The global artificial intelligence in healthcare market is anticipated to value USD 31.3 billion by 2025. It is anticipated to register a 41.5% CAGR over the forecasted period, 2019 to 2025. The increasing need to curb healthcare costs, rising prevalence of precision medicines, and the importance of big data across the healthcare sector are projected to propel the growth of the market.
In 2018, the software segment held the largest share across the global market owing to the rising deployment of AI-based software solutions to enhance the clinical procedures. On the other hand, the hardware component segment is anticipated to gain a substantial CAGR of 40.0% in the upcoming years due to the surging demand for hardware which provides more computing power for the efficient operation of AI-based software.
The segment of the clinical trial held a dominant share in the global market in 2019 on account of the need for reducing financial loss caused by unsuccessful trials and delays in drug launches. The robot-assisted surgery application segment is projected to witness significant growth from 2019 to 2025 due to their features like gathering and integration of information from real surgical experiences.
The North America accounted for the highest share in the global AI in healthcare market in 2018 due to the rising adoption of IT solutions across the healthcare sector. On the other hand, the Asia Pacific is projected to register the fastest growth over the forecasted years, 2019 to 2025 owing to the rising healthcare IT infrastructure and surging number of AI-based startups across countries like China, Japan, and India.
The market for artificial intelligence in healthcare across the globe includes major players such as Intel Corporation, IBM Corporation, Nuance Communications Inc., Microsoft, and DeepMind Technologies Limited. Rapid technological advances, product development, and innovation are undertaken by these players for clinical trials on medicines.X
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Further key findings from the report suggest:
• In 2018, the software segment held the largest share across the global market.
• The robot-assisted surgery application segment is projected to witness significant growth from 2019 to 2025.
• North America accounted for the highest share across the global artificial intelligence in healthcare market in 2018.
• The key players operating in this market are Intel Corporation, IBM Corporation, Nuance Communications Inc., Microsoft, and Deep Mind Technologies Limited.
Million Insights has segmented the global artificial intelligence in healthcare market on the basis of component, application, and region:
Artificial Intelligence in Healthcare Component Outlook (Revenue, USD Million, 2014 - 2025)
• Software Solutions
Artificial Intelligence in Healthcare Application Outlook (Revenue, USD Million, 2014 - 2025)
• Robot Assisted Surgery
• Virtual Assistants
• Administrative Workflow Assistants
• Connected Machines
• Fraud Detection
• Dosage Error Reduction
Artificial Intelligence in Healthcare Regional Outlook (Revenue, USD Million, 2014 - 2025)
• North America
• Asia Pacific
• South Korea
• Latin America
• Middle East & Africa
• South Africa
• Saudi Arabia