According to a new report published by Allied Market Research, titled, AI in Healthcare Market by Offering, Technology, Application, and End User: Global Opportunity Analysis and Industry Forecast, 2017-2023," the global AI in healthcare market was valued at $1,441 million in 2016, and is estimated to reach at $22,790 million by 2023, registering a CAGR of 48.7% from 2017 to 2023. North America is the highest contributor in the AI in healthcare market in 2016; however, Asia-Pacific is expected to witness the highest growth rate during the forecast period.
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AI involves the science and engineering of intelligent computer programs. It uses various computer functions such reasoning, learning and problem solving based on human intelligence. AI systems can be used in various disciplines such as biology, computer science, mathematics, linguistics, psychology, and engineering to build an intelligent system. Some of the different applications that incorporate the AI systems in healthcare fields are medication management, treatment plans, and drug discovery.
The global the AI market is driven by the ability of AI to improve patient outcomes, increase in need for coordination between healthcare workforce & patients, rise in adoption of precision medicine, and remarkable growth in venture capital investments. In addition, significant use of big data in the healthcare sector is expected to fuel the market growth. However, lack of standard regulations and guidelines and reluctance among healthcare professionals to adopt AI-based technologies are expected to impede the market growth. Possibility of using AI-based tools for elderly care and untapped potential of emerging markets, such as China and India, are expected to provide various opportunities for the market.
The natural language processing segment accounted for the highest share in 2016 and is expected to dominate the market from 2017 to 2023. The deep learning segment witnessed the highest growth rate in 2016 owing to increase in use of signal reduction, data mining, and image recognition.
Presently, the healthcare provider segment dominates and is expected to dominate the market from 2017 to 2023. Increase in usage & application of AI systems is expected to improve patient outcomes and maintain electronic health records (EHR) & patient records to boost the market growth.
Among application, the robot-assisted surgery segment accounted for the highest share in 2016, growing at an estimated CAGR of 46.1%, owing to upsurge in demand for minimally invasive surgeries where AI-assisted technologies are being widely used.
Key Findings of the Artificial Intelligence (AI) in Healthcare Market:
- Dosage error reduction is projected to grow at the highest rate during the analysis period.
- North America dominated global AI in healthcare market in 2016, and is projected to continue its dominance in future.
- China is expected to grow highest in the Asia-Pacific region during the forecast period.
- Pharmaceuticals & Biotechnology Companies is the fastest growing segment among the end user in 2016.
- Hardware segment is expected to be the fastest growing segment during the forecast period.
The report provides extensive competitive analysis and profiles of key market players, such as Welltok, Inc., Intel Corporation, Nvidia Corporation, Google Inc., IBM Corporation, Microsoft Corporation, General Vision, Inc., Enlitic, Inc., Next IT Corporation, and iCarbonX.
The other players in the value chain include Shimadzu Recursion Pharmaceuticals, Inc., Siemens Healthineers, General Electric (GE) Company, Koninklijke Philips N.V., Cloudmedx, Inc., and Bay Labs, Inc.