Market Overview:
The global artificial intelligence in medicine market is expected to grow at a CAGR of 27.5% during the forecast period from 2018 to 2030. The growth of this market can be attributed to the increasing demand for AI-based solutions in the healthcare sector, rising focus on precision medicine, and growing investments in AI by healthcare providers and pharmaceutical companies. On the basis of type, the global artificial intelligence in medicine market can be segmented into on-premise and cloud-based solutions. The cloud-based segment is expected to grow at a higher CAGR than the on-premise segment during the forecast period. This can be attributed to factors such as lower costs associated with deployment and maintenance of cloud-based solutions as compared to on-premise solutions, ease of scalability, and rising demand for real-time analytics. On the basis of application,the global artificial intelligence in medicine market can be divided into patient care, research and drug invention, disease diagnosis and identification,,and others (including medical imaging analysis,,telemedicine,,and health insurance).
Product Definition:
Artificial intelligence in medicine is the application of artificial intelligence techniques to problems in health care and medicine. It has been used to aid diagnosis, plan treatments, and manage patient care.
On-premise:
On-premise is a term used for software and data that are stored on the end user's system. For instance, in the case of medical imaging, it could be radiology images or MRI scans that are stored on an end user's server. In contrast, cloud computing involves storing information remotely using various storage systems such as local area networks (LAN) or wide area networks (WAN).
Cloud-based:
Cloud-based AI in the field of medicine is a new emerging trend that has been gaining momentum over the past few years. The major driving factors responsible for this shift are increasing demand for Artificial Intelligence (AI) technology, rising penetration of internet and mobile devices along with growing data volumes. Furthermore, cost benefits associated with cloud-based AI solutions such as on-demand machine learning services coupled with pay per use or subscription based model is further expected to fuel market growth during the forecast period.
Application Insights:
Based on application, the market is segmented into patient care, research and drug invention, disease diagnosis and identification, and others. The research and drug invention segment dominated the market in 2017 owing to increasing investments by companies for developing drugs using artificial intelligence. For instance, in January 2018 Medtronic launched a new pacemaker device that uses AI for diagnosing certain types of heart arrhythmia which required long QT syndrome diagnosis.
The disease diagnosis & identification segment is expected to grow at a lucrative rate over the forecast period due to increased adoption of AI tools such as text-based chatbots for online consultation services provided by medical professionals. Furthermore, this technology can also be used within EHRs (Electronic Health Records) through add-ons or applications enabling physicians to perform various clinical tasks more efficiently thereby reducing healthcare expenditure without compromising quality of care.
Regional Analysis:
North America dominated the global market in 2017. This can be attributed to the presence of a large number of players, increased funding for AI-based research, and high adoption rate of new technologies in this region. Moreover, growing focus on quality healthcare services by government agencies is expected to drive demand for AIMD solutions over the forecast period.
Asia Pacific is anticipated to witness significant growth during the forecast period owing to increasing investments by governments and private companies in order to improve healthcare services delivery at lower costs as well as higher patient satisfaction rates. In addition, rising prevalence of chronic diseases such as diabetes and cancer among patients coupled with increasing geriatric population is expected boost demand for artificial intelligence applications across various disease diagnosis & treatment processes within hospitals throughout Asia Pacific region over the next eight years (2018 - 2030).
Growth Factors:
- Increasing demand for AI-enabled healthcare services
- Rising prevalence of chronic diseases and aging population
- Growing number of AI startups in the healthcare sector
- Proliferation of big data and analytics in the medical industry
- Advancements in machine learning and artificial intelligence technologies
Scope Of The Report
Report Attributes
Report Details
Report Title
Artificial Intelligence in Medicine Market Research Report
By Type
On-premise, Cloud-based
By Application
Patient Care, Research and Drug Invention, Disease Diagnosis and Identification, Others
By Companies
IBM, Atomwise, Zebra Medical Vision, Cyrcadia Health, AiCure, Modernizing Medicine, Berg Health, Esko Bionics, Medasense Biometrics, Hindsait
Regions Covered
North America, Europe, APAC, Latin America, MEA
Base Year
2021
Historical Year
2019 to 2020 (Data from 2010 can be provided as per availability)
Forecast Year
2030
Number of Pages
141
Number of Tables & Figures
99
Customization Available
Yes, the report can be customized as per your need.
