Increasing Investments by Private Firms Is Proliferating the Global Artificial Intelligence in Healthcare Market to Hit at 40.03% of CAGR by 2026
“According to the new market research report published by Inkwood Research, the Global artificial intelligence in healthcare market is anticipated to reach $ 35261 million by 2026. The market is developing at a CAGR of 40.03% during the forecasting years.”
“Browse 38 market Data Tables and 52 Figures spread over 230 Pages, along with an in-depth TOC on global artificial intelligence in healthcare market forecast 2018-2026.”
Artificial intelligence is a fragment of computer science that creates intelligence in computers or machines. The father of AI John McCarthy defines it as the science and engineering of creating intelligent computer systems, specifically computer programs. The AI in healthcare software utilizes an algorithm to equip human insights to evaluate complicated medical data between the prevention technique and patient outcome. The first noted use of AI was in the 1960s as DENDRAL, a program used in organic chemistry. AI in healthcare finds application in diagnosis processes, protocol development, drug development, personalized medicine, etc. Also, to make these system more efficient, and reliable companies like Microsoft, Google, Intel, IBM and other startups are accumulating advanced analytical and predictive tools in the Artificial intelligence systems.
The Artificial intelligence market is driven by factors such as increasing adoption of AI in genetics, the emergence of personalized medicine for testing clinical decisions, healthcare wearable’s playing an important role in monitoring, AI creating a real-time monitoring system, and the rise of big data in the healthcare industry. The AI in healthcare market is segmented into three segments such as offering, application, and end-users.
Deep learning technology holds the highest demand in the artificial intelligence in a healthcare market
Deep learning chiefly allocates algorithm established on the purpose and construction of the brain that is termed as artificial neural networks. It is broadly utilized in recommender systems, sound recognition, speech recognition, etc. It also helps the researchers to examine bulky volumes of data to deliver better treatment facilities and effective medicine. The key factor responsible for the growing demand for deep learning technology is the increased use of big data in the healthcare sector. The medical research institutions and other academic institutions are utilizing big data analytics for medical and healthcare research is further boosting the growth of the deep learning technology market globally.
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Patient data and risk analysis: the largest application of the global AI in healthcare market
Patient data is created, allocated and recorded for medication and future examination. It comprises of health history, treatment history, biometric data, etc. It provides patients health information that helps the doctor to examine the risks regarding the patient’s health and management. The evolving adoption of electronic health records amid the healthcare sector throughout the globe is propelling the progress of the global artificial intelligence in healthcare patient data and risk analysis market over the forecasted period. Moreover, Mobile applications like medication recorded application, lifestyle management applications, self-diagnosis and self-monitoring applications provide the patient to create essential health records that can easily be shared with their doctors to improve their health outcomes.
North America: the dominant region in the Artificial intelligence in healthcare market
The North America artificial intelligence in healthcare market holds the highest market. The growth of the market is attributed to the rising adoption of machine learning in the medical sector, the high adoption rate of AI, development and growth of research & development activities that combines the investments by government and private organizations. The United States government is also subsidizing to the growth of AI in healthcare market in the North American region. Moreover, the existence of established organizations such as IBM Corporation, Deep genomics, Intel Corporation, and Stryker Corporation are deeply involved in adopting and utilizing Artificial intelligence in healthcare sector.
The global artificial intelligence in healthcare market is projected to get competitive over the forecasting years. A large number of startups are funding in the market, and the number is raising the highest in the U.S. The strategies such as merger & acquisition, contracts, partnership, product launch, and agreements are preferred by the players to gain a competitive edge in the market. Some of the companies in the artificial intelligence in healthcare market are Google Inc., ICarbonx Inc., IBM Watson., Deep Genomics Ltd., Microsoft Inc., and so on. Google Inc. ranks on the top position in the market in 2016, followed by, IBM Ltd., Intel Ltd., GE Healthcare Ltd.
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