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Artificial Intelligence in Medicine Market Size, Share Global Analysis Report, 2020–2026
Artificial Intelligence in Medicine Market By Component (Hardware, Software, Service), By Application (Robot Assisted Surgery, Virtual Nursing Assistants, Administrative Workflow Assistance, Fraud Detection, Connected Machines, Clinical Trial, Preliminary Diagnosis, Others), By End-User (Healthcare Provider, Pharmaceutical & Biotechnology Company, Patient, Payer, Others), and By Technology (Querying Method, Natural Language Processing, Context Aware Processing, Speech Recognition, Decision Management, Others): Global Industry Outlook, Market Size, Business Intelligence, Consumer Preferences, Statistical Surveys, Comprehensive Analysis, Historical Developments, Current Trends, and Forecast 2020–2026
Industry Insights
[188+ Pages Report] According to the report published by Facts Factors, the global artificial intelligence in medicine market size was worth around USD 800 million in 2019 and is predicted to grow to around USD 15,000 million by 2026 with a compound annual growth rate (CAGR) of roughly 49% between 2020 and 2026. The report analyzes the global artificial intelligence in medicine market drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the artificial intelligence in medicine market.
This specialized and expertise oriented industry research report scrutinizes the technical and commercial business outlook of the artificial intelligence in medicine industry. The report analyzes and declares the historical and current trends analysis of the artificial intelligence in medicine industry and subsequently recommends the projected trends anticipated to be observed in the artificial intelligence in medicine market during the upcoming years.
The artificial intelligence in medicine market report analyzes and notifies the industry statistics at the global as well as regional and country levels in order to acquire a thorough perspective of the entire artificial intelligence in medicine market. The historical and past insights are provided for FY 2016 to FY 2019 whereas projected trends are delivered for FY 2020 to FY 2026. The quantitative and numerical data is represented in terms of value (USD Million) from FY 2016 – 2026.
Key Insights from Primary Research
- As per our major respondents, the artificial intelligence in medicine market is set to grow annually at a rate of around 49%
- It was established through primary research that the artificial intelligence in medicine market was valued at around USD 800 Million in 2019
- Based on component segmentation, the “Software” category accounting for around 50% share, in 2019
- Based on application segmentation, the “Robot Assisted Surgery” category held the leading share at more than 20%, in 2019
- Based on end-user segmentation, the “Payer” category accounting for around 50% share, in 2019
- Based on technology segmentation, the “Decision Management” category accounting for around 20% share, in 2019
Key Recommendations from Analysts
- As per our analysts, the Asia Pacific market is estimated to grow at a CAGR of 50% during 2019-2026
- China was respected at USD 175.00 Million in 2019 and is expected to reach USD 3,500.00 Million in 2026. This region is anticipated to register CAGR of 50.0%.
- India was valued at USD 200.00 Million in 2019 and is expected to reach USD 3,700.00 Million in 2026. This region is expected to register a CAGR of 51.0%.
- AI Services to Corporations for evolving a variety of AI Solutions that can study and reason similar to humanoid using Machine learning, Text Analysis feature and Speech Recognition.
- Artificial intelligence (AI) in healthcare is the usage of complex actions and software to match human thought in the study of complex medical data.
The quantitative data is further underlined and reinforced by comprehensive qualitative data which comprises various across-the-board market dynamics. The rationales which directly or indirectly impact the artificial intelligence in medicine industry are exemplified through parameters such as growth drivers, restraints, challenges, and opportunities among other impacting factors.
Throughout our research report, we have encompassed all the proven models and tools of industry analysis and extensively illustrated all the key business strategies and business models adopted in the artificial intelligence in medicine industry. The report provides an all-inclusive and detailed competitive landscape prevalent in the Artificial Intelligence in Medicine market.
The report utilizes established industry analysis tools and models such as Porter’s Five Forces framework to analyze and recognize critical business strategies adopted by various stakeholders involved in the entire value chain of the artificial intelligence in medicine industry. The artificial intelligence in medicine market report additionally employs SWOT analysis and PESTLE analysis models for further in-depth analysis.
The report study further includes an in-depth analysis of industry players' market shares and provides an overview of leading players' market position in the artificial intelligence in medicine sector. Key strategic developments in the artificial intelligence in medicine market competitive landscape such as acquisitions & mergers, inaugurations of different products and services, partnerships & joint ventures, MoU agreements, VC & funding activities, R&D activities, and geographic expansion among other noteworthy activities by key players of the artificial intelligence in medicine market are appropriately highlighted in the report.
