Global Healthcare Artificial Intelligent Market: Insights and Forecast, 2018-2025: Emphasis on Technology (Machine Learning, Deep Learning, Artificial Neural Network), Applications (Robotic Surgery, Diagnosis, Virtual Nursing Assistance, Administrative Workflow Assistance); Offerings (Hardware, Software and Services) and Region
March 2019
127
About the Report
About the Report
The report published" AI in healthcare Insights to 2025 - provides a comprehensive analysis of AI in healthcare market at global level. The report focuses on overall market size for AI in healthcare services by various AI technologies (machine learning, deep learning and artificial neural network), by applications (into robotic surgery, diagnosis, Virtual Nursing assistance and Administrative workflow assistance), by offering (hardware, software and services) and by different regions such as North America, Europe, Asia Pacific and Rest of World.
The report also provides a holistic view of the overall AI in healthcare market as well as pricing analysis, growth drivers, restraints and factor analysis in terms of top investments undertaken, top product launches, major merger and acquisitions.
For an in-depth market overview, the report also includes a region wise analysis. For all the top industry players, a detailed product description, short- and long-term strategies, financials, SWOT analysis and recent developments are also included in the dental imaging market report. In addition to this, Porter 5s along with market share of leading AI in healthcare companies by application (Medtronic Plc, Abbott Laboratories, Johnson and Johnson, Bcton Dickinson, Boston Scientific Corporation, Koninklijke Philips N.V, Roche Holding AG, Siemens Healthineers AG, Stryker Corporation and Oracle Corporation) have also been covered.
AI in healthcare Market Size
In terms of revenue, the AI in healthcare has registered a remarkable growth with positive CAGR during the forecasted period. The AI in healthcare market has witnessed an overall rise in extraoral adoption in last few years. Increasingly Large and Complex Data Set, Growing Demand to Reduce Healthcare Costs, Improving Computing Power in Healthcare, Rising Need for Improvised Healthcare Services Due to Imbalance Between Health Workforce and Patients and Application of AI for novel surgeries and screening are the major factors influencing the market growth. However, Limitations of AI decision-making, Reluctance Among Medical Practitioners to Adopt AI-Based Technologies and Lack of Skilled AI Workforce and Ambiguous Regulatory Guidelines for Medical Software has considerably catalysed the growth potential of the respective market.
AI in healthcare Market Segmentation
Segmentation by Technology
In terms of segmentation in terms of technology, the AI in healthcare market has been segmented into machine learning, deep learning and artificial neural network. Out of these technologies, in 2018, machine learning dominated the market globally and is expected to maintain its lead in 2025. Increasing power of machine learning in diagnosing disease and in categorisation and classifying health data is empowering physicians and speed-up decision making across the medical facilities including hospitals or clinic.
Segmentation by Application
In terms of segmentation in terms of application, the AI in healthcare market has been segmented into robotic surgery, diagnosis, Virtual Nursing assistance and Administrative workflow assistance. In 2018, robotic surgery dominated the application segment of global AI in healthcare market, generating revenue of USD 8589 million. Followed by virtual nursing assistance and administrative workflow.
Segmentation by Offering
Based on the type of offering the global AI in healthcare market is segmented into hardware, software or services. Currently, services segment dominates the market. However, hardware segment is expected to witness highest CAGR growth during the forecast period 2018-2025.
Segmentation by Region
Artificial intelligence in healthcare market of North America has been on an up-surging trend due to the high adoption rate of AI in country such as US and Canada, paired with development and growth of research & development activities that combines the investments by government and private organizations. As far as Asia-Pacific region is concerned, it has lagged North America and Europe in terms of technology adoption. However, AI is one technology area where Asia-Pacific can stand apart, compared to other region and has been expected to witness the highest growth in the forecasted period.
