Artificial intelligence (AI) refers to the theory and development of computer systems that can perform tasks that usually require human intelligence. AI involves the study and synthesis of intelligent agents—in this case, a computer system. The system perceives its environment and takes appropriate action to maximize its chance of success. AI is being developed to create expert systems and improve human intelligence in machines.
Artificial Intelligence is used in healthcare for analyzing the complex data of patients and performing the required tasks, which usually need human intelligence. Using AI, diagnosis and medical treatment can be done easily, in less time, and with less human intervention and more precision. Using Artificial Intelligence in healthcare involves the extensive use of data mining and interpretations for embedding human intelligence into a computer system to guide the medical practitioner and create transparency between patients and doctors. As such the key business drivers for penetration of artificial intelligence in healthcare market include, market influx of large and complex healthcare datasets, growing need to reduce healthcare costs, improving computing power and declining hardware cost, rising number of partnerships and collaborations among different domains in healthcare sector, and surging need for improvised healthcare services due to imbalance between health workforce and patients. The artificial intelligence in healthcare market is projected to grow from USD 6.9 billion in 2021 to USD 67.4 billion by 2027, it is expected to grow at a CAGR of 46.2% from 2021 to 2027.
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Intel (US), Koninklijke Philips (Netherlands), Microsoft (US), IBM (US), and Siemens Healthineers (Germany) are the key players in the artificial intelligence in healthcare market.
Intel is among the frontrunners in the AI in healthcare market owing to its stronghold on the development of chipsets that are required to run AI algorithms. Intel enjoys a strong market presence and has been effectively defending it. The company has dominated the market for microprocessors for several years. This dominant position ensures a large addressable market. Intel’s market position also provides increased scale and related benefits. The established market position provides competitive advantages and allows the company to effectively penetrate the adjacent markets. One of the competitive advantages of Intel is the combination of a network of manufacturing, assembly, and test facilities with global architecture design teams. This network enables the company to have more direct control over the processes, quality control, product cost, production timing, performance, power consumption, and manufacturing yield.
Koninklijke Philips (Netherlands)
Koninklijke Philips is one of the leading players in the market that offer artificial intelligence solutions for various applications healthcare such as imaging, diagnostics, and connected care. The company has a strong presence in North America, Europe, and APAC. The company leverages its unique AI-based imaging solutions to constantly expand its presence in various markets. The company is a market leader in Europe in providing AI solutions for diagnostic imaging, image-guided therapy, patient monitoring, and health informatics.
Artificial Intelligence in Healthcare Market by Offering (Hardware, Software, Services), Technology (Machine Learning, NLP, Context-aware Computing, Computer Vision), Application, End User and Geography - Global Forecast to 2027
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