AI In Healthcare Market Size, Share & Trends Analysis Report By Component (Hardware, Services), By Application, By End-use, By Technology, By Region, And Segment Forecasts, 2024 - 2030

Research Methodology

A three-pronged approach was followed for deducing the AI in healthcare market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:

Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for AI in healthcare market to gather the most reliable and current information possible.

• We buy access to paid databases such as Hoover’s and Factiva for company financials, industry information, white papers, industry journals, SME journals, and more.
• We tap into Grand View’s proprietary database of data points and insights from active and archived monitoring and reporting.
• We conduct primary research with industry experts through questionnaires and one-on-one phone interviews.
• We pull from reliable secondary sources such as white papers and government statistics, published by organizations like WHO, NGOs, World Bank, etc., Key Opinion Leaders (KoL) publications, company filings, investor documents, and more.
• We purchase and review investor analyst reports, broker reports, academic commentary, government quotes, and wealth management publications for insightful third-party perspectives.

Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of AI in healthcare market data depending on the type of information we’re trying to uncover in our research.

• Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.

• Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.

• Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.

• Qualitative Functional Deployment (QFD) Modelling for market share assessment.

Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.

• Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.

• Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.

• This step also entails the finalization of the report scope and data representation pattern.

• Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.

AI In Healthcare Market Categorization:

The AI in healthcare market was categorized into Five segments, namely Component (Hardware, Software Solutions, Services), application (Robot-assisted Surgery, Virtual Assistants, Administrative Workflow Assistants, Connected Medical Devices, Medical Imaging & Diagnostics, Clinical Trials, Fraud Detection, Cybersecurity, Dosage Error Reduction, Precision Medicine, Drug Discovery & Development, Lifestyle Management & Remote Patient Monitoring, Wearables), technology (Machine Learning, Natural Language Processing, Context-aware Computing, Computer Vision), end-user (Healthcare Providers, Healthcare Payers, Healthcare Companies, Patients), and region (North America, Europe, Asia Pacific, Latin America, Midle East Africa).

Segment Market Methodology:

The AI in healthcare market was segmented into component, application, technology, end-user and regions. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:

Market research approaches: Bottom-up

• Demand estimation of each product across countries/regions summed up to from the total market.

• Variable analysis for demand forecast.

• Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.

• Primary interviews for data revalidation and insight collection.

Market research approaches: Top-down

• Used extensively for new product forecasting or analyzing penetration levels.

• Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.

• Primary interviews and vendor-based primary research for variable impact analysis.

Market research approaches: Combined

• This is the most common method. We apply concepts from both the top-down and bottom-up approaches to arrive at a viable conclusion.

Regional Market Methodology:

The AI in healthcare market was analyzed at a regional level. The globe was divided into North America, Europe, Asia Pacific, Latin America, and MEA, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into twenty-five countries, namely, the U.S.; Canada; the UK; Germany; France; Italy; Spain; Sweden; Norway; Denmark; Russia; China; India; Japan; Australia; Singapore; South Korea; Thailand; Brazil; Mexico; Argentina; South Africa; Saudi Arabia; Kuwait and UAE.

All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.

AI in healthcare market companies & financials:

The AI in healthcare market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:

• IBM Corporation (IBM Watson Health) - IBM Corporation is an American multinational company that operates in various categories and provides products & services pertaining to cognitive solutions, global business services, technology services & cloud platform, and system & global financing. It provides IBM cloud solutions to healthcare stakeholders through Watson Health, which integrates both cognitive and cloud solutions to optimize performance and manage patient health. IBM Watson Health operates in six key areas—imaging, oncology & genomics, life sciences, government, value-based care, and consumers. IBM Watson has served over 100,000 patients & consumers worldwide. 

