Global Artificial Intelligence in Healthcare Market Size Analysis, 2018-2028

REPORT ID: BKR737Domain: HealthcarePublished Date: June 2018

 

 

Global Artificial Intelligence in Healthcare Market Size Analysis

Global Artificial Intelligence in Healthcare market is estimated to account for over 750 million in 2018. The move to streamline the medical facilities for patients and rise in digitization will help turn AI in healthcare to reach over US$ 10 Billion by 2025. It will account for 6% of total AI revenue by end of the forecast period.

Artificial intelligence (AI) is rightly called as fourth industrial revolution that is revolutionizing all spheres of industry through digital transformation. Healthcare is one such lucrative industry where AI is gaining higher traction. There are tons of data flowing in the healthcare industry that has become hard to analyze and thus pose a significant challenge to healthcare players. Data collection through clinical trials and longitudinal studies is highly expensive. This is where AI has been a boon to overall healthcare industry. The platform not only helps in systematic data crunching but also plays various key roles in upliftment of healthcare industry. AI is set to offer responsive health service with good healthcare outcomes.

In the last two years, over 250 startups emerged in the AI healthcare industry with most of them backed by venture capitalists to develop innovative products and systems. Nearly 70% of these are headquartered in U.S. with prime focus on patient data & risk analytics and medical imaging & diagnosis analysis. Rightly, the healthcare AI market has become hyper-competitive in last two years. The industry is expected to consolidate with multinational companies turning to inorganic growth model in later phase of forecast period.

Artificial intelligence in healthcare market is driven by various factors with most important advancement in technology and increase in healthcare spending. Global healthcare spending will touch US$ 9.5 Trillion by 2025, which in turn will drive the AI in healthcare industry.

AI to help Structure the 5 Trillion Gigabytes Healthcare Data

Each year over thousands of clinical reports are published and the numbers are set to increase in coming years. In 2016, health data crossed 5 trillion gigabytes. 75% of these data is unstructured. AI will help structure these into meaningful information.

There are various developments that took place in in Artificial Intelligence in Healthcare Market in last few years:

  • In June 2018, EarlySense acquired cardiac predictive analytics (eCART) developed by Dana Edelson – at University of Chicago. The tool algorithm will help in prediction and treatment of inpatients – thereby improving patient safety and raising quality of life.

Acquisition will help EarlySense to boost its AI based patient monitoring technology and enhance business presence in U.S.

  • 3M is also actively enhancing its AI capability in medical sector. Recently, in April 2018, the company entered in partnership with C3 IoT to develop data analytics and artificial intelligence for medical industry. 3M is expected to use the AI for supply chain analytics in healthcare.
  • In April 2018, U.S. based Welltok raised US$ 75 million in Series E2 funding round. The funding will help company to expand its business footprint and invest further in product development.
  • In January 2018, Athenahealth partnered with NoteSwift to offer AI powered EHR (electronic health record) documentation. The technology is termed – Samantha – and is designed to help healthcare personnel to save charting time via automation. The company has previously acquired Praxify Technologies in 2017 to bolster its presence in AI based EHR technology.
  • In January 2018, CLEW Medical developed healthcare based predictive analytics software to prevent life threatening complications. The software is deployed at intensive care unit. The company is primarily operational in Israel and Eastern Europe.
  • In 2017, IBM partnered with University of California to develop AI project for improving quality of life in geriatrics.
  • Another company – Nuance – launched virtual assistant to automate clinical workflows for over 500 thousand clinicians.
  • In 2017, Analytics 4 Life – received US$ 25 million through funding to support its AI based cardiac imaging technology.
  • Israel based startup- Beyond Verbal – developed emotional analytics tool. The company is working on developing tool that can predict chronic illness through voice. Successful commercialization will help company to generate revenue in millions. This could be breakthrough in the AI healthcare industry.

Artificial intelligence in healthcare market will be driven by mergers and acquisitions and product development in next five years. Companies are investing heavily in R&D citing future profitability. For instance, NVidia is spending 27% of its revenue on R&D. Several other companies will be investing in innovation to ensure long term sustainability and profitability in healthcare AI market.

