Artificial Intelligence (AI) In Healthcare Market to Reach $22.79 Bn, Globally, by 2023 at 48.7% CAGR, Says Allied Market Research

Artificial Intelligence (AI) In Healthcare Market to Reach $22.79 Bn, Globally, by 2023 at 48.7% CAGR, Says Allied Market Research

PR Newswire

PORTLAND, Oregon, October 18, 2018

PORTLAND, Oregon, October 18, 2018 /PRNewswire/ --

Increase in processing power of AI systems for enhanced AI capabilities, dearth of skilled healthcare professionals, and increase in applications of innovative screening methods would facilitate the growth of the artificial intelligence in healthcare market 

Allied Market Research recently 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 offers detailed analyses of the driving forces & opportunities, key market segments, top investment pockets, key market positioning, and competitive landscape. As per the report, the global AI in healthcare market generated $2.16 billion in 2017 and is expected to reach at $22.79 billion by 2023, registering a CAGR of 48.7% from 2017 to 2023.

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Advancements in AI systems for enhanced AI capabilities, dearth of skilled workforce, and increase in applications of innovative screening methods drive the growth of the market. However, limitations related to decision making and low acceptance rate due to risk of misinterpretation and injuries hamper the market growth. On the other hand, technological advancements and untapped potential in developing economies would create new opportunities for the market.

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Software segment to maintain its lion's share throughout the forecast period 

Software segment contributed nearly two-thirds of the total market share in 2017 and is expected to maintain its lion's share throughout the forecast period. This is due to its ability to offer early diagnosis and facilitate accurate & quality treatment. However, the hardware segment would register the fastest CAGR of 49.7% from 2018 to 2023, owing to the launch of innovative advanced hardware systems that offer improved efficiency. The services segment would witness steady growth during the forecast period.

Natural language processing segment to remain dominant through 2025 

Natural language processing segment accounted for nearly half of the total market share in 2017, owing to improvements in interaction between human and machines using AI applications. This segment would continue its dominance through 2025. However, the deep learning segment would grow at the highest CAGR of 52.0% from 2018 to 2023, owing to the rise in awareness about this technology in the healthcare sector. The report also analyzes the querying method and context aware processing segments.

Robot assisted surgery segment to lead in terms of revenue by 2025 

Robot assisted surgery segment contributed more than one-fourth of the total share in terms of revenue in 2017, and would continue to retain its lion's share through 2025. This is due to the improved precision of this technology to perform complex surgeries. However, the dosage error reduction segment would experience the highest CAGR of 50.3% from 2018 to 2023, owing to the warnings issued regarding calculation errors, incorrect medication orders, or mis-programming to prevent under- or over-delivery of a drug, electrolyte, or other fluids. The report also analyzes various applications such as virtual nursing assistant, administrative workflow assistance, fraud detection, clinical trial participant identifier, preliminary diagnosis, and others.

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Healthcare providers segment to remain dominant by 2025 

Healthcare providers segment held a major share in 2017, contributing more than half of the total market revenue, owing to the rise in demand for information accuracy for patient safety, improvement in clinical outcomes, increase in aid reforms, and efforts to curb expenditure. This segment would remain dominant through 2025. However, the pharmaceuticals & biotechnology companies segment would register the highest CAGR of 49.7% from 2018 to 2023, owing to rise in the success rate of clinical trials and reduction in trial costs. The research also analyzes other end users, including patients and payers.

North America to lead in terms of revenue by 2025 

North America contributed nearly half of the total market share in 2017, owing to rise in adoption of AI technology, increased collaborations among market players, and surge in R&D activities. This region will continue to lead during the forecast period. However, Asia-Pacific region would grow at the fastest CAGR of 53.4% from 2018 to 2025, owing to the limited availability of skilled professionals in rural regions and heavy inflow of investments for advancement of AI technology.

Frontrunners in the industry  

The leading market players analyzed in the research include Welltok, Inc., Nvidia Corporation, Intel Corporation, IBM Corporation, Google Inc., General Vision, Inc., Microsoft Corporation, Next IT Corporation, Enlitic, Inc., and iCarbonX. Various strategies including joint ventures, collaborations, expansions, partnerships, mergers & acquisitions, and others have been adopted by the market players to gain a strong position in the industry.

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