AI in Healthcare Market Report, Size Growth Rate by Type, Application, Sales Estimates and Forecasts 2021-2027

 UnivDatos Market Insights released a report titled “Artificial Intelligence (AI) in Healthcare Market - by Technology (Machine Learning, Deep Learning, Artificial Neural Network), Applications (Robotic Surgery, Diagnosis, Virtual Nursing Assistance, Administrative Workflow Assistance); Offerings (Hardware, Software and Services) and Region - Current Analysis and Forecast (2015-2025).” Artificial Intelligence (AI) in healthcare market is expected to reach the market value of US$ 26.6 billion by 2025, growing at a CAGR of 41% during the forecast period (2018-2025).

Market Opportunities and Drivers

Artificial Intelligence (AI) is expected to contribute up to US$ 15.7 trillion to global GDP by 2030. AI applications, powered by an influx of big data and advancements in computing power, are positioned to transform major sectors, including healthcare. Global expenditures on healthcare increased to 9.9% of the total GDP in 2017, up from 8.6% in 2000. The United States witnessed the highest expenditure on healthcare, 17% of total GDP, in 2017. The world’s population, aged 60 years and above, is likely to grow by 56% from 2015 to 2030. The healthcare industry is expected to benefit from US$ 45 billion in annual cost savings by 2025.

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Healthcare is one of the largest and most rapidly growing segments of AI, driven predominantly by innovation in clinical research, robotic personal assistants and big data analytics. Healthcare is poised to accelerate investments in AI over the next few years. On an estimate, artificial intelligence in healthcare raised a record US$ 4 billion in 2019, up from nearly US$ 2.7 billion in 2018 with a total of 367 and 264 investment deals respectively.

COVID-19 Impact

To tackle and look forward to emerging diseases, healthcare delivery includes the assistance of new technology such as Artificial Intelligence (AI), Internet of Things ( IoT), Big Data, and machine learning. Some of the major applications of AI during the COVID-19 pandemic include early detection and diagnosis of the infection, treatment monitoring, contact tracing, projection of cases and mortality, development of drugs and vaccines, reducing the workload of healthcare workers, among others. For instance: In China, Alibaba has developed an AI algorithm that can diagnose suspected COVID-19 cases within 20 seconds (almost 45 times faster than the conventional approach) with 96% accuracy.

Artificial Intelligence (AI) in Healthcare Market report is studied thoroughly with numerous aspects that would help stakeholders in making a curated decision.

By Technology, the market is primarily bifurcated into

·         Machine learning

·         Dep learning

·         Intelligent agent

·         Neural networks

Machine Learning dominated the technology segment of Artificial Intelligence (AI) in healthcare market. In 2019, machine learning accounted for almost 39% of the market share and is expected to grow at a CAGR of 41.2% over the forecast period. Machine learning in healthcare has its ability to process huge datasets beyond the limits of human capacity and then efficiently turn the interpretation of that data into clinical insights that help doctors in planning and delivering care, eventually leading to better results at lower care costs.

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By Application, the market is primarily segmented into

·         Robotic surgery

·         Diagnosis

·         Virtual Nursing assistance

·         Administrative workflow assistance

·         Advances analytics and research

In 2019, robotic surgery dominated Artificial Intelligence (AI) in healthcare market with 35% of the market share. Robotic surgery, or robot-assisted surgery, allows doctors to perform several complex procedures with more precision, flexibility, and control than is possible with conventional techniques.

By Offering, the market is primarily fragmented into

·         Hardware

·         Software

·         Services

In 2019, services dominated the artificial intelligence (AI) in healthcare market with 76% of the market share and is expected to remain dominant over the forecast period, as AI services can support healthcare professionals with faster service, early diagnosis, and data analysis to identify required information to save someone from a particular disease.

