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Artificial Intelligence in Healthcare Market by Offering (Hardware, Software and Services), Technology (Deep Learning, Querying Method, NLP, and Context Aware Processing), Application, End-User Industry, and Geography – Global Forecast to 2022

By: marketsandmarkets.com
Publishing Date: May 2017
Report Code: SE 5225

The market for artificial intelligence (AI) in healthcare is expected to grow from USD 667.1 million in 2016 to USD 7,988.8 million by 2022, growing at a CAGR of 52.68% during the forecast period. The base year considered for the study is 2016, and the market size forecast is provided for the period between 2017 and 2022.

Objective of the Study:

To define, describe, and forecast the market for artificial intelligence in healthcare segmented on the basis of offering, technology, application, end-user industry, and geography
To forecast the size of market segments with respect to 4 main regions—North America, Europe, Asia Pacific (APAC), and the Rest of the World (RoW)
To provide detailed information regarding the major factors influencing the growth of the artificial intelligence in the healthcare market (drivers, restraints, opportunities, and industry-specific challenges)
To strategically analyze the micromarkets with respect to individual growth trends, future prospects, and contribution to the overall artificial intelligence in healthcare market
To strategically profile the key players and comprehensively analyze their market share and core competencies
To analyze the competitive developments such as joint ventures, mergers and acquisitions, product developments, and ongoing research and development in the healthcare market
To study the key technological developments in North America, Europe, APAC, and RoW with respect to the healthcare market
To conduct the market life cycle analysis along with technology and market roadmaps to study the evolution and timeline of the healthcare market
To provide the illustrative segmentation, analysis, and projection of the main geographic markets till 2022

Research Methodology:
This research study involves an extensive usage of secondary sources, directories, and databases (such as Hoovers, Bloomberg BusinessWeek, Factiva, and OneSource) to identify and collect information useful for this technical, market-oriented, and commercial study of the AI in healthcare market. The bottom-up procedure was employed to arrive at the overall size of the AI in healthcare market from the revenue of the key market players. After arriving at the overall market size, the total market was split into several segments and subsegments, which were then verified through primary research by conducting extensive interviews with key people such as CEOs, VPs, directors, and executives. The data triangulation and market breakdown procedures were employed to complete the overall market engineering process and arrive at the exact statistics for all segments and subsegments. The breakdown of the profiles of primary respondents is depicted in the following figure:

BREAKDOWN OF PRIMARY PARTICIPANTS

Artificial Intelligence Healthcare Market

This report provides valuable insights into the ecosystem of the AI in healthcare market including software, chipset, and healthcare solution companies. The major players in the AI in healthcare market are IBM Corporation (US), Intel Corporation (US), Google, Inc. (US), NVIDIA Corporation (US), Microsoft Corporation (US), iCarbonX (China), Next IT Corp. (US), Welltok, Inc. (US), General Vision, Inc. (US), Enlitic, Inc. (US), Recursion Pharmaceuticals (US), General Electric Company (US), Stryker Corporation (US), Deep Genomics, Inc. (Canada), Medtronic Plc. (Ireland), Koninklijke Philips N.V. (Netherlands), and Oncora Medical, Inc. (US).

Key Target Audience

Chipset companies
Healthcare software players
Doctors and hospitals
Technology providers
Software solution providers
Artificial intelligence system providers
Research organizations and medical consulting companies
Venture capitalists, private equity firms, and start-up companies

Scope of the Report:
The research report segments the AI in healthcare market into the following submarkets:
By Offering:

Hardware
Software
Services

By Technology:

Deep Learning
Querying Method
Natural Language Processing
Context Aware Processing

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
Wearables
Research

By End-User Industry

Providers
Pharmaceuticals and Biotechnology
Accountable Care Organization and Managed Care Organization
Patients
Payers

By Geography:

North America
Europe
Asia Pacific (APAC)
Rest of the World (RoW)

Available Customizations:

