Healthcare Artificial Intelligence Market Soaring at 40% CAGR During the Period 2017-2024
AI has revolutionized the healthcare industry by designing treatment plans, medication management, assisting in repetitive tasks, and drug discovery. Rising adoption of precision medicine has made enabled simplicity of management and cost reduction. Increasing application in genomics research coupled with incremental innovation in robotic personal digital assistants should boost industry growth.
Medical imaging & diagnosis will witness more than 40% growth with expectations to surpass USD 2.5 billion by 2024. It has gained acceptance owing to its capability to detect cancer at early stage, track tumor development and improve the patient?s life expectancy. Increasing application of artificial intelligence in diagnostics and imaging industry will further growth.
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Increasing big data volume and the ever-increasing need to effectively store and manage the healthcare data will drive healthcare artificial intelligence market growth. Advent of innovative technologies for effective diagnosis & treatment should further accelerate business penetration.
Huge initial investment, complex ROI structure and significant maintenance & repair costs should hamper industry growth. Rising concerns that healthcare AI adoption could lead to unemployment on a large scale can impede expansion over the forecast timeframe.
Drug discovery applications account for over 35% of healthcare artificial intelligence market share, which could see the segment exceed USD 4 billion in revenue by 2024. Machine learning and artificial intelligence will drive R&D and can improve success rate at the early drug development stages. Companies are using machine learning algorithms to reduce development time and build a strong and sustainable drugs pipeline.
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U.S. healthcare artificial intelligence market was valued over USD 320 million in 2016 and is estimated to witness more than 38% CAGR over the coming years. Favorable government initiatives for promoting big data analytics adoption along with other innovative healthcare technologies will propel business growth.
Europe healthcare artificial intelligence market size was valued over USD 270 million in 2016, with expectations to witness more than 39% growth over the forecast years. Increasing AI application should encourage industry players in extensive R&D to develop effective and cheaper healthcare solutions in this region.
Japan held over 35% of regional industry share with expectations to witness more than 40% growth. Presence of large number of technology based companies and universities developing healthcare artificial intelligence solutions should fuel industry growth. Rising number of start-ups in the region should further accelerate business expansion.
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