Healthcare Artificial Intelligence Software Market to expand at a healthy 48.2% CAGR

The Global Healthcare Artificial Intelligence Software Market size is estimated to be USD 4.68 billion in 2019 and is predicted to reach USD 354.47 billion by 2030 with a CAGR of 48.2% from 2020-2030. Artificial Intelligence Software can be defined as adopted intelligence which has problem solving skills and other by the helps of science and engineering. Artificial intelligence has a wide application in all the sectors, in healthcare it helps in the diagnosis and designing the treatment plan for the patient and it also helps in the robot assisted surgery and various other purposes which further increase the efficiency of the healthcare services with effective treatment.

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The improving and modernizing healthcare infrastructure as well as increased prevalence of chronic disorders in developing nations has proliferated the healthcare artificial intelligence software market growth. Furthermore, the increased adoption of personalized medicine and increase investment will increase the healthcare artificial intelligence software market over the forecast period.

The factors including technological advancements in the field of healthcare artificial intelligence software, and increased adoption of artificial intelligence has majorly driven the healthcare artificial intelligence software market. Further, increase in disposable income and strategic collaborations are also expected to further promote the market growth. However, lack of skilled professionals coupled with stringent regulatory policies with respect to medical software may limit the growth of the healthcare artificial intelligence software market. The lucrative opportunities in emerging economies and rising awareness coupled with increase in artificial intelligence based elderly care and innovation is will create new opportunities for the market growth in future.

Market Segmentations and Scope of the Study:

The global healthcare artificial intelligence software market share is analyzed on the basis of offering, algorithm, application, end user and geography. On the basis of offering, the market is segmented into software, software and services. On the basis of algorithm, the market is divided into Deep Learning, Querying Method, Natural Language Processing, and Context Aware Processing. On the basis of application, the market is fragmented into Robot-assisted Surgery, Virtual Nursing Assistant, Administrative Workflow Assistance, Fraud Detection, Dosage Error Reduction, Clinical Trial Participant Identifier, Preliminary Diagnosis, and Others. On the basis of end user, the market is classified into Healthcare Provider, Pharmaceutical & Biotechnology Company, Patient, and Payer. Geographic breakdown and analysis of each of the aforesaid segments includes regions comprising North America, Europe, Asia-Pacific, and RoW.

Geographical Analysis

North America denotes a higher adoption of the healthcare artificial intelligence software and is anticipated hold the highest market share during the forecast period. This is attributable to the factors including presence of well-established healthcare amenities, increase in automation and increased demand of personalized medicine, and technological advancements.

It is expected that the emerging economies, specifically in the Asia-Pacific region would witness increasing market size owing to increasing accessibility to healthcare facilities in the region, increasing medical tourism, and increased use of artificial intelligence in the elderly care and increase in disposable income.

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The healthcare artificial intelligence software market, which is highly competitive, consists of various market players. Some of the major market players include APIXIO, Inc., AiCure, Butterfly Network, Inc, Atomwise, Inc., Enlitic, Inc., Cyrcadia Health Inc., iCarbonX, IBM (Watson Health), Lifegraph, Insilico Medicine, Inc., Pathway Genomics Corporation, Modernizing Medicine, Sophia Genetics, Sense.ly, Zebra Medical Vision Ltd and Welltok, among others.

Over the period of time there have been various developments taken place in the past and will further takes place in near future. For instance, in October 2019, Intelerad Medical Systems, a leader in enterprise workflow solutions, and Zebra Medical Vision, the deep learning medical imaging analytics company, announce a joint program leveraging Intelerad’s newly released Odyssey designed to encourage the adoption of artificial intelligence without the prohibitive costs usually associated with such programs.