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Global Artificial Intelligence Market

Global Artificial Intelligence Market in Healthcare Sector: Analysis & Forecasts, 2017-2025 (Focus on Real-Time Monitoring, Precision Medicine, Personal Health & Nursing Assistants, and Robot-Assisted Surgery)

The artificial intelligence market in healthcare sector is estimated to reach $XX million by 2025 at a CAGR of XX% through the forecast period. This growth in the artificial intelligence market in healthcare sector is attributed to the increasing need for driving huge amount of complex data which can be achieved with the usage of artificial intelligence.

SKU: DT007A
Published Year: 2017
 
 

Artificial intelligence continues to propel the healthcare industry with increasing revenue at a global level. The rapid pace at which the scientific innovations are taking place, the spanning of artificial intelligence into various healthcare verticals and the fact that the efficiency of systems can be improved using artificial intelligence led to the global emergence of artificial intelligence market in healthcare sector. The global Artificial Intelligence market in healthcare sector is estimated to witness a growth at a CAGR of XX% over the period 2017 to 2025. This growth is expected due to increasing need for driving huge amount of complex data which can be achieved with the usage of artificial intelligence. 

The North American industry was an early adopter of artificial intelligence technologies which has now made it a hub for the companies providing artificial intelligence solutions for the healthcare market. With the presence of all the major companies in the artificial intelligence market, this region acquires the major market share and is currently dominating global artificial intelligence in the healthcare market. The region also offers companies potential growth opportunities because of the increased adoption of artificial intelligence technologies across various verticals of the healthcare industry. 

The most often used strategy for developing a better hold on to the market has been through partnerships & collaborations, followed by new product launches. Moreover, the company profile section includes highlights of significant information about the key companies involved along with their financial positions, key strategies, and developmental activities of recent years. Some of the key players involved in this market are iCarbonX.com, GE Healthcare, Medtronic PLC, Enlitic Inc., Alphabet Inc., NVIDIA Corporation, Next IT Healthcare, Johnson & Johnson Services Inc., Microsoft Corporation, Koninklijke Philips N.V., International Business Machines Corporation, Intel Corporation, Siemens Healthcare GmbH, Flatiron Health Inc., and Welltok Inc.

The report is a compilation of different applications of Global Artificial Intelligence Market in Healthcare Sector including real-time monitoring, precision medicine, personal health & nursing assistants, drug development & discovery, robot-assisted surgery, administrative workflow assistance, clinical trials, and diagnostic & clinical decision support. It further takes in market dynamics. The report also discusses in detail about the key participants involved in the industry.

The report answers the following questions about the Global Artificial Intelligence Market in Healthcare Sector:

•    What is the size, in terms of value ($million), of artificial intelligence market in healthcare sector in 2016, and growth rate during the forecast period, 2017-2025?
•    What are the major market drivers, challenges and opportunities in the global artificial intelligence market in healthcare sector?
•     What is the market share of the leading applications of the global artificial intelligence market in healthcare sector in 2016 and 2025?
•    How will each application of the global artificial intelligence market in healthcare sector grow during the forecast period and what will be the revenue generated by each of the application by the end of 2025?
•     How will the industry evolve during the forecast period between 2016 and 2025?
•    Which geographical location will dominate the artificial intelligence market in healthcare sector?
•    What are the new strategies adopted by the existing market players to make a mark in the industry?
•    Who are the key players in the artificial intelligence market in healthcare sector?