• Microsoft - Microsoft is a technology solutions provider that develops and offers various software, services, and solutions. It operates through six business segments and caters a wide range of services, including product development, licensing, vendor support, and cloud-based solutions. Its product offerings include operating systems, business solution applications, cross-device productivity applications, server applications, software development tools, video games, and others. Moreover, Microsoft designs and manufactures consumer electronics such as Xbox and mobiles, among others. The company operates in over 200 countries across the globe. 

• NVIDIA Corporation - NVIDIA Corporation functions as a visual computing company across the world. The company operates through two segments: GPU and Tegra processor. GPU segments offers processors including GeForce for mainstream PCs and PC gaming. GeForce NOW offers cloud-based game streaming service, whereas Tesla offers AI using deep learning, accelerated computing, and generalpurpose computing. Tegra processor segment offers processors that are primarily designed to allow branded platforms such as DRIVE and SHIELD. NVIDIA has several partners that have adopted NVIDIA’s AI platform, such as GE Healthcare, ImFusion, SUBTLE MEDICAL, Imagia, Nuance, ARTERYS, Infer VISION, and 12 Sigma Technologies. 

• Nuance Communications, Inc. - Nuance Communications, Inc. offers voice recognition and natural language understanding solutions. The company operates through four segments including Healthcare, Mobile, Enterprise, and Imaging. The company also offers AI including machine learning and cognitive sciences to create smarter, more natural experiences with technology. The company sells its technologies across the globe through dedicated sales force, e-commerce website, and also through global network of resellers, including independent software vendors, system integrators, value added resellers, distributors, vendors, hardware, and telecommunication carriers. Furthermore, the company’s healthcare customers and partners include McKesson, UPMC, Cerner, Cleveland Clinic, Siemens, and the Mayo Clinic. The company was acquired by Microsoft in March 2022. 

• DeepMind Technologies Limited (Alphabet Inc. - DeepMind Technologies, acquired by Google in 2014, works as a subsidiary of the Alphabet group. The company develops AI systems and is currently pushing the boundaries of AI by developing programs that can learn to solve complex programs on its own. The company launched Deepmind Health, one of the most advanced technologies in the UK. DeepMind Ethics & Society is a research unit dedicated to carry out interdisciplinary research aimed at exploring key ethical challenges facing the field of AI. 

• Intel Corporation - Intel Corporation offers networking, data storage, computing, and communication solutions across the globe. The company caters to various industries, such as health & life sciences, telecommunications, retail, energy, government, financial services, and media & entertainment. The company further operates through various groups including client computing, data center, internet of things, non-volatile memory solutions, programmable solutions, and all other segments. The company develops computer vision, data analysis, localization, machine learning, and mapping for technologically progressive driver assistance systems and autonomous driving. The company’s platforms are used in notebooks, systems, and desktops. The company serves original equipment & design manufacturers, industrial & communication equipment manufacturers, and cloud service providers. Intel is investing in its data-related processors and providing them to growing markets, such as data centers, 5G communications, cloud computing, AI, and autonomous driving.

Value chain-based sizing & forecasting

Supply Side Estimates

• Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.

• Segment revenue determination via variable analysis and penetration modeling.

• Competitive benchmarking to identify market leaders and their collective revenue shares.

• Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.

Demand side estimates

• Identifying parent markets and ancillary markets

• Segment penetration analysis to obtain pertinent

• revenue/volume

• Heuristic forecasting with the help of subject matter experts

• Forecasting via variable analysis

AI In Healthcare Market Report Objectives:

• Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.

• Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.

• Understanding market estimates and forecasts (with the base year as 2023, historic information from 2018 to 2022, and forecast from 2024 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.

AI In Healthcare Market Report Assumptions:

• The report provides market value for the base year 2023 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.

• The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.

• We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.

• All market estimates and forecasts have been validated through primary interviews with the key industry participants.

• Inflation has not been accounted for to estimate and forecast the market.

• Numbers may not add up due to rounding off.

• Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).

• Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).

• Latin America includes Central American countries and the South American continent

• Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.

Primary Research

GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.

We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:

• Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.

• Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.

The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.