Artificial Intelligence in Healthcare Market

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

AI enables a computer to perform intelligent operations. These operations are akin to learning and decision-making capabilities in humans. The AI in healthcare market is estimated to be valued at USD 2.1 billion in 2018 and is expected to reach USD 36.1 billion by 2025, at a CAGR of 50.2% from 2018 to 2025. The growth of big data in healthcare and demand to reduce healthcare cost are among the growth drivers of the market. Players in this market have adopted various strategies especially cross-industry collaborations and partnerships to expand their presence globally and increase market shares.

The AI in healthcare market is highly competitive with significant presence of multi-national, domestics and start-up companies. Product developments and launches has been the key strategy adopted by industry players to grow in the AI in healthcare market. Companies such as Intel (US), NVIDIA (US), IBM (US), Microsoft (US), Google (US), Siemens (Germany), AWS (US), and GE (US) adopt these strategies to develop their AI in healthcare business. Besides organic growth strategies, companies have adopted strategies such as collaborations, partnerships, and strategic alliances in the AI in healthcare market. Major IT giants such as IBM (US), Intel (US), Qualcomm (US), NVIDIA (US), AWS (US), Google (US), Micron (US), GE (US), Medtronic (US), and Microsoft (US) follow these strategies.

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IBM (US) is an important player in the AI in healthcare market. Recently, it continually involved in the development and launch of AI systems in healthcare. The company has 12 research laboratories dedicated to its AI and deep learning initiatives. The company has more than 1,400 patents in the field of AI. In addition, the successful launch of “IBM Watson,” a machine-learning tool, has further fortified its market position in the AI in healthcare market. It aims to achieve its AI goals through organic and inorganic developments. For instance, recently, IBM and the University of California, San Diego, announced a multiyear project to enhance the quality-of-life and independence for aging populations through the new Artificial Intelligence for Healthy Living Center (AIHL) located on the campus of UC San Diego. The center is expected to bring together the technology, AI, and life sciences knowledge of IBM and UC San Diego to promote critical research and applications in 2 thematic areas: healthy aging and human microbiome. Furthermore, the acquisition of Truven Health Analytics (US) and Merge Healthcare, Inc. (US) has strengthened its AI capabilities in the healthcare industry.

Intel is among the front runners in the AI in healthcare market owing to its strong hold on development of chipsets that are required to run AI algorithms. Intel has strengthened its AI division by acquiring Saffron Technologies, Altera, and Nervana Systems. Intel aims to make AI technology easily available to all, with open data exchanges and initiatives. To meet this goal, the company has the Intel Nervana AI Academy program, which has increased the accessibility to data, tools, training, and intelligent machines for developers, academics, and start-ups. For instance, in May 2018, Kyoto University Graduate School of Medicine (Japan) chose Intel’s Xeon Scalable processors to power its clinical genome analysis cluster and its molecular simulation cluster. These clusters will aid in Kyoto’s search for new drug discoveries and help reduce R&D costs.

Related Reports:

Artificial Intelligence in Healthcare Market by Offering (Hardware, Software, Services), Technology (Machine Learning, NLP, Context-Aware Computing, Computer Vision), End-Use Application, End User, and Geography – Global Forecast to 2025

Mr. Shelly Singh
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Report Code
SE 5225
Published ON
Dec, 2018
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