TABLE OF CONTENT
Executive Summary
1 Report Scope & Methodology
1.1 Scope of the Report
1.2 Artificial Intelligence Market in Healthcare Sector Research Methodology
2 Market Dynamics
2.1 Market Drivers
2.1.1 Huge Volumes of Data Present is Supporting the Adoption of Artificial Intelligence
2.1.2 Rising Healthcare Costs
2.1.3 Diversified Application Areas
2.2 Market Opportunities
2.2.1 Advancement in Hardware Technologies
2.2.2 Human Aware Artificial Intelligence
2.3 Market Restraints
2.3.1 Governmental Regulations
2.3.2 Lack of Skilled Workforce
3 Competitive Insights
3.1 Key Strategies and Developments
3.1.1 Partnerships and Collaborations
3.1.2 New Product Launches
3.1.3 Mergers and Acquisitions
3.1.4 Business Expansion and Certification
3.1.5 Other Developments
3.1.6 Funding
3.2 R&D Analysis
3.3 Leading Players Analysis
3.4 Existing Products in the Market
4 Global Artificial Intelligence Market in Healthcare Sector Breakdown by Application
4.1 Assumptions and Limitations
4.2 Market Overview
4.3 Precision Medicine
4.4 Robot-Assisted Surgery
4.5 Personal Health and Nursing Assistants
4.6 Drug Discovery and Development
4.7 Administrative Workflow Assistance
4.8 Diagnostic and Clinical Decision Support
4.9 Clinical Trial
4.10 Real-Time Monitoring
5 Global Artificial Intelligence Market in Healthcare Sector Breakdown by Application
5.1 Market Overview
5.2 North America Market by Country
5.2.1 U.S.
5.2.2 Canada
5.2.3 Others
5.3 Europe Market by Country
5.3.1 U.K.
5.3.2 Germany
5.3.3 France
5.3.4 Others
5.4 Asia Pacific Market by Country
5.4.1 Japan
5.4.2 India
5.4.3 China
5.4.4 South Korea
5.4.5 Others
5.5 Rest of the World (ROW) Market by Country
5.5.1 Middle East & Africa
5.5.2 Latin America
6 Company Profiles
6.1 Alphabet Inc.
6.1.1 Company Overview
6.1.2 Product Portfolio
6.1.3 Financials
6.1.3.1 Financial Summary
6.1.4 SWOT Analysis
6.2 Enlitic, Inc.
6.2.1 Company Overview
6.2.2 Product Portfolio
6.2.2.1 Corporate Summary
6.2.3 SWOT Analysis
6.3 Flatiron Health, Inc.
6.3.1 Company Overview
6.3.2 Product Portfolio
6.3.2.1 Corporate Summary
6.3.3 SWOT Analysis
6.4 GE Healthcare
6.4.1 Company Overview
6.4.2 Product Portfolio
6.4.3 Financials
6.4.3.1 Financial Summary
6.4.4 SWOT Analysis
6.5 IBM Corporation
6.5.1 Company Overview
6.5.2 Product Portfolio
6.5.3 Financials
6.5.3.1 Financial Summary
6.5.4 SWOT Analysis
6.6 iCarbonX.com
6.6.1 Company Overview
6.6.2 Product Portfolio
6.6.2.1 Corporate Summary
6.6.3 SWOT Analysis
6.7 Intel Corporation
6.7.1 Company Overview
6.7.2 Product Portfolio
6.7.3 Financials
6.7.3.1 Financial Summary
6.7.4 SWOT Analysis
6.8 Johnson & Johnson Services, Inc.
6.8.1 Company Overview
6.8.2 Product Portfolio
6.8.3 Financials
6.8.3.1 Financial Summary
6.8.4 SWOT Analysis
6.9 Koninklijke Philips N.V.
6.9.1 Company Overview
6.9.2 Product Portfolio
6.9.2.1 Financials
6.9.2.2 Financial Summary
6.9.3 SWOT Analysis
6.10 Medtronic PLC
6.10.1 Company Overview
6.10.2 Product Portfolio
6.10.3 Financials
6.10.3.1 Financial Summary
6.10.4 SWOT Analysis
6.11 Microsoft Corporation
6.11.1 Company Overview
6.11.2 Product Portfolio
6.11.3 Financials
6.11.3.1 Financial Summary
6.11.4 SWOT Analysis
