Artificial intelligence continues to propel the healthcare industry with increasing revenue at a global level. The rapid pace at which the scientific innovations are taking place, the spanning of artificial intelligence into various healthcare verticals and the fact that the efficiency of systems can be improved using artificial intelligence led to the global emergence of artificial intelligence market in healthcare sector.
According to the latest report by BIS Research, the artificial intelligence market in healthcare sector is estimated to reach $28 million by 2025, in terms of value, growing at a CAGR of 45.1% over the forecast period 2017-2025. This growth in the artificial intelligence market in healthcare sector is attributed to the increasing need for driving huge amount of complex data which can be achieved with the use of artificial intelligence. However, governmental regulations, lack of skilled workforce and high upfront investment are acting as restraints for the growth of artificial intelligence market in healthcare sector.
The market has been tracked along the lines of its application areas, and geography.
Revenue generated from various application areas, namely real-time monitoring, precision medicine, personal health & nursing assistants, drug development & discovery, robot-assisted surgery, administrative workflow assistance, clinical trials, and diagnostic & clinical decision support has been analyzed. The report also covers the artificial intelligence market in healthcare sector on a global scale and consequently provides revenue data of the key regions. A separate segment has been made for the key global regions: North America, Europe, Asia Pacific (APAC), and Rest of the World (ROW).
Artificial intelligence in the healthcare sector has maximum usage in the personal health & nursing assistant application. The adoption of personal health and nursing assistants has witnessed a robust growth, over the recent years. Presently, people are more focused on spending their time on something productive rather than wasting it in the hospitals waiting for their turn. Personal health and nursing assistants support the patients by analyzing their historical medical reports and present conditions. Geographically, the market is dominated by North American region and Asia Pacific is expected to grow at the highest rate in the coming years. In North America, the U.S. acquires the major market share and is currently dominating the market. The healthcare industry in the U.S. is driven by the presence of several key players and the high investments.
Few Companies Mentioned in the Report:
- Alphabet Inc.
- Enlitic, Inc.
- Flatiron Health, Inc.
- GE Healthcare
- IBM Corporation
- Intel Corporation
- Johnson & Johnson Services, Inc.
- Koninklijke Philips N.V.
- Medtronic PLC
- Microsoft Corporation
- Next IT Healthcare
- NVIDIA Corporation
- Siemens Healthcare GmbH
- Welltok, Inc.
Key Questions Addressed in the Report:
- What is the size, in terms of value ($million), of artificial intelligence market in healthcare sector in 2016, and growth rate during the forecast period, 2017-2025?
- What are the major market drivers, challenges and opportunities in the global artificial intelligence market in healthcare sector?
- What is the market share of the leading applications of the global artificial intelligence market in healthcare sector in 2016 and 2025?
- How will each application of the global artificial intelligence market in healthcare sector grow during the forecast period and what will be the revenue generated by each of the application by the end of 2025?
- How will the industry evolve during the forecast period between 2016 and 2025?
- Which geographical location will dominate the artificial intelligence market in healthcare sector?
- What are the new strategies adopted by the existing market players to make a mark in the industry?
- Who are the key players in the artificial intelligence market in healthcare sector?
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