The rapid development in the field of medicine has brought artificial intelligence that can handle a variety of complicated tasks. Artificial intelligence can now obtain life-saving data that doctors may use during trials to perform radiological examinations or predict patients’ response to drugs, thereby providing answers for everyone. The demand for AI in healthcare has dramatically accelerated its growth. AI is widely used to predict which protocol may be suitable for a specific patient based on available data available to determine the treatment process of any particular patient.
Artificial intelligence systems can help doctors by providing up-to-date medical information in journals, textbooks, and clinical practices to provide appropriate care for patients. Artificial intelligence systems can also help reduce the inevitable diagnosis and treatment errors in human clinical practice. Moreover, AI systems extract useful information from a large number of patient groups to help real-time inferences about health risk alerts and health outcome predictions.
India’s artificial intelligence in the healthcare market likely to grow with a significant rate over the forecast periods, 2020-2027. The rising demand to reduce the increasing healthcare costs and improving computing power and declining hardware costs are projected to fuel the demand for artificial intelligence in healthcare in India. Additionally, the growing applicability of AI-based tools in medical care and an increase in venture capital investments will spur India artificial intelligence in healthcare size in future periods. Further, the increasing importance of precision medicine, the growing number of cross-industry collaborations, the consistent inflow of venture capital investments, and the rising geriatric population are estimated to propel the demand for artificial intelligence in healthcare.
The surge in demand for AI to improve the patients’ outcomes, need to increase coordination between healthcare workforce & patients, and the upsurge in adoption of precision medicine is anticipated to fuel the demand for artificial intelligence in healthcare across India in the coming years. With the rise in non-communicable diseases and the growing number of the aging population in the country expected to propel the demand for artificial intelligence in healthcare over the coming years. Furthermore, the upsurge in applications of AI in high-resolution 3D imagery and consult partner doctors locally and abroad in real-time that will improve the pre-planning and success of the overall procedure. These key factors anticipated to boom India artificial intelligence in the healthcare market share in the forecast span.
Artificial Intelligence in healthcare and leading-edge data science techniques to create models that reduce costs for health plans, physicians, and employers through earlier identification and engagement of those at-risk of high-cost conditions such as heart failure and diabetes. Health plans, hospitals, physicians, and employers are increasingly using predictive and prescriptive models to lower healthcare costs.
Artificial Intelligence in Big data and artificial intelligence will play a role in the government, hospitals, enterprises, insurance, and health management institutions. For hospitals, big data and artificial intelligence will play a role in the quality of medical services, precision medicine, and clinical research platforms. For the government and insurance institutions, the involvement of big data and artificial intelligence will help policy analysis, Reasonable medication, and precise medical insurance. For enterprises, it means real-world data analysis, efficiency improvement platforms, and new business model cooperation, and for health management institutions, big data and artificial intelligence will make risk screening and personalized care.
AI will drive India’s healthcare practitioners, towards a higher set of skills and greater ability to work alongside technology. These include robot-assisted surgeries, highly accurate diagnoses of detailed medical images, and new drug development. However, since much of the country’s healthcare system is chronically overstretched and limited in its ability to provide the basics, some observers advocate focusing AI resources on first empowering primary health care.
AI includes guiding doctors through diagnostic processes to arrive at treatment decisions with greater speed and certainty. Through using machine learning to analyze increasingly sophisticated medical images to diagnose a wide range of common and rare diseases, often with greater accuracy than humans, and wearable health-tracking technology to support patients in maintaining wellness, and doctors in spotting risks and warning signs.
Recently, the outbreak of a pandemic, declared by WHO, COVID-19, has severely impacted the healthcare system worldwide. Most countries have adopted social distancing and quarantine measures to mitigate the impact of the pandemic. For this, researchers are leveraging machine learning models to understand how quarantine measures will impact the spread of COVID-19. Also, for instance, Israel is using AI to help determine the level of treatment the people it flags might require if they fall sick. Also, many companies around the world have now announced several AI-enabled systems to detect Covid-19 on chest CT or X-ray scans.
Based on the offering, India artificial intelligence in the healthcare market classified into Hardware, Software, and Services. The software segment dominated held the largest share in the India artificial intelligence in healthcare market in 2019. The growth is attributed to the rising adoption of AI solutions and platforms among healthcare providers and healthcare payers to cater to healthcare services.
