Worldwide AI in Healthcare Industry to 2025 - Competitive Analysis and Impact of COVID-19 - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Global AI in Healthcare Market (2020-2025) by Sections, Diagnosis, End user, Geography, Competitive Analysis, Impact of Covid-19 and Ansoff Analysis" report has been added to ResearchAndMarkets.com's offering.

The Global AI in Healthcare Market size is expected to grow from USD 4.2 Bn in 2020 and reach USD 27.2 Bn by 2025; it is projected to grow at a CAGR of 45.3% during the forecast period.

The increasing volume of healthcare data and growing complexities of datasets driving the need for AI, the intensifying need to reduce towering healthcare costs, improving computing power and declining hardware costs, a growing number of cross-industry partnerships and collaborations, and rising imbalance between health workforce and patients driving the need for improvised healthcare services.

Another major factor fueling the market growth currently is the adoption of this technology by multiple pharmaceutical and biotechnology companies across the world to expedite vaccine or drug development processes for COVID-19. Artificial intelligence in healthcare is one of the most important scientific advancements in medicine so far. The participation of several start-ups in the development of AI-driven imaging and diagnostic solutions is a key factor contributing to the growth of the sector.

Recent Developments

1. In March 2020, IBM Watson Health and EBSCO Information Services partnered to provide access to evidence-based drug and disease information that can help support clinicians and individuals as they cope with infectious diseases, including COVID-19.

2. In July 2019, IBM acquired RedHat. Red Hat's open hybrid cloud technologies are now paired with IBM's innovation and industry expertise. IBM and Red Hat will accelerate innovation by offering a next-generation hybrid multi-cloud platform. Based on open source technologies, such as Linux and Kubernetes, the platform will allow businesses to securely deploy, run, and manage data and applications on premises and on private and multiple public clouds.

3. Jun-2020: GE Healthcare announced a collaboration with Lunit, a South Korean startup. Together with Lunit, GE launched an artificial intelligence-powered chest X-ray analysis suite. The suite has been designed to spot and highlight eight common conditions, using algorithms built by Lunit.

4. Jul-2020: AliveCor introduced KardiaCare, a digital health subscription service. The service provides members the control and convenience of managing heart health at home. This new service delivers exclusive digital tools to make it easier for users to interpret their heart data, monitor risk factors, identify symptom triggers, and measure the impact of positive lifestyle changes as part of a long-term heart care program.

Why buy this report?

• The report offers a comprehensive evaluation of the Global Artificial Intelligence In Diagnostics Market. The report includes in-depth qualitative analysis, verifiable data from authentic sources, and projections about market size. The projections are calculated using proven research methodologies.
• The report has been compiled through extensive primary and secondary research. The primary research is done through interviews, surveys, and observation of renowned personnel in the industry.
• The report includes in-depth market analysis using Porter's 5 force model and the Ansoff Matrix. The impact of Covid-19 on the market is also featured in the report.
• The report also contains the competitive analysis using IGR Competitive Quadrant, the analyst's proprietary competitive positioning tool.

Market Dynamics

Drivers

• Influx of large and complex healthcare datasets
• Growing need to reduce healthcare costs
• Improving computing power and declining hardware cost
• Growing number of cross-industry partnerships and collaborations
• Rising need for improvised healthcare services due to imbalance between health workforce and patients

Restraints

• Reluctance among medical practitioners to adopt AI-based technologies
• Lack of skilled AI workforce and ambiguous regulatory guidelines for medical software

Opportunities

• Growing potential of AI-based tools for elderly care
• Increasing focus on developing human-aware AI systems
• Growing potential of AI-technology in genomics, drug discovery, and imaging & diagnostics to fight COVID-19

Challenges

• Lack of curated healthcare data
• Concerns regarding data privacy
• Lack of interoperability between AI solutions offered by different vendors

Companies Mentioned

• NVIDIA Corporation (NVIDIA)
• Intel Corporation (Intel)
• IBM Corporation (IBM)
• Google LLC (Google)
• Microsoft Corporation (Microsoft)
• General Electric X-ray Corporation (GE Healthcare)
• Siemens Healthineers AG (Siemens Healthineers)
• Medtronic Plc (Medtronic)
• Micron Technologies
• Amazon Web Services, Inc (AWS)
• Johnson&Johnson
• Koninklijke Philips N.V.
• General Vision Services (GVS)
• Cloudmex Inc. (Cloudmex)
• Oncora Medical, Inc
• Anju Life Sciences Software
• CareSkore, Inc
• Linguamatics (UK),
• Enlitic, Inc.
• Lunit Inc.
• CureMetrix Inc.
• Qure.ai Technologies Private Limited
• Context Vision Operations
• Caption Health
• Butterfly Network Inc.
• Imagia Cybernetics Inc.
• Precision Health Intelligence, LLC.
• Cota Healthcare
• FDNA, Inc.
• Recursion Pharmaceuticals, Inc.
• Atomwise, Inc.
• Deep Genomics Inc.
• Cloud Pharmaceuticals
• Welltok, Inc.
• Vitagene, Inc.
• Lucina Health, Inc.
• Next IT Corp.
• Babylon Health
• MDLIVE Inc.
• Magnea
• Physiq, Inc.
• CyrcadiaHealth
• Caresyntax Inc.

For more information about this report visit https://www.researchandmarkets.com/r/srj8h1

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