Healthcare Artificial Intelligence Market size was over USD 1.7 billion in 2019 and is estimated to grow at 43.7% CAGR between 2020 and 2026. Artificial intelligence (AI) in healthcare is defined as the utilization of artificial intelligence or machine-learning algorithms and software to reproduce human cognition in the analysis, understanding of critical healthcare data and their interpretation.
Various application of healthcare AI includes drug discovery, medical imaging & diagnosis, virtual assistants among others.
The drug discovery process in the industry is witnessing a paradigm shift to meet the growing needs of society and patients. Healthcare artificial intelligence advancements in clinical research and personal digital assistants will create growth opportunities for artificial intelligence technology in the future. The use of artificial intelligence and its broadening horizons in research areas is likely to drive the market growth.
The recent outbreak of COVID-19 has had a positive impact on healthcare AI market owing to growing awareness and adoption of digital health. It can be adopted to gain insights to wider picture of the situation from diagnosis, treatment and to combat new disease transmission. Healthcare AI is an innovative technology which has been widely used to fight COVID-19 pandemic.
Moreover, to keep a continuous tab on patients during COVID-19 pandemic with effective management, UC San Diego Health has developed an algorithm based on artificial intelligence for more than 2,000 lung X-ray images, helping radiologist to detect early sign of pneumonia in COVID-19 patients.
|Healthcare Artificial Intelligence Market Report Coverage|
|Base Year:||2019||Market Size in 2019:||1,717.5 Million (USD)|
|Historical Data for:||2015 to 2019||Forecast Period:||2020 to 2026|
|Forecast Period 2020 to 2026 CAGR:||43.7%||2026 Value Projection:||21,013.4 Million (USD)|
Companies covered (17):
AiCure, APIXIO Inc, Atomwise Inc, Butterfly Network Inc, Cyrcadia Health Inc, Enlitic Inc, IBM (Watson Health), iCarbonX, Insilico Medicine Inc, NVIDIA Corporation, Modernizing Medicine, OmeCare, Inc, Sense.ly Inc, Sophia Genetics, Welltok, Zebram Medical Vision Ltd, Johnson & Johnson.
- Rising adoption of healthcare artificial intelligence in research areas
- Increasing range of future applications
- Advancements in big data analytics
- Favorable funding scenario in China and Singapore
- Potential to increase quality of care delivery
Pitfalls & Challenges:
- High initial capital requirement
- Large scale human unemployment
- Difficulty in deployment
Rising opportunity in drug discovery field due to machine learning technology of artificial intelligence will boost the segment growth
The drug discovery segment held 27.3% of the healthcare artificial intelligence market market share in 2019. Rising opportunity in drug discovery field led by machine learning technology of artificial intelligence will influence the market value. The machine learning technology will help to undertake R&D of drug discovery more efficiently and improve the success rate of drug development at initial stages. Increasing investment in resources to develop drugs more effectively and considerable rise in the delivery of new drugs for major diseases will fuel the market demand. Growing demand for early drug design, drug discovery, identification, and screening of patient’s molecules will propel the industry share.
Various government initiatives and funding for big data analytics in North America region will foster the regional growth
North America healthcare artificial intelligence market accounted for 51.2% of revenue share in 2019. Various government initiatives and funding in North America are focusing on encouraging the market growth of healthcare AI. Increased funding for big data analytics is a key aspect for improving healthcare artificial intelligence in the region. Additionally, high acceptance of HCIT solutions and increasing focus on population health management will further drive the regional growth. Also, artificial intelligence has started transforming the healthcare by leveraging big data analytics to optimize better healthcare services in U.S.
Some of the recent industry developments:
- In December 2020, Zebra Medical Vision announced its seventh FDA clearance for its AI solution to extract bone measurements from X-ray scans, at the same quality as CT scans, for planning orthopedic surgical procedures. This strategy is expected to enhance their service offerings and customer base.
- In August 2019, ADC therapeutics and Sophia Genetics partnered for biomarker discovery in pivotal phase II clinical trial. The partnership aimed to identify genomic markers associated with clinical response to ADCT-402 (loncastuximab tesirine). This strategy enabled company to fuel their long-term business relation and offer advanced services.
The healthcare artificial intelligence market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2015 to 2026, for the following segments:
- Medical Imaging & Diagnosis
- Drug Discovery
- Therapy Planning
- Hospital Workflow
- Virtual Assistants
Frequently Asked Questions (FAQ) :
What are the factors driving healthcare artificial intelligence market trends?
The global market for healthcare AI had crossed USD 1.7 billion in 2019 and will register more than 43.7% CAGR up to 2026 with robust applications like medical imaging, diagnosis and drug discovery.
What is the impact of the COVID-19 pandemic on healthcare AI industry?
The coronavirus outbreak of 2020 had augmented the focus on healthcare artificial intelligence since it can be used for gaining insights into diagnosis, treatment and to fight transmission of diseases.
How is the drug discovery application fueling healthcare artificial intelligence market size?
The drug discovery segment accounted for around 27.3% of global healthcare AI industry share in 2019 with increasing use of machine learning to enable higher success rate of development.
Why is North America growing as a leading market for healthcare artificial intelligence?
North America healthcare AI market held 51.2% of the global revenue share during 2019 owing to government initiatives encouraging AI development and increased funding for data analytics.
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