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Artificial Intelligence (AI) in Healthcare Market Geographical Segmentation Includes:

·         North America

·         Europe

·         Asia-Pacific

·         Rest of  the world

Based on the estimation, North America dominated Artificial Intelligence (AI) in healthcare market with nearly 45% of the market share in 2019. However, Asia-Pacific is expected to grow at the highest CAGR over the analyzed period due to the rising incidence of chronic diseases, a huge population base, limited number of healthcare professionals. Witnessing such factors, the region offers lucrative opportunities for AI healthcare providers to capitalize significantly.

The major players targeting the market includes

·         Medtronic Plc

·         Abbott Laboratories

·         Johnson and Johnson

·         Becton Dickinson

·         Boston Scientific Corporation

·         Koninklijke Philips N.V

·         Roche Holding AG

·         Siemens Healthineers AG

·         Stryker Corporation

·         Oracle Corporation

The competitive landscape has been provided pointing out the position of the key market players in the market along with the market share that is held by major players. These players are constantly working on expanding the market reach through M&A’s along with partnerships.

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Final Report will add the analysis of the impact of COVID-19 on this industry.”

In the highly import dependent Indian medical devices market, a large number of indigenous manufacturers of syringes & needles have managed to come up. However, it does not mean that imports are low for this market. Imports, as in the case with other medical devices, are quite high but the domestic manufacturers have been able to tap foreign markets through increasing exports. The target base of consumers is growing steadily which is expected to significantly boost sales in the market.

The report provides a snapshot of the syringes & needles market. It begins with the introduction section which mentions the features and uses of syringes & needles along with a brief description of the various phases in their development. The market overview section provides an insight into the market and highlights the market size. Import and export figures for syringes & needles, both in terms of volume and value have been provided in the next section. It also includes the regional break-up of the imports and exports.

An analysis of the drivers explains the factors leading to the growth of the market which include increasing need of insulin doses, increasing demand for vaccines, improving health infrastructure, growing incidence of diseases, changing demographics and health check-up packages. Some of the major challenges to the market are illegal recycling of syringes & needles and problems associated with usage. Government legislation in the market has been discussed in the next section.

The competition section highlights the features of the major players operating in the market. A brief profile of the major domestic and foreign players in the market along with their financials has been included in this section.

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A section providing strategic recommendations has been given at the end of the report which gives effective solutions to existing and potential players for improving market share and increasing profitability. The Market report answers the following questions:

What is the aim of the report?

·         The market report presents the estimated market size of Artificial Intelligence (AI) in healthcare market by the end of forecast period. Additionally, the historical and current market size is also examined in the report.

·         Based on various indicators, the Year on Year growth (%) and compound annual growth rate (CAGR) for the given forecast period is offered.

·         An overview of the Market based on geographical scope, market segmentation and financial performance of key players is presented in the report.

·         The report presents current trends in the industry and future scope of the Market in North America, Asia Pacific, Europe, Latin America and Middle East and Africa.

·         The various parameters accelerating the growth of Market are incorporated in the research report.

·         The report analyzes growth rate, market size and valuation of the Market during the forecast period.

What aspects regarding the regional analysis Market are included in this report?

·         Geographical regions covered in the report include North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.

·         The report consists of detailed region-wise analysis of current and future market trends, providing information on product usage and consumption.

·         The growth rate of the market in every region, including their countries over the forecast period is included in the market report.

·         Based on what factors are the key market players assessed in this report?

·         The report offers detailed analysis of leading companies in the market across the globe.

·         It provides details of the major vendors involved in the Market including Key Playes

·         A comprehensive overview of each company including the company profile, generated revenue, pricing of goods and

·         the manufactured products is incorporated in the report.

·         The facts and figures about market competitors along with standpoints of leading market players are presented in the report.

·         The recent developments, mergers and acquisitions related to mentioned key players are provided in the market report.

What is the key information extracted from the report?

·         Extensive information on factors estimated to affect the Market growth and market share during the forecast period is presented in the report.

·         The report offers the present scenario and future growth prospects Market in various geographical regions.

·         The competitive landscape analysis on the market as well as the qualitative and quantitative information is delivered.

·         The SWOT analysis is conducted along with Porter's Five Force analysis.

·         The in-depth analysis provides an insight into the Market, underlining the growth rate and opportunities offered in the business.