Different interventions ranging from maintenance of patient records & electronic health records (EHR) to application in surgical procedures are gradually incorporating artificial intelligence, thereby revolutionizing healthcare and clinical settings.
According to a new report published by Allied Market Research, the global Artificial Intelligence (AI) in Healthcare market was valued at $1,441 million in 2016, and is projected to reach $22,790 million by 2023, growing at a CAGR of 48.0% from 2017 to 2023. The hardware AI for segment is anticipated to grow at the highest rate from 2017 to 2023.
The global AI in Healthcare market is driven by the ability of AI to improve patient outcomes, increase in need for coordination between healthcare workforce & patients, rise in adoption of precision medicine, significant use of big data in the healthcare sector, and remarkable rise in venture capital investments.
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The AI in Healthcare market is segmented based on offering, technology, application, end user, and geography.
The market is expected to witness a moderate growth rate during the forecast period, owing to & rise in adoption of AI systems and technological advancements in AI systems. Possibility of using AI-based tools for elderly care and untapped potential of the emerging markets, such as China and India, are expected to provide lucrative opportunities for the market growth. However, lack of standard regulations and guidelines and reluctance among healthcare professionals to adopt AI-based technologies are expected to hamper the market growth.
The report provides an extensive competitive analysis and profiles of key market players such as Welltok, Inc., Intel Corporation, Nvidia Corporation, Google Inc., IBM Corporation, Microsoft Corporation, General Vision, Inc., Enlitic, Inc., Next IT Corporation, and iCarbonX.
The other players in the value chain include Shimadzu Recursion Pharmaceuticals, Inc., Siemens Healthineers, General Electric (GE) Company, Koninklijke Philips N.V., Cloudmedx, Inc., and Bay Labs, Inc.
Asia-Pacific possesses high growth potential, owing to increase in accessibility & availability of AI systems, rise in healthcare & research expenditure, and high economic development. Australia AI market is projected to grow at a CAGR of 58.1% during the forecast period.