Global Artificial Intelligence in Healthcare Market, By Application

By application, drug discovery will account for 31% of global share in 2018. Pharmaceutical drug development involves high cost and takes more than a decade to complete clinical trials. Most pharmaceutical eliminated from Phase III FDA process. Elimination costs a huge loss to the concerned company. According to recently conducted study by Tuffs CSDD, cost to developing prescription drugs that gains market approval is over USD 2 billion. AI could help companies to predict the developmental stage for trial drug and could analyze the success rate. Thus, AI can actually help companies to lower their operational and R&D cost. Many companies have already emerged in the arena to capture this growing market.

Global Artificial Intelligence in Healthcare Market Size and Forecast: Regional Analysis

Globally, North America accounted for over 58% share in artificial intelligence in healthcare market. This is mainly attribute to presence of large number of startups, higher healthcare expenditure and early adopter of AI based technology.

Europe is another key region for AI in healthcare market. Germany, UK and France will account for over 73% of regional share. Growth in the region is driven by large scale AI project implementation and rising demand to meet shortage of healthcare personnel. Various companies are also undertaking projects in the region to scale their business revenue. Recently, NVidia entered in partnership with GE to bring AI to GE’s 500 thousand imaging devices. Similar such initiative can be seen in the region on large scale.

In Europe, EU is targeting US$ 23 billion investment in AI by 2020. This could significantly bolster the regional growth in artificial intelligence in healthcare market.

Global Artificial Intelligence in Healthcare Market Size and Forecast: Competition Landscape

Global Artificial Intelligence in Healthcare market outlook is substantially fragmented. Some key leading players are Enlitic, Inc., Alphabet Inc., Atomwise, Inc., Cyrcadia Health, Inc., Lifegraph Ltd., Microsoft Corporation, Modernizing Medicine Inc., General Vision, Inc., Icarbonx Co. Ltd., Intel Corporation, IBM Corporation, Next It Corp., Nvidia Corporation, Oncora Medical, Inc., Welltok, Inc., and Zebra Medical Vision Ltd.

Artificial Intelligence in Healthcare Market Industry Segmentation

By Offerings:

  • Hardware
  • Software
  • services

By Organization Size:

  • Large Scale Enterprises
  • Mid-Scale Enterprises
  • Small Scale Enterprises

By Application:

  • Medical Imaging and Diagnostics
  • Therapy Planning
  • Hospital Workflow
  • Drug Discovery
  • Others

What Will You Discover in the Report?

  • An in-depth analysis of the Artificial Intelligence in Healthcare market across regions – North America, Latin America, Western Europe, Central and Eastern Europe, Asia Pacific, Middle East, and Africa.
  • How the Artificial Intelligence in Healthcare market sales is expected to grow throughout the forecast period.
  • How geopolitical policies and technological changes will affect the Artificial Intelligence in Healthcare market in near future
  • Where the stakeholders should invest to generate higher profit margins
  • How consumers (end-users) will reflect to the Artificial Intelligence in Healthcare industry during the forecast period
  • Who are the Artificial Intelligence in Healthcare industry leaders and what are the key initiatives taken by them for long term growth

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Artificial Intelligence in Healthcare Market Size TOC

