Artificial intelligence is expected to aid in improving preventative care with the help of big data crunch and study of all the factors associated with disease diagnosis and treatment approach and assessment of the same. Physicians can take better decisions associated with treatment by relying on relevant data provided by artificial intelligence technologies. These technologies include algorithms, computer vision, machine learning, image recognition, speech recognition, cognitive computing, semantic web, and natural language processing. Features of artificial intelligence include pattern identification, management of big data, and eliminating bias. Artificial Intelligence capability heavily depends on the quantity and quality of data accessible to the technology, and hence, the growth in the market is dependent on its accessibility to such data.

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Market Dynamics:

Increasing application of AI technologies, from pharma drug development to patient care is expected to support growth of artificial intelligence in healthcare market. Moreover, increasing number of collaborations among leading AI vendors and life sciences companies may help in rapid introduction of AI in medical devices and drug development. Pharmaceutical organizations can speed up the process of drug development, from drug discovery to commercialization, by using artificial intelligence. It can aid in development of personalized medicine. It is also increasingly being used for applications in advanced disease management such as cancer diagnosis and treatment, as studies have suggested that artificial intelligence may detect breast cancer spread to lymph nodes. For instance, Researchers from MIT’s Computer Science and Artificial Intelligence Laboratory (CSAIL), Harvard Medical School and Massachusetts General Hospital collaborated to apply AI in detection and diagnosis of breast cancer. The model developed by these scientists correctly diagnosed 97% of the cases. Artificial intelligence holds major potential in medical imaging and diagnosis of the diseases. Therefore, government organizations are increasing research in this field. For instance, In October 2017, National Clinical Research Center for Cancer (NCRCC) in China signed a deal with the Institute of Computing Technology under the Chinese Academy of Sciences (CAS), in order to use artificial intelligence in medical imaging.

Increasing research and development for application of artificial intelligence in healthcare is expected to boost growth of the market:

Artificial intelligence systems are mainly categorized into machine learning techniques and natural language processing. Machine learning techniques involve analysis of structured data such as genetic data, and imaging data, whereas, natural language processing involves extracting information from unstructured data such as clinical notes, and medical journals. Microsoft Corporation and Adaptive Biotechnologies partnered to combine artificial intelligence with human immune system sequencing (from Adaptive Biotechnologies) in January 2018. The University of Massachusetts Amherst Center for Data Science partnered with Chan Zuckerberg Initiative (CZI) in January 2018 to accelerate healthcare research and development using artificial intelligence. Furthermore, January 2018, Wilfrid Laurier University researchers and health researchers in Waterloo University collaborated to study the use of artificial intelligence for early detection of Alzheimer’s. Owkin France raised US$ 11 million in January 2018, to develop artificial algorithms for speeding up drug development process. Biotricity, Inc. —a medical diagnostic and consumer healthcare technology company —is expanding research and development, to include artificial intelligence into its product offerings. Furthermore, Ubenwa — a Nigerian Artificial Intelligence health startup — founded in 2014 —developed a mobile app to detect asphyxia in newborn babies using machine learning.

Key Players:

Some major players operating in the artificial intelligence (AI) in healthcare market are
IBM Corporation, Google, Inc., NVIDIA Corporation, Microsoft Corporation, iCarbonX, Next IT Corp., CloudMex Inc., Carescore, Atomwise Inc., Zephyr Health Inc., Deep Genomics Inc., Medtronic Plc., Koninkiljke Philips N.V., and Oncora Medical, Inc.

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Detailed Segmentation:

Global Artificial Intelligence in Healthcare Market, By Solution:
Hardware
Software & Services

Global Artificial Intelligence in Healthcare Market, By Technology:
Speech Recognition
Querying Method
Natural Language Processing
Machine Learning
Context Aware Processing

Global Artificial Intelligence in Healthcare Market, By Application:
Imaging & Diagnostics
Drug Discovery
Lifestyle Management & Monitoring
Emergency Room & Hospital Management
Insights & Risk Analytics
Wearables
Virtual Assistants
Others

Global Artificial Intelligence in Healthcare Market, By End User:
Hospitals
Pharmaceutical Organizations
Diagnostic Centers
Clinics

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