North America Artificial Intelligence (AI) in Healthcare Market

Market Introduction

The North America AI in healthcare market has been segmented into the US, Canada, and Mexico. The US holds held the largest share of the North American AI in healthcare market in 2019. The growth of the market in North America is attributed to evolving digital infrastructure in healthcare, well-established healthcare sector and rising patient awareness regarding benefits of artificial intelligence. The market for artificial intelligence in healthcare in the North American region is also likely to spur with presence of various key players in the market. In addition, adoption of digital tools in healthcare operations for improving the quality and reducing the costs simultaneously is also responsible to augment the growth of the AI in healthcare market in the US and other North American countries. In North America, the US is the largest market for artificial intelligence in healthcare. The growth of this market is primarily driven by increasing adoption of precision medicine, transformation of digital healthcare, increasing number chronic diseases and support from the federal government to implement digital tools in healthcare to cut down the costs and improve the quality of care. Also, growing usage of artificial intelligence in healthcare industry is a major factor driving the North America artificial intelligence in healthcare market.

The COVID-19 is having a very devastating impact over the North America region. AI is an indispensable tool to promote public health experts to keep people safe and notified of the coronavirus pandemic. Artificial intelligence (AI) is converting as a robust tool for tracking and handling COVID-19 in the U.S. and across. Numerous U.S. institutions are designing the latest AI technology or using established technology to diagnose, monitor, and treat the novel coronavirus. For instance, HealthMap, an AI application developed by Boston Children’s Hospital. It was one of the first tracking tools to diagnose the COVID-19 outbreak. This original discovery helps doctors quickly triage patients to the suitable level of care even before a COVID-19 diagnosis is validated. Similarly, Facebook AI is entered into a partnership with academic researchers and other specialists on various initiatives associated with COVID-19. Moreover, in October 2020, Facebook AI launched their COVID-19 Community Help hub as a source to request people to help the patients. Also, they have added an innovative AI-powered matching feature for quick and easy connection of people and offering the required type of assistance. AI has enormous potential for analyzing large quantities of data rapidly, a feature that can significantly impact a situation such as a pandemic.

Market Overview and Dynamics

The artificial intelligence in healthcare market in North America is expected to grow from US$ 1,605.67 million in 2019 to US$ 44,056.97 million by 2027; it is estimated to grow at a CAGR of 50.1% from 2020 to 2027. Cross-industry partnerships are resulting into the introduction of new machine learning models that predict risk and provide cognitive assistance. AI is mostly applied in the clinical trials to obtain accurate and valuable output. For instance, the AI-based tools, such as clinical decision support systems and voice recognition software, help streamline workflow processes in hospitals and improve medical care, thereby enhancing the patient experience. Cross-sector partnerships are among the most dynamic practice within corporate and society relations that bridge various sectors, such as public, private, and nonprofit.  Therefore, the rising number of cross-industry partnerships is projected to improve AI adoption in the healthcare sector, which propels the market growth.

Key Market Segments

In terms of component, the software solutions segment accounted for the largest share of the North America artificial intelligence in healthcare market in 2019. Based on application type, the clinical trials segment held a larger market share of the North America artificial intelligence in healthcare market in 2019. On basis of end user, hospitals & healthcare providers held a substantial share in 2019.

Major Sources and Companies Listed

A few major primary and secondary sources referred to for preparing this report on the artificial intelligence in healthcare market in North America are company websites, annual reports, financial reports, national government documents, and statistical database, among others. Major companies listed in the report are Alphabet Inc.; Arterys Inc.; General Electric Company; Intel Corporation; Johnson and Johnson Services, Inc.; Koninklijke Philips N.V.; Microsoft Corporation; Nuance Communications, Inc.; NVIDIA CORPORATION; and Siemens Healthineers AG.

Reasons to buy report

• To understand the North America artificial intelligence in healthcare market landscape and identify market segments that are most likely to guarantee a strong return
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• Helps to take knowledgeable business decisions from perceptive and comprehensive analysis of market performance of various segment form North America artificial intelligence in healthcare market
• Obtain market revenue forecast for market by various segments from 2020-2027 in North America region.

North America Artificial Intelligence in Healthcare Market Segmentation

North America Artificial Intelligence in Healthcare Market – By Component

• Software Solution
• Hardware
• Services

North America Artificial Intelligence in Healthcare Market – By Application

• Robot Assisted Surgery
• Virtual Assistants
• Administrative Workflow Assistants
• Connected Machines
• Diagnosis
• Clinical Trials
• Fraud Detection
• Cybersecurity
• Dosage Error Reduction
• Others

North America Artificial Intelligence in Healthcare Market – By End User

• Hospitals & Healthcare Providers
• Patients
• Pharma & Biotech Companies
• Healthcare Payers
• Others

North America Artificial Intelligence in Healthcare Market – By Country

• US
• Canada
• Mexico

North America Artificial Intelligence in Healthcare Market – Company Profiles

• Alphabet Inc.
• Arterys Inc.
• General Electric Company
• Intel Corporation
• Johnson and Johnson Services, Inc.
• Koninklijke Philips N.V.
• Microsoft Corporation
• Nuance Communications, Inc.
• NVIDIA CORPORATION
• Siemens Healthineers AG

North America Artificial Intelligence (AI) in Healthcare Market Strategic Insights

North America Artificial Intelligence (AI) in Healthcare Market Segmentation Analysis

North America Artificial Intelligence (AI) in Healthcare Market Report Highlights

North America Artificial Intelligence (AI) in Healthcare Report Scope

North America Artificial Intelligence (AI) in Healthcare Market Country and Regional Insights