Rapid Innovations in Healthcare Technology Driving Growth and Opportunities In Artificial Intelligence in Medicine Market

In the field of medicine, artificial intelligence (AI) can be used for research research and applications that support decision-based medical tasks using data-intensive computer-based solutions. For all drugs launched in the market, the pharmaceutical industry spends an average of $ 2.7 billion, which will amortize the losses incurred from the discontinued pipeline. Nearly 90% of all drug programs that have reached the clinical trial stage will be discontinued. Therefore, many major pharmaceutical and academic research institutions focus on the use of AI to increase efficiency and design better medicines.

The main factors that drive the growth of AI in the drug market include the shortage of qualified healthcare professionals, the growth of the importance of precision medicine and the increased processing power of AI systems, which is It estimates that it helps to improve the efficacy of the discovery and management of clinical trial drugs. However, the limited acceptance of healthcare professionals and the limitations of IA decision-making limit the growth of the market. On the contrary, it is expected that untapped market potential in developing regions such as India and China will provide numerous opportunities for market growth during the forecast period

Global artificial intelligence in the Medicine market is estimated at $ 719 million in 2017 and is estimated to reach $ 18,119 million at a CAGR of 49.6% from 2018 to 2025. With the help of algorithms and software. The development of new pharmaceuticals and biologics by clinical trials can take more than 10 years during their holding period and costs billions of dollars. AI technology can help to make this process faster and cheaper, which in turn is expected to help improve the efficiency of pharmaceutical and biotechnology companies.

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Based on region, North America occupied the largest share in 2017 owing to availability of capital investments for use of AI in drug discovery and increase in adoption of AI technology by the pharmaceutical and biotechnology companies. However, Asia-Pacific is expected to grow at the highest CAGR of 55.0% during the study period, due to growth in healthcare expenditure, rise in the R&D activities for advancement in AI technology, lack of healthcare professionals, and increase in need to reduce the healthcare costs.

Among the technology segments, the natural language processing segment accounted for the highest share in 2017 and is expected to dominate the market from 2017 to 2023. 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.

Among the product type, the software segment occupied the highest share in 2017, owing to continuous software innovation that caters to the requirement in the healthcare sector. The hardware segment is projected to witness the highest growth rate during the forecast period.

Top Key Players in Artificial Intelligence in Medicine Market :

• Welltok Inc.
• Intel Corporation
• Nvidia Corporation
• Google Inc.
• IBM Corporation
• Microsoft Corporation
• General Vision Inc.
• Enlitic Inc.
• BioXcel Corporation

Analyst Review :

AI systems can accomplish challenging tasks without human intervention, hence there is a growth in demand for these systems in the field of medicine. The pharmaceutical industry is beginning to invest in artificial intelligence (AI) to develop better biomarkers, to identify drug targets, and design new drugs. There is an increase in the number of partnerships between large pharmaceutical companies and AI start-ups in 2017. In addition, there is advancement in the technology related to deep learning and natural language processing that is used in AI system and helps improve the efficiency of data management in the field of medicine.

Currently, AI technology are used for various purposes by pharmaceutical and biotechnology industries such as retrieve patient information, maintain clinical data, drug discovery, and lead optimization. Moreover, these systems can enhance their perception and reasoning power, which helps the system to perform the repetitive functions carried out manually. Thus, the use of AI systems can help reduce numerous human errors such as unstable hand movements during the development of any drug and precisely measure the dosage of a pharmaceutical drug. Moreover, they are used to analyze the medical records of a patient and predict disease onset.

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