Detailed analysis and profiling of additional market players (up to five)

Table of Contents

1 Introduction (Page No. - 19)
    1.1 Objectives of the Study
    1.2 Market Definition
    1.3 Scope of the Study
           1.3.1 Markets Covered
           1.3.2 Years Considered for the Study
    1.4 Currency
    1.5 Limitations
    1.6 Stakeholders

2 Research Methodology (Page No. - 22)
    2.1 Research Data
           2.1.1 Secondary Data
                    2.1.1.1 Secondary Sources
           2.1.2 Primary Data
                    2.1.2.1 Primary Sources
                    2.1.2.2 Key Industry Insights
                    2.1.2.3 Breakdown of Primaries
    2.2 Demand- and Supply-Side Analysis of AI in the Healthcare Market
           2.2.1 Introduction
           2.2.2 Demand-Side Analysis
                    2.2.2.1 Imbalance Between Health Workforce and Patients
                    2.2.2.2 Increase in Geriatric Population
                    2.2.2.3 Increase in Total Health Expenditure By an Individual
           2.2.3 Supply-Side Analysis
                    2.2.3.1 Cross-Industry Partnership in Healthcare Domain
    2.3 Market Size Estimation
           2.3.1 Bottom-Up Approach
           2.3.2 Top-Down Approach
    2.4 Market Breakdown and Data Triangulation
    2.5 Research Assumptions

3 Executive Summary (Page No. - 33)

4 Premium Insights (Page No. - 38)
    4.1 Artificial Intelligence in Healthcare: Market Overview
    4.2 Artificial Intelligence in Healthcare Market Size, By Offering, 2017 vs 2022 (USD Million)
    4.3 Geographic Analysis: Artificial Intelligence in Healthcare Market, By Technology (2016)
    4.4 Artificial Intelligence in Healthcare Market, By Application
    4.5 Artificial Intelligence in Healthcare Market, By End User
    4.6 Geographic Snapshot of the Artificial Intelligence in Healthcare Market

5 Market Overview (Page No. - 42)
    5.1 Introduction
           5.1.1 Drivers
                    5.1.1.1 Big Data in Healthcare
                    5.1.1.2 Ability of AI to Improve Patient Outcomes
                    5.1.1.3 Imbalance Between Health Workforce and Patients
                    5.1.1.4 Growing Need to Reduce Increasing Healthcare Costs
                    5.1.1.5 Growing Importance of Precision Medicine
                    5.1.1.6 Growing Number of Cross-Industry Partnerships and Collaborations
                    5.1.1.7 Significant Increase in Venture Capital Investments
           5.1.2 Restraints
                    5.1.2.1 Reluctance Among Medical Practitioners to Adopt AI-Based Technologies
                    5.1.2.2 Ambiguous Regulatory Guidelines for Medical Software
           5.1.3 Opportunities
                    5.1.3.1 Significant Growth Opportunities of Emerging Markets Such as India, China, and Brazil
                    5.1.3.2 Growing Potential of AI-Based Tools for Elderly Care
           5.1.4 Challenges
                    5.1.4.1 Lack of Curated Healthcare Data
                    5.1.4.2 Concerns Regarding Data Privacy
                    5.1.4.3 Lack of Interoperability Between AI Solutions Offered By Different Vendors

6 Industry Trends (Page No. - 51)
    6.1 Introduction
    6.2 Value Chain Analysis
    6.3 Funding, 2015-2017

7 Artificial Intelligence in the Healthcare Market, By Offering (Page No. - 55)
    7.1 Introduction
    7.2 Hardware
    7.3 Software
           7.3.1 AI Platform
           7.3.2 Solution
    7.4 Services
           7.4.1 Deployment and Integration
           7.4.2 Support and Maintenance

8 Artificial Intelligence in the Healthcare Market, By Technology (Page No. - 62)
    8.1 Introduction
    8.2 Natural Language Processing (NLP)
    8.3 Context Aware Processing
    8.4 Deep Learning
    8.5 Querying Method

