Artificial Intelligence in Healthcare Market is Leading in North America to Make Industry Better Fit – Global Opportunity Analysis and Industry Forecast, 2020-2027
Pune, Maharashtra, India, September 9 2020 (Wiredrelease) Allied Analytics –:AI in healthcare market was valued at $4,836.87million in 2019 and is projected to reach $99,491.58 million by 2027, registering a CAGR of 42.8% from 2020 to 2027.
Artificial intelligence assists the machines to perform any task without human interventions. It uses different algorithm and software that help the machine to inculcate perception and reasoning for various situations. AI is widely applicable in the healthcare sector for various purposes such as drug discovery and precision medicine. In addition, it is used to analyze patient’s medical data, predict disease onset, and personalize treatment provided to the patient.
Artificial intelligence is rapidly being adopted by government agencies, research industries among others so as to find a treatment against the viral infection. AI has emerged as a boon to control the COVID-19 pandemic and is widely being employed by policy makers, and medical professionals to manage the outbreak effect and accelerate its early detection, prevention, response, recovery and to pace the research.
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Due to the global pandemic all over the world, the medical devices manufacturers are majorly focusing on essential medical devices production.However, due to the precautionary measures taken by governments in various regions, the supply chain has been hampered. Which may result in shortage of devices in certain locations
The report offers a detailed segmentation of the artificial intelligence in medicine market based on product type, technology, application, and region form.
Based on product type, the software segment dominated the global market in 2017 on account of perpetual software innovation that feeds the requirement of the healthcare sector. However, in the forecast period, the hardware segment is expected to witness the fastest growth. Based on technology, the natural language processing segment generated the highest revenue in 2017 and is expected to continue dominance through 2025. However, the deep learning segment is projected to grow at the fastest rate, as it enhances integral components of AI protocols like signal reduction, data mining, and image recognition.
Based on application, the personalized medicine segment is anticipated to encounter the fastest growth rate during the forecast period. By region, North America occupied the largest share in 2017 due to the easy availability of capital investment for implementing AI in drug discovery and the rise in adoption of AI technology by biotechnology and pharmaceutical companies. However, Asia-Pacific is projected to grow at the fastest CAGR of 55.0% from 2018 to 2025, due to growth in healthcare expenditure and rise in the R&D activities for advancement in AI technology.
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The key players operating in the global artificial intelligence in medicine market include Welltok, Inc., Intel Corporation, Nvidia Corporation, Google Inc., IBM Corporation, Microsoft Corporation, General Vision, Inc., Enlitic, Inc., BioXcel Corporation, and Berg Health.
Other prominent players in the value chain include InSilico Medicine, Inc., Globavir Biosciences, Inc., GNS Healthcare, Flatiron Health, Benevolent AI, Atomwise, Verge Genomics, Cloud Pharmaceuticals, and Recursion Pharmaceuticals.
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