SAN FRANCISCO, Dec. 16, 2019 /PRNewswire/ -- The global artificial intelligence in healthcare market size is expected to reach USD 31.3 billion by 2025, growing at a CAGR of 41.5% over a forecast period, according to a new report by Grand View Research, Inc. The rising demand to reduce healthcare costs, increasing adoption of precision medicine, growing importance of big data in healthcare, and declining hardware costs are some factors propelling adoption of AI technology in healthcare industry. Moreover, rise in potential applications of AI-based tools in medical care and growth in venture capital investments are anticipated to aid growth over the forecast period.
Key suggestions from the report:
In 2018, software solutions held the largest revenue share owing to the development of AI-based software solutions for the healthcare sector
Clinical trials held the largest revenue share in 2018, and this can be attributed to the growing focus of pharmaceutical companies on incorporating AI in automation of clinical trial processes.
North America held the largest revenue share, owing to high adoption of healthcare IT solutions in the region and availability of well-established healthcare infrastructure
Asia Pacific is expected to exhibit the fastest CAGR over the forecast period, owing to growing AI-based start-ups, improving healthcare IT infrastructure, and increasing adoption of advanced technologies.
Some key players are IBM Corporation; NVIDIA Corporation, Nuance Communications, Inc.; Microsoft; Intel Corporation; and DeepMind Technologies Limited
Rise in the number of cross-industry collaborations is anticipated to fuel growth. For instance, in March 2018, Microsoft announced partnership with Apollo Hospitals, one of the prominent healthcare systems in India. The partnership was focused on developing and deploying new machine learning models for predicting the risk of developing cardiac diseases and aid doctors in treatment planning. Increase in venture capital funding is a key factor propelling growth of AI start-ups, which is further contributing to market growth.
The adoption of AI in healthcare is increasing, as healthcare providers are focused on enhancing patient care further. The adoption of this technology in healthcare has various benefits, both patients and healthcare providers. AI enables personalized care, based on body constitution and past medical history. Moreover, the shortage of physicians in some countries is anticipated to increase demand for AI in healthcare.
Grand View Research has segmented the artificial intelligence in healthcare market on the basis of component, application, and region:
Artificial Intelligence in Healthcare Component Outlook (Revenue, USD Million, 2014 - 2025)
Artificial Intelligence in Healthcare Application Outlook (Revenue, USD Million, 2014 - 2025)
Robot Assisted Surgery
Administrative Workflow Assistants
Dosage Error Reduction
Artificial Intelligence in Healthcare Regional Outlook (Revenue, USD Million, 2014 - 2025)
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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