6.12 Next IT Healthcare
6.12.1 Company Overview
6.12.2 Product Portfolio
6.12.2.1 Corporate Summary
6.12.3 SWOT Analysis
6.13 NVIDIA Corporation
6.13.1 Company Overview
6.13.2 Product Portfolio
6.13.3 Financials
6.13.3.1 Financial Summary
6.13.4 SWOT Analysis
6.14 Siemens Healthcare GmbH
6.14.1 Company Overview
6.14.2 Product Portfolio
6.14.2.1 Corporate Summary
6.14.3 SWOT Analysis
6.15 Welltok, Inc.
6.15.1 Company Overview
6.15.2 Product Portfolio
6.15.2.1 Corporate Summary
6.15.3 SWOT Analysis
List of Tables
Table 3.1 Partnerships and Collaborations
Table 3.2 New Product Launches
Table 3.3 Key Mergers and Acquisitions
Table 3.4 Key Business Expansion
Table 3.5 Other Developments
Table 3.6 Funding Received by Companies
Table 3.7 Products in the Market
Table 4.1 Global Artificial Intelligence Market in Healthcare Sector Breakdown by Application, 2016 - 2025
Table 5.1 Global Artificial Intelligence Market in Healthcare Sector by Region, 2016 – 2025
Table 5.2 North America Artificial Intelligence Market in Healthcare Sector Breakdown by Country,(2016 -2025)
Table 5.3 U.S. Healthcare Spending
Table 5.4 Europe Artificial Intelligence Market in Healthcare Sector Breakdown by Country, (2016 - 2025)
Table 5.5 Funding of Startups
Table 5.6 Startups in France
Table 5.7 Asia Pacific Artificial Intelligence Market in Healthcare Sector: Breakdown by Country, $ Million (2016 - 2025)
Table 5.8 Key Developments
Table 5.9 Healthcare Statistics in India
Table 5.10 Startups in India
Table 5.11 Healthcare Statistics in China
Table 5.12 Key Developments in China
Table 5.13 ROW Artificial Intelligence Market in Healthcare Sector, Breakdown by Country, (2016 - 2025)
Table 5.14  Key Developments in Middle East & Africa
List of Figures
Figure 1 Artificial Intelligence in Healthcare Sector
Figure 2 Global Artificial Intelligence Market in Healthcare Sector
Figure 3 Global Artificial Intelligence Market in Healthcare Sector, by Application
Figure 4 Global Artificial Intelligence Market in Healthcare Sector, by Region
Figure 1.1 Scope of the Report
Figure 1.2 Report Design
Figure 1.3 Secondary Data Sources
Figure 1.4 Top Down and Bottom up Approach
Figure 1.5 Artificial Intelligence Market in Healthcare Sector: Market Influencing Factors
Figure 1.6 Assumptions and Limitations
Figure 2.1 Market Dynamics
Figure 2.2 Rapidly Increasing Amount of Data (in Zettabyte)
Figure 2.3 Increase in Healthcare Costs: Key Factors
Figure 2.4 Artificial Intelligence Curbs Healthcare Costs
Figure 2.5 Increase in GPU Speed w.r.t. Number of Neurons
Figure 3.1 Key Strategies and Developments
Figure 3.2 Research and Development Expenditure, $ Billion
Figure 3.3 Analysis of Leading Players
Figure 4.1 Global Artificial Intelligence Market in Healthcare Sector by Application ($Million)
Figure 4.2 Global Artificial Intelligence Market in Precision Medicine ($Million)
Figure 4.3 Artificial Intelligence in Precision Medicine
Figure 4.4 Global Artificial Intelligence Market in Robot-Assisted Surgery ($Million)
Figure 4.5 Artificial Intelligence in Surgery
Figure 4.6 Global Artificial Intelligence Market in Personal Health and Nursing Assistants ($Million)
