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Artificial Intelligence (AI) in Healthcare Market Size Future Scope, Demands, and Projected Industry Growths to 2031

Kenneth Research recently added a report on Artificial Intelligence (AI) in Healthcare Market which provides a detailed insight into the market scenario on the basis of the market size, market volume and the compound annual growth rate (CAGR) of the market over the forecast period, i.e., 2022-2031.

U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) average exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilst imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Artificial Intelligence (AI) in Healthcare Market Products.

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According to the U.S. Centers for Medicare & Medicaid Services, the national health spending is estimated to grow at an annual rate of 5.5% during 2018-2027 in the United States. Moreover, the total spending in the healthcare industry in the country is anticipated to reach around USD 6 trillion by the end of 2027. On the back of such factors, the market is predicted to observe a significant growth in the next few years.

The adoption of artificial intelligence (AI) is reshaping the Indian healthcare market significantly. AI-enabled healthcare services like automated analysis of medical tests, predictive healthcare diagnosis, automation of healthcare diagnosis with the help of monitoring equipment, and wearable sensor-based medical devices, are expected to revolutionize medical treatment processes in the country.

Market insights:
It is predicted that the applications of artificial intelligence in the healthcare space will be worth INR ~431.97 Bn by 2021, expanding at a rate of ~40%. Based on this growth of AI applications in healthcare, the doctor-patient ratio in India is expected to reach ~6.9:1,000 by 2023, from its 2017 ratio of ~4.8:1000. The capability of AI applications to improve doctors’ efficiency will help in tackling challenges like uneven doctor-patient ratio, by providing rural populations high-quality healthcare, and training doctors and nurses to handle complex medical procedures.
Artificial intelligence is used in six healthcare segments: hospitals, pharmaceuticals, diagnostics, medical equipment and supplies, medical insurance, and telemedicine. Artivatic Data Labs Private Limited, Analytix Private Limited, IBM India Limited, Niramai Health Sigtuple Technologies Private Limited, and Tricog Health Services Private Limited are the major players operating in this sector.

Government initiatives:
o The Information Technology Act, 2000, and the Information Technology (Reasonable Security Practices and Procedures and Sensitive Personal Data or Information) Rules, 2011, mandate that service providers and patients exchange information constantly by using the latest technologies.
o National eHealth Authority (NeHA) – An authority which is responsible for the expansion of the integrated health information system within India.
o The United States–India Science and Technology Endowment Fund, is aimed at helping teams of innovators and entrepreneurs from both countries, whose products will improve the quality of healthcare, by harnessing the power of artificial intelligence.

Benefits of AI in the healthcare sector:
o The patient-doctor ratio in India is as low as 1,700:1. Also, ~70% of the healthcare infrastructure is in cities, which cater to ~30% of the country’s population. With the use of artificial intelligence applications, doctors can offer their services to more patients and reduce the existing gap in demand and supply of medical services in the country.
o AI-enabled healthcare services can be delivered at lower costs with increased efficiency and an emphasis on diagnostics. Moreover, artificial intelligence enables hospitals to implement patient-centric plans and eliminate unnecessary hospital procedures, making delivery of healthcare services faster in India.

Key deterrents to the growth of the market:
India lacks standardized guidelines for designing AI applications that can be used in healthcare systems. Lack of clarity deters the use of artificial intelligence in the Indian healthcare industry. Also, most AI companies which aid the healthcare sector, are start-ups. Medical practitioners are not quick to trust start-ups whose products are not nationally or internationally certified. As a result, start-ups’ sales get hampered, resulting in the limited implementation of AI in the Indian healthcare industry.  
Companies covered:
o Aindra Systems Private Limited
o Advenio Tecnosys Private Limited
o Artivatic Data Labs Private Limited
o Niramai Health Analytix Private Limited
o Predible Health Private Limited
o Qure.Ai Technologies Private Limited
o Sigtuple Technologies Private Limited
o Tricog Health Services Private Limited
o IBM India Private Limited
o Microsoft Corporation (India) Private Limited

Customizations available
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The Market report answers the following questions:

What is the aim of the report?

  • The market report presents the estimated market size of Artificial Intelligence (AI) in Healthcare Market by the end of forecast period. Additionally, the historical and current market size is also examined in the report.
  • Based on various indicators, the Year-on-Year growth (%) and compound annual growth rate (CAGR) for the given forecast period is offered.
  • An overview of the Market based on geographical scope, market segmentation and financial performance of key players is presented in the report.
  • The report presents current trends in the industry and future scope of the Market in North America, Asia Pacific, Europe, Latin America and Middle East and Africa.
  • The various parameters accelerating the growth of Market are incorporated in the research report.
  • The report analyzes growth rate, market size and valuation of the Market during the forecast period.

What aspects regarding the regional analysis Market are included in this report?

  • Geographical regions covered in the report include North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
  • The report consists of detailed region-wise analysis of current and future market trends, providing information on product usage and consumption.
  • The growth rate of the market in every region, including their countries over the forecast period is included in the market report.

Based on what factors are the key market players assessed in this report?

  • The report offers detailed analysis of leading companies in the market across the globe.
  • It provides details of the major vendors involved in the Market including Key Players
  • A comprehensive overview of each company including the company profile, generated revenue, pricing of goods and the manufactured products is incorporated in the report.
  • The facts and figures about market competitors along with standpoints of leading market players are presented in the report.
  • The recent developments, mergers and acquisitions related to mentioned key players are provided in the market report.

What is the key information extracted from the report?

  • Extensive information on factors estimated to affect the Market growth and market share during the forecast period is presented in the report.
  • The report offers the present scenario and future growth prospects Market in various geographical regions.
  • The competitive landscape analysis on the market as well as the qualitative and quantitative information is delivered.
  • The SWOT analysis is conducted along with Porter’s Five Force analysis.
  • The in-depth analysis provides an insight into the Market, underlining the growth rate and opportunities offered in the business.

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Kenneth Research provides scheduled syndicated reports that help industry professionals and organizations decipher market trends to take significant decisions and plan strategies. We cater to a wide range of industries including healthcare & pharmaceuticals, ICT & telecom, automotive & transportation, energy & power, chemicals, FMCG & food, aerospace & defense, among others. Our research team ensures to track and analyze the industry on a regular basis to offer strategic business consultancy services on a global level. We, at Kenneth Research are adept at capturing descriptive insights on crucial topics to help our clients make their informed decisions.

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