Scope of the report:
AI in Healthcare Market
Market Insights, by Technology
Machine learning
Dep learning
Intelligent agent
Neural networks
Market Insights, by Application
Robotic surgery
Diagnosis
Virtual Nursing assistance
Administrative workflow assistance
Advances analytics and research
Market Insights, by Region
North America AI in Healthcare Market
Europe AI in Healthcare Market
Asia-Pacific AI in Healthcare Market
Rest of the world AI in Healthcare Market
Company Profiled
Medtronic Plc
Abbott Laboratories
Johnson and Johnson
Bcton Dickinson
Boston Scientific Corporation
Koninklijke Philips N.V
Roche Holding AG
Siemens Healthineers AG
Stryker Corporation
Oracle Corporation
Reasons to buy:
The study includes market sizing and forecasting analysis validated by authenticated key industry experts
The report presents a quick review of overall industry performance at one glance
The report covers in depth analysis of prominent industry peers with primary focus on key business financials, product portfolio, expansion strategies and recent developments
Detailed examination on drivers, restraints, key trends and opportunities prevailing in the industry.
Examination of industry attractiveness with the help of Porter's Five Forces analysis
The study comprehensively covers the market across different segments
Deep dive regional level analysis of the industry
Customization Areas:
The AI in healthcare Market can be customized to regional/country level or any other market segment. Besides this, UMI understands that you may have your own business need, hence we also provide fully customised solutions to clients.
Products
Companies
Medtronic Plc, Abbott Laboratories, Johnson & Johnson, Becton Dickinson, Boston Scientific Corporation, Koninklijke Philips N.V., Roche Holding AG, Siemens Healthineers AG, Stryker Corporation, Oracle Corporation
Table of Contents
Table of Contents
1. MARKET INTRODUCTION 12
1.1 Market Definition 12
1.2 Objective of the Study 12
1.3 Limitation 12
1.4 Stakeholders 13
1.5 Currency used in the Report 13
2. RESEARCH METHODOLOGY OR ASSUMPTION 14
2.1 Research Methodology for AI in Healthcare Market 14
2.1.1 Main objective of the AI in health care sector Market Study 15
3. REGULATORY FRAMEWORK AND KEY DEVELOPMENT 16
3.1 General Overview 16
3.1.1 North America 16
3.1.1.1 North America Regulatory Framework for AI in Healthcare 16
3.1.1.2 North American Key Developments of AI in Healthcare 17
3.1.2 Europe 17
3.1.2.1 European Regulatory Framework for AI in Healthcare 17
3.1.2.2 European Key Developments of AI in Healthcare 18
3.1.3 Asia Pacific (APAC) 19
3.1.3.1 Asia Pacific (APAC) Regulatory Framework for AI in Healthcare 19
3.1.3.2 Asia Pacific (APAC) Key Developments of AI in Healthcare 20
3.1.4 Rest of World (RoW) 20
3.1.4.1 Rest of World (RoW) Regulatory Framework for AI in Healthcare 20
4. INDUSTRY PERFORMANCE 22
5. EXECUTIVE SUMMARY 23
6. MARKET OVERVIEW 25
6.1 Introduction 25
6.2 Market Dynamics 26
6.2.1 Market Drivers 26
6.2.1.1 Increasingly Large and Complex Data Set 26
6.2.1.2 Growing Demand to Reduce Healthcare Costs 28