9 Artificial Intelligence in Healthcare Market, By Application (Page No. - 70)
    9.1 Introduction
    9.2 Patient Data and Risk Analysis
    9.3 Medical Imaging and Diagnostics
    9.4 Precision Medicine
    9.5 Drug Discovery
    9.6 Lifestyle Management & Monitoring
    9.7 Virtual Assistant
    9.8 Wearables
    9.9 Inpatient Care and Hospital Management
    9.10 Research

10 Artificial Intelligence in Healthcare Market, By End User (Page No. - 86)
     10.1 Introduction
     10.2 Providers
     10.3 Pharmaceutical and Biotechnology Companies
     10.4 Payers
     10.5 Patients
     10.6 ACOS and MCOS

11 Artificial Intelligence in the Healthcare Market, By Geography (Page No. - 98)
     11.1 Introduction
     11.2 North America
             11.2.1 US
             11.2.2 Canada
             11.2.3 Mexico
     11.3 Europe
             11.3.1 Germany
             11.3.2 France
             11.3.3 UK
             11.3.4 Italy
             11.3.5 Spain
             11.3.6 Rest of Europe
     11.4 APAC
             11.4.1 China
             11.4.2 Japan
             11.4.3 South Korea
             11.4.4 India
             11.4.5 Rest of APAC
     11.5 Rest of the World
             11.5.1 South America
             11.5.2 Middle East and Africa

12 Competitive Landscape (Page No. - 130)
     12.1 Overview
     12.2 Key Players in AI in the Healthcare Market
     12.3 Dive Chart
             12.3.1 Vanguards
             12.3.2 Dynamic Players
             12.3.3 Innovators
             12.3.4 Emerging Players
     12.4 Business Strategy Adopted By Major Players in AI in the Healthcare Market (For All 25 Companies)
     12.5 Analysis of Product Portfolio of Major Players in AI in the Healthcare Market (25 Companies)
25 Companies analyzed across this ecosystem are - Intel Corporation, IBM Corporation, Google Inc., NVIDIA CORPORATION, iCarbonX, Welltok, Inc., Microsoft Corporation, Medtronic Plc, Koninklijke Philips N.V., General Electric Company, Siemens Healthineers GmbH, Johnson & Johnson, Recursion Pharmaceuticals, General Vision Inc., Enlitic, Inc.,Next IT Corp, Stryker Corporation, Sentrian, Oncora Medical, CloudMedx Inc., Bay Labs, Inc., Atomwise, Inc., Careskore, Zephyr Health, Inc. Deep Genomics,
     12.6 Competitive Situations and Trends

13 Company Profiles (Page No. - 138)
(Business Overview, Products Offered, Product Offering Scorecard, Business Strategy Scorecard, Recent Developments, Key Relationships)*
     13.1 Introduction
     13.2 Intel Corporation
     13.3 NVIDIA CORPORATION
     13.4 Google Inc.
     13.5 IBM Corporation
     13.6 Microsoft Corporation
     13.7 General Vision, Inc.
     13.8 Enlitic, Inc.
     13.9 Next IT Corp.
     13.10 Welltok, Inc.
     13.11 iCarbonX
     13.12 Recursion Pharmaceuticals, Inc.
     13.13 Koninklijke Philips N.V.
     13.14 General Electric (GE) Company
     13.15 Siemens Healthineers (A Division of Siemens AG)
     13.16 Johnson & Johnson Services, Inc.
     13.17 Medtronic Plc
     13.18 Stryker Corporation
     13.19 Careskore
     13.20 Zephyr Health, Inc.
     13.21 Oncora Medical
     13.22 Sentrian
     13.23 Bay Labs, Inc.
     13.24 Atomwise
     13.25 Deep Genomics
     13.26 Cloudmedx Inc.

*Details on Business Overview, Products Offered, Product Offering Scorecard, Business Strategy Scorecard, Recent Developments, Key Relationships Might Not Be Captured in Case of Unlisted Companies.

