August 29, 2019
Global Healthcare artificial intelligence market is anticipated to exceed US $13 billion by 2025, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2019-2025.
Advancements in big data analytics is the one of main impact rendering factors driving healthcare artificial intelligence market size. Healthcare analytic software and solutions developed by leading industry players are helping provide better patient outcomes, improved quality of life, reduced costs, and easy detection and prevention of diseases.
Moreover, machine learning procedures such as decision trees, neural networks and linear models are being employed in the hospital industry, which will positively impact healthcare artificial intelligence market outlook. In addition, integrating cloud technologies, machine learning, and data analytics will permit remote monitoring of patients that are suffering from chronic diseases, thereby bolstering industry growth.
According to the study, rising applications of artificial intelligence for research and healthcare purposes, including management of chronic condition, drug discovery, delivery of health services and detection of disease will boost healthcare AI market size by 2025. Leading market players are increasingly focusing on developing technologically advanced solutions that will enhance product demand.
Moreover, the study claims that healthcare professionals in emerging economies are mostly depended on modern solutions and software which is expected to drive demand for novel artificial intelligence software and solutions. However, high investments required to digitalize unexploited healthcare market may obstruct healthcare artificial intelligence industry growth over the forecast period.
As per the report, drug discovery application recorded 27.1% revenue in the year 2018 and is expected to experience substantial growth during the projected period. Increase in segmental revenue share can be accredited to the capability of AI-based software and solutions. These solutions enable screening as well as identification of molecules more effectively and swiftly. Furthermore, recently developed solutions are estimated to play a key role in adequate drug designing, factor that could trigger product demand in the sector.
According to regional analysis, U.S. is reportedly dominating the North America healthcare AI market with revenues recorded over 90% in 2018. This growth can be accredited to high adoption of advanced healthcare technologies such as big data in disease diagnosis. Moreover, public hospitals in the U.S. have substantially implemented artificial intelligence solutions for processing and managing large amount of patient data that will boost industry growth. Favorable government regulations and initiatives are also expected to expand U.S. industry outlook.
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U.K. artificial intelligence market is also anticipated to grow at 42.4% during the forecast period. Increasing adoption of AI in research activities along with constant technological upgradations in the healthcare sector will drive market growth. Moreover, several efforts undertaken by local market players such as arrangement of workshops to expand awareness regarding availability of artificial intelligence platforms amongst the healthcare specialists will supplement UK market size.
Leading players in healthcare artificial intelligence market include IBM Watson Health, Aicure, Cyrcardia Health, Atomwise, Sensely, Zebra Medical vision, Lifegraph, Sophia Genetics, Insilico Medicine, Enlitic, Pathway Genomics and Welltok. Industry partakers are increasingly focusing on inorganic strategies such as merger, acquisition and partnerships to strengthen product portfolio as well as maintain their market position.
Citing an instance, in 2017, Zurich based technology company Asea Brown Boveri entered a tactical partnership with IBM Watson to bring along together ABB’s digital offering and ABB ability with IBM Watson and help provide solutions in infrastructure, utilities, industry and transport. Collaborations and partnerships with companies that have a strong hold in catering artificial intelligence solutions will further expand IBM Watson with a competitive advantage.