Allied Market Research published a report, titled, “Artificial Intelligence in Healthcare Market by Offering (Hardware, Software, and Services), Technology (Deep Learning, Querying Method, Natural Language Processing, and Context Aware Processing), Application (Robot-assisted Surgery, Virtual Nursing Assistant, Administrative Workflow Assistance, Fraud Detection, Dosage Error Reduction, Clinical Trial Participant Identifier, Preliminary Diagnosis, and Others), and End User (Healthcare Provider, Pharmaceutical & Biotechnology Company, Patient, and Payer): Global Opportunity Analysis and Industry Forecast, 2017–2023.” The report provides a comprehensive analysis of top winning strategies, drivers & opportunities, major segments, market size & estimations, and competitive intelligence. The report states that the global AI in healthcare market would garner $22.79 billion by 2023, from $2.16 billion in 2017, growing at a CAGR of 48.7% from 2017 to 2023.
Surge in processing power of AI systems, increase in applications of methods of innovative screening, and rise in awareness among healthcare professionals drive the growth in the industry. However, limitations regarding decision making and risks related to misinterpretation and injuries restrict the growth in the industry. On the other hand, advancements in technology and untapped potential in developing markets create lucrative opportunities in the industry.
Software segment to remain dominant by 2023
The software segment accounted for the major market share in 2017, contributing nearly two-thirds of the total share in 2017. This segment is expected to remain dominant throughout the forecast period, owing to benefits related to early diagnosis and quality & accuracy of treatment. However, the hardware segment is expected to grow at the fastest CAGR of 49.7% from 2017 to 2023, owing to advent of innovative hardware systems for enhancement of efficiency. The research also explores the services segment.
Natural language processing to maintain its lead position by 2023
Natural language processing held the major share of nearly half of the total market share in 2017 and is expected to maintain its leadership status by 2023. This is due to rise in human-machine interaction with the help of AI applications. However, deep learning is expected to register the highest growth rate, with a CAGR of 52.0% during the forecast period, 2017–2023. This is due to upsurge in awareness regarding this technology in the healthcare industry. The report discusses context aware processing and querying method.
Robot assisted surgery to dominate throughout the forecast period
Robot assisted surgery accounted for more than one-fourth of the total market share in 2017 and will dominate throughout the forecast period, owing to improved precision it provides during the complex surgeries. However, dosage error reduction is expected to register the highest growth rate, with a CAGR of 50.3% from 2017 to 2023, owing to early warnings offered by them for the calculation errors, incorrect orders, or mis-programming that can prevent under- or over-delivery of drugs or other fluids. The research also explores administrative workflow assistance, virtual nursing assistant, clinical trial participant identifier, fraud detection, preliminary diagnosis, and other segments.
Healthcare providers to dominate in terms of revenue by 2023
Healthcare providers contributed to a major market share in 2017, accounting for more than half of the total share. This is due to increase in demand to gain information accuracy for improvement in clinical outcomes, patient safety, surge in aid reforms, and steps taken to limit the expenditure. However, pharmaceuticals & biotechnology companies are expected to grow at the highest growth rate, with a CAGR of 49.7% from 2017 to 2023, owing to increase in the clinical trials success rate and the trial cost reduction. The research also explores payers and patients.
North America to dominate based on revenue by 2023
North America accounted for the leading share with nearly half of the total share in 2017 and is expected to dominate by 2023. This is due to surge in adoption of AI technology, collaboration strategy adopted by market players, and increase in R&D activities in the region. However, Asia-Pacific region is expected to register the highest CAGR of 53.4% during the forecast period, 2018–2023. This is due to scarcity of skilled healthcare professionals in the rural regions and surge in investments for progress of AI technology.
Leading players in the industry
Leading market players discussed in the report include Nvidia Corporation, Welltok, Inc., IBM Corporation, Intel Corporation, General Vision, Inc., Google Inc., Next IT Corporation, Microsoft Corporation, Enlitic, Inc., and iCarbonX. Various strategies such as joint ventures, expansions, collaborations, mergers & acquisitions, partnerships, and others have been adopted by market players to gain a stronghold in the industry.
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