6.2.1.3 Improving Computing Power in Healthcare 29
6.2.1.4 Rising Need for Improvised Healthcare Services 30
6.2.1.5 Application of AI for novel surgeries and screening 31
6.2.2 Market Restraints 33
6.2.2.1 Limitations of AI decision-making 33
6.2.2.2 Reluctance Among Medical Practitioners to Adopt AI-Based Technologies 33
6.2.2.3 Lack of Skilled AI Workforce and Ambiguous Regulation for Medical Software 34
6.2.3 Trends in AI in Healthcare 34
6.2.3.1 Democratisation of access 34
6.2.3.2 Migration from Doctor-Centric Diagnostics to Data-Driven Diagnostics 34
6.2.3.3 Transformation of Drug Discovery in Pharma Industry 34
6.2.3.4 Data Explosion 35
6.2.4 Opportunity 35
6.2.4.1 Growing Potential of AI-Based Tools 35
6.2.4.2 Increasing Focus on Developing Human-Aware AI Systems 35
6.2.4.3 Surging Spending Power on R&D 36
6.2.4.4 Untapped market in developing regions 37
7. KEY MARKET INDICATORS 38
7.1 General Overview 38
7.1.1 Demand and Supply Side Analysis 38
7.1.2 North America 39
7.1.3 Europe 39
7.1.4 Asia-Pacific 39
7.1.5 Applications of AI in Healthcare 41
7.1.5.1 Top Winning Strategies 41
7.1.5.1.1 Top Product launches 42
7.1.5.1.2 Top Investments 43
7.1.5.1.3 Top Acquisition and Collaborations 45
8. MARKET INSIGHTS, BY TECHNOLOGY 46
8.1 General Overview 46
8.1.1 Machine Learning 47
8.1.2 Deep Learning 48
8.1.3 Artificial Neural Network 49
9. MARKET INSIGHTS, BY APPLICATION 52
9.1 General Overview 52
9.1.1 Robotic Surgery 53
9.1.2 Diagnosis 54
9.1.3 Virtual Nursing Assistance 55
9.1.4 Administrative Workflow Assistance 56
10. MARKET INSIGHTS, BY TYPE OF OFFERINGS 58
10.1 General Overview 58
10.1.1 Hardware 59
10.1.2 Software 60
10.1.3 Services 62
11. MARKET INSIGHTS, BY REGION 64
11.1 General Overview 64
11.2 North America Healthcare AI Market 65
11.2.1 North America Healthcare AI Market, by Technology 65
11.2.2 North America Healthcare AI Market, by Application 66
11.2.3 North America Healthcare AI Market, by Type of Offerings 68
11.3 Europe Healthcare AI Market, USD Million (2015-2025) 68
11.3.1 Europe Healthcare AI Market, by Technology 69
11.3.2 Europe Healthcare AI Market, by Application 70
11.3.3 Europe Healthcare AI Market, by Type Offering 71
11.4 Asia-Pacific Healthcare AI Market, USD Million (2015-2025) 71
11.4.1 Asia-Pacific Healthcare AI Market, by Technology 72
11.4.2 Asia-Pacific Healthcare AI Market, by Application 73
11.4.3 Asia-Pacific Healthcare AI Market, by Type of Offerings 74
11.5 Rest of the World Healthcare AI Market, USD Million (2015-2025) 74
11.5.1 Rest of World Healthcare AI Market, by Technology 75
11.5.2 Rest of World Healthcare AI Market, by Application 76
11.5.3 Rest of World Healthcare AI Market, by Type of Offerings 77
12. COMPETITIVE SCENARIO 78
12.1 Global Healthcare AI Market Share Analysis, 2018 78
12.2 Porter's Five forces analysis 80
12.2.1 Bargaining power of Buyer 80
12.2.2 Bargaining power of Supplier 81
12.2.3 Threat of new entrants 81
12.2.4 Availability of Substitute 82
12.2.5 Industry Rivalry 82
13. TOP COMPANY PROFILES 83
13.1 Medtronic Plc 83
13.1.1 Key Facts 83
13.1.2 Business Description 83
