02-19-2019 02:35 PM CET - IT, New Media & Software

Artificial Intelligence in Medicine Market Report Competition by Manufacturers, Type & Application, Growth & Opportunities 2023

Press release from: Big Market Research
Artificial Intelligence in Medicine
Artificial Intelligence in Medicine

The global artificial intelligence in medicines market was valued at $719 million in 2017 and is estimated to reach $18,119 million at a CAGR of 49.6% from 2018 to 2025. Artificial intelligence (AI) in medicine is used to analyze complex medical data by approximating human cognition with the help of algorithms and software. The development of novel pharmaceuticals and biologicals through clinical trials can take more than a decade and cost billions of dollars during that tenure period. 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.
The major factors that drive the growth of the AI in medicine market include dearth of skilled healthcare professionals and increase in the processing power of AI systems that is estimated to help improve the efficiency of drug discovery and management of clinical trials. In addition, the growth in importance of precision medicine and rise in funding for the R&D activities of the use of AI technology in the field of medicine are anticipated to help boost the market growth. However, limited acceptance from healthcare professionals and limitations of AI decision-making can hamper the market growth. Moreover, untapped market opportunities available in developing regions such as India and China help open new avenues for the market growth during the forecast period.
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Product Type Segment Review
Based on the product type, the market is segmented into hardware, software, and service. 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.

Technology Segment Review
Based on technology, it is classified into deep learning, querying method, natural language processing, and context aware processing. The natural language processing segment accounted for the highest share in 2017 as this technology in frequently used during various applications such as drug discovery and clinical trial identification.

Key Geographical Segment
As per region, the artificial intelligence in medicine market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. North America accounted for the largest market share in 2017 and is expected to retain its dominance throughout the forecast period owing to the availability of capital investments and increase in adoption of AI technology.

Key Benefits for Stakeholders
• This report entails a detailed quantitative analysis of the current market trends from 2017 to 2025 to identify the prevailing opportunities.
• Market estimations are based on a comprehensive analysis of the key developments in the industry.
• The global market is comprehensively analyzed with respect to product type, technology, application, and region.
• In-depth analysis based on region assists to understand the regional market to assist in strategic business planning.
• The development strategies adopted by key manufacturers are enlisted to understand the competitive scenario of the market.

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Market Segment by Manufacturers, this report covers – Welltok, Inc., Intel Corporation, Nvidia Corporation, Google Inc., IBM Corporation, Microsoft Corporation, General Vision, Inc., Enlitic, Inc., BioXcel Corporation, Berg Health, InSilico Medicine, Inc., Globavir Biosciences, Inc., GNS Healthcare, Flatiron Health, Benevolent AI, Atomwise, Verge Genomics, Cloud Pharmaceuticals, Recursion Pharmaceuticals

By Product Type
• Hardware
• Software
• Service

By Technology
• Deep Learning
• Querying Method
• Natural Language Processing
• Context Aware Processing

By Application
• Drug Discovery & Repurposing (Preclinical Phase)
• Clinical Research Trial
• Personalized Medicine
• Others

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Market Segment by Table of Contents:
1 Artificial Intelligence in Medicine Market Overview
1.1 Product Overview and Scope of Artificial Intelligence in Medicine
1.2 Classification of Artificial Intelligence in Medicine by Types
1.2.1 Global Artificial Intelligence in Medicine Revenue Comparison by Types (2017-2023)
1.2.2 Global Artificial Intelligence in Medicine Revenue Market Share by Types in 2017
1.2.3 380V/50Hz
1.2.4 480V/60Hz
1.2.5 Others
1.3 Global Artificial Intelligence in Medicine Market by Application
1.3.1 Global Artificial Intelligence in Medicine Market Size and Market Share Comparison by Applications (2013-2023)
1.3.2 Finance
1.3.3 Government and Defense
1.3.4 Telecom
1.3.5 Education
1.3.6 Others
1.4 Global Artificial Intelligence in Medicine Market by Regions
1.4.1 Global Artificial Intelligence in Medicine Market Size (Million USD) Comparison by Regions (2013-2023)
1.4.1 North America (USA, Canada and Mexico) Artificial Intelligence in Medicine Status and Prospect (2013-2023)
1.4.2 Europe (Germany, France, UK, Russia and Italy) Artificial Intelligence in Medicine Status and Prospect (2013-2023)
1.4.3 Asia-Pacific (China, Japan, Korea, India and Southeast Asia) Artificial Intelligence in Medicine Status and Prospect (2013-2023)
1.4.4 South America (Brazil, Argentina, Colombia) Artificial Intelligence in Medicine Status and Prospect (2013-2023)
1.4.5 Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa) Artificial Intelligence in Medicine Status and Prospect (2013-2023)
1.5 Global Market Size of Artificial Intelligence in Medicine (2013-2023)

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