp. - Business segments
Exhibit 122: Intel Corp. - Key news
Exhibit 123: Intel Corp. - Key offerings
Exhibit 124: Intel Corp. - Segment focus
10.8 Koninklijke Philips NV
Exhibit 125: Koninklijke Philips NV - Overview
Exhibit 126: Koninklijke Philips NV - Business segments
Exhibit 127: Koninklijke Philips NV - Key news
Exhibit 128: Koninklijke Philips NV - Key offerings
Exhibit 129: Koninklijke Philips NV - Segment focus
10.9 Medtronic Plc
Exhibit 130: Medtronic Plc - Overview
Exhibit 131: Medtronic Plc - Business segments
Exhibit 132: Medtronic Plc - Key news
Exhibit 133: Medtronic Plc - Key offerings
Exhibit 134: Medtronic Plc - Segment focus
10.10 Microsoft Corp.
Exhibit 135: Microsoft Corp. - Overview
Exhibit 136: Microsoft Corp. - Business segments
Exhibit 137: Microsoft Corp. - Key news
Exhibit 138: Microsoft Corp. - Key offerings
Exhibit 139: Microsoft Corp. - Segment focus
10.11 NVIDIA Corp.
Exhibit 140: NVIDIA Corp. - Overview
Exhibit 141: NVIDIA Corp. - Business segments
Exhibit 142: NVIDIA Corp. - Key news
Exhibit 143: NVIDIA Corp. - Key offerings
Exhibit 144: NVIDIA Corp. - Segment focus
10.12 Siemens Healthcare GmbH