Insightful Forecast on Expansion of Global Artificial Intelligence In Healthcare Market During 2017 – 2027

Artificial intelligence can be defined as the use of technology to perform tasks using different algorithms, decision-making capabilities and deliver solutions. Artificial intelligence in healthcare and medicine would induce the tremendous change in the current healthcare system. Artificial intelligence in healthcare would organize the patient data, treatment plans and would strengthen providers and payers by providing them the necessary information.

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Artificial Intelligence in Healthcare Market: Segmentation

Artificial intelligence in healthcare market would provide various applications to the industry, and by different application areas, we can segment the market into the following:

  • Data Management

  • Analytics and Research

  • Clinical Decision Support

  • Patient Health Management

  • Precision Medicine

  • Revenue-Cycle Management

  • Drug Development

Artificial Intelligence in healthcare market can also be segmented by end users which are as follows:

  • Payer

    • Insurance Companies

    • Government

    • Others

  • Provider

    • Hospitals

    • Clinics

It is anticipated that the growth in artificial intelligence in healthcare market would be tremendous over the years due to the introduction of big data into healthcare. By deployment we can segment the artificial intelligence in healthcare market into the following:

  • Cloud-based

  • On-Premise

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Artificial Intelligence in Healthcare Market: Dynamics

Artificial intelligence in the healthcare market is primarily driven by a few key factors such as evidence-based healthcare decisions and clinical outcomes by introducing artificial intelligence in healthcare, analytics based on the vast amount of healthcare data, and improved healthcare setting. In addition to this artificial intelligence in healthcare market also observes significant growth due to its functionality in revenue cycle management for the healthcare environment. Artificial intelligence in healthcare market gains a great drive from applications such as claims management for insurance companies by detecting the number of fraudulent claims. Artificial intelligence in healthcare market will also strengthen the healthcare market by significant cost reductions.

Artificial intelligence in the healthcare market, however, require tools which can analyze unstructured data as most of the healthcare data is in the form of physician notes, and prescription reports which limit access to artificial intelligence in the healthcare market. Artificial intelligence in the healthcare market is also associated with a high cost for deployment and lack of skilled workforce which restraints the artificial intelligence in healthcare market growth over the period.

Artificial Intelligence in Healthcare Market: Region-wise Outlook

Based on geography, the Artificial intelligence in healthcare market can be segmented into five major regions: North America, Europe, Asia-Pacific, Latin America and Middle East & Africa. At present, North America holds a leading position in the Artificial intelligence in healthcare market followed by Europe. The major driving factors which have driven the growth of the Artificial intelligence in the healthcare market in this region is support from the government, and increase the number of operational setups by various companies. Following North America, European countries are also anticipated to show steady growth in the Artificial intelligence in the healthcare market. In the next few years, Asia-Pacific would show remarkable growth in the Artificial intelligence in healthcare market as it is developing at a very rapid pace and has shown the emergence of many regional players.

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Artificial Intelligence in Healthcare Market: Key Players

In the past decade, the artificial intelligence in the healthcare market has witnessed a massive influx of players. Some of the major players operating in the artificial intelligence in healthcare market are IBM Corporation, Oracle Corporation, Microsoft Corporation, iCarbonX, Welltok, Butterfly Network, Apixio, Pathway Genomics, and many others. Artificial Intelligence in Healthcare Market has a presence of many regional players which have a huge market share in emerging countries.

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