Product Code: RP-ID-10086143 |
Published Date: 21 Oct 2022 |
Region: NA |
Category: Healthcare & Pharmaceuticals |
Report ID: 10086143
Market Overview:
Artificial Intelligence in Healthcare Market: World Market Analysis By Component (Hardware, Software, Services), Technology (Natural Language Processing, Machine Learning), End User, By Region, By Country - By End User (Healthcare Providers, Pharmaceutical Organizations, Others), By Region (North America, Europe, APAC, ROW), By Country (U.S, Canada, UK, Germany, China, India) Outlook 2022-2030
" The global healthcare artificial intelligence market is estimated to be worth ~USD 7 billion in 2021, and it is expected to expand at a compound annual growth rate (CAGR) of 45% from 2022 to 2030. Increase the input of health-related digital data among patients and reduce healthcare expenditures Increasing pressure and increasing demand for personalized medicine are some of the key factors driving market revenue growth. The increase in the prevalence of chronic diseases in the aging population is another key factor, which increases the need to understand and diagnose diseases at an early stage. With the help of deep learning technology, you can easily predict diseases based on your historical health data. In addition, content analysis, natural language processing (NLP) tools, and artificial intelligence (AI) can help patients quickly diagnose the patients condition.
In addition, artificial intelligence technology has played a key role in the ongoing COVID-19 pandemic and has had a positive impact on related markets. It is rapidly detecting and diagnosing virus strains and managing the epidemic through personalized information. Artificial intelligence algorithms can be trained through chest CT imaging, exposure history, symptoms, and laboratory test results to quickly diagnose
COVID-19-positive patients.
In the NCBI study in April 2020, it was found that the AI ​​system can detect 17 of 25 COVID-19 positive patients based on normal CT images, while professionals diagnosed all patients as COVID-19 negative. Therefore, diagnosis based on artificial intelligence can be used to accurately detect diseases before obvious symptoms appear.
These systems can be trained to analyze images and patterns to create algorithms to help professionals diagnose diseases accurately and quickly, thereby increasing the adoption of artificial intelligence technology in the healthcare sector. In addition, the ongoing COVID-19 pandemic, coupled with increasing government initiatives, increased mergers and acquisitions, portfolio expansion, and cooperation to promote the deployment of artificial intelligence in healthcare are further accelerating its adoption, thereby boosting market growth .
For example, in August 2020, Digital Diagnostics Inc., formerly known as IDx, acquired 3Derm Systems Inc. The acquisition aims to include 3DermTriage, a dermatology telemedicine function, and prepare its autonomous skin cancer diagnosis system with AI. , 3DermSpot, for FDA approval. Due to this pandemic, artificial intelligence technology is expected to experience a separate growth trajectory, while the market for a few artificial intelligence applications belonging to the healthcare sector is growing strongly. Major players are also expanding their product portfolios to meet the needs of the current pandemic, which is also a factor in the increasing penetration of artificial intelligence in healthcare applications. For example, Qventus installed an artificial intelligence-based patient flow automation system to assist medical institutions in this pandemic situation.
The solution includes dwell time optimization, Med-Surge and ICU capacity building, COVID Scenario Planner and key resource control. In addition, in May 2020, the MIT-IBM Watson Artificial Intelligence Laboratory pioneered artificial intelligence-based technology by funding 10 research projects aimed at solving the health and economic consequences of the COVID pandemic. Through various strategies (including partnerships, product launches, and collaborations) to reach out and launch newer and more innovative solutions to help end users overcome the shortage of radiologists, provide value-based care, and pass early disease detection And diagnosis to combat the COVID-19 pandemic and maintain a competitive advantage in the market. For example, in June 2020, GE Healthcare launched the Thoracic Care Suite to detect chest X-ray abnormalities caused by COVID-19, such as pneumonia and tuberculosis, and to support doctors and the health system to ensure rapid diagnosis. And effective treatment of patients.
