AI in Healthcare Market 2020 Growing Strategies & Top Trends

The global AI in healthcare market ecosystem was valued at US$6.9 billion in 2018. At present, the US is dominating the artificial intelligence in healthcare market owing to technological advancements. Healthcare spending is the highest in the US and most healthcare technology companies belong to the US. In the UK, the National Health Service (NHS) has announced an investment of approx. US$ 300Mn in 2020, to improve the quality of healthcare services. AI technology is rapidly growing in China. Alibaba has established a strategic partnership with the Chinese government to deploy smart healthcare solutions in every hospital by 2021. As of March 2018, more than 23,000 medical practitioners signed up with Alibaba Health to provide online health services.

The development of AI technology is helping the healthcare ecosystem to flourish. It has been witnessing a lot of transformations and growth with new technological breakthroughs in various applications such as diagnosis, advanced medical device, drug discovery, hospital management, etc. Several new research projects are being undertaken by the top technology companies and healthcare professionals.

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Google, Amazon, Apple, and Microsoft believe that penetrating into healthcare ecosystem can offer tremendous business opportunities. Google has collaborated with doctors in the US and has developed a new innovative algorithm that can identify diabetic retinopathy with high accuracy as checked by certified ophthalmologists. This advanced treatment has also been introduced in developing countries like India in 2019.

Amazon, JPMorgan Chase, and Berkshire Hathaway have created a joint venture and have named the new healthcare venture as “Haven”. The aim of this healthcare venture is to provide better treatment at a lower cost by using advanced technologies such as AI. These are some of the factors that are driving the AI in healthcare ecosystem. According to our estimates the AI in healthcare ecosystem is expected to witness growth at approximately 24% CAGR during 2018 to 2023.

In this technological era, companies are investing more in AI software and technology and with this, there is a drastic rise in the number of startups that cater to the market. Teckro is one of the startups that has deployed AI in clinical trial application for managing clinical trial processes across geographically dispersed teams.

The ripple effect of Coronavirus-Covid19 on the market needs to become part of strategy discussions to emerge strong. The Analyst team is meticulously tracking the impact and relevance to all the sectors in the Ecosystem.  Key datasets include Revenue Impact analysis, Disruptions and New opportunities in the Supply Chain, Revised Vendor Landscape Mix, New opportunities mapping, and more. https://www.alltheresearch.com/impactC19-request/319

The company has raised more than US$ 41Mn. Blackthorn therapeutics, a San Francisco-based start-up, is backed by Google and Polaris Partners. The company has developed neurobehavioral therapeutics to provide treatment for anxiety disorders and autism, and it also works on drug discovery and development using advanced data science and neuroinformatics. This enhances the drug discovery process. The company has raised US$ 130 Mn through equity funding in the year 2019. Gauss Surgical, a California-based start-up, has deployed computer vision to monitor blood loss during surgery. The company raised around US$ 20 Mn in the series C funding in the year 2018. Thus, start-ups are actively contributing to the growth of the AI in healthcare ecosystem.