14 Appendix (Page No. - 212)
     14.1 Insights From Industry Experts
     14.2 Discussion Guide
     14.3 Knowledge Store: Marketsandmarkets’ Subscription Portal
     14.4 Introducing RT: Real-Time Market Intelligence
     14.5 Available Customizations
     14.6 Related Reports
     14.7 Author Details

List of Tables (62 Tables)

Table 1 Artificial Intelligence in the Healthcare Market, By Offering, 2014–2022 (USD Million)
Table 2 Artificial Intelligence in the Healthcare Market for Hardware, By Region, 2014–2022 (USD Million)
Table 3 Artificial Intelligence in the Healthcare Market for Offering, By Software, 2014–2022 (USD Million)
Table 4 Artificial Intelligence in the Healthcare Market for Software, By Region, 2014–2022 (USD Million)
Table 5 Artificial Intelligence in the Healthcare Market for Offering, By Service, 2014–2022 (USD Million)
Table 6 Artificial Intelligence in the Healthcare Market for Hardware, By Region, 2014–2022 (USD Million)
Table 7 Artificial Intelligence in Healthcare Market, By Technology, 2014–2022 (USD Million)
Table 8 Artificial Intelligence in the Healthcare Market for NLP, By Process, 2014–2022 (USD Million)
Table 9 Artificial Intelligence in the Healthcare Market for Deep Learning, By Process, 2014–2022 (USD Million)
Table 10 Artificial Intelligence in the Healthcare Market for Deep Learning, By Region, 2014–2022 (USD Million)
Table 11 Artificial Intelligence in Healthcare Market Size, By Application, 2014–2022 (USD Million)
Table 12 Artificial Intelligence in Healthcare Market Size for Patient Data and Risk Analysis, By Region, 2014-2022 (USD Million)
Table 13 Patient Data and Risk Analysis Market Size, By End User, 2014-2022 (USD Million)
Table 14 Artificial Intelligence in Healthcare Market Size for Medical Imaging and Diagnostics, By Region, 2014-2022 (USD Million)
Table 15 Medical Imaging and Diagnostics Market Size, By End User, 2014-2022 (USD Million)
Table 16 Artificial Intelligence in Healthcare Market Size for Precision Medicine, By Region, 2014-2022 (USD Million)
Table 17 Precision Medicine Market Size, By End User, 2014-2022 (USD Million)
Table 18 Artificial Intelligence in Healthcare Market Size for Drug Discovery, By Region, 2014-2022 (USD Million)
Table 19 Drug Discovery Market Size, By End User, 2014-2022 (USD Million)
Table 20 Artificial Intelligence in Healthcare Market Size for Lifestyle Management & Monitoring, By Region, 2014-2022 (USD Million)
Table 21 Artificial Intelligence in Healthcare Market Size for Virtual Assistant, By Region, 2014-2022 (USD Million)
Table 22 Virtual Assistant Market Size, By End User, 2014-2022 (USD Million)
Table 23 Artificial Intelligence in Healthcare Market Size for Wearables, By Region, 2014-2022 (USD Million)
Table 24 Artificial Intelligence in Healthcare Market Size for Inpatient Care and Hospital Management, By Region, 2014-2022 (USD Million)
Table 25 Artificial Intelligence in Healthcare Market Size for Research, By Region, 2014-2022 (USD Million)
Table 26 Research Market Size, By End User, 2014-2022 (USD Million)
Table 27 Artificial Intelligence in Healthcare Market Size, By End User, 2014–2022 (USD Million)
Table 28 Artificial Intelligence in Healthcare Market Size for Providers, By Region, 2014–2022 (USD Million)
Table 29 Artificial Intelligence in Healthcare Market Size for Providers, By Application, 2014–2022 (USD Million)
Table 30 Artificial Intelligence in Healthcare Market Size for Pharmaceutical and Biotechnology Companies, By Region, 2014–2022 (USD Million)
