Los Angeles, United States, October 14, 2019 :QY Research recently published a research report, titled, “Global Artificial Intelligence in Healthcare Market Report, History and Forecast 2014-2025, Breakdown Data by Companies, Key Regions, Types and Application”. The expanding horizons of artificial intelligence (AI) have entered the evolving field of healthcare. This collaboration is not only expected to help in diagnostics but also help in devising personalized medicine, monitoring patients, and drug development. AI is bringing more innovation in the field of healthcare, which is expected to increase the scope of the global artificial intelligence in healthcare market during the forecast period.
In 2018, the global artificial intelligence in healthcare market size was US$1 bn approximately and it is expected to reach US$15 bn approximately by the end of 2025. The global market for artificial intelligence in healthcare is expected to register a CAGR of over 40% during the forecast period.
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Use of Artificial Intelligence in Healthcare to Bridge Gap between Patients and Healthcare Providers
Introduction of AI in healthcare is expected to boost the market as it enhances the healthcare service by bridging the gap between patients and healthcare providers, thus reducing chances of errors. AI applications are creating ease in administrative workflow by allowing better planning and scheduling tools to professionals and institutions. These applications also help in management by improving access to information about drugs, insurance coverages, appointment schedules, and patients. The applications are also playing a crucial role in designing patient diets and ensuring follow up of discharged patients. Use of artificial intelligence in in-patient care, hospital management, lifestyle management, patient monitoring, and virtual assistance are contributing to the growth of the global artificial intelligence in healthcare market.
The increased usage of AI in healthcare is also leading the growth of medical tourism, especially in developing economies. AI makes record keeping efficient, which ensures precision in prescribing medicines. It has also enabled application of telemedicine, making healthcare available in remote places. These factors are expected to drive the growth of global artificial intelligence in healthcare market during the forecast period.
Deep Learning Segment to Hold Largest Market Share Owing Increased Use of Signal Reduction
The global artificial intelligence in healthcare market is split into type segment and application segment. The type segment includes natural language processing, querying method, and deep learning. The image recognition, data mining, and increasing use of signal reduction is expected to boost the growth of deep learning segment. The application segment is split into patient data and risk analysis, lifestyle management and monitoring, precision medicine, in-patient care and hospital management, medical imaging and diagnosis, and others.
North America to Dominate Global Artificial Intelligence in Healthcare Market
North America is projected to continue its dominance in the global artificial intelligence in healthcare market owing to the adoption of new technology in the region. Europe is another key region for the market due to the demand for affordable healthcare and favorable government norms. Analysts also anticipate that improvement of IT infrastructure, high spending in healthcare, and soaring medical tourism industry across Asia Pacific are expected to boost the regional market.
Companies to Add Value to Patient Care Devices to Maintain Position
Intel collaborated with GE Healthcare to develop X-ray solutions. These machines are intended toward detecting life-threatening conditions in seconds. They are also capable of prioritizing critical cases and optimizing workflows to improve the speed and accuracy of medical imaging. This device will require unique AI algorithm to help raise expedite time to diagnose. Such innovations are anticipated to enhance patient care and user productivity.
This report focuses on the top players in the global market such as Atomwise, Deep Genomics, General Electric (GE) Company, Intel Corporation, Microsoft Corporation, General Vision, Enlitic, Recursion Pharmaceuticals, Sentrian, Bay Labs, Koninklijke Philips, Nvidia Corporation, Zephyr Health, Google, IBM Corporation, Siemens Healthineers, Johnson & Johnson Services, Medtronic, Stryker Corporation, Careskore, Next IT, Welltok, Icarbonx, Oncora Medical, and Cloudmedx.
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