  1. Report Structure
  2. Research Methodology
    • Market Engineering Factors Weightage
    • Market Share Methodology
  3. Executive Summary
    • Key Findings
    • Market Engineering Factors
    • Industry Expert Perspectives
  4. Market Definitions
  5. The Global Artificial Intelligence in Healthcare Market Value
    • Overall Market Forecast
    • Artificial Intelligence in Healthcare Growth Outlook, By Segments
    • Artificial Intelligence in Healthcare Growth Scenario, by Region
  6. The Artificial Intelligence in Healthcare Industry Ecosystem
    • Parent Market Overview
    • Industry Value Chain and Distribution Analysis
    • Growth Factor Analysis
    • Key Industry Players By Region
  7. The Artificial Intelligence in Healthcare Industry Dynamics
    • Drivers
    • Challenges
    • Opportunities
    • Mega Trends
    • Geographical Trends
    • Industry Experts Views
    • Merger Acquisition
    • Regulatory Compliances, By Selected Countries
    • Key Industry Developments
  8. The Artificial Intelligence in Healthcare Market Pricing Analysis
    • Artificial Intelligence in Healthcare Product Pricing Forecast
    • Pricing Analysis By Region
    • Pricing Trends
  9. Global Artificial Intelligence in Healthcare Industry Value and Forecast
    • Introduction
    • Industry Initiatives
    • Industry Predictive Analysis
    • Artificial Intelligence in Healthcare Industry Segment Comparative Ranking Analysis
    • Key Companies Involved and Initiatives
    • Global Industry Opportunity Proposition Analysis
    • Market Share Analysis, (%)
    • Global Artificial Intelligence in Healthcare Market Size and Forecast, (2017-2027)
      • Market Value Forecast (US$ Million)
      • Growth Analysis (Y-o-Y) and Forecast

Global Artificial Intelligence in Healthcare Industry Size and Forecast, By By Offerings:

  • Hardware
  • Software
  • services

By Organization Size:

  • Large Scale Enterprises
  • Mid-Scale Enterprises
  • Small Scale Enterprises

By Application:

  • Medical Imaging and Diagnostics
  • Therapy Planning
  • Hospital Workflow
  • Drug Discovery
  • Others
  1. North America Industry Value and Forecast
    • Introduction
    • Industry Initiatives
    • Bekryl Predictive Analysis
    • Comparative Ranking Analysis, By Segments (As mentioned in section 10)
    • Key Companies Involved and Initiatives, By Region
    • Industry Value Proposition Analysis
    • North America Artificial Intelligence in Healthcare Market Analysis
      • Industry Size and Forecast, (2017-2027)
      • Industry Share (%)
      • Industry Growth Forecast (%)
      • North America Artificial Intelligence in Healthcare Market, By Segments (As mentioned in section 10 of TOC)
    • S. Artificial Intelligence in Healthcare Market Size and Forecast, By Segments
    • Canada Artificial Intelligence in Healthcare Market Size and Forecast, By Segments
  2. Latin America Artificial Intelligence in Healthcare Industry Value and Forecast
    • Introduction
    • Industry Initiatives
    • Bekryl Predictive Analysis
    • Comparative Ranking Analysis, By Segments (As mentioned in section 10)
    • Key Companies Involved and Initiatives, By Region
    • Industry Value Proposition Analysis, By Regional Countries
    • Latin America (South America) Artificial Intelligence in Healthcare Market Analysis
      • Industry Size and Forecast, (2017-2027)
      • Industry Share (%)
      • Industry Growth Forecast (%)
      • Latin America Artificial Intelligence in Healthcare Market, By Segments (As mentioned in section 10 of TOC)
    • Brazil Artificial Intelligence in Healthcare Market Size and Forecast, By Segments
    • Argentina
    • Mexico
    • Rest of Latin America

(Artificial Intelligence in Healthcare industry analysis covered across Latin America countries by segments mentioned in section 10. Request Sample to access detailed TOC and Research Framework)

  1. Western Europe Artificial Intelligence in Healthcare Industry Value and Forecast
    • Introduction
    • Industry Initiatives
    • Bekryl Predictive Analysis
    • Comparative Ranking Analysis, By Segments (As mentioned in section 10)
    • Key Companies Involved and Initiatives, By Region
    • Industry Value Proposition Analysis, By Regional Countries
    • Western Europe Artificial Intelligence in Healthcare Market Analysis
      • Industry Size and Forecast, (2017-2027)
      • Industry Share (%)
      • Industry Growth Forecast (%)
    • Western Europe Artificial Intelligence in Healthcare Market, By Segments (As mentioned in section 10 of TOC)
    • Germany Artificial Intelligence in Healthcare Market Size and Forecast, By Segments
    • UK
    • France
    • Spain
    • Italy
    • NORDIC
    • Switzerland
    • Rest of Western Europe

