New Study Reports : AI in Healthcare Market target to Reach $22.79 Billion by 2023

AI is an intelligent system that applies various human intelligence based functions such as reasoning, learning, and problem-solving skills on different disciplines such as biology, computer science, mathematics, linguistics, psychology, and engineering.

Artificial intelligence (AI) can be defined as the science and engineering adopted to design intelligent machines, especially intelligent computer programs.

AI is widely applicable in medication management, treatment plans, and drug discovery. The global AI in healthcare market was valued at $1,441 million in 2016, and is estimated to reach at $22,790 million by 2023, registering a CAGR of 48.7% from 2017 to 2023.

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The growth of the global AI in healthcare market is driven by the ability of AI to improve patient outcomes, need to increase coordination between healthcare workforce & patients, increase in adoption of precision medicine, and a notable rise in venture capital investments. In addition, rise in importance of big data in healthcare is expected to fuel the market growth. The market is expected to witness a moderate growth during the forecast period, owing to rise in adoption of AI systems. Furthermore, technological advancements in AI systems are anticipated to augment the market growth. Prospective of AI-based tools for elderly care and the untapped potential of emerging markets, such as China and India, are expected to present various opportunities for market expansion. However, an imprecise regulatory scenario and reluctance among healthcare professionals to adopt AI-based technologies are expected to hamper the market growth.

Offering Segment Review

On the basis of offering, the market is divided into hardware, software, and services. The software segment occupied the highest share in 2016, 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.

Algorithm Segment Review

Based on algorithm, it is classified into deep learning, querying method, natural language processing, and context aware processing. 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.

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Global AI in healthcare Market: Key Geographic Segment

Based on region, the AI in healthcare market is divided into North America, Europe, Asia-Pacific, and LAMEA. North America accounted for the largest market share in the AI in healthcare market in 2016, and is expected to retain its dominance throughout the forecast period.

Key Findings of the Artificial Intelligence (AI) in Healthcare Market:

• Dosage error reduction is projected to grow at the highest rate during the analysis period.
• North America dominated global AI in healthcare market in 2016, and is projected to continue its dominance in future.
• China is expected to grow highest in the Asia-Pacific region during the forecast period.
• Pharmaceuticals & Biotechnology Companies is the fastest growing segment among the end user in 2016.
• Hardware segment is expected to be the fastest growing segment during the forecast period.

The report provides extensive competitive analysis and profiles of key market players, such as Welltok, Inc., Intel Corporation, Nvidia Corporation, Google Inc., IBM Corporation, Microsoft Corporation, General Vision, Inc., Enlitic, Inc., Next IT Corporation, and iCarbonX.

The other players in the value chain include Shimadzu Recursion Pharmaceuticals, Inc., Siemens Healthineers, General Electric (GE) Company, Koninklijke Philips N.V., Cloudmedx, Inc., and Bay Labs, Inc.

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