In April 2020, Microsoft invested 20 million US dollars to use artificial intelligence technology and data science to assist COVID-19 research, mainly in hospital resources, diagnosis and other key areas.
COMPONENT INSIGHT:
In 2020, the software solution sector will dominate the AI ​​medical market, accounting for the largest revenue share of 42%. The increasing adoption of artificial intelligence software solutions by payers and healthcare providers is one of the key factors driving the development of artificial intelligence software.
In September 2019, GE Healthcare signed a memorandum of understanding on strategic cooperation with five local software development companies in China: 12Sigma Technologies, Shukun Technology, Biomind, Yitu Technology and Yizhun Medical AI to develop applications for their Edison AI platform. These strategic partners are expected to provide highly mature software products to realize GE Healthcare seamless digital transformation. In addition, the penetration of artificial intelligence solutions in multiple healthcare applications is also driving the market.
For example, in teleradiology, the emergence of artificial intelligence technology ignores the lack of on-site radiologists, which has a positive impact on the growth of this market segment. In terms of mergers and acquisitions, new product development cooperation and initial investment, more and more strategic measures are one of the key indicators describing the markets growth potential. Major players in the software field include Microsoft, GE Healthcare, Phillips Healthcare, Biosymetrics and TriNetX, Inc.
APPLICATION INSIGHT:
From the perspective of application, the clinical trial sector is dominant in the field of artificial intelligence in the healthcare market, with the largest revenue share in 2020 at 25%. With the increase in the number of patents expiring, the demand for faster clinical trials has grown rapidly to meet the need to develop new drugs. Although artificial intelligence technology has not yet had a significant impact on clinical trials; however, artificial intelligence-based models can help test design.
Artificial intelligence-based monitoring systems focus on improving research compliance by reducing dropout rates, while artificial intelligence-based technologies are used for patient recruitment. One of the artificial intelligence monitoring systems is Deep 6AI, which is specifically designed to pre-screen more patients for clinical trials within a few minutes, so as to provide people with fast, life-saving treatments. In addition, the average return on investment (ROI) of new drug development dropped from 10.1% in 2010 to 1.9% in 2018. However, the implementation of artificial intelligence technology in clinical trials is expected to increase the return on investment, which will encourage investment in this field.
REGIONAL INSIGHT:
North America dominates the healthcare AI market, with the largest revenue share in 2020 at 60%. The market drivers in the region are increased adoption of artificial intelligence technology, increased licenses, and favorable government associations and initiatives. For example, in December 2019, MedEye announced the signing of a cooperation agreement with Canadian company Synergy Medical (SynMed) to introduce its AI-driven drug verification technology to the long-term care market in North America. In addition, the local presence of major market players, the increase in the elderly population, the rising incidence of health-related diseases, and the increasing awareness of the use of artificial intelligence in healthcare have had a positive impact on the regional market. Pacific, the artificial intelligence market in the healthcare sector is expected to grow rapidly during the forecast period.
This growth can be reflected in the development and innovation of start-up companies established in Asia-Pacific countries. The increase in the number of government initiatives to encourage healthcare providers and other healthcare organizations to adopt artificial intelligence-based technologies and the increased investment of various private companies and non-profit organizations to improve clinical outcomes, achieve better information sharing, and reduce costs are driving artificial intelligence Some main factors of development. The healthcare market in the region during the forecast period.
MAJOR COMPANIES AND MARKET SHARE PROSPECTS:
Service differentiation, increased R&D investment, and cooperation with major industry players are the key strategies adopted by major competitors to gain a competitive advantage in the industry. In addition, the increase in investment by start-ups in artificial intelligence has also driven market growth. For example, the Toronto-based startup Analytics 4 life has raised about $29 million to develop a new medical imaging technology that uses artificial intelligence algorithms for cardiac diagnosis. Some well-known companies in the healthcare artificial intelligence market include: IBM, NVIDIA, Nuance Communications, Inc., Microsoft, Intel, DeepMind Technologies Limited. "
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