Global Artificial Intelligence in Medicine Market Report Segments:
The global Artificial Intelligence in Medicine market is segmented on the basis of:
Types
On-premise, Cloud-based
The product segment provides information about the market share of each product and the respective CAGR during the forecast period. It lays out information about the product pricing parameters, trends, and profits that provides in-depth insights of the market. Furthermore, it discusses latest product developments & innovation in the market.
Applications
Patient Care, Research and Drug Invention, Disease Diagnosis and Identification, Others
The application segment fragments various applications of the product and provides information on the market share and growth rate of each application segment. It discusses the potential future applications of the products and driving and restraining factors of each application segment.
Some of the companies that are profiled in this report are:
- IBM
- Atomwise
- Zebra Medical Vision
- Cyrcadia Health
- AiCure
- Modernizing Medicine
- Berg Health
- Esko Bionics
- Medasense Biometrics
- Hindsait
Highlights of The Artificial Intelligence in Medicine Market Report:
- The market structure and projections for the coming years.
- Drivers, restraints, opportunities, and current trends of market.
- Historical data and forecast.
- Estimations for the forecast period 2030.
- Developments and trends in the market.
- By Type:
- On-premise
- Cloud-based
- By Application:
- Patient Care
- Research and Drug Invention
- Disease Diagnosis and Identification
- Others
- Market scenario by region, sub-region, and country.
- Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
- Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
- Government Policies, Macro & Micro economic factors are also included in the report.
We have studied the Artificial Intelligence in Medicine Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2030.
Regional Analysis
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Note: A country of choice can be added in the report at no extra cost. If more than one country needs to be added, the research quote will vary accordingly.
The geographical analysis part of the report provides information about the product sales in terms of volume and revenue in regions. It lays out potential opportunities for the new entrants, emerging players, and major players in the region. The regional analysis is done after considering the socio-economic factors and government regulations of the countries in the regions.
How you may use our products:
- Correctly Positioning New Products
- Market Entry Strategies
- Business Expansion Strategies
- Consumer Insights
- Understanding Competition Scenario
- Product & Brand Management
- Channel & Customer Management
- Identifying Appropriate Advertising Appeals
8 Reasons to Buy This Report
- Includes a Chapter on the Impact of COVID-19 Pandemic On the Market
- Report Prepared After Conducting Interviews with Industry Experts & Top Designates of the Companies in the Market
- Implemented Robust Methodology to Prepare the Report
- Includes Graphs, Statistics, Flowcharts, and Infographics to Save Time
- Industry Growth Insights Provides 24/5 Assistance Regarding the Doubts in the Report
- Provides Information About the Top-winning Strategies Implemented by Industry Players.
- In-depth Insights On the Market Drivers, Restraints, Opportunities, and Threats
- Customization of the Report Available
Frequently Asked Questions?
Artificial intelligence (AI) is a branch of computer science that deals with the creation of intelligent agents, which are systems that can reason, learn and act autonomously. AI has been used in medicine to create computer programs that can diagnose and treat diseases.
Some of the major players in the artificial intelligence in medicine market are IBM, Atomwise, Zebra Medical Vision, Cyrcadia Health, AiCure, Modernizing Medicine, Berg Health, Esko Bionics, Medasense Biometrics, Hindsait.
The artificial intelligence in medicine market is expected to grow at a compound annual growth rate of 27.5%.
