Artificial Intelligence – The Nervous System of the Healthcare Industry
Global Health AI Market Size, 2013 – 2024 (USD Million)
Artificial Intelligence (AI) in healthcare, is no more innovation, it’s here. It is re-wiring the healthcare delivery with the modern approach at a hyper-speed.
Antithetical to the legacy technologies complementing the human, AI in healthcare is taking over a wide range of tasks from robot-automated surgery, to medical imaging, to risk analysis, to precision medicine, to virtual nursing assistants and even medical diagnosis.
The report in hand gives a detailed overview of the trends of artificial intelligence in healthcare and government initiatives for research on healthcare AI, market overview, market opportunities, and restraints. It also describes the competitive landscape of AI in terms of technology, solution, region, application in medical imaging and diagnosis, robot-assisted surgery, virtual assistant, drug discovery, precision medicine and wearables, and lastly the profiles of key players in healthcare AI.
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The Scope of the Report
The spectacular potential to unbridle the quality, cost, and access, healthcare AI is booming around the world. The global AI market size has surpassed USD 900 million in 2017 and will witness enormous growth by 2024.
Making effective clinical decisions in lesser turnaround time is one of the key factors that geared up the immense growth of AI in the healthcare industry.
Besides, the rising need for precision medicine, the thriving big data analytics, the popularity of artificial intelligence in clinical data management and research, and the necessity to retrench the rising expenditure in the healthcare industry, backed the substantial growth of AI.
The rising demand for data mining enabling better decision-making has also surged the need for AI in healthcare. The reason behind its being the cutting-edge technology in healthcare is its sheer accuracy, easy accessibility, and actionability of information in healthcare. The technology has cut down the expenditure by 50% while improving the patient outcome by 50%.
Prediction says that the demand curve will soar even higher owing to the application of AI in patient care and drug discovery. The technology has even paved its way to cross-industry partnerships reflecting a dynamic “business space.” GE Healthcare, for instance, collaborated with Partners HealthCare in May 2017, to integrate and augment deep learning across the healthcare industry.
So far, the largest application of AI in the healthcare market in 2017, is witnessed in the drug discovery area. It can recognize drug functionally within no time facilitating in drug designing and screening molecules. For example, deep learning can diagnose the type of tumor in lesser time owing to its unusual capability to recognize the pattern.
While, on the other hand, medical imaging and diagnosis are prime envisioned areas for the growth of artificial intelligence in the forthcoming years.
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Global Healthcare AI Market Application Potential
In 2017, US steered artificial intelligence in the healthcare market due to the diffusion of big data analytics, aiding in the improvement of patient care, and narrowing down the cost.
There would be a rapid rise in demand and supply of artificial intelligence in the coming years, with China offering vigorous growth in AI technology for the healthcare industry.
The Report Objective
The report on Artificial Intelligence in Healthcare Market is an exhaustive insight, discussing the current scenario and growth opportunities of AI in healthcare backdrop in the future. The report is segregated highlighting the key elements – latest trends in healthcare AI and applications, new market opportunities, market restraints, market drivers and the strategies adopted by them, solutions and geography including North America, Europe, APAC, MEA and LATAM which are further sub-divided into regions under each location.
The report provides a comprehensive analysis of market size, competitive landscape, forecast and key players in artificial intelligence in healthcare like DeepMind Technologies Limited, Microsoft Corporation, iCarbonX, CloudMex Inc., Atomwise Inc., Next IT Corp., Koninklijke Philips N.V, IBM Corporation, Flatiron, Recursion Pharmaceuticals.INC, Careskore, General Electric Company, Bay Labs Inc., Welltok Incorporation, AiCure, Sentrian, Butterfly Network Inc. Apixio and Pathway Genomics.
The expert analysts from Research Optimus with diversified and phenomenal educational achievements, are highly proficient in data analysis, conducting primary and secondary research. With years of experience, the team is adept in covering a wide array of industries like technology, engineering, healthcare, business, and more.
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