According to Goldstein Research, “Evolving digital capacity and growing usage of big data coupled with adoption of precise medicine is turning out to be the game-changer for the artificial intelligence in healthcare sector.” Adoption of artificial intelligence in the field of drug discovery, medical imaging and genomics providing important insights related to patient data monitoring, research and risk analysis. The huge healthcare data generation resulted in growing demand for AI technology in healthcare sector.
The global artificial intelligence in healthcare sector market is segmented based on technology, by applications, by products and by services. Technology segment is further bifurcated into natural language processing, machine learning, virtual personal assistant, robotics, querying method and context aware processing. In 2016, machine learning accounted for the highest revenue share of 35% owing to its rising prevalence for prediction and prevention of diseases. Machine learning technology is mainly used to improve diagnostics and prediction outcomes. Machine learning application for the discovery of new drugs accounts more than 35% in healthcare sector. Innovations and R&D will improve the success rate of new drug developments.
Global artificial intelligence market accounted for USD 0.61 billion in 2016 and anticipated to expand at a CAGR of 34.6% over the forecast period i.e. 2016-2024. Further, the market is projected to reach USD 6.6 billion by the end of forecast period.
Emerging economies are considerably more willing to connect with the new technologies such as artificial intelligence. These countries have different degrees of healthcare coverage but lower per capita health spending as compared to developed economies. Some emerging countries still have constraints and quality disparities between public and private healthcare. Artificial intelligence in healthcare sector is expected to make significant roads in Asia Pacific with Japan as the hot spot for the AI technology in the region. Further Asia Pacific AI market in healthcare sector is expected to grow at a CAGR of 40.2% over the forecast period.
Medical Research Revitalized by Machine Learning
Prediction and prevention are important concepts for health care professions which are rejuvenated and reinforced by the machine learning. According to PubMed Database pace of research activities for machine learning powered prediction is higher than the research activities related to these concepts without involving machine learning. Moreover, artificial intelligence healthcare startups are working in the field of predictive and preventive medicines which seems to embrace growing research. For instance, Google's DeepMind Health is working in partnership with team of clinicians, researchers and patients to solve real-world healthcare problems. This AI based technology combines machine learning and system neuroscience to create powerful general-purpose learning algorithms into neural networks that mimic the human brain.
“Global Artificial Intelligence in Healthcare Sector Market Outlook 2024” contains detailed overview of the global artificial intelligence in healthcare sector market in terms of market segmentation by technology type, by application type, by product type and by services.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, market challenges, risk analysis, market attractiveness, BPS (Base Point Scale) analysis, Porter’s five force model and SWOT analysis.
Global Artificial Intelligence in Healthcare Sector Market Report also provides competitive outlook of some of the major players which includes profiling of companies such as IBM Corp., Zephyr Health, Butterfly Network, Jvion, Google, Careskore, Atomwise Inc. and Baby Labs Inc. etc. The company profiles include business strategy, geographical revenue distribution, major information of the companies which encompasses business outlook, products, services and industries catered, financial analysis of the company and recent developments.
Overall, the report represents comprehensive synopsis on the global artificial intelligence in healthcare sector market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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