Artificial Intelligence in Healthcare Market

IBM (US) and Intel (US) are Leading Player in the Artificial Intelligence in Healthcare Market

The global AI in healthcare market is expected to grow from USD 4.9 billion in 2020 and reach USD 45.2 billion by 2026; it is projected to grow at a CAGR of 44.9% during the forecast period. A host of factors are driving the growth of the market, including increasing volume of healthcare data and growing complexities of datasets, intensifying need to reduce towering healthcare costs, improving computing power and declining hardware costs, growing number of cross-industry partnerships and collaborations, and rising imbalance between healthcare workforce and patients driving the need for improvised healthcare services. Another major factor currently driving the market growth is the adoption of this technology by multiple pharmaceutical and biotechnology companies across the world to expedite vaccine or drug development processes for COVID-19.

Major players in the AI in healthcare market are NVIDIA Corporation (NVIDIA) (US), Intel Corporation (Intel) (US), International Business Machines Corporation (IBM) (US), Google Inc. (Google) (US), Microsoft Corporation (Microsoft) (US), Amazon Web Services (an Amazon.com, Inc. subsidiary) (AWS) (US), General Vision, Inc. (US), General Electric (GE) Healthcare (US), Siemens Healthineers (Germany), Medtronic plc (US), Johnson & Johnson Services, Inc. (Johnson & Johnson) (US), and Koninklijke Philips N.V. (Netherlands).

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Top 2 players in the AI Healthcare Market are:

IBM (US)

IBM is ranked first in the AI in healthcare market. The company has been continually engaging in the development and launch of AI healthcare systems for the past few years. IBM has 12 research laboratories dedicated to its AI and deep-learning initiatives. It has more than 1,400 patents in the field of AI. The launch of IBM Watson, a machine learning tool, has further strengthened its position in the AI in healthcare market. It aims to achieve its AI goals through both organic and inorganic developments. For instance, recently, Mayo Clinic (US) declared results from the use of the IBM Watson for Clinical Trial Matching and announced the extension of the system’s usage in Mayo Clinic’s oncology practices. The system is associated with patients enrolled in Mayo’s breast, lung, and gastrointestinal cancer clinical trials. The organization is also aiming to extend and expand the training and use of this system for additional cancer types. The acquisition of Truven Health Analytics (Colorado, US) and Merge Healthcare, Inc. (Illinois, US) has also fortified its AI capabilities in the healthcare industry.

  • In March 2020, IBM Watson Health and EBSCO Information Services partnered to provide access to evidence-based drug and disease information that can help support clinicians and individuals as they cope with infectious diseases, including COVID-19.
  • In July 2019, IBM acquired RedHat; the acquisition redefines its cloud market for business. Red Hat’s open hybrid cloud technologies are now paired with IBM’s innovation and industry expertise. IBM and Red Hat will accelerate innovation by offering a next-generation hybrid multi-cloud platform. Based on open source technologies, such as Linux and Kubernetes, the platform will allow businesses to securely deploy, run, and manage data and applications on premises and on private and multiple public clouds.
  • In March 2018, Mayo Clinic (US) and IBM Watson Health announced an agreement to use IBM’s cognitive computing system for clinical trial matching. The use of this system associates with more patients enrolled in Mayo’s breast cancer clinical trials. Both organizations aim to extend and expand the training and use of the system. Currently, the system is trained to support clinical trial matching for breast, lung, and gastrointestinal cancers.

Intel (US)

Intel is among the frontrunners in the AI in healthcare market owing to its strong hold on the development of chipsets that are required to run AI algorithms. Intel enjoys a strong market position and has been effectively defending it. The company has dominated the market for microprocessors for many years. This dominant position ensures a large addressable market. Intel’s market position also provides increased scale and related benefits, competitive advantages, and allows the company to effectively penetrate adjacent markets. Its network of manufacturing, assembly, and test facilities with global architecture design teams provides unprecedented leverage to the company. This network enables the company to have more direct control over processes, quality control, product cost, production timing, performance, power consumption, and manufacturing yield.

Intel strengthened its AI division by acquiring Saffron Technologies, Altera, and Nervana Systems. Also, it has recently collaborated with Siemens Healthineers for the breakthrough AI-based cardiac MRI segmentation and analysis model. Intel aims to make AI technology easily available to all, with open data exchanges and initiatives. To this end, the company has introduced the Intel Nervana AI Academy program, which has increased the accessibility to data, tools, training, and intelligent machines for developers, academics, and startups.

  • In March 2020, Intel launched a COVID-19 response platform in collaboration with Anthem (Indiana, US) and XPrize (California, US) to address the immediate needs and find long-term durable solutions to pandemic threats.
  • In April 2019, Intel and Siemens Healthineers (Germany) collaborated on a breakthrough AI-based cardiac MRI segmentation and analysis model that has the potential to provide real-time cardiovascular disease diagnosis. Using second-generation Intel Xeon Scalable processors for AI inference, Intel and Siemens Healthineers have decided to deliver MRI inferencing results to technologists, cardiologists, and radiologists in real time.
  • In December 2018, Intel launched the HOOBOX Robotics’ Wheelie 7 kit powered by Intel artificial intelligence (AI) technologies. The kit enables people with limited mobility to move around using natural facial movements. The Wheelie 7 uses a 3D Intel RealSense Depth Camera SR300 mounted on the wheelchair to stream data that AI algorithms process in real time to control the chair. Given the importance of immediate responsiveness, HOOBOX uses Intel Core processors and the Intel Distribution of OpenVINO Toolkit to accelerate the inferencing of facial recognition software.

Related Reports:

Artificial Intelligence in Healthcare Market with Covid-19 Impact Analysis by Offering (Hardware, Software, Services), Technology (Machine Learning, NLP, Context-Aware Computing, Computer Vision), End-Use Application, End User and Region - Global Forecast to 2026

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Report Code
SE 5225
RI Published ON
6/9/2020
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