Global Artificial Intelligence (AI) in Healthcare Market Ecosystem By Components; By Product; Parts & Devices; By Technology; By Application (Predictive Maintenance/Self Diagnostics, Fraud Reduction, Cybersecurity, Network Security, Network Optimization, Virtual Assistance, Inventory Management, Others); By Region and Forecast - 2027

Artificial Intelligence (AI) in Healthcare Market Overview:

The development of Artificial Intelligence (AI) technology is helping the healthcare ecosystem to flourish. It has been witnessing a lot of transformations and growth with new technological breakthroughs in various applications such as diagnosis, advanced medical device, drug discovery, hospital management, etc. Several new research projects are being undertaken by the top technology companies and healthcare professionals. Google, Amazon, Apple, and Microsoft believe that penetrating into healthcare ecosystem can offer tremendous business opportunities. Google has collaborated with doctors in the US and has developed a new innovative algorithm that can identify diabetic retinopathy with high accuracy as checked by certified ophthalmologists. This advanced treatment has also been introduced in developing countries like India in 2019.

Amazon, JPMorgan Chase, and Berkshire Hathaway have created a joint venture and have named the new healthcare venture as “Haven”. The aim of this healthcare venture is to provide better treatment at a lower cost by using advanced technologies such as AI. These are some of the factors that are driving the Artificial Intelligence (AI) in healthcare market ecosystem. According to AllTheResearch estimates the AI in healthcare market size is expected to witness growth of US$ 30.9 Bn by year 2027 growing at a CAGR of 24% during 2018 to 2027.

COVID-19 Impact Analysis & Opportunities in Artificial Intelligence (AI) in Healthcare Market

The outbreak of COVID-19 has bought along a global recession, which has impacted several industries. Along with this impact, COVID Pandemic has also generated few new business opportunities for Artificial Intelligence (AI) in Healthcare Market. The overall competitive landscape and market dynamics of AI in Healthcare has been disrupted due to this pandemic. All these disruptions and impacts has been analyzed quantifiably in this report, which is backed by market trends, events and revenue shift analysis. COVID impact analysis also covers strategic adjustments for Tier 1, 2 and 3 players of AI in Healthcare market.

Ecosystem Snapshot of Artificial Intelligence in Healthcare Market

In this technological era, companies are investing more in AI software and technology and with this, there is a drastic rise in the number of startups that cater to the market. Teckro is one of the startups that has deployed AI in clinical trial application for managing clinical trial processes across geographically dispersed teams. The company has raised more than US$ 41Mn. Blackthorn Therapeutics, a San Francisco-based start-up, is backed by Google and Polaris Partners. The company has developed neurobehavioral therapeutics to provide treatment for anxiety disorders and autism, and it also works on drug discovery and development using advanced data science and neuroinformatics. This enhances the drug discovery process. The company has raised US$ 130 Mn through equity funding in the year 2019. Gauss Surgical, a California-based start-up, has deployed computer vision to monitor blood loss during surgery. The company raised around US$ 20 Mn in the Series C funding in the year 2018. Thus, start-ups are actively contributing to the growth of the AI in healthcare market ecosystem.

Artificial Intelligence in Healthcare Market Ecosystem Segmentation:
 

Components	Technology	Products, Part & Devices	Applications
Processors	Machine Learning	Smartphones & Tablets	Predictive Maintenance/Self Diagnostics
Memory	Deep Learning	Wearables	Fraud Prevention
Storage	NLP	Workstations Systems	Cybersecurity
FPGA	Computer Vision	Medical Devices	Inventory Management
ASIC	Context Awareness	Imaging Systems	Others
Modules	Predictive Analytics	Smart Trackers
Others	Others	Smart Meters
		Others

AI in healthcare market ecosystem was valued at US$ 6.9 billion in 2018. At present, the US is dominating artificial intelligence in the healthcare market owing to technological advancements. Healthcare spending is the highest in the US and most healthcare technology companies belong to the US. In the UK, the National Health Service (NHS) has announced an investment of approx. US$ 300 Mn in 2020, to improve the quality of healthcare services. AI technology is rapidly growing in China. Alibaba has established a strategic partnership with the Chinese government to deploy smart healthcare solutions in every hospital by 2021. As of March 2018, more than 23,000 medical practitioners signed up with Alibaba Health to provide online health services.

The Asia Pacific region is home to more than 50% of the global population. The geriatric population in the region is expected to increase manifolds by 2050. Countries like China and Singapore have started to deploy Artificial Intelligence (AI) in healthcare industry. AI spending in Asia Pacific is expected to increase rapidly in the coming years and the healthcare industry is considered to be one of the major contributors. In the Middle East, UAE is one of the rapidly growing markets for AI in healthcare. The Dubai Health Authority (DHA) has collaborated with private companies to deploy AI in hospitals. AI was tested in four major hospitals - Rashid Hospital, Latifa Hospital, Dubai Hospital, and Hatta Hospital, where more than thousands of patients were treated by using AI. These are some of the factors that are driving the overall AI in healthcare market ecosystem.

There are many trends that are having an impact on the market forecast. These, when evaluated from a company’s perspective, can drive growth. Our numerous consulting projects have generated sizeable synergies across all regions and all sizes of companies.

The major players operating in the Global AI in Healthcare Market Ecosystem are as follows:

Company	Ecosystem Positioning	Total Revenue (US$)	Region
Google LLC.	Solution & Service Provider	$136.22 Billion	Global
Intel Corporation	Component Manufacturers	$70.8 Billion	Global
Koninklijke Philips N.V.	Device Manufacturers	$20.08 Billion	Global
General Electric Company	Device Manufacturers	$121.6 Billion	Global
IBM Corporation	Solution & Service Provider	$79 Billion	Global

Very few markets have interconnectivity with other markets like AI. Our Interconnectivity module focuses on the key nodes of heterogeneous markets in detail. Processor, Imaging systems, and Inventory Management are some of our key researched markets.

Artificial Intelligence in Healthcare Market Major Interconnectivity

A Glance on AI in Healthcare Market Ecosystem Trends:
 

Trends	Products	Technology	Impact on Market
Computer vision is used to track blood loss during surgery. It also helps doctors in deciding whether blood transfusion is required or not		Computer Vision	0.66%
The use of artificial intelligence-powered wearable pregnancy monitoring and management platforms is increasing, in order to detect signals including maternal heart rate, fetal heart rate, uterine activity, and others	Medical Device		0.34%
Deep learning is used to improve the detection of and treatment time for stroke, in order to identify patients that need thrombectomy. Patient information is interpreted through data obtained from medical images such as CT scan, thus enabling doctors to make faster decisions while diagnosing brain trauma, stroke, and other serious conditions		Deep Learning	0.57%

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