Healthcare Artificial Intelligence Market Size By Application (Medical Imaging & Diagnosis, Drug Discovery, Therapy Planning, Hospital Workflow, Wearables, Virtual Assistants), Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2020 - 2026

Industry trends

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.
 

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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.
 

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Advancements in big data analytics will spur the market expansion

Significant advancements in healthcare artificial intelligence are being made in analysis of big data in order to improve its outcome in healthcare. Introduction of IoT devices has created a continuous stream of data while monitoring the health of patients which makes these devices a major contributor to big data in healthcare. SparkSeq is an efficient and cloud-ready platform based on Apache Spark framework and Hadoop library that is being used for analyses of genomic data for interactive genomic data analysis with nucleotide precision. SAMQA that identifies errors and ensures the quality of large-scale genomic data was developed for the National Institutes of Health Cancer Genome Atlas project to identify and report errors including sequence alignment/map (SAM) format error and empty reads. Furthermore, Clinical Decision Support (CDS) software analyses medical data on the spot to provide healthcare practitioners with advice as they make prescriptive decisions. Thus, advancements in big data analytics is set to augment the implementation of healthcare artificial intelligence data management.
 

High initial capital investment may slow down the healthcare artificial intelligence market revenue

Healthcare artificial intelligence set-up requires huge investments since the machines involved are very complex in nature making it highly expensive. Its timely maintenance and repair charges are also huge. Apart from this, high software costs are incurred, since these programs need to be frequently updated as per the changing environment to make the machines more capable of handling increasing data over the time. Another factor which contributes to its huge initial costs is the procedure of reinstalling the systems in case of severe breakdowns. Thus, high initial capital investment is one of the major drawbacks hindering the usage of healthcare AI systems.
 

Rising opportunity in drug discovery field due to machine learning technology of artificial intelligence will boost the segment growth

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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

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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.
 

Adoption of business strategies will pave growth opportunities for companies operating in the market

Prominent market players operating in the healthcare AI market include IBM Watson Health, Modernizing Medicine, NVIDIA Corporation, Sophia Genetics among others. New product launch & approval and partnerships are the most commonly adopted business strategies to sustain market position.
 

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:

By Application

• Medical Imaging & Diagnosis
• Drug Discovery
• Therapy Planning
• Hospital Workflow
• Wearables
• Virtual Assistants
• Others

The above information is provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Netherlands
  • Sweden
• Asia Pacific
  • China
  • India
  • Japan
  • Australia
  • Singapore
• Latin America
  • Brazil
  • Mexico
• Middle East & Africa
  • South Africa
  • Saudi Arabia