Product Code: 53061
The artificial intelligence in the medicine market was valued at USD 4490.3 million in 2020 and is expected to reach USD 34882.58 million by 2026 and grow at a CAGR of 39.8% over the forecast period (2021-2026). AI is considered to be the science and engineering of intelligent and interactive systems capable of performing functions without the aid of humans. The field of healthcare presents a host of challenges to any new technology integration, such as the lack of existing data repositories, stringent compliant regulations, and the complexity of integration itself.
- The rapidly increasing adoption of cloud computing techniques has facilitated the adoption of artificial intelligence solutions for mining large amounts of data to identify mistakes in the present scenarios and offer alternative solutions in complex situations. The use of AI technology has been encouraged by many healthcare industry players since it can potentially enhance the service provided by manifold. The access to data, collection of symptoms related to patients, and the communication of corresponding treatments are the primary functions that need the highest integration of AI in the industry.
- IBM Watson is leading the revolution in the healthcare industry with enhanced cognitive systems to understand, reason, and learn dynamically and contribute to providing prompt service and informed decision-making. The healthcare industry has been estimated to generate data on the volume of hundreds of exabytes, and it is expected to reach the measure of zettabytes quickly. Such large amounts of information need to be stored and accessed at a much faster rate than the current industry standards for AI. The development of advanced technologies has enabled AI to analyze millions of text pages in a matter of seconds. Such process efficiency is of critical importance in the industry.
- The scope of AI applications in the healthcare industry extends to adding value to various services such as personal health assistants, advanced analytics & research, and healthcare bots. Exponential growth in the volume of smartphones in the global market has reached such levels that a majority of the worldwide population now owns a smartphone. In November 2019, Novartis announced an essential step in reimagining medicine by founding the Novartis AI innovation lab and by selecting Microsoft Corp. as its strategic AI and data-science partner for this effort. The new lab aims to significantly bolster Novartis AI capabilities from research through commercialization and help accelerate the discovery and development of transformative medicines for patients worldwide.
- In February 2020, British AI-startup Benevolent AI published two articles, one in The Lancet and one in The Lancet Infectious Diseases, identifying approved drugs that might block the viral replication process of SARS-CoV-2. Using a vast repository of medical information, including data extracted from the scientific literature by machine learning, the company's AI system identified six compounds that effectively block a cellular pathway that appears to allow the virus into cells to make more virus particles. Drug development generally takes at least a decade to move from idea to market, with failure rates of over 90% and a price tag between USD 2 and USD 3 billion. This process can substantially be accelerated using AI and make it much cheaper, faster, and more likely to succeed.
Key Market Trends
Patient Management Application to Witness Significant Growth
- Patient monitoring over the years has been evolving to consider more detailed information. The monitoring also made an array of unorganized and unprocessed data available for the medical experts and researchers that earlier beyond accessibility. Such upsurge of data made healthcare facilities to opt for modern big data analytics and information-driven solutions. The increasing role of AI in assessing patient conditions and the progress of patients through multiple stages of illness has attracted the attention of healthcare professionals. This is the primary reason for which real-time remote patient monitoring systems, apart from their benefits, are capable of delivering a paradigm-shifting approach to healthcare improvement for the long term.
- In January 2019, Dartford and Gravesham NHS Trust in the United Kingdom came up with an AI-powered wearable technology for patient monitoring when they are discharged from the hospitals. Most patients once re-released from hospitals, develop health complications that need to be addressed by readmissions or restart of the treatment process. Such remote monitoring for patients discharged from healthcare facilities can significantly reduce the readmission rate and case of home visits for treatment purposes. The researchers at Toronto University are building an AI-based robot that can streamline the delivery of healthcare and thus minimize patient wait times at healthcare facilities
- In October 2019, care.ai and NVIDIA announced a collaboration to provide an artificial intelligence-powered autonomous patient monitoring in healthcare leveraging NVIDIA'S platform. The partnership combines care.ai's independent monitoring solution and NVIDIA's Jetson platform to help healthcare facilities improve patient safety and staff efficacy. care.ai's autonomous monitoring platform gives healthcare staff an advantage by providing real-time information about the patient, caregivers, and their environment. In March 2020, care.ai formed a partnership with the Texas Hospital Association (THA) for creating statewide adoption of AI for autonomous monitoring.
