AI in Healthcare Market Industry Analysis and Forecast 2018-2025

Research report presented by UnivDatos, Emphasis on Technology (Machine Learning, Deep Learning, Artificial Neural Network), Applications (Robotic Surgery, Diagnosis, Virtual Nursing Assistance, Administrative Workflow Assistance); Offerings (Hardware, Software and Services) and Geographical analysis (key regions and countries).

As per the research report, AI in Healthcare Market is anticipated to reach the market valuation of US$ 26,599.5 Million by 2025, expanding at a CAGR of 41.1% in the course of forecast period (2018-2025), Artificial intelligence is the advancement in artificial programmes that can handle functions that would normally take human intelligence with much greater accuracy and error management than humans can. AI aids in the creation of intelligent agents, which are systems that understand their operating environment and take steps that increase their chances of success. When the lack of adequate data processing and the need for extreme accuracy, as well as the importance of minimally invasive procedures, were recognised in the early 1980s, the importance of AI in healthcare became clear. Artificial intelligence is a subset of computer science and information technology that can analyse large amounts of medical data. Today, in an era of technological breakthroughs and robotics, AI innovation and application in healthcare is at its peak. One of the most critical areas that the human race prioritises is healthcare. The healthcare sector's growth and advancement has accelerated and progressed to the next stage as a result of its merger with the IT industry.

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The explosion of digitally activated infrastructure and cellular networking through increasingly mobile devices has resulted in a growing democratisation of healthcare access. Android and iOS now have some of the most powerful AI software built in. Consumers will use this technology to get the data and knowledge they need to take control of their wellbeing and safety and make healthier, more knowledgeable choices in collaboration with their healthcare providers. AI has the potential to revolutionise the world of diagnosis. The use of AI in diagnostics is being driven by the high cost of diagnostic processes, over-testing of low-risk patients, and insufficient capacity for early detection of chronic diseases. This is because, using pattern recognition and machine learning technology, AI can bridge the divide between doctor-centric diagnosis and AI-based diagnosis.

When it comes to drug production, it takes a lot of time, money, and energy. As a result, pharma firms are eager to adopt digital transformation and artificial intelligence. According to Deloitte, the 12 major biopharma firms earned just 3.2 percent from their drug-research units in 2017, compared to 10% in 2010. The use of artificial intelligence (AI) in drug development is supposed to speed up the overall process. Applied intelligence will increase drug development success rates by 8-10%, saving the pharmaceutical industry billions of dollars. Over other pharma-based AI applications, finding drug discovery compounds and precision medicine are the most common.

“Machine learning technology of AI dominated the market globally in 2018 and is expected to maintain its lead in 2025”

The global AI in healthcare market has been divided into three categories based on technology: machine learning, deep learning, and artificial neural networks. Machine learning, which led the industry in 2018 and is predicted to continue to do so in 2025, is the most advanced of these developments. Machine learning's the power in diagnosing disease and categorising and classifying health data is inspiring doctors and accelerating decision-making across medical institutions, including hospitals and clinics.

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“Amongst application, robotic surgery holds the major share globally in 2018 but diagnosis has been estimated to lead the market during the forecast period.”

The global AI in healthcare industry has been divided into four categories based on technology: robotic surgery, diagnostic, virtual nursing assistance, and administrative workflow assistance. Robotic surgery led the global AI in healthcare industry in 2018, raising US$8589 million in sales, led by automated nursing assistance and administrative workflow. By 2025, the segment is projected to rise at a compound annual growth rate (CAGR) of XX percent. During the study period, however, the diagnostic section is predicted to have the highest CAGR of XX percent.

“Amongst end users, hardware segment has been anticipated to dominate the AI in healthcare sector by 2025.”

The global AI in healthcare industry is divided into three categories: hardware, applications, and services. The services sector currently controls the industry. During the forecast period of 2018-2025, however, the hardware segment is projected to rise at the fastest CAGR.

“North America region holds the highest market share in 2018 but Asia Pacific market has been expected to witness the highest market growth in the forecast period”

Because of the high acceptance rate of AI in countries like the United States and Canada, as well as the creation and growth of research and development initiatives that mix government and private sector investments, the artificial intelligence in healthcare industry in North America has been on an upward trajectory. When it comes to technological acceptance, the Asia-Pacific region has lagged behind North America and Europe. However, AI is one technology field in which Asia-Pacific can distinguish itself from other regions, and it is projected to rise at the fastest rate during the forecast period.

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Table of Contents

1            Market Introduction

2            Research Methodology or Assumption

3            Regulatory Framework and Key Development

4            Industry Performance

5            Executive Summary    

6            Market Overview        

7            Key Market Indicators

8            Market Insights, By Technology

9            Market Insights, By Application

10          Market Insights, By Type of Offerings

11          Market Insights, By Region

12          Competitive Scenario

13          Top Company Profiles - Medtronic Plc, Abbott Laboratories, Johnson and Johnson, Bcton Dickinson, Boston Scientific Corporation, Koninklijke Philips N.V