Artificial Intelligence in Healthcare Market Overview: Artificial intelligence (AI) can be defined as the science and engineering adopted to design intelligent machines, especially intelligent computer programs. AI is an intelligent system that implements various human intelligence based tasks like, reasoning, learning, and problem-solving skills on different regimentation like biology, computer science, mathematics, linguistics, psychology, and engineering. AI is widely applied in drug management, treatment plans, and drug discovery. Global AI in the healthcare market was $ 1,441 million in 2016, and estimated reach of $ 22,790 million by 2023, registering a CAGR of 48.7% from 2017 to 2023.
The development of global AI in the healthcare market is driven by the potential of AI to improve patient outcomes; there is a need to increase coordination between health care workers and patients, increasing adoption of the precision drug, and a significant increase in venture capital investment. Apart from this, the increase in the importance of large data in health care will boost the market. The market is expected to witness a moderate growth during the forecast period, owing to rise in adoption of AI systems. Furthermore, technological advancements in AI systems are anticipated to augment the market growth. Prospective of AI-based tools for elderly care and the untapped potential of emerging markets, such as China and India, are expected to present various opportunities for market expansion. However, a regulatory scenario and In order to adopt AI-based technologies, healthcare professionals are reluctant to hamper growth in the market.
Offering Segment Review
Based on the offer, the market is divided into hardware, software, and services. Software segment occupies the largest share in 2016, Due to continuous software innovation that meets the requirement in the healthcare field. The hardware segment has been estimated to see the highest growth rate during the forecast period.
Algorithm Segment Review
Based on the algorithm, it has been classified into deep education, query methodology, natural language processing, and context-sensitive processing. The deep learning segment is projected to grow at the highest CAGR during the forecast period, owing to increase in use of signal reduction, data mining, and image recognition, which are integral components of most AI protocols.
Global AI in healthcare Market: Key Geographic Segment
Based on the area, AI is divided into North America, Europe, Asia-Pacific and LAMEA in the healthcare market. North America accounted for the largest market share in the AI in healthcare market in 2016, and is expected to retain its dominance throughout the forecast period.
Comprehensive competitive analysis and profiles of major market players are accessible in the report, such as Welltok, Inc., Intel Corporation, Nvidia Corporation, Google Inc., IBM Corporation, Microsoft Corporation, General Vision, Inc., Enlitic, Inc., Next IT Corporation, and iCarbonX.
Other players of the value chain include Shimadzu Recursion Pharmaceuticals, Inc., Siemens Healthineers, General Electric (GE) Company, Koninklijke Philips N.V., Cloudmedx, Inc., and Bay Labs, Inc.
Key Benefits for Stakeholders
• This report performs a detailed quantitative analysis of current market trends from 2016 to 2023 to identify current opportunities.
• Market forecasts are based on a comprehensive analysis of key developments in the industry.
• The global market is widely analyzed with respect to offering, algorithm, application, end user, and region.
• Deep analysis based on geography helps in understanding the regional market for strategic business planning.
• The development strategies adopted by major manufacturers have been listed to understand the competitive scenario of the market.
Artificial Intelligence in Healthcare Market Key Segments:
• Deep Learning
• Querying Method
• Natural Language Processing
• Context Aware Processing
• Robot-assisted Surgery
• Virtual Nursing Assistant
• Administrative Workflow Assistance
• Fraud Detection
• Dosage Error Reduction
• Clinical Trial Participant Identifier
• Preliminary Diagnosis
By End User
• Healthcare Provider
• Pharmaceutical & Biotechnology Company
• Rest of Europe
• Rest of Asia-Pacific
• South Africa
• Rest of LAMEA