- The more significant trend of AI-powered patient care will focus more on the holistic approach of considering total well-being involving emotional, psychological, and lifestyle attributes and the particular disorders that are being treated. The Artificial Intelligence-powered remote monitoring in healthcare will bring no small revolution. Combining with the concurrent streams of healthcare data emanating from a variety of sensors and healthcare devices will bring together many facets of patient data under the purview of analytics and give birth to a healthcare data explosion. The emerging healthcare data explosion will only pave the way for more informed, precision-driven, and personalized treatment processes.
North America Occupies the Largest Market Share
- North America is one of the largest and most advanced markets for AI in the world. Factors such as the strong economy, the high adoption rate of AI technologies across the healthcare and pharma, robust presence of prominent AI software and system suppliers, combined investment by government and private organizations for the development and growth of research & development activities are poised to drive the demand for AI in medicine in the region. Over the period, the region is expected to dominate the global market, owing to its developed infrastructure that can house advanced solutions in the medical sector. The increasing inflow of investments in startups for AI implementation would further augment the growth of the market shortly.
- Medical errors cost the medical industry billions of dollars annually, which provides the requirement for efficient management and support in the region is increasing. Also, with the exponential increase in the amount of data and complexity of operations in the domain are challenging resource management. In the United States alone, roughly 38,000 patents are containing the terms of artificial intelligence or machine learning. Of all the fields where artificial intelligence (AI) is promising, healthcare seems to be the most essential. This is because healthcare systems are encountered with problems of staff shortages, ineffective treatments, and increased patient loads and incorrect diagnoses, all of which to a degree could be helped by new technology.
- There is growing evidence that artificial intelligence (AI) is poised to make a significant impact on the practice of medicine in Canada. The development of the Critical Care Suite and the pneumothorax algorithm was made possible by the launch of GE Healthcare's Edison platform. Edison allows seamless uploading and sharing of images from partnering hospitals and provides a shared Web-based workspace on which radiologists from different organizations can curate and annotate the images, an essential prerequisite to training an algorithm. Humber River Hospital in Toronto, one of four institutions to sign a data-sharing agreement for the development of Critical Care Suite, provided 156,000 privacy-compliant chest X-rays and associated reports to GE Healthcare.
- Microsoft, which is a prominent company based out of the United States in January 2020, announced AI for Health, a five-year, USD 40 million program that aims to help healthcare organizations leverage artificial intelligence and machine learning to boost the health of patients and populations. Microsoft said AI for Health which is part of its USD 165 million AI for Good initiative would help researchers, nonprofits and healthcare organizations deploy with leading-edge technologies in the service of three key areas: accelerating medical research to help improve prevention, diagnoses, and treatment, improving the understanding of mortality and longevity to help protect against global health crises and reducing health inequity and improving access to care for underserved populations.
The artificial intelligence in the medicine market is highly competitive due to the presence of a significant number of players in the market operating in domestic and the international market. The market appears quite to be fragmented. Due to the increase in the applications of AI across various medicine, significant players in the market adopt strategies like product innovation and mergers and acquisitions. Some major players in the market include IBM Corporation, Zebra Medical Vision Ltd, Sense.Ly Corporation, among others.
- January 2020 - BioMotiv and Atomwise announced a strategic partnership to co-develop therapies. The organizations will form co-owned, joint development companies that combine Atomwise's AI technology and BioMotiv's deep expertise in preclinical and clinical development to get innovative academic and early-stage research into small molecule therapies. Atomwise's AI technology will enable a lot of programs for challenging targets that are considered undruggable with traditional tools.