(Artificial Intelligence in Healthcare industry analysis covered across Western Europe countries by segments mentioned in section 10. Request Sample to access detailed TOC and Research Framework)

  1. Central and Eastern Europe (CEE) Artificial Intelligence in Healthcare Industry Value and Forecast
    • Introduction
    • Industry Initiatives
    • Bekryl Predictive Analysis
    • Comparative Ranking Analysis, By Segments (As mentioned in section 10)
    • Key Companies Involved and Initiatives, By Region
    • Industry Value Proposition Analysis, By Regional Countries
    • Central and Eastern Europe Artificial Intelligence in Healthcare Market Analysis
      • Industry Size and Forecast, (2017-2027)
      • Industry Share (%)
      • Industry Growth Forecast (%)
    • Central and Eastern Europe Artificial Intelligence in Healthcare Market, By Segments (As mentioned in section 10 of Artificial Intelligence in Healthcare Market TOC)
    • Russia Artificial Intelligence in Healthcare Market Size and Forecast, By Segments
    • Poland
    • Ukraine
    • Rest of CEE

(Artificial Intelligence in Healthcare industry analysis is covered across Central and Eastern Europe countries by segments mentioned in section 10. Request Sample to access detailed TOC and Research Framework)

  1. Asia Pacific Artificial Intelligence in Healthcare Industry Value and Forecast
    • Introduction
    • Industry Initiatives
    • Bekryl Predictive Analysis
    • Comparative Ranking Analysis, By Segments (As mentioned in section 10)
    • Key Companies Involved and Initiatives, By Region
    • Industry Value Proposition Analysis, By Asia Pacific Countries
    • Asia Pacific Artificial Intelligence in Healthcare Market Analysis
      • Industry Size and Forecast, (2017-2027)
      • Industry Share (%)
      • Industry Growth Forecast (%)
    • Asia Pacific Artificial Intelligence in Healthcare Market, By Segments (As mentioned in section 10 of TOC)
    • Japan Artificial Intelligence in Healthcare Market Size and Forecast, By Segments
    • China
    • India
    • South Korea
    • Australia
    • ASEAN
    • Rest of Asia Pacific

(Artificial Intelligence in Healthcare industry analysis is covered across Asia Pacific countries by segments mentioned in section 10. Request Sample to access detailed TOC and Research Framework)

  1. Middle East Artificial Intelligence in Healthcare Market Value and Forecast
    • Introduction
    • Industry Initiatives
    • Bekryl Predictive Analysis
    • Comparative Ranking Analysis, By Segments (As mentioned in section 10)
    • Key Companies Involved and Initiatives, By Region
    • Industry Value Proposition Analysis, By Middle East Countries
    • Middle East Artificial Intelligence in Healthcare Market Analysis
      • Industry Size and Forecast, (2017-2027)
      • Industry Share (%)
      • Industry Growth Forecast (%)
    • Middle East Artificial Intelligence in Healthcare Market, By Segments (As mentioned in section 10 of TOC)
    • GCC Artificial Intelligence in Healthcare Market Size and Forecast, By Segments
    • Israel
    • Rest of Middle East

(Artificial Intelligence in Healthcare industry analysis is covered across Middle East countries by segments mentioned in section 10. Request Sample to access detailed TOC and Research Framework)

  1. Africa Artificial Intelligence in Healthcare Market Value and Forecast
    • Introduction
    • Industry Initiatives
    • Bekryl Predictive Analysis
    • Comparative Ranking Analysis, By Segments (As mentioned in section 10)
    • Key Companies Involved and Initiatives, By Region
    • Industry Value Proposition Analysis, By Africa Countries
    • Market Share Analysis, (%)
    • Africa Artificial Intelligence in Healthcare Industry Size and Forecast, (2017-2027)
    • Africa Artificial Intelligence in Healthcare Industry Share (%)
    • Africa Artificial Intelligence in Healthcare Industry Growth Forecast (%)
    • South Africa Artificial Intelligence in Healthcare Market Size and Forecast, By Segments
    • Algeria
    • Nigeria