13.1.3 Key Product/Services Offerings 84
13.1.4 SWOT Analysis 85
13.1.5 Key Financials 85
13.1.5.1 Revenue Split 86
13.1.6 Recent Developments 86
13.1.7 Funding 87
13.2 Abbott Laboratories 88
13.2.1 Key Facts 88
13.2.2 Business Description 88
13.2.3 Key Product/Services Offerings 89
13.2.4 SWOT Analysis 89
13.2.5 Key Financials 90
13.2.5.1 Revenue Split 90
13.2.6 Recent Developments 91
13.3 Johnson & Johnson 92
13.3.1 Key Facts 92
13.3.2 Business Description 92
13.3.3 Key Product/Services Offerings 93
13.3.4 SWOT Analysis 93
13.3.5 Key Financials 94
13.3.5.1 Revenue Split 94
13.3.6 Recent Developments 95
13.4 Becton Dickinson 97
13.4.1 Key Facts 97
13.4.2 Business Description 97
13.4.3 Key Product/Services Offerings 98
13.4.4 SWOT Analysis 99
13.4.5 Key Financials 99
13.4.5.1 Revenue Split 100
13.4.6 Recent Developments 100
13.5 Boston Scientific Corporation 101
13.5.1 Key Facts 101
13.5.2 Business Description 101
13.5.3 Key Product/Services Offerings 102
13.5.4 SWOT Analysis 103
13.5.5 Key Financials 103
13.5.5.1 Revenue Split 104
13.5.6 Recent Developments 104
13.6 Koninklijke Philips N.V. 105
13.6.1 Key Facts 105
13.6.2 Business Description 105
13.6.3 Key Product/Services Offerings 106
13.6.4 SWOT Analysis 106
13.6.5 Key Financials 107
13.6.5.1 Revenue Split 107
13.6.6 Recent Developments 108
13.6.7 Funding 108
13.7 Roche Holding AG 109
13.7.1 Key Facts 109
13.7.2 Business Description 109
13.7.3 Key Product/Services Offerings 110
13.7.4 SWOT Analysis 111
13.7.5 Key Financials 111
13.7.5.1 Revenue Split 112
13.7.6 Recent Developments 113
13.7.7 Funding 113
13.8 Siemens Healthineers AG. 114
13.8.1 Key Facts 114
13.8.2 Business Description 114
13.8.3 Key Product/Services Offerings 115
13.8.4 SWOT Analysis 115
13.8.5 Key Financials 116
13.8.5.1 Revenue Split 116
13.8.6 Recent Developments 117
13.9 Stryker Corporation 118
13.9.1 Key Facts 118
13.9.2 Business Description 118
13.9.3 Key Product/Services Offerings 119
13.9.4 SWOT Analysis 120
13.9.5 Key Financials 120
13.9.5.1 Revenue Split 121
13.9.6 Recent Developments 121
13.10 Oracle Corporation 122
1.1.1 Key Facts 122
1.1.2 Business Description 122
1.1.3 Key Product/Services Offerings 123
1.1.4 SWOT Analysis 124
1.1.5 Key Financials 124
1.1.6 Revenue Split 125
1.1.7 Recent Developments 125
List of Figure
FIG. 1 Research Methodology for Global Needle Free Drug Delivery Devices Market 14
FIG. 2 Global Healthcare AI Market Size, 2018-2025 (USD Billion) 24
FIG. 3 Market Introduction 25
FIG. 4 AI pros and advantages in Healthcare 26
FIG. 5 Growth in Global Healthcare Data, 2013 and Estimated to (in Exabyte) 27
FIG. 6 Problems Paying Medical Bills in America by Insurance Status 2017 (%) 28
FIG. 7 Global Physicians & Dentistry personnel density (per 1000 population) 2016, by Country 31
FIG. 8 Pillars of Value Addition by AI in Healthcare 32
FIG. 9 Value Addition by AI in Healthcare 32
FIG. 10 Global Funding for AI/ML Digital Healthcare Company 2011-2017 36
FIG. 11 Value Proposition of Funding AI/ML Powered Digital Health Companies 2011-2017 37
FIG. 12 Top Applications of AI in Healthcare to meet the increasing demand of AI in Healthcare 41
