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Key Opportunities and Challenges in Artificial Intelligence in Healthcare Market

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Key Opportunities and Challenges in Artificial Intelligence in Healthcare Market

December 04
17:35 2019
The global AI in healthcare market size which was valued at USD 2.1 billion in 2018 is expected to reach USD 36.1 billion by 2025, at a CAGR of 50.2% in these years. Apart from the need to reduce the growing cost of healthcare, the improvement in computing power, and the declining cost of hardware are the key factors that are promoting growth in this industry.

The software segment promoting the role of AI in the healthcare platform is expected to grow at the highest pace. The segment is also expected to hold the largest portion of the AI in healthcare market share from 2018 to 2023. Multiple healthcare providers embracing the advantages of AI-based software that offer a wide range of solutions for various medical fields will be the prime factor driving this high growth rate. Machine learning, natural language processing, and deep learning are some of the prime technologies that are being used in the AI-based software for a wide range of activities.

Another advantage of such software is that they can run in the existing system without the need for any additional hardware requirement, thereby optimizing the overalls costs. Apart from the rising demand for some precision medicines, the growing need for accurate and early diagnosis of chronic diseases and disorders are factors that are promoting market growth.

 

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Machine learning technology is expected to hold the largest share of the AI in healthcare market along with thehighest CAGR between the forecast periods of 2018 to 2025. Also, technologies like natural language processing (NLP), context-aware processing, and querying method are expected to make a significant impact in shaping the future market dynamics during this period. In the field of machine learning, the major categories that are being used are deep learning, supervised learning, unsupervised learning and reinforcement learning. The end-user segment that consists mainly of hospitals and diagnostic centers are expected to dominate the healthcare market in implementing customized Al-based solutions based on machine learning.

Geographically, North America is set to account for the largest share of the AI in healthcare market throughout the forecast period. The entire region is on a path of wide-scale adoption of AI-themed technologies in the field of healthcare. In addition, the region has a strong presence of some of the key players in the field of AI hardware and software providers. The growth rate is also expected across Europe, and in Asia Pacific, China is the primary driver for AI in healthcare market.

The AI in healthcare market is fragmented owing to the presence of several large-sized companies, mid-sized as well as small-sized companies. Apart from that, many start-ups provide such technologies in the healthcare industry. IBM Corporation (US), Microsoft (US), and Google Inc. (US) are some companies that are at the forefront for developing AI-based technologies along with computer-assisted physician documentation and back-end coding to optimize billing processes.

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