(Artificial Intelligence in Healthcare industry analysis is covered across Africa countries by segments mentioned in section 10. Request Sample to access detailed TOC and Research Framework)

  1. Artificial Intelligence in Healthcare Market Competitive Landscape
    • Competition Dashboard
    • Funding and Investment
    • Company Market Positioning
    • Marketing Mix Strategies
    • Product Level Strategies
    • Go-to-Market Strategies
    • SWOT Analysis
    • Key Developments, By Companies
    • Company Profiles*
      • Enlitic, Inc.,
      • Alphabet Inc.,
      • Atomwise, Inc.,
      • Cyrcadia Health, Inc.,
      • Lifegraph Ltd.,
      • Microsoft Corporation,
      • Modernizing Medicine Inc.,
      • General Vision, Inc.,
      • Icarbonx Co. Ltd.,
      • Intel Corporation,
      • IBM Corporation,
      • Next It Corp.,
      • Nvidia Corporation,
      • Oncora Medical, Inc.,
      • Welltok, Inc.,
      • Zebra Medical Vision Ltd.
  1. Analyst Opinion
  2. Summary and Conclusion
  3. For more Information, Bekryl can help

*(SWOT, Key Developments, and Strategies are based on individual companies)

To access the detailed Artificial Intelligence in Healthcare industry TOC and sample research pages, download sample.

Artificial Intelligence in Healthcare Market Report Structure

Artificial Intelligence in Healthcare Industry Dynamics

This section enables Artificial Intelligence in Healthcare industry stakeholders to understand the prevalent market conditions and help them prioritize their investment strategy. Factors that are favorable to Artificial Intelligence in Healthcare market growth is equated with challenges – resulting in proper growth strategy module. Drivers and challenges provide early assessment of current Artificial Intelligence in Healthcare industry trends and keep industry leaders abreast of latest happenings.

This section includes:

  • Market Drivers
  • Market Challenges
  • Artificial Intelligence in Healthcare Industry Trends
  • Artificial Intelligence in Healthcare Value Chain Analysis
  • Marketing Opportunities
  • Regulatory Aspects
  • Artificial Intelligence in Healthcare Industry Experts Market Opinion

Industry Analysis, By Segments

Industry stakeholders receive detailed analysis of the Artificial Intelligence in Healthcare industry trends. Anticipate key market trends across market analysis segments with Bekryl Market Analysts model.

Each segment has research framework, essential to understand the market scenario in near future.

Each segment includes:

  • Market Size and Forecast
  • Annual Growth Rate Analysis (AGR)
  • Key Trends, By segments
  • Key Industry Developments
  • Investment Proposition Analysis
  • Potential Addressable Market Analysis
  • Growth Factor, By Segment Analysis

This section helps in understanding the overall demand across end-users. As such, the industry stakeholders are able to minimize the operational cost and take better strategic decisions.

Competition Landscape

Keep abreast of key strategies of industry leaders and regional Artificial Intelligence in Healthcare industry players. Company profiles allow industry stakeholders to competitor’s strategic decision and understand how these affect their own business.

This section include:

  • Competition dashboard
  • SWOT Analysis by Companies
  • Go-to-market sales strategy
  • Financial performances subject to listed companies
  • Market Share Analysis
  • Analyst Recommendation

Regional Market Analysis

Regional analysis help industry leaders to better understand the dynamics of their current market and determine which regional market their company should target to strengthen their market presence globally. The Artificial Intelligence in Healthcare market report offers industry scenario in 24+ countries. Regional section focus on economic context, regulatory framework, supply demand balance trends and key regional companies engaged in the market.