Chapter 1 Executive Summary
Chapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 Artificial Intelligence in Medicine Market Overview
4.1 Introduction
4.1.1 Market Taxonomy
4.1.2 Market Definition
4.1.3 Macro-Economic Factors Impacting the Market Growth
4.2 Artificial Intelligence in Medicine Market Dynamics
4.2.1 Market Drivers
4.2.2 Market Restraints
4.2.3 Market Opportunity
4.3 Artificial Intelligence in Medicine Market - Supply Chain Analysis
4.3.1 List of Key Suppliers
4.3.2 List of Key Distributors
4.3.3 List of Key Consumers
4.4 Key Forces Shaping the Artificial Intelligence in Medicine Market
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of Substitution
4.4.4 Threat of New Entrants
4.4.5 Competitive Rivalry
4.5 Global Artificial Intelligence in Medicine Market Size & Forecast, 2020-2028
4.5.1 Artificial Intelligence in Medicine Market Size and Y-o-Y Growth
4.5.2 Artificial Intelligence in Medicine Market Absolute $ Opportunity
Chapter 5 Global Market Analysis and Forecast by Type
5.1 Introduction
5.1.1 Key Market Trends & Growth Opportunities by Type
5.1.2 Basis Point Share (BPS) Analysis by Type
5.1.3 Absolute $ Opportunity Assessment by Type
5.2 Market Size Forecast by Type
5.2.1 On-premise
5.2.2 Cloud-based
5.3 Market Attractiveness Analysis by Type
Chapter 6 Global Market Analysis and Forecast by Applications
6.1 Introduction
6.1.1 Key Market Trends & Growth Opportunities by Applications
6.1.2 Basis Point Share (BPS) Analysis by Applications
6.1.3 Absolute $ Opportunity Assessment by Applications
6.2 Market Size Forecast by Applications
6.2.1 Patient Care
6.2.2 Research and Drug Invention
6.2.3 Disease Diagnosis and Identification
6.2.4 Others
6.3 Market Attractiveness Analysis by Applications
Chapter 7 Global Artificial Intelligence in Medicine Market Analysis and Forecast by Region
