In the year 2016, the North American AI in medicine market was valued at USD XX million and it is expected to reach a market value of USD XX million by the year 2021, growing at a CAGR of XX during the forecast period (2016-2021).
So far, medicine is the only field wherein, irrespective of all the technological advancements, most processes are still controlled manually. AI can make possible a medical imaging device that not just performs imaging but can also identify any abnormalities in the medical images and identify the target indication without ever needing a radiologist. When AI is integrated into medical solutions, it is known as AI in Medicine.
North America Artificial Intelligence in Medicine-Market Dynamics
Since AI as a whole is in its very early stages of development, currently it cannot perform all the tasks that a doctor or nurse can but it can perform some tasks. Currently, there are some AI-based medical solutions that are available commercially and this report tracks them.
Some factors contributing to the growth of the market are:
- Market still in its early stage
- Ability of AI-enabled medical solutions to reduce workload
- Increased patient safety
- Huge cost savings associated with use of AI
- Increasing spectrum of applications
The complicated and often non-existent regulatory guidelines along with concerns regarding overall patient experience and security concerns are hindering the growth of this market.
Opportunities and Challenges
Technology/product simplification is currently a huge opportunity in this market, while the lack of autonomously deployable systems is the major challenge faced by this market.
The AI in medicine market in North America has been segmented on the basis of area of application into medical imaging and diagnostics, wearables, health and lifestyle management, healthcare biotech, insights and risk management, emergency room and hospital monitoring, drug discovery, mental health, virtual assistants and nutrition. Based on geography, this market has been segmented into the United States and Canada.
Some of the key players in the market are:
- Cyrcadia Health
- IBM Watson Health
- Modernizing Medicine
- Zebra Medical Vision
What the Report Offers
- Market analysis for the North American AI in medicine market, with region-specific assessments and competition analysis on the global and regional scale.
- Market definition along with the identification of key drivers and restraints.
- Identification of factors instrumental in changing the market scenario, rising prospective opportunities, and identification of key companies that can influence this market on a North America and regional scale.
- Extensively researched competitive landscape section with profiles of major companies along with their market share.
- Identification and analysis of the macro and micro factors that affect the North American AI in medicine devices market on both global and regional scale.
- A comprehensive list of key market players along with the analysis of their current strategic interests and key financial information.
- A wide-ranging knowledge and insights about the major players in this industry and the key strategies adopted by them to sustain and grow in the studied market.
- Insights on the major countries/regions in which this industry is blooming and to also identify the regions that are still untapped.
1.1 Study deliverables
1.2 Market definition
1.3 Sizing units
1.4 Base currency
1.5 Review and forecast period
1.6 General study assumptions
2. Research methodology
2.2 Analysis methodology
2.3 Econometric forecast
2.4 Expert validation
2.5 Study timeline
3. Executive summary
4. Key inferences
5. Market overview and industry trends
5.1 Current market scenario
5.2 Market overview
5.3 New developments
5.4 Porter's Five Forces
5.4.1 Bargaining power of suppliers
5.4.2 Bargaining power of consumers
5.4.3 Threat to new entrants
5.4.4 Threat to substitute products and services
5.4.5 Competitive rivalry within the industry
6. Drivers, restraints, opportunities, and challenges analysis
6.1 Market drivers
6.1.1 Market still in very early stage
6.1.2 Reduced workload and increased patient safety
6.1.3 Huge cost savings
6.1.4 Increasing spectrum of applications
6.2 Market restraints
6.2.1 Complicated and often non-existent regulatory guidelines
6.2.2 Concerns regarding overall patient experience
6.2.3 Security concerns
6.3 Key challenges
6.3.1 Lack of autonomously deployable systems
6.4 Current opportunities in the market
6.4.1 Technology/product simplification
7. Artificial Intelligence in medicine North America market segmentation, by area of application
7.1 Medical imaging and diagnostics
7.3 Health and lifestyle management
7.4 Healthcare biotech
7.5 Insights and risk management
7.6 Emergency room and hospital monitoring
7.7 Drug discovery
7.8 Mental health
7.9 Virtual assistants
8. Artificial Intelligence in North America medicine market segmentation, by geography
8.1 United States
9. Competitive landscape
9.1 Merger and acquisition analysis
9.2 New product launches
9.3 Agreements, collaborations, and partnerships
10. Company profiles
10.2 IBM Watson Health
10.3 Zebra Medical Vision
10.4 Cyrcadia Health
10.6 Modernizing Medicine
11. Analyst outlook for investment opportunities
12. Future outlook of the market
List of tables
- AI in Medicine North America Market (USD Million) (2016-2021)
- AI in Medicine North America Market-Segmentation by Geography (USD Million) (2016-2021)
- AI in Medicine North America Market-Segmentation by Area of Application (USD Million) (2016-2021)
- AI in Medicine North America Market-Segmentation by Area of Application-Medical Imaging and Diagnostics (USD Million) (2016-2021)
- AI in Medicine North America Market-Segmentation by Area of Application-Wearables (USD Million) (2016-2021)
- AI in Medicine North America Market-Segmentation by Area of Application-Health and Lifestyle Management (USD Million) (2016-2021)
- AI in Medicine North America Market-Segmentation by Area of Application-Healthcare Biotech (USD Million) (2016-2021)
- AI in Medicine North America Market-Segmentation by Area of Application-Insights and Risk Management (USD Million) (2016-2021)
- AI in Medicine North America Market-Segmentation by Area of Application-Emergency Room and Hospital Monitoring (USD Million) (2016-2021)
- AI in Medicine North America Market-Segmentation by Area of Application-Drug Discovery (USD Million) (2016-2021)
- AI in Medicine North America Market-Segmentation by Area of Application-Mental Health (USD Million) (2016-2021)
- AI in Medicine North America Market-Segmentation by Area of Application-Virtual Assistants (USD Million) (2016-2021)
- AI in Medicine North America Market-Segmentation by Area of Application-Nutrition (USD Million) (2016-2021)