- November 2019 - Zebra Medical Vision announced that its AI1 "all-in-one" bundle of artificial intelligence (AI) products would be available on the Nuance AI Marketplace. Nuance offers the first and largest portal with one-stop access to a wide range of AI diagnostic models. The Nuance AI Marketplace functions like an app store that is dedicated to radiology. It provides algorithm developers consolidated, at-scale access to users of Nuance PowerScribe, the radiology reporting system trusted by approximately 80 percent of U.S. radiologists across more than 6,500 connected healthcare facilities.
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support
TABLE OF CONTENTS
- 1.1 Study Assumptions and Market Definition
- 1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
- 4.1 Market Overview
- 4.2 Industry Attractiveness - Porter's Five Force Analysis
- 4.2.1 Bargaining Power of Suppliers
- 4.2.2 Bargaining Power of Consumers
- 4.2.3 Threat of New Entrants
- 4.2.4 Threat of Substitute Products
- 4.2.5 Intensity of Competitive Rivalry
- 4.3 Industry Stakeholder Analysis
- 4.4 Market Drivers
- 4.4.1 Growing instances of convergence between IT & Healthcare players driving innovations
- 4.4.2 Expanding application base and growing emphasis on adoption of digital transformation practices to realize cost savings
- 4.4.3 Increased emphasis on ensuring patient well-being and relative shortage of physicians in major countries to drive adoption
- 4.5 Market Challenges
- 4.5.1 Initial implementation and perception concerns
- 4.6 Market Opportunities
- 4.7 Impact of COVID-19 on the Healthcare IT Industry
- 4.8 Major partnerships and collaborations
- 4.9 Key technical and stakeholder-related considerations for the implementation of AI in Medicine
5 TECHNOLOGY SNAPSHOT
- 5.1 Evolution of AI in the field of Medicine
- 5.2 Key innovations and advancements
- 5.2.1 Discovery of drug interventions & candidates
- 5.2.2 Clinical trail Facilitation
- 5.2.3 Identification of Bio-markers
- 5.2.4 Advancements in Gene Editing
- 5.3 Major areas of research
- 5.3.1 Cardiology
- 5.3.2 Pulmonary Medicine
- 5.3.3 Nephrology
- 5.3.4 Neurology
6 MARKET SEGMENTATION
- 6.1 By Application Type
- 6.1.1 Medical Administration and Support
- 6.1.2 Patient Management
- 6.1.3 Research & Development
- 6.1.4 Other Applications
- 6.2 By Type
- 6.2.1 Hardware
- 6.2.2 Software
- 6.2.3 Services
- 6.3 Geography
- 6.3.1 North America
- 184.108.40.206 United States
- 220.127.116.11 Canada
- 6.3.2 Europe
- 18.104.22.168 United Kingdom
- 22.214.171.124 Germany
- 126.96.36.199 France
- 188.8.131.52 The Nordics
- 184.108.40.206 Rest of Europe
- 6.3.3 Asia-Pacific
- 220.127.116.11 China
- 18.104.22.168 India
- 22.214.171.124 South Korea
- 126.96.36.199 Singapore
- 188.8.131.52 Rest of Asia-Pacific
- 6.3.4 Rest Of The World
- 184.108.40.206 Latin America
- 220.127.116.11 Middle East & Africa
7 COMPETITIVE LANDSCAPE
- 7.1 Company Profiles
- 7.1.1 Atomwise Inc.
- 7.1.2 IBM Watson Health
- 7.1.3 Zebra Medical Vision Ltd
- 7.1.4 Modernizing Medicine Inc.
- 7.1.5 Berg LLC
- 7.1.6 Medasense Biometrics Limited
- 7.1.7 Sense.ly Corporation.
- 7.1.8 AICURE, LLC
- 7.1.9 Bay Labs, Inc.
8 INVESTMENT ANALYSIS
9 FUTURE OF THE MARKET