This section include:

  • Market Size by Country and Region
  • Market Opportunity, By Country and Region
  • Regional Trends
  • Growth Analysis and Forecast

Country Profiles

Country profiles help industry leaders to better analyze the market at root level – thereby framing strategies that could add value to the overall organization. This section contains information pertaining to key developments and research framework mapping the potential attractive end-users. Factors are equated with macroeconomic conditions to help leaders minimize operational risks if any

North America Artificial Intelligence in Healthcare Market Size

  • S.
  • Canada

Latin America Artificial Intelligence in Healthcare Market Size

  • Brazil
  • Mexico
  • Argentina
  • Rest of Latin America

(*Artificial Intelligence in Healthcare Market value analyzed across each Latin America country)

Western Europe Artificial Intelligence in Healthcare Market Size

  • Germany
  • UK
  • France
  • Switzerland
  • Spain
  • Italy
  • NORDIC
  • Rest of Western Europe

(*Artificial Intelligence in Healthcare Market value analyzed across each Western Europe country)

Central and Eastern Europe Artificial Intelligence in Healthcare Industry Analysis

  • Russia
  • Poland Meat
  • Ukraine Meat
  • Rest of Eastern Europe

(*Artificial Intelligence in Healthcare Market value analyzed across each Central and Eastern Europe country)

Asia Pacific Artificial Intelligence in Healthcare Industry Size

  • China
  • India
  • Japan
  • Australia
  • South Korea
  • ASEAN Meat
  • Rest of Asia Pacific

(*Artificial Intelligence in Healthcare Market value analyzed across each Asia Pacific country)

Middle East Artificial Intelligence in Healthcare Industry Size

  • GCC
  • Israel
  • Rest of Middle East

(*Artificial Intelligence in Healthcare Market value analyzed across each Middle East country)

Africa Artificial Intelligence in Healthcare Industry Size

  • South Africa
  • Algeria
  • Nigeria
  • Rest of Africa

Artificial Intelligence in Healthcare Market Research Methodology

Bekryl Market Analysts has earned reputation within the market research and consulting industry for its ability to not only collect and reprint data but also its ability to build upon its extensive models and databases to provide meaningful forecasting and strategic planning services to clients.

Our research analyst and industry experts thoroughly investigates the industry by extensively interviewing the industry leaders and analyzing information from various secondary sources. The information collected is analyzed with the help of analytical tools to offer real time forecast solutions.

Artificial Intelligence in Healthcare Market Growth Forecasting Methodology

In order to prepare historical data and analyze Artificial Intelligence in Healthcare market forecast, Bekryl prepare data for product supply and actual demand from end-use consumers. Through this, we get to know actual demand for Artificial Intelligence in Healthcare market globally. The data collection is done through secondary and primary market research and then a constructive model is developed.

  • Secondary market research involves data collection through various paid publications and government agencies. Various journals and pre-encrypt transcripts is decoded to get the real time data solutions
  • The data collected through secondary research is then validated with the industry experts to minimize the anomaly and reflect key stakeholders opinion in the report.

With the model constructed, the cluttered data collected through different sources is structured with the help of proprietary analytical tools – making us understand the variation happened in the current year compared to historical years. To forecast Artificial Intelligence in Healthcare market revenue, Bekryl Market Analysts takes in consideration the demand growth of the segments. Demand for the product is dependent on end-user spending which is a function of many factors: amongst them macroeconomic strength, price variation and other base factors.

The forecast methodology requires extensive data analysis across countries. Among all the factors, GVA and GDP output is considered as the first set of approximation. Bekryl Market Analysts has developed a demand driven model based on GDP across targeted countries.  Under this, co-relation is analyzed between product and GDP – resulting in a constant GDP-Product coefficient. Higher the coefficient- greater will be the growth rate. For instance, GDP-Product segment coefficient matrix of 3 denotes Artificial Intelligence in Healthcare industry growth is nearly 3.5X to 5.5X higher than the relative GDP.

Besides GDP-Product Coefficient, Bekryl establishes following relation variation for higher predictive analysis.

  • Base Factors Growth Analysis
  • Price Variation Analysis
  • Potential Consumer Mapping

Artificial Intelligence in Healthcare Industry Players: Competition Landscape Methodology

Bekryl maps key market players across regions. Financial ratios is taken in consideration along with regional presence and their value chain to understand the company market strength. Thereafter, investment proposition for each company is proposed which gives coefficient matrix value for the company. Industry experts is also reflected in company landscape.

 

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