7.1 Introduction
7.1.1 Key Market Trends & Growth Opportunities by Region
7.1.2 Basis Point Share (BPS) Analysis by Region
7.1.3 Absolute $ Opportunity Assessment by Region
7.2 Artificial Intelligence in Medicine Market Size Forecast by Region
7.2.1 North America
7.2.2 Europe
7.2.3 Asia Pacific
7.2.4 Latin America
7.2.5 Middle East & Africa (MEA)
7.3 Market Attractiveness Analysis by Region
Chapter 8 Coronavirus Disease (COVID-19) Impact
8.1 Introduction
8.2 Current & Future Impact Analysis
8.3 Economic Impact Analysis
8.4 Government Policies
8.5 Investment Scenario
Chapter 9 North America Analysis and Forecast
9.1 Introduction
9.2 North America Market Size Forecast by Country
9.2.1 U.S.
9.2.2 Canada
9.3 Basis Point Share (BPS) Analysis by Country
9.4 Absolute $ Opportunity Assessment by Country
9.5 Market Attractiveness Analysis by Country
9.6 North America Market Size Forecast by Type
9.6.1 On-premise
9.6.2 Cloud-based
9.7 Basis Point Share (BPS) Analysis by Type
9.8 Absolute $ Opportunity Assessment by Type
9.9 Market Attractiveness Analysis by Type
9.10 North America Market Size Forecast by Applications
9.10.1 Patient Care
9.10.2 Research and Drug Invention
9.10.3 Disease Diagnosis and Identification
9.10.4 Others
9.11 Basis Point Share (BPS) Analysis by Applications
9.12 Absolute $ Opportunity Assessment by Applications
9.13 Market Attractiveness Analysis by Applications
Chapter 10 Europe Analysis and Forecast
10.1 Introduction
10.2 Europe Market Size Forecast by Country
10.2.1 Germany
10.2.2 France
10.2.3 Italy
10.2.4 U.K.
10.2.5 Spain
10.2.6 Russia
10.2.7 Rest of Europe
10.3 Basis Point Share (BPS) Analysis by Country
10.4 Absolute $ Opportunity Assessment by Country
10.5 Market Attractiveness Analysis by Country
10.6 Europe Market Size Forecast by Type
10.6.1 On-premise
10.6.2 Cloud-based
10.7 Basis Point Share (BPS) Analysis by Type
10.8 Absolute $ Opportunity Assessment by Type
10.9 Market Attractiveness Analysis by Type
10.10 Europe Market Size Forecast by Applications
10.10.1 Patient Care
10.10.2 Research and Drug Invention
10.10.3 Disease Diagnosis and Identification
10.10.4 Others
10.11 Basis Point Share (BPS) Analysis by Applications
10.12 Absolute $ Opportunity Assessment by Applications
10.13 Market Attractiveness Analysis by Applications
Chapter 11 Asia Pacific Analysis and Forecast
11.1 Introduction
11.2 Asia Pacific Market Size Forecast by Country
11.2.1 China
11.2.2 Japan
11.2.3 South Korea
11.2.4 India
11.2.5 Australia
11.2.6 South East Asia (SEA)
11.2.7 Rest of Asia Pacific (APAC)
11.3 Basis Point Share (BPS) Analysis by Country
11.4 Absolute $ Opportunity Assessment by Country
11.5 Market Attractiveness Analysis by Country
11.6 Asia Pacific Market Size Forecast by Type
11.6.1 On-premise
11.6.2 Cloud-based
11.7 Basis Point Share (BPS) Analysis by Type
11.8 Absolute $ Opportunity Assessment by Type
11.9 Market Attractiveness Analysis by Type
11.10 Asia Pacific Market Size Forecast by Applications
11.10.1 Patient Care
11.10.2 Research and Drug Invention
11.10.3 Disease Diagnosis and Identification
11.10.4 Others
11.11 Basis Point Share (BPS) Analysis by Applications
11.12 Absolute $ Opportunity Assessment by Applications
11.13 Market Attractiveness Analysis by Applications
Chapter 12 Latin America Analysis and Forecast
12.1 Introduction
12.2 Latin America Market Size Forecast by Country
12.2.1 Brazil
12.2.2 Mexico
12.2.3 Rest of Latin America (LATAM)
12.3 Basis Point Share (BPS) Analysis by Country
12.4 Absolute $ Opportunity Assessment by Country
12.5 Market Attractiveness Analysis by Country
12.6 Latin America Market Size Forecast by Type
12.6.1 On-premise
12.6.2 Cloud-based
12.7 Basis Point Share (BPS) Analysis by Type
12.8 Absolute $ Opportunity Assessment by Type
12.9 Market Attractiveness Analysis by Type
12.10 Latin America Market Size Forecast by Applications
12.10.1 Patient Care
12.10.2 Research and Drug Invention
12.10.3 Disease Diagnosis and Identification
12.10.4 Others
12.11 Basis Point Share (BPS) Analysis by Applications
12.12 Absolute $ Opportunity Assessment by Applications
12.13 Market Attractiveness Analysis by Applications
Chapter 13 Middle East & Africa (MEA) Analysis and Forecast
13.1 Introduction
13.2 Middle East & Africa (MEA) Market Size Forecast by Country
13.2.1 Saudi Arabia
13.2.2 South Africa
13.2.3 UAE
13.2.4 Rest of Middle East & Africa (MEA)
13.3 Basis Point Share (BPS) Analysis by Country
13.4 Absolute $ Opportunity Assessment by Country
13.5 Market Attractiveness Analysis by Country
13.6 Middle East & Africa (MEA) Market Size Forecast by Type
13.6.1 On-premise
13.6.2 Cloud-based
13.7 Basis Point Share (BPS) Analysis by Type
13.8 Absolute $ Opportunity Assessment by Type
13.9 Market Attractiveness Analysis by Type
13.10 Middle East & Africa (MEA) Market Size Forecast by Applications
13.10.1 Patient Care
13.10.2 Research and Drug Invention
13.10.3 Disease Diagnosis and Identification
13.10.4 Others
13.11 Basis Point Share (BPS) Analysis by Applications
13.12 Absolute $ Opportunity Assessment by Applications
13.13 Market Attractiveness Analysis by Applications
Chapter 14 Competition Landscape
14.1 Artificial Intelligence in Medicine Market: Competitive Dashboard
14.2 Global Artificial Intelligence in Medicine Market: Market Share Analysis, 2019
14.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
14.3.1 IBM
14.3.2 Atomwise
14.3.3 Zebra Medical Vision
14.3.4 Cyrcadia Health
14.3.5 AiCure
14.3.6 Modernizing Medicine
14.3.7 Berg Health
14.3.8 Esko Bionics
14.3.9 Medasense Biometrics
14.3.10 Hindsait
