Rising Investment by Private Firms Accelerating the Artificial Intelligence Market Growth to $25.1 Billion by 2025
“According to a new market research report published by Inkwood Research, The global artificial intelligence in healthcare market was valued at $1210 million in 2016 and is estimated to generate a net revenue of approximately $25.1 billion by 2025 growing at a CAGR of 40.07% during the forecast period 2017-2025″
Browse 38 market data Tables and 51 Figures and in-depth TOC on “Global artificial intelligence in healthcare market forecast 2017-2025.”
Rising big data in the healthcare industry, the emergence of personalized medicine, increasing adoption of artificial intelligence (AI) in genetics, AI creating a real-time monitoring system and healthcare wearables are escalating the growth of artificial intelligence in healthcare market.
Deep learning dominates artificial intelligence (AI) in healthcare market by technology
Deep learning holds the colossal share in the Global artificial intelligence market by the technology. Deep learning primarily deals with algorithms based on the function and structure of the brain which is named as artificial neural networks. It is widely used for sound recognition, recommender systems, speech recognition, etc. Moreover, deep learning technology also helps the researchers and medical scientists to analyze large volumes of medical data to provide effective medicines and better treatment facilities. Deep learning is expected to be implied in developing personalized medicine in future.
Artificial Intelligence software is used in assisting the medical system
The global artificial intelligence in healthcare market by offering is sub-segmented into three major categories such as hardware, services, and software. The Artificial Intelligence software is used in assisting the medical system in relevant insights, medical imaging, and diagnosis, drug discovery, inpatient care, hospital management, virtual assistance, lifestyle management and monitoring, risk analysis and research and precision medicine. All these applications are striving towards making healthcare better. For instance, AI in drug discovery decreases the failure rate in drug trials and creates better medicines, as it analyzes the chemistry of the medicines.
In 2016, North America generated 40% of the global revenue in artificial intelligence (AI) in healthcare market
North America held the largest revenue share in the global AI in healthcare market. The growth of the region is mainly driven by rising adoption of machine learning in medical sector which has increased the growth in AI in healthcare market. The government in North American country such as the USA is also contributing towards the growth of North America AI in healthcare market.
The Asia-Pacific artificial intelligence in healthcare market is on the constant rise.The investments made by the governments as well as private organizations along with the establishment of new startups is acting as a key driver in the Asia-pacific region. The invention of new technologies related to the Artificial intelligence in healthcare is also boosting the growth in the region.
The primary market players in the global artificial intelligence in healthcare market are Google, Inc., International Business Machines (IBM) Corporation, Intel Corporation, Microsoft Corporation and GE Healthcare. Considering global revenues, some new projects, global presence, and product portfolio; it is estimated that Google Inc. held a top position in the market in the year 2016, followed by IBM Ltd. Some start-ups are investing in the market which has increased from 50 in 2015 to 70 in 2016.
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