Healthcare Artificial Intelligence Market will surge at 41% CAGR
UK artificial intelligence market will grow at 42.4% during the analysis period. Increasing adoption of artificial intelligence in research area coupled with continuous technological upgradations in healthcare industry will fuel industry expansion. Furthermore, numerous efforts undertaken by local industry players such as arrangement of workshops to escalate awareness regarding availability of AI platforms amongst the healthcare professionals will trigger industry growth.
Global Healthcare Artificial Intelligence Market will surpass USD 13 billion By 2025; according to a new research report by Global Market Insights, Inc. Growing applications of healthcare artificial intelligence software and solutions will positively influence the industry growth. Promising application of artificial intelligence in the future includes image recognition to analyze large sets of MRI and CT scans to identify and diagnose malignant tumors with more accuracy than expert radiologists. Moreover, the application of artificial intelligence for assisting and monitoring patients with their needs in the absence of clinical professionals will also augment the industry growth.
Wearables segment was valued at USD 99.3 million in 2018 and is expected to have considerable revenue size during the forecast timeframe. Increasing adoption of artificial intelligence, big data and machine learning tools in wearables to provide insights and make effective clinical decisions will foster its adoption amongst adults. Also, development of technologically advanced wearables that utilizes machine learning to identify significant changes in the patient’s vital parameters that allows caregivers to deliver quality care will prove beneficial for the segment growth.
Drug discovery held 27.1% revenue share in 2018 and it is anticipated to experience significant growth during the analysis period. Stupendous segment revenue share is attributed to capability of software and solutions integrated with AI that facilitates the drug discovery process. These solutions enables identification as well as screening of molecules rapidly and effectively. Additionally, recently developed solutions also have pivotal role in effective drug designing that should spur the segment growth.
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Europe healthcare artificial intelligence market witnessed 41.8% growth throughout the analysis period. Adoption of artificial intelligence in research areas and advancement in technology with respect to electronic health records (EHR) and eHealth should drive healthcare artificial intelligence market in Europe. Moreover, European Union undertakes several efforts to stimulate use of healthcare artificial systems to make eHealth stronger. European Union also introduced an innovative technology to develop EHR across Europe named as the European Health Records Organization (EHRO). Thus, efforts undertaken by government authorities will significantly impact the regional industry growth.
Asia Pacific healthcare artificial intelligence market was valued at 148.9 million in 2018. Considerable revenue size can be attributed to the rising adoption of healthcare artificial intelligence software and solutions in maintaining large amount of patient data base. Emerging countries have huge population and it becomes difficult to secure the patient data that is vulnerable to several threats. Hence, availability of software and solutions that assures data integrity and security have increased its adoption amongst the healthcare professionals thereby, fostering the regional market growth.
Prominent industry players functioning in the healthcare artificial intelligence market include AiCure, APIXIO, Inc., Atomwise, Inc., Butterfly Network, Inc., Cyrcadia Health Inc., Enlitic, Inc., IBM (Watson Health), iCarbonX, Insilico Medicine, Inc., Lifegraph, Modernizing Medicine, Pathway Genomics Corporation, Sense.ly, Sophia Genetics, Welltok and Zebra Medical Vision Ltd.