In a report with a catchy title “Artificial Intelligence (AI) in Healthcare Market: Global Opportunity Analysis and Industry Forecast, 2017-2023″Allied Market Research claims that the the global AI in Healthcare market was valued at $1,441 million in 2016. It is projected to reach $22,790 million by 2023.
This is a CAGR growth of 48 percent from 2017 to 2023. The hardware AI for segment is anticipated to grow at the highest rate from 2017 to 2023.
AI involves the science and engineering of intelligent computer programs. It uses various computer functions such reasoning, learning and problem solving based on human intelligence. AI systems can be used in various disciplines such as biology, computer science, mathematics, linguistics, psychology, and engineering to build an intelligent system. Some of the different applications that incorporate the AI systems in healthcare fields are medication management, treatment plans, and drug discovery.
The report said that the global AI in Healthcare market is driven by the ability of the tech to improve “patient outcomes”, an increase in need for coordination between healthcare workforce and patients, the rise in adoption of “precision medicine”, and remarkable growth in venture capital investments. In addition, the significant use of big data in the healthcare sector is expected to fuel market growth. However, lack of standard regulations and guidelines and reluctance among healthcare professionals to adopt AI-based technologies are expected to impede the market growth. The possibility of using AI-based tools for elderly care and untapped potential of emerging markets, such as China and India, are expected to provide various opportunities for the market.
The deep learning segment accounted for the highest share in 2016 and is expected to dominate the market from 2017 to 2023, owing to increase in use of signal reduction, data mining, and image recognition. The natural language processing segment witnessed the highest growth rate in 2016, the report said.
Presently, the healthcare provider segment dominates and is expected to grow at a CAGR of 46.9 percent during the forecast period. Increase in usage & application of AI systems is expected to improve patient outcomes and maintain electronic health records (EHR) & patient records to boost the market growth, it concluded.