Artificial Intelligence| May 30, 2019
Artificial intelligence market in healthcare to grow over $27.60 billion by 2025
The global artificial intelligence market in healthcare is expected to grow at a Compound Annual Growth Rate (CAGR) of 43.5% to reach USD 27.60 billion by 2025. Global leaders such as IBM, Microsoft, Apple, SAP, Intel, Google and others are expected to keep the reins of development.
Inner look into the artificial intelligence medicine market, its present and prospects
Global artificial intelligence in the healthcare market report an elaborated structural compilation of its assets and their respective dynamics within the market space. It makes technical complexities and challenges faced by businesses in the current market situation easier to understand. The report gives insight not only on the present, but also the future development of the healthcare industry.
Two major components of the market dynamics are, on the downside, the lack of skilled medical professionals and, on the upper side, the increased use of artificial intelligence to help drug discovery and clinical trial management.
One of the conclusions reported is that if healthcare adopts more artificial intelligence solutions, software in research processes and drug development, the industry can greatly expand in the near future. The growing needs of society, facing the aging of baby boomers and their influence as patients in the present drug discovery process, are causing changes that are needed to make sure drugs meet demand. Over the last decade, advancements in clinical research and personal digital assistants have shown the unbelievable potential of artificial intelligence and technology. The use of artificial intelligence in drug research helps scientists select the most promising drugs during the research process, thus saving time, money and human resources, and broadening horizons in research areas that once were otherwise difficult to explore.
Incentives and potential risks associated with the AI healthcare market
The high growth of the AI market in healthcare is influenced by a few decisive factors: growing demand for precision medicines, accurate & early diagnosis of chronic diseases and disorders, increased funding in healthcare artificial intelligence, effective cost reduction in healthcare expenditures.
AI in healthcare is generating massive interest, with emphasis on the technology’s use in clinical decision support and information management.
The market growth is, however, partially restricted by end-users’ reluctance to adopt AI technologies, potential risks associated with AI in healthcare and also a certain lack of trust. The ability of artificial intelligence in healthcare to improve patient outcomes, the increased potential of AI-based tools for geriatric patients, and the high growth prospects in emerging economies are among many incentives for a significant growth opportunity in this market.
In 2018, the software segment occupied the largest share of the global artificial intelligence market. However, the area expected to grow at the fastest CAGR during the forecast period is the services segment, due to the technology developments in the Healthcare IT industry.
Global healthcare IT companies, medical device producers, and technology providers are keeping a focus on creating new AI-based solutions for the healthcare industry.
Hospital workflow management is another important segment which has greatly benefited from AI intervention. It accounts for the largest share of the global market in 2018. The success of purposely designed solutions for this particular segment was mainly defined by healthcare providers adopting AI-powered chatbots and smart speakers. AI-based solutions were chosen for managing various administrative tasks, from appointment scheduling to insurance coverage checking. These have become key factors for the growth of this specific market.
Regions, attributes and growth expectations
Statistical data of the Healthcare Artificial Intelligence market, recently added by QYReports to its massive archive, help businesses understand what the continual advancements in technologies could bring to their future development. The data provides numerous strategies for boosting company performance. The report offers data based on primary and secondary research techniques carried out to find solutions to different issues faced by various stakeholders.
The report presents:
- A detailed overview of the Healthcare Artificial Intelligence Market
- Analysis of dynamic aspects of the market such as drivers, restraints, and opportunities
- Insights on the latest technologies and trends
- Key questions addressed by various stakeholders
- Ability to study and analyze the global market size, market shares, and profit margins
- Competitive landscape of the global Healthcare Artificial Intelligence market
The analysis of the geographical makeup of the industry, based on business attributes such as company overviews, specifications, and company productivity, provides in-depth qualitative and quantitative insights about the five major areas (North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa), along with coverage of the major countries in each region.
In 2018, the largest share of the global healthcare artificial intelligence market was centered in North America, followed by Europe and Asia-Pacific. The largest share of this region is mainly attributed to factors such as the established IT infrastructure in healthcare, the presence of innovative software vendors and venture capitalists, the rising adoption of EHR, and the largest biopharma and biotech pipelines. New product development funding increases and the growing number of startups for AI in healthcare are potentially commanding AI in the healthcare market during the forecast period.
Moreover, researchers drew a picture of the competitive landscape of the global healthcare artificial intelligence market. Data from various important players operating in the global regions were encapsulated in the report. Existing competitors, as well as startups, will be able to make informed business decisions after consulting this research repository.