FIG. 13 Global Healthcare AI Market Share, by Technology, 2018 & 2025 (%) 46
FIG. 14 Global Healthcare AI Market Size, by Technology (USD million) 46
FIG. 15 Global Healthcare AI Market Share, by Application, 2018 & 2025 (%) 52
FIG. 16 Global Healthcare AI Market Size, by Application, 2018-2025 (USD billion) 52
FIG. 17 Global Healthcare AI Market Share, by Type of Offering, 2018 & 2025 (%) 58
FIG. 18 Global Healthcare AI Market Size, by Type of Offering (USD million) 58
FIG. 19 Global mHealth Apps by Category 2016 (%) 61
FIG. 20 Global Mobile Health Market, by Type 2017 (USD million) 63
FIG. 21 AI in Healthcare Market Share, by Region, 2018 & 2025 (%) 64
FIG. 22 North America AI Market in Healthcare Forecast, 2018-25 65
FIG. 23 North America Healthcare AI Market Size by Technology (USD million) 66
FIG. 24 North America Healthcare AI Market Size by Application (USD million) 67
FIG. 25 North America Healthcare AI Market Size, by Type of Offerings (USD million) 68
FIG. 26 Europe AI Market in Healthcare Forecast, 2018-25 69
FIG. 27 Europe Healthcare AI Market Size by Technology (USD million) 69
FIG. 28 Europe Healthcare AI Market Size by Application (USD million) 70
FIG. 29 Europe Healthcare AI Market Size, by Type of Offerings (USD million) 71
FIG. 30 Asia-Pacific Healthcare AI Market Size, 2018-25 (USD billion) 72
FIG. 31 Asia-Pacific Healthcare AI Market Size by Technology (USD million) 72
FIG. 32 Asia-Pacific Healthcare AI Market Size by Application (USD million) 73
FIG. 33 Asia-Pacific Healthcare AI Market Size, by Type of Offerings (USD million) 74
FIG. 34 RoW Healthcare AI Market Size, 2018-2025 (USD billion) 75
FIG. 35 RoW Healthcare AI Market Size by Technology (USD million) 75
FIG. 36 RoW Healthcare AI Market Size by Application (USD million) 76
FIG. 37 RoW Healthcare AI Market Size, by Type of Offerings (USD million) 77
FIG. 38 Global Healthcare AI Market Share, by Company 2018 (%) 78
FIG. 39 Porter's Five forces analysis of AI in Healthcare Market 80
FIG. 40 Medtronic plc, SWOT Analysis 85
FIG. 41 Medtronic plc, Revenue Split, 2018 86
FIG. 42 Abbott laboratories, SWOT Analysis 89
FIG. 43 Abbott Laboratories., Revenue Split, 2017 90
FIG. 44 Johnson & Johnson, SWOT Analysis 93
FIG. 45 Johnson & Johnson, Revenue Split, 2017 94
FIG. 46 Becton Dickinson, SWOT Analysis 99
FIG. 47 Becton Dickinson, Revenue Split, 2017 100
FIG. 48 Boston Scientific, SWOT Analysis 103
FIG. 49 Boston Scientific, Revenue Split, 2017 104
FIG. 50 Philips, SWOT Analysis 106
FIG. 51 Philips, Revenue Split, 2017 107
FIG. 52 Roche, SWOT Analysis 111
FIG. 53 Roche, Revenue Split, 2017 112
FIG. 54 Siemens Healthcare, SWOT Analysis 115
FIG. 55 Siemens Healthcare, Revenue Split, 2017 116
FIG. 56 Stryker Corporation SWOT Analysis 120
FIG. 57 Stryker Corporation Revenue Split, 2017 121
FIG. 58 Oracle, SWOT Analysis 124
FIG. 59 Oracle, Revenue Split, 2018 125
List of Table
TABLE 1 Global Healthcare AI Market Size, by Region 2018-2025 (USD Billion) 24
TABLE 2 Recent Developments under Computing Power in Healthcare 29