Figure 4.7 Management of Patients through Molly
Figure 4.8 Global Artificial Intelligence Market in Drug Discovery and Development ($Million)
Figure 4.9 Use of Artificial Intelligence in Drug Discovery
Figure 4.10 Global Artificial Intelligence Market in Administrative Workflow Assistance ($Million)
Figure 4.11 Global Artificial Intelligence Market in Diagnostic and Clinical Decision Support ($Million)
Figure 4.12 Global Artificial Intelligence Market in Clinical Trial ($Million)
Figure 4.13 Global Artificial Intelligence Market in Real-Time Monitoring ($Million)
Figure 5.1 Global Artificial Intelligence Market in Healthcare Sector Breakdown by Region
Figure 5.2 Global Artificial Intelligence Market in Healthcare Sector by Region ($Million)
Figure 5.3 North America Artificial Intelligence Market in Healthcare Sector by Country
Figure 5.4 Europe Artificial Intelligence Market in Healthcare Sector by Country
Figure 5.5 Asia Pacific Artificial Intelligence Market in Healthcare Sector by Country
Figure 5.6 ROW Artificial Intelligence Market in Healthcare Sector by Country
Figure 6.1 Overall Financials, 2014-16 ($Billion)
Figure 6.2 Geographic Revenue Mix, 2014-16 ($Billion)
Figure 6.3 Segment Revenue Mix, 2014-16 ($Billion)
Figure 6.4 Alphabet Inc.: SWOT Analysis
Figure 6.5 Enlitic, Inc.: SWOT Analysis
Figure 6.6 Flatiron Health, Inc.: SWOT Analysis
Figure 6.7 Overall Financials, 2014-16 ($Billion)
Figure 6.8 Geographic Revenue Mix, 2014-16 ($Billion)
Figure 6.9 Segment Revenue Mix, 2016 ($Billion)
Figure 6.10 GE Healthcare: SWOT Analysis
Figure 6.11 Overall Financials, 2014-16 ($Billion)
Figure 6.12 Geographic Revenue Mix, 2014-16 ($Billion)
Figure 6.13 Segment Revenue Mix, 2015-16 ($Billion)
Figure 6.14 IBM Corporation: SWOT Analysis
Figure 6.15 iCarbonX.com: SWOT Analysis
Figure 6.16 Overall Financials, 2014-16 ($Billion)
Figure 6.17 Geographic Revenue Mix, 2014-16 ($Billion)
Figure 6.18 Segment Revenue Mix, 2016 ($Billion)
Figure 6.19 Intel Corporation: SWOT Analysis
Figure 6.20 Overall Financials, 2014-16 ($Billion)
Figure 6.21 Geographic Revenue Mix, 2014-16 ($Billion)
Figure 6.22 Segment Revenue Mix, 2014-16 ($Billion)
Figure 6.23 Johnson & Johnson Services, Inc.: SWOT Analysis
Figure 6.24 Overall Financials, 2014-16 ($Billion)
Figure 6.25 Geographic Revenue Mix, 2014-16 ($Billion)
Figure 6.26 Segment Revenue Mix, 2014-16 ($Billion)
Figure 6.27 Koninklijke Philips N.V.: SWOT Analysis
Figure 6.28 Overall Financials, 2015-17 ($Billion)
Figure 6.29 Geographic Revenue Mix, 2015-17 ($Billion)
Figure 6.30 Segment Revenue Mix, 2015-17 ($Billion)
Figure 6.31 Medtronic PLC: SWOT Analysis
Figure 6.32 Overall Financials, 2014-16 ($Billion)
Figure 6.33 Geographic Revenue Mix, 2014-16 ($Billion)
Figure 6.34 Segment Revenue Mix, 2014-16 ($Billion)
Figure 6.35 Microsoft Corporation: SWOT Analysis
Figure 6.36 Next IT Healthcare: SWOT Analysis
Figure 6.37 Overall Financials, 2014-16 ($Billion)
Figure 6.38 Geographic Revenue Mix, 2014-16 ($Billion)
Figure 6.39 Segment Revenue Mix, 2014-16 ($Billion)
Figure 6.40 NVIDIA Corporation: SWOT Analysis
Figure 6.41 Siemens Healthcare GmbH: SWOT Analysis
Figure 6.42 Welltok, Inc.: SWOT Analysis