Table 31 Artificial Intelligence in Healthcare Market Size for Pharmaceutical and Biotechnology Companies, By Application, 2014–2022 (USD Million)
Table 32 Artificial Intelligence in Healthcare Market Size for Payers, By Region, 2014–2022 (USD Million)
Table 33 Artificial Intelligence in Healthcare Market Size for Patients, By Region, 2014–2022 (USD Million)
Table 34 Artificial Intelligence in Healthcare Market Size for Patients, By Application, 2014–2022 (USD Million)
Table 35 Artificial Intelligence in Healthcare Market Size for ACOS and MCOS, By Region, 2014–2022 (USD Million)
Table 36 Artificial Intelligence in Healthcare Market Size for ACOS and MCOS, By Application, 2014–2022 (USD Million)
Table 37 Global Artificial Intelligence in Healthcare Market Size, By Region, 2014-2022 (USD Million)
Table 38 Artificial Intelligence in the Healthcare Market in North America, By Country, 2014–2022 (USD Million)
Table 39 Artificial Intelligence in the Healthcare Market in North America, By Industry, 2014–2022 (USD Million)
Table 40 Artificial Intelligence in the Healthcare Market in the US, By Industry, 2014–2022 (USD Million)
Table 41 Artificial Intelligence in the Healthcare Market in Canada, By Industry, 2014–2022 (USD Million)
Table 42 Artificial Intelligence in the Healthcare Market in Mexico, By Industry, 2014–2022 (USD Million)
Table 43 Artificial Intelligence in Healthcare Market in Europe, By Country, 2014–2022 (USD Million)
Table 44 Artificial Intelligence in Healthcare Market in Europe, By Industry, 2014–2022 (USD Million)
Table 45 Artificial Intelligence in Healthcare Market in Germany, By Industry, 2014–2022 (USD Million)
Table 46 Artificial Intelligence in Healthcare Market in France, By Industry, 2014–2022 (USD Million)
Table 47 Artificial Intelligence in Healthcare Market in UK, By Industry, 2014–2022 (USD Million)
Table 48 Artificial Intelligence in Healthcare Market in Italy, By Industry, 2014–2022 (USD Million)
Table 49 Artificial Intelligence in Healthcare Market in Spain, By Industry, 2014–2022 (USD Million)
Table 50 Artificial Intelligence in Healthcare Market in RoE, By Industry, 2014–2022 (USD Million)
Table 51 Artificial Intelligence in the Healthcare Market in APAC, By Country, 2014–2022 (USD Million)
Table 52 Artificial Intelligence in the Healthcare Market in APAC, By Industry, 2014–2022 (USD Million)
Table 53 Artificial Intelligence in the Healthcare Market in China, By Industry, 2014–2022 (USD Million)
Table 54 Artificial Intelligence in the Healthcare Market in Japan, By Industry, 2014–2022 (USD Million)
Table 55 Artificial Intelligence in the Healthcare Market in South Korea, By Industry, 2014–2022 (USD Million)
Table 56 Artificial Intelligence in the Healthcare Market in India, By Industry, 2014–2022 (USD Million)
Table 57 Artificial Intelligence in the Healthcare Market in Rest of APAC, By Industry, 2014–2022 (USD Million)
Table 58 Artificial Intelligence in Healthcare Market in RoW, By Region, 2014–2022 (USD Million)
Table 59 Artificial Intelligence in Healthcare Market in RoW, By End User, 2014–2022 (USD Million)
Table 60 Artificial Intelligence in Healthcare Market in South America, By Industry, 2014–2022 (USD Million)
Table 61 Artificial Intelligence in Healthcare Market in the Middle East and Africa, By Industry, 2014–2022 (USD Million)
Table 62 Top 5 Players in AI in the Healthcare Market, 2016

List of Figures (54 Figures)