TABLE 3 Recent Top Funding's in AI based Healthcare Start-Ups 44
TABLE 4 Global Machine Learning Market Size, by Region USD Billion (2014-2025) 48
TABLE 5 Deep Learning market, USD Billion (2015-2025) by Region 49
TABLE 6 Artificial Neural Network market, USD Billion (2015-2025) by Region 51
TABLE 7 Global AI Robotic Surgery Market Size, by Region 2018-2025 (USD Billion) 54
TABLE 8 Global AI Diagnosis Market Size, by Region 2018-2025 (USD Billion) 55
TABLE 9 Global AI Virtual Nursing Assistance Market Size, by Region 2018-2025 (USD Billion) 56
TABLE 10 Global AI Administrative Workflow Assistance Market Size, by Region 2018-2025 (USD Billion) 57
TABLE 11 Global Healthcare AI Hardware Market Size, by Region 2018-2025 (USD Billion) 59
TABLE 12 Global Healthcare AI Software Market Size, by Region 2018-2025 (USD Billion) 61
TABLE 13 Global Healthcare AI Services Market Size, by Region 2018-2025 (USD Billion) 63
TABLE 14 Global Healthcare AI Market, USD Billion (2014-2024) by Region 64
TABLE 15 Medtronic Plc Key Facts 83
TABLE 16 Product segmentation of Medtronic Plc 84
TABLE 17 Medtronic plc Growth Strategy 84
TABLE 18 Medtronic Plc financials, USD Mn (2013-2018) 85
TABLE 19 Abbott Laboratories Key Facts 88
TABLE 20 Product segmentation of Abbott Laboratories 89
TABLE 21 Abbott laboratories Growth Strategy 89
TABLE 22 Abbott Laboratories Financials, USD Mn (2013-2017) 90
TABLE 23 Johnson & Johnson Key Facts 92
TABLE 24 Product segmentation of Johnson & Johnson 93
TABLE 25 Johnson & Johnson Growth Strategy 93
TABLE 26 Johnson & Johnson Financials, USD Mn (2013-2017) 94
TABLE 27 Research & Development Expense USD Mn (2015-2017) 95
TABLE 28 Becton Dickinson Key Facts 97
TABLE 29 Product segmentation of Becton Dickinson 98
TABLE 30 Becton Dickinson Growth Strategy 98
TABLE 31 Becton Dickinson financials, USD Mn (2013-2017) 99
TABLE 32 Boston Scientific Corporation Key Facts 101
TABLE 33 Product segmentation of Boston Scientific Corporation 102
TABLE 34 Boston Scientific Corporation Growth Strategy 102
TABLE 35 Boston Scientific Corporation Financials, USD Mn (2013-2017) 103
TABLE 36 Koninklijke Philips N.V. Key Facts 105
TABLE 37 Product segmentation of Philips 106
TABLE 38 Philips Growth Strategy 106
TABLE 39 Philips Financials, USD Mn (2013-2017) 107
TABLE 40 Roche Key Facts 109
TABLE 41 Product segmentation of Roche 110
TABLE 42 Roche Growth Strategy 110
TABLE 43 Roche Financials, USD Mn (2013-2017) 111
TABLE 44 Siemens Healthcare AG Key Facts 114
TABLE 45 Product segmentation of Siemens Healthcare 115
TABLE 46 Siemens Healthcare Growth Strategy 115
TABLE 47 Siemens Healthcare Financials, USD Mn (2015-2018) 116
TABLE 48 Stryker Corporation Key Facts 118
TABLE 49 Product segmentation of Stryker Corporation 119
TABLE 50 Stryker Corporation Growth Strategy 119
TABLE 51 Stryker Corporation Financials, USD Mn (2013-2017) 120
TABLE 52 Oracle Corporation Key Facts 122
TABLE 53 Product segmentation of Oracle Corporation 123
TABLE 54 Oracle Growth Strategy 123
TABLE 55 Oracle Financials, USD Mn (2013-2018) 124
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