The rapid pace at which the scientific innovations are taking place, the spanning of artificial intelligence into various healthcare verticals and the fact that the efficiency of systems can be improved using artificial intelligence can be ascribed as the prime reasons for the enhancing growth rate of the global artificial intelligence market in healthcare sector. In terms of value, the artificial intelligence market in healthcare sector is estimated to reach $XX million by 2025 at a CAGR of XX% through the forecast period. This growth in the artificial intelligence market in healthcare sector is attributed to the increasing need for driving huge amount of complex data which can be achieved with the usage of artificial intelligence. However, governmental regulations, lack of skilled workforce and high upfront investment are acting as restraints for the growth of artificial intelligence market in healthcare sector. 

FIGURE 1    

GLOBAL ARTIFICIAL INTELLIGENCE MARKET IN HEALTHCARE SECTOR

Global Artificial Intelligence Market

Source: Secondary research, expert interviews, and BIS Research Analysis

The artificial intelligence market in healthcare sector has been tracked along the lines of its application areas, and geography. Revenue generated from various application areas, namely real-time monitoring, precision medicine, personal health & nursing assistants, drug development & discovery, robot-assisted surgery, administrative workflow assistance, clinical trials, and diagnostic & clinical decision support have been analyzed. The report also covers the artificial intelligence market in healthcare sector on a global scale, and consequently provides revenue data of the key regions. A separate segment has been made for the key global regions: North America, Europe, Asia Pacific (APAC), and Rest of the World (ROW).

Artificial intelligence in the healthcare sector has maximum usage in the personal health & nursing assistant application. The adoption of personal health and nursing assistants has witnessed a robust growth, over the recent years. Presently, people are more focused on spending their time in something productive rather than wasting it in the hospitals waiting for their turn. Personal health and nursing assistants support the patients by analysing their historical medical reports and present conditions.

Babylon is the perfect example of a personal health and nursing assistant application. Babylon is an application for android and iOS users, which is based on common medical knowledge and personal medical history. The app checks the symptoms reported by the user against a database of diseases with the help of speech recognition. The app suggests an appropriate action after analyzing the circumstances and the patient’s history. Moreover, the app follows up with the patients about their health and also notifies them for the medication. This will help the patients to decrease their waiting time at the hospitals and increase the efficiency of diagnostic process. 

The market is dominated by North America region and Asia Pacific is expected to grow with the highest rate in the coming years. In North America, the U.S. acquires the major market share and is currently dominating the market. The healthcare industry in the U.S. is driven by the presence of several key players and the high investments. In 2016, the U.S. government invested $1 billion in funding towards artificial intelligence research. The U.S. government has also been the single largest purchaser of healthcare services in the U.S. In 2015, the U.S. government launched the Precision Medicine Initiative with the aim of collecting genetic data from people. Asia Pacific has been the fastest growing region in terms of developments and innovations due to presence of the leading companies such as IBM, Microsoft, Apple, Google, Siemens and GE Healthcare, among others. Japan has always been one of the leading regions when it comes to the technological developments because of its refined communications infrastructure. 

Some of the key players in the industry are iCarbonX.com, GE Healthcare, Medtronic PLC, Enlitic Inc., Alphabet Inc., NVIDIA Corporation, Next IT Healthcare, Johnson & Johnson Services Inc., Microsoft Corporation, Koninklijke Philips N.V., International Business Machines Corporation, Intel Corporation, Siemens Healthcare GmbH, Flatiron Health Inc., and Welltok Inc. 

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