Artificial Intelligence in Healthcare Market to Surpass US$ 1.1 Bn
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The Global Artificial Intelligence in Healthcare Market By Solution (Hardware and Software & Services), By Technology (Speech Recognition, Querying Method, Natural Language Processing, Machine Learning, and Context Aware Processing), By Application (Imaging & Diagnostics, Drug Discovery, Lifestyle Management & Monitoring, Emergency Room & Hospital Management, Insights & Risk Analytics, Wearables, Virtual Assistants, and Others), By End User (Hospitals, Pharmaceutical Organizations, Diagnostic Centers, and Clinics), and Region (North America, Latin America, Europe, Asia Pacific, the Middle East, and Africa) was valued at US$ 714.4 million in 2016 and is projected to exhibit a CAGR of 35.5% over the forecast period (2017–2025), as highlighted in a new report published by Coherent Market Insights. Volume of healthcare data is increasing and artificial intelligence can be used for the management of this large volume of data. Moreover, applications of artificial intelligence in drug development, to provide a direction to disease management, and remote monitoring is another factor expected to boost growth of the artificial intelligence in healthcare market.
Key players in the market are focusing on partnership and new product launch strategies, in order to enhance their market share. For instance, in 2017, NVIDIA Corporation partnered with GE Healthcare and Nuance to integrate NVIDIA’s deep learning platform with GE Healthcare medical imaging devices. Atomwise, Inc. launched a research program to accelerate drug discovery by using artificial intelligence in April 2017. Partners Connected Health and Hitachi Ltd. developed an artificial intelligence (AI) technology, which can predict hospital readmissions within 30 days for heart failure patients. Manufacturers are focusing on integrating artificial intelligence with healthcare systems through natural language processing, machine learning, and algorithms. For instance, ExcelMedical received approval from the U.S. Food & Drug Administration (FDA) for Wave Clinical Platform in January 2018. This is an algorithm, which can predict sudden heart attacks and respiratory failure based on patient’s vitals. Deep Genomics, Inc. raised US$ 13 million in September 2017, to develop genetic medicines by using their artificial intelligence technology. Oncora Medical raised US$ 1.2 million to further develop its radiation oncology platform in 2016 using AI.
Browse 34 Market Data Tables and 43 Figures spread through 200 Pages and in-depth TOC on Artificial Intelligence in Healthcare Market by solution (hardware, software & services), by technology (speech recognition, querying method, natural language processing, machine learning, and context aware processing), by application (imaging & diagnostics, drug discovery, lifestyle management & monitoring, emergency room & hospital management, insights & risk analytics, wearables, virtual assistants, and others), by end user (hospitals, pharmaceutical organizations, diagnostic centers, and clinics) and region (North America, Latin America, Europe, Asia Pacific, the Middle East, and Africa) - Global Forecast to 2025
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Increasing research and development by leading players in In AI for healthcare application is expected to support growth of the artificial intelligence in healthcare market. IBM Corporation partnered with University of California, in order to enhance quality of life through artificial intelligence in October 2017. Moreover, IBM Watson and Massachusetts Institute of Technology (MIT) collaborated for joint research in artificial intelligence in September 2017. Two Israel based startups — CLEW Medical and Viz.ai — launched predictive analytics platform and direct-to-intervention system to automatically analyze brain CTs respectively, in January 2018. Furthermore, Seegene, Inc. successfully developed molecular diagnostic assays by using artificial intelligence-based assay development system in January 2018. In May 2017, CJ Healthcare Corporation — a South Korea-based company — partnered with Syntekabio, Inc. to co-develop a new anticancer immunotherapy using artificial intelligence model.
Key Takeaways of the Artificial Intelligence in Healthcare Market:
- The global artificial intelligence in healthcare market is expected to exhibit a CAGR of 5% over the forecast period. This is owing to increasing research and development by key players in artificial intelligence for healthcare application. For instance, Otsuka America, Inc. received the U.S. FDA approval for Abilify MyCite, a tablet with sensor in November 2017
- The market is witnessing number of collaborations across the region including North America, Europe and Asia Pacific. For instance, collaboration between CJ Healthcare Corp. and Syntekbio Inc., Dong-A ST Co. and u-Health Information Research Institute, CrystalGenomics Inc. and PharminoGen Inc to advance AI research.
- Increasing applications and efficiency of artificial intelligence techniques such as machine learning and language processing could aid in solving healthcare problems associated with big data and its analysis and this is expected to boost growth of the artificial intelligence in healthcare market over the forecast period
- Major players operating in the artificial intelligence in healthcare market include IBM Corporation, Google, Inc., NVIDIA Corporation, Microsoft Corporation, iCarbonX, Next IT Corp., CloudMex Inc., Atomwise Inc., Zephyr Health Inc., Medtronic Plc., Koninkiljke Philips N.V., and Oncora Medical, Inc.
About Coherent Market Insights:
Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.
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