Figure 1 AI in the Healthcare Market Segmentation
Figure 2 AI in the Healthcare Market: Research Design
Figure 3 Global Aging Population, 2015–2030
Figure 4 Global Expenditure on Healthcare on Total GDP in 2014
Figure 5 Process Flow of Market Size Estimation
Figure 6 Market Size Estimation Methodology: Bottom-Up Approach
Figure 7 Market Size Estimation Methodology: Top-Down Approach
Figure 8 Data Triangulation
Figure 9 Artificial Intelligence in Healthcare Market Size, By Offering, 2016 vs 2022 (USD Million)
Figure 10 Artificial Intelligence in the Healthcare Market Size, By Technology, 2016 vs 2022 (USD Million)
Figure 11 Artificial Intelligence in Healthcare Market Size, By Application, 2016 vs 2022 (USD Million)
Figure 12 Artificial Intelligence in Healthcare Market Size, By End User, 2016 vs 2022 (USD Million)
Figure 13 Artificial Intelligence in Healthcare Market, By Region: North America to Register the Highest Growth in the Forecast Period
Figure 14 Growing Big Data in Healthcare and the Increasing Adoption of AI-Based Tools in Healthcare Facilities are the Major Factors Driving Market Growth
Figure 15 Software Segment Will Continue to Dominate the Artificial Intelligence in Healthcare Market in 2022
Figure 16 Natural Language Processing Segment Accounted for the Largest Market Share in 2016
Figure 17 Medical Imaging & Diagnostics to Grow at the Highest Rate in the Forecast Period
Figure 18 Payers to Grow at the Highest Rate in the Forecast Period
Figure 19 China to Register the Highest CAGR From 2017 to 2022
Figure 20 AI in the Healthcare Market: Drivers, Restraints, Opportunities, and Challenges
Figure 21 AI in the Healthcare Market Value Chain in 2016
Figure 22 Software to Hold Largest Share of AI in the Healthcare Market in 2022
Figure 23 AI Platform to Grow at Higher Rate in the Healthcare Market for Software During 2017–2022
Figure 24 Artificial Intelligence in the Healthcare Market, By Technology
Figure 25 Deep Learning Technology is Expected to Grow at the Highest CAGR for AI in the Healthcare Market Between 2017 and 2022
Figure 26 Pattern and Image Recognition Process is Expected to Grow at the Highest Rate for NLP in AI in the Healthcare Market Between 2017 and 2022
Figure 27 Medical Imaging & Diagnostics Segment to Register the Highest CAGR During the Forecast Period
Figure 28 Lifestyle Management & Monitoring Market Size for Patients Segment (2015-2022)
Figure 29 Wearables Market Size for Patients Segment (2015-2022)
Figure 30 Inpatient Care and Hospital Management Market Size for Providers Segment (2015-2022)
Figure 31 Providers to Dominate the Artificial Intelligence in Healthcare Market in 2017-2022
Figure 32 Patient Data and Risk Analysis Market Size for Payers Segment (2015-2022)
Figure 33 North America to Dominate the Artificial Intelligence in Healthcare Market During the Forecast Period
Figure 34 North America: AI in the Healthcare Market Snapshot
Figure 35 Providers Segment to Lead AI in the Healthcare Market in the US During the Forecast Period
Figure 36 Europe: Artificial Intelligence in Healthcare Market Snapshot
Figure 37 Providers, the Largest Industry Segment in the German Market
Figure 38 APAC: AI in the Healthcare Market Snapshot
Figure 39 Patients Segment is Expected to Grow at the Highest Rate in AI in the Healthcare Market in Japan During 2017–2022
Figure 40 Provider Segment to Hold the Largest Share of the AI in Healthcare Market in South America in 2022
Figure 41 Companies Adopted Partnerships, Collaborations, Agreements, and Acquisitions as the Key Growth Strategies in the Last 3 Years (2014–2016)
Figure 42 Dive Chart
Figure 43 Battle for Market Share: Product Launches and Developments—The Key Strategy Adopted By the Market Players Between 2014 and 2016
Figure 44 Intel Corporation: Company Snapshot (2016)
Figure 45 NVIDIA CORPORATION: Company Snapshot (2016)
Figure 46 Google Inc.: Company Snapshot (2016)
Figure 47 IBM Corporation: Company Snapshot (2016)
Figure 48 Microsoft Corporation: Company Snapshot (2016)
Figure 49 Koninklijke Philips N.V.: Company Snapshot (2016)
Figure 50 General Electric Company: Company Snapshot (2016)
Figure 51 Siemens AG: Company Snapshot (2016)
Figure 52 Johnson & Johnson Services, Inc.: Company Snapshot (2016)
Figure 53 Medtronic Plc: Company Snapshot (2016)
Figure 54 Stryker Corporation: Company Snapshot (2016)

