Artificial Intelligence (AI) in Healthcare Market: Overview
Artificial intelligence (AI) has the potential to revolutionize any piece of work that can be operated via binary commands and has a finite set of possibilities. The AI concept is currently being harnessed furiously, and the forever flourishing field of healthcare is leveraging it to attain greater goods for the humanity. Artificial intelligence is a combination of software programs with algorithms that can replicate human senses in analyzing medical data, which can often be very complex. Going forward, AI is poised to aid not only in diagnosis procedures but also help in drug development, devising personalized medicine, and monitoring of patients in a relentless manner. A vast number of pioneering technology vendors are currently involved in developing AI algorithms of the healthcare sector and the market for the same is prospering.
According to the findings of this business intelligence study, the demand for artificial intelligence in healthcare sector across the globe will increase at an exuberant CAGR during the forecast period of 2017 to 2025. This report has been developed by healthcare IT professionals and aspires to serve as a credible business tool for targeted audiences such as healthcare software vendors, chipset companies, technology providers, doctors and hospitals, software solution providers, artificial intelligence system providers, and venture capitalist. The report includes comprehensive and figurative assessment of the demand potential of various market segments, analyzes various impacting factors including trends, drivers, and obstructions, and takes stock of the demand that can be expected out of different countries and regions. The report also contains a featured chapter on the competitive landscape.
Artificial Intelligence (AI) in Healthcare Market: Trends and Opportunities
Greater new possibilities with big data, ability of AI to enhance patient care, strong imbalance between the pool of patients and healthcare professionals, and possibilities of reducing medical costs are some of the key factors expected to augment the demand for AI in the healthcare sector. Additionally, growing importance of precision medicine, increasing number of cross-industry collaborations, consistent inflow of venture capital investments, and increasing geriatric population are some of the other factors that are expected to reflect positively over this market. On the other hand, reluctance of medical practitioners in adopting new technologies, strong lack of a preset and universal regulatory guidelines, lack of curated healthcare data, and concerns of data privacy are curtailing the market from attaining higher grounds.
Technology-wise, the artificial intelligence (AI) in healthcare market can be segmented into querying method, deep learning, context aware processing, and natural language processing, whereas application-wise, artificial intelligence (AI) in healthcare marketcan be bifurcated into wearables, virtual assistant, research and drug discovery, in-patient care and hospital management, medical imaging and diagnosis, precision medicine, lifestyle management and monitoring, and patient data and risk analysis.
Artificial Intelligence (AI) in Healthcare Market: Regional Analysis
The developed country of the U.S., which readily adopts new technology and houses a number of pioneering companies, is expected to maintain North America are the region with maximum demand potential, with little but significant demand added by Canada. While the European region is another key region for the vendors of artificial intelligence (AI) in healthcare market, emerging economies of Japan, South Korea, China, and India are expected to provide for decent demand over the course of the aforementioned forecast period.
Artificial Intelligence (AI) in Healthcare Market: Vendor Landscape
IBM Corporation, Welltok, Inc., Intel Corporation, Google, Inc., Next IT Corp., Microsoft Corporation, General Electric Company, Medtronic PLC, and Koninklijke Philips N.V. are some of the notable companies in artificial intelligence (AI) in healthcare market.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.