The growing usage of big data in the healthcare industry
Artificial intelligence (AI) in healthcare uses software and algorithms to estimate human cognition in the analysis of compound medical data. The main aim of health-related AI applications is to examine relationships between prevention nad treatment techniques of patient outcomes.
AI programs have been technologically advanced and applied to practices such as treatment protocol development, diagnosis processes, personalized medicine, drug development, and patient monitoring and care, among others. Medical institutions such as, Memorial Sloan Kettering Cancer Center and National Health Service, The Mayo Clinic, multinational technology companies such as Google and IBM, startups such as Ayasdi and Welltok, have created solutions currently used in the industry.
Healthcare remains the major area of investment in AI as measured by venture capital deal flow.
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Global artificial intelligence in healthcare market has be categorized into offering, technology, application, end-user and regions. Based on the offering the market has been segmented into software, hardware and services.
On the basis of technology the Artificial Intelligence in Healthcare market has been divided into deep learning, natural language processing, context-aware processing in querying method. Application segment has been bifurcated into medical imaging & diagnostics, patient data and risk analysis, drug discovery, precision medicine, lifestyle management and monitoring, wearables, virtual assistance, inpatient care and hospital management and research.
End-user segment has been categorized into payers, patients, pharmaceutical and biotechnology companies, ACOS & MCOS and providers.
The major factors driving the artificial intelligence in healthcare market are the increasing importance of precision medicine, ability of AI to improve patient outcomes, collaboration of big data in healthcare, rising number of cross-industry partnership and collaborations, growing necessity to reduce increasing healthcare costs, and imbalance between patients and health workforce. Unwillingness among medical practitioners to adopt AI-Based technologies, and ambiguous regulatory guidelines for medical software are the major factors that may hinder the progress of the artificial intelligence in healthcare market in the near future.
Additionally the growth opportunities of emerging markets such as India, China, & Brazil and the growth of potential of AI-based tools for elderly care are some of the major growth opportunities for the artificial intelligence in healthcare market players.
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Geographically, the artificial intelligence in healthcare market has been bifurcated into five regions North America, Europe, Asia Pacific, Middle East & Africa and Latin America. The Artificial Intelligence in Healthcare market size and forecast period for each region has been estimated from 2017 to 2023.
Additionally the CAGR (%) for the forecasted period 2017 to 2023. The study also includes market estimates for major countries/regions such as the U.S, the U.K., Germany, France, Japan, China, India, GCC, North Africa, South Africa and Brazil.
The detailed analysis by Offering, Technology, Application and regions supports in evaluating the present scenario, growth prospects and the future scenario for the Artificial Intelligence in Healthcare market over the forecast period. Thus, the report delivers in-depth segment analysis of the market and classifies it into various industries, thereby providing valuable perceptions.
The growing necessity for the reduction in the increasing healthcare costs is anticipated to drive the Europe market for Artificial Intelligence in Healthcare in the future years. The major companies that are involved artificial intelligence in healthcare are Intel Corporation, Google, Inc., NVIDIA Corporation, Microsoft Corporation, IBM Corporation, Enlitic, Inc., General Vision, Inc., iCarbonX, Koninklijke Philips N.V., and Recursion Pharmaceuticals, Inc.
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