According to the forecast provided by MarketsandMarkets, the overall artificial intelligence (AI) in healthcare market was valued at USD 667.1 million in 2016 and is expected to reach USD 7,988.8 million by 2022, at a CAGR of 52.68% between 2017 and 2022. The growth of this market is driven by growing usage of Big Data in healthcare industry, ability of AI to improve patient outcomes, imbalance between health workforce and patients, reducing the healthcare costs, growing importance on precision medicine, cross-industry partnerships, and significant increase in venture capital investments in AI in healthcare domain.

This report segments the AI in healthcare market on the basis of offering, technology, application, end-user industry, and geography. On the basis of offering, the AI in healthcare market has been divided further into hardware, software, and services. The software segment held the largest share of the AI in healthcare market in 2016. The growing demand for software-based AI solutions and the presence of major software companies providing AI software are expected to drive the market for software.

On the basis of technology, the AI in healthcare market has been segmented into deep learning, querying method, natural language processing (NLP), and context aware processing. NLP currently holds the largest market share among the AI technologies. The demand has grown since the companies have started to structure the huge volume of patient’s data and find interpretation from them.

On the basis of application, the AI in healthcare market has been segmented into 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, wearables, and research. The patient data and risk analysis application held the largest market share in 2016 owing to factors such as the growing patient data with the increasing adoption of EMR offered by AI systems to healthcare providers and payers.

The end users of AI in healthcare include providers, pharmaceutical and biotechnology companies, accountable care organization (ACO), managed care organization (MCO), patients, and payers. Providers held the largest market share in 2016 owing to the better patient experience owing to the usage of AI, reduced costs, growing adoption of electronic health records by healthcare organizations, and improving hospital in-patient care.

North America held the largest market share in 2016, and is expected to grow at the highest rate during the forecast period. The US is a major contributor to the growth of the AI in healthcare market in North America. As the geriatric population in North American countries is growing, there is a need for faster diagnosis and treatment along with the increasing demand for digital health systems that are simple to navigate, predictive, and interactive. In addition, the presence of major AI providers such as IBM Corporation (US), Intel Corporation (US), and Google, Inc. (US) in North America is expected to drive the AI in healthcare market.

AI IN HEALTHCARE MARKET, BY REGION, 2017–2022

Artificial Intelligence in Healthcare Market

Source: MarketsandMarkets Analysis

Reluctance among medical practitioners to adopt AI-based technologies and ambiguous regulatory guidelines for medical software are the major factors restraining the growth of the AI in healthcare market. The major players in the AI in healthcare market are IBM Corporation (US), Intel Corporation (US), Google, Inc. (US), NVIDIA Corporation (US), Microsoft Corporation (US), iCarbonX (China), Next IT Corp. (US), Welltok, Inc. (US), General Vision, Inc. (US), Enlitic, Inc. (US), Recursion Pharmaceuticals (US), General Electric Company (US), Stryker Corporation (US), Deep Genomics, Inc. (Canada), Medtronic Plc. (Ireland), Koninklijke Philips N.V. (Netherlands), and Oncora Medical, Inc. (US).

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