Hardware will witness steady growth in the coming years due to the growing demand for hardware in high computing power to operate several AI-based software.
Based on the technology, India artificial intelligence in the healthcare market segregated into machine learning, natural language processing, context-aware computing, computer vision, and querying method. The machine learning is expected to hold the largest market share from 2020 to 2027. It is due to machine learning help to collect and handle big data, patient data, drug discovery, risk analysis, and in-patient care and hospital management.
Natural language processing will grow at a momentous rate in the forecast period. It is owing to NLP used for speech recognition in clinical documentation, clinical trial matching, computational phenotyping, and biomarker discovery, etc.
Based on Application, the India Artificial Intelligence in Healthcare market segmented into patient data and risk analysis, in-patient care & hospital management, medical imaging & diagnostics, lifestyle management & monitoring, virtual assistant, drug discovery, research, healthcare assistance robots, precision medicine, emergency room & robot-assisted surgery, clinical trial participant identifier, and others. The clinical trial participant identifier segment is expected to hold the largest market share throughout the forecast period. It is attributable to growing usages of artificial intelligence by pharmaceutical companies to automate clinical trial processes, accelerating drug discovery, predicting the most feasible clinical trials, and making drugs easily available globally.
The emergency room & robot-assisted surgery segment will grow with a substantial rate during the forecast period owing to the benefits of artificial intelligence to integrate information from actual surgical experiences to form new, improved insights.
Based on the end-user, India artificial intelligence in the healthcare market segmented into hospitals and providers, patients, pharmaceutical and biotechnology companies, healthcare payers, and others. The hospitals and providers segment held a higher market potential share in 2019 and will witness to gain maximum market revenue by 2027. It is attributed to hospitals, and providers heavily utilize the applications of AI for improving the in-patient care provided in healthcare settings.
The pharmaceutical and biotechnology companies segment exhibits a lucrative market share in 2019, due to these companies using the artificial intelligence for the drug discovery, precision medicine, and clinical trial participant identifier.
Based on geography, India artificial intelligence in the healthcare market segmented into North India, South India, West India, and East India. North India estimated to account for the largest size of the India AI in the healthcare market throughout the forecast period. It is owing to the increasing adoption of healthcare IT solutions in the region, improving infrastructure for healthcare IT, rising number of AI start-ups, and availability of funding for developing AI capabilities from the government.
South India captured a prominent share of artificial intelligence in the healthcare market due to the rise in the number of government initiatives for AI technology, the rising adoption of improved medical technologies, an escalating number of IT start-ups.
Companies such as Intel, NVIDIA, Siemens Healthineers, Medtronic, Micron Technology (US), IBM, Microsoft, Google Inc (US), Amazon Web Services, CloudMedx, Sigtuple, ChironX, Niramai Health Analytix, Qure.ai, Predible Health, Artivatic. LiveHealth, Artelus, Tricog, and OnliDoc are the key players in India’s artificial intelligence in the healthcare market.
|Market size value in 2020||USD 5.5 Billion|
|Revenue forecast in 2027||USD 62.52 Billion|
|Growth Rate||CAGR of 43.4% from 2020 to 2027|
|Forecast period||2021 – 2027|
|Region covered||America, Europe, Asia-Pacific, South America, and Middle East & Africa|
|Key companies Profiled||Google, Microsoft, NVIDIA, Intel, IBM, AWS, General Vision, GE Healthcare,
Siemens Healthineers, and others
Google, Microsoft, NVIDIA, Intel, IBM, AWS, General Vision, GE Healthcare, Siemens Healthineers, and others are prominent artificial intelligence healthcare market players.
Development in the pharmaceutical sector and Rising disposable income are driving the global artificial intelligence healthcare market.
Artificial Intelligence assistance, AI-assisted robotic surgery, Clinical judgment or diagnosis, Precision medicine, Drug discovery are the applications of AI in the healthcare industry.
The global Artificial Intelligence healthcare market size is expected to grow from USD 5.5 billion in 2020 and reach USD 62.52 billion by 2027.
Artificial Intelligence HealthCare Market is projected to grow at a CAGR of 43.4% during the forecast period.