Major AI in healthcare market players include AiCure, APIXIO, Atomwise, Butterfly Network, Cyrcadia Health, Enlitic, IBM, iCarbonX, Insilico Medicine, Johnson and Johnson, Modernizing Medicine, OmeCare, Welltok, and NVIDIA.
The global artificial intelligence in healthcare market size is projected to expand at substantial CAGR during the forecast period as the AI technology has immensely helped in improving various aspects of healthcare like patient care and other important management processes in the hospitals.
AI has played an active role in providing early diagnosis and commits little-to-no errors while providing the same. It has helped healthcare professionals in taking sound decisions about the right mode of treatment and medication to prescribe. Big data analytics have been put in place as well which will help the staff in handling millions of important paperwork and help keep a track of the same.
Some of the trends that will encourage the growth of the industry are mentioned below:
Increasing geriatric population in US will boost demand for healthcare AI:
The percentage of geriatric population in North America is increasing every year. This has led to increase in demand for advanced healthcare facilities in the region. There are constant innovations being done in the regional AI in healthcare market. They include providing improved and personalized patient care and early diagnosis of serious illnesses.
AI has positively impacted the healthcare infrastructure in the U.S. with the introduction of digitization, AI/ML frameworks and cloud computing platforms. It has significantly contributed towards patient care as well because it helps in the appropriate recovery of patients. It has helped fill important gaps in the various fields in healthcare.
Scope of machine learning in North America AI in healthcare market:
Machine learning is predicted to gain momentum through 2027 in the North America market, according to industry experts. This is because it has a wide range of applications in healthcare. It is extensively used in precision medicine and even prescribes customized treatment alternatives for a patient.
For example, Mayo Clinic, in January 2017, announced a collaboration with Tempus to create personalized care for cancer patients with the help of this technology. This partnership aims to study the different forms of cancer like lung, breast and bladder and provide solutions accordingly.
Application of medical imaging and diagnosis in North America:
North America AI in healthcare market in is divided into drug discovery, medical imaging and diagnosis, therapy planning, hospital workflow, wearables and many other segments based on application. Out of these, the medical imaging and diagnosis segment will reportedly grow at a CAGR of 46% in the coming years. The reason for this is being credited to the many benefits AI has in this segment. Some of these are easier identification of complex patterns in imaging data and ability to provide quantitative results of radiographic features.
According to an article published in the National Center for Biotechnology Information (NCBI), AI has successfully and significantly contributed towards various fields like thoracic imaging, colonoscopy, radiation oncology, mammography and many others.
Potential of China in expanding market:
AI in healthcare market in China was valued at $70 million in 2020. This figure is expected to go even higher in the years to come as the country is known for integrating AI with traditional industries. It is one of the few developing countries that is investing heavily in advanced technologies and has the most AI hubs as well. The country is going through a phase of national digitization in its healthcare industry.
AI in this industry is used in several fields like drug development, online consultations, health management and many others. In 2018 alone, China’s investments in healthcare AI touched $1 billion and it had already signed over 66 deals in this regard.
There are several policies introduced by the Chinese government as well that will benefit the market. For example, the Beijing Kunlun Medical Cloud Technology Co. Ltd received the approval from the National Medical Products Administration (NMPA) for DeepVessel FFR. This is a computer tomography technology developed with the help of AI and is non-invasive in nature.
Need for big data in healthcare AI applications in Asia Pacific:
The expenditure done on healthcare industry in Asia Pacific is rising exponentially every year. This has led to growing need to have advanced technologies like big data; this will help in reducing the overall expenditure done on additional equipment and manpower as well. Japanese researchers are using AI to analyze millions of data files in healthcare. This has resulted in developing technology for combating the spread of around 20 diseases.
Japan will reportedly spend over $100 million by the year 2022 to increase the size of the healthcare workforce and to reduce medical expenditure as well. Big data helps to analyze healthcare data which ultimately leads to providing accurate diagnosis and medication as per the medical needs of a patient.
Germany will highly contribute towards development of healthcare AI:
AI in healthcare market in Germany was valued at $118 million in the year 2020. This valuation is estimated to go even higher in the future as well. There are several major reasons for this positive development like increased research and development activities in the country. There are some favorable government initiatives to encourage the merge of AI with medicine.
Funding for health technology to help Europe industry:
There is a positive funding scenario being reported in the healthcare industry. This is because of the incredible rise in the number of start-up ventures and venture capitalists in the region. More and more investors are now becoming aware of the importance of AI in the future and its related advantages for the healthcare sector.
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