Healthcare Artificial Intelligence Market By Offering (Hardware, Software, and Services), By Technology (Deep Learning, Natural Language Programming, Context Aware Processing and Others), By Application (Robot Assisted Surgery, Virtual Nursing Assistance, Dosage Error Reduction, In-Patient Care, Hospital Management, Clinical Trial Participant, Medical Imaging, and Others), and By Region - Global Opportunity Analysis and Industry Forecast, 2020 – 2030

Healthcare Artificial Intelligence Market size was valued at 6868.355 billion USD in 2020 and is expected to reach 228947.7 billion USD by 2030 growing with a CAGR of 42% during the forecast period.Artificial intelligence technology is the simulation of human intelligence in machines that are programmed to think and mimic their actions. Healthcare industry is rapidly growing owing to technological advancement such as introduction of artificial intelligence which includes improved workflow of healthcare service providers such as clinical decision support, hospitals for quality management, clinical diagnosis of patients, dosage error reduction, and among others. Furthermore, Artificial intelligence coupled with machine learning is supporting physician to make quick clinical decisions majorly in presence of huge availability of patient data and critical conditions which is positively impacting on market growth. For instance, in radiology it helps in automatic protocol selection, asset utilization, automatic scheduling of pre and post imaging checkups.

Market Segmentation:

Healthcare artificial intelligence market is segmented on the basis of offering, technology, application and region. Based on offering, the market is segmented into software, hardware, and services. Based on technology market is segmented into deep learning, natural language programming, context aware processing and among others. Based on application it is classified into robot assisted surgery, virtual nursing assistance, dosage error reduction, In-patient care, Hospital management clinical trial participant, medical imaging, and among others. Based on region, the healthcare artificial intelligence market is segmented into North America, Europe, Asia Pacific, and RoW.

Market Dynamics and Factors:

Technological advancement such as introduction of artificial intelligence in pharmacy sector for reduction of dosage error and implementation in medical devices for quick formation of reports and minimal invasive features are positively impacting on healthcare artificial intelligence market growth in near future. Moreover, increasing availability of healthcare data and rapid development in the health care industry such as big data analytics methods, machine learning methods for structured data as well as natural programming language for unstructured data are emerging technologies that positively impact on the healthcare artificial intelligence market growth. Major diseases areas that are adopting artificial technology tools include cancer, neurology, cardiology, and among others. Furthermore, image acquisition embedded with artificial technology is favoring to be potential opportunity for market growth during the forecast period. However, lack of awareness of these devices and low technology penetration, is anticipated to hinder the healthcare artificial intelligence market growth in upcoming years. The major challenges faced by the healthcare artificial intelligence market are security, maintenance of data, and cost effectiveness.

Geographic Analysis:

Geographically, healthcare artificial intelligence market is segmented into North America, Europe, Asia Pacific, and RoW. North America is estimated to dominate the market due to increased healthcare awareness, supportive technology development and infrastructure. Furthermore, Developing infrastructure development and economic growth in China, Japan, and India are setting up new standards for healthcare artificial intelligence market growth in Asia Pacific.

Competitive Scenario:

Some of the key players of healthcare artificial intelligence industry are IBM, Google, MICROSOFT, Siemens healthcare, GE Healthcare, Medtronic, Precision HEALTH AI, Life graph, Modernizing medicine, and Cyrciadia healthcare Inc.

Healthcare Artificial Intelligence Market Report Scope