Artificial intelligence (AI) is the term utilized to describe the usage of technology and computers to pretend intellectual behavior and acute thinking similar to a human being. Artificial intelligence (AI) is rising into the health segment and is accepted to have a key impact on every feature of primary care. Artificial intelligence (AI)-enabled computer solutions will support primary care doctors to well identify patients who need additional attention and offer modified procedures for every individual.
General Healthcare Anti-Fraud Connotation preaches that furthermost of such deceptions are dedicated by a minor quantity of healthcare sources and typically by structured crime clusters. Medicine fraud detection consumes originate energy in the detail that healthcare fraud marks in advanced costs for patients, decrease profit limits of customers, and reasons confusion for taxpayer dollars that provide community health assurance companies.
The artificial intelligence in medicine market research report delivers an acute valuation and taxonomy of the artificial intelligence in medicine industry by practically splitting the market on the basis of different types, applications, and regions. Through the analysis of the historical and projected trends, all the segments and sub-segments were evaluated through the bottom-up approach, and different market sizes have been projected for FY 2020 to FY 2026.
Report Scope
Report Attribute |
Details |
Market Size in 2019 |
USD 800 Million |
Projected Market Size in 2026 |
USD 15,000 Million |
CAGR Growth Rate |
49% CAGR |
Base Year |
2019 |
Forecast Years |
2020-2026 |
Key Market Players |
Labs Inc, Welltok, CloudMedx Inc., Siemens Healthcare GmbH, Nvidia Corporation, Enclitic, Next IT Corp., General Electric, General Vision, Google Inc, IBM Corporation, iCarbonX, Koninklijke Philips, maxQ, Microsoft, and Others |
Key Segment |
By Component, Application, End-User, Technology, and Region |
Major Regions Covered |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
Purchase Options |
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The regional segmentation of the Artificial Intelligence in Medicine industry includes the complete classification of all the major continents including North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. Further, country-wise data for the Artificial Intelligence in Medicine industry is provided for the leading economies of the world.
The artificial intelligence in medicine market is segmented based on component, application, end-user, technology. On the basis of component segmentation, the market is classified into Hardware, Software, Service. In terms of application segmentation, the market is bifurcated into Robot-Assisted Surgery, Virtual Nursing Assistants, Administrative Workflow Assistance, Fraud Detection, Connected Machines, Clinical Trial, Preliminary Diagnosis, Others. On the basis of end-user segmentation, the market is classified into Healthcare Provider, Pharmaceutical & Biotechnology Company, Patient, Payer, Others. On the basis of technology segmentation, the market is classified into Querying Method, Natural Language Processing, Context-Aware Processing, Speech Recognition, Decision Management, Others.
Some of the essential players operating in the Artificial Intelligence in Medicine market, but not restricted to include
- Labs Inc
- Welltok
- CloudMedx Inc.
- Siemens Healthcare GmbH
- Nvidia Corporation
- Enclitic
- Next IT Corp.
- General Electric
- General Vision
- Google Inc
- IBM Corporation
- iCarbonX
- Koninklijke Philips
- maxQ
- Microsoft
- and others
The taxonomy of the Artificial Intelligence in Medicine industry by its scope and segmentation is as follows:
By Component Segmentation Analysis
- Hardware
- Software
- Service
By Application Segmentation Analysis
- Robot Assisted Surgery
- Virtual Nursing Assistants
- Administrative Workflow Assistance
- Fraud Detection
- Connected Machines
- Clinical Trial
- Preliminary Diagnosis
- Others (Dosage Error Reduction, Cybersecurity, Etc.)
By End-User Segmentation Analysis
- Healthcare Provider
- Pharmaceutical & Biotechnology Company
- Patient
- Payer
- Others
By Technology Segmentation Analysis
- Querying Method
- Natural Language Processing
- Context Aware Processing
- Speech Recognition
- Decision Management
- Others (Biometrics, AI Modeling, Etc.)
By Regional Segmentation Analysis
- North America
- The U.S.
- Canada
- Europe
- Germany
- The UK
- France
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
Table of Content
Industry Major Market Players
- Bay Labs Inc
- Welltok
- CloudMedx Inc.
- Siemens Healthcare GmbH
- Nvidia Corporation
- Enclitic
- Next IT Corp.
- General Electric
- General Vision
- Google Inc
- IBM Corporation
- iCarbonX
- Koninklijke Philips
- maxQ
- Microsoft
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