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Global Artificial Intelligence in Healthcare Market 2017-2022 to See CAGR of 52.68%
May 30, 2017 | PRNewswireEstimated reading time: 2 minutes
Research and Markets has announced the addition of the "Artificial Intelligence in Healthcare Market by Offering (Hardware, Software and Services), Technology (Deep Learning, Querying Method, NLP, and Context Aware Processing), Application, End-User Industry, and Geography - Global Forecast to 2022" report to their offering.
The overall artificial intelligence (AI) in healthcare market was valued at $667.1 million in 2016 and is expected to reach $7,988.8 million by 2022, at a CAGR of 52.68% between 2017 and 2022.
The growth of this market is driven by growing usage of Big Data in healthcare industry, ability of AI to improve patient outcomes, imbalance between health workforce and patients, reducing the healthcare costs, growing importance on precision medicine, cross-industry partnerships, and significant increase in venture capital investments in AI in healthcare domain.
This report segments the AI in healthcare market on the basis of offering, technology, application, end-user industry, and geography. On the basis of offering, the AI in healthcare market has been divided further into hardware, software, and services. The software segment held the largest share of the AI in healthcare market in 2016. The growing demand for software-based AI solutions and the presence of major software companies providing AI software are expected to drive the market for software.
On the basis of technology, the AI in healthcare market has been segmented into deep learning, querying method, natural language processing (NLP), and context aware processing. NLP currently holds the largest market share among the AI technologies. The demand has grown since the companies have started to structure the huge volume of patient's data and find interpretation from them.
On the basis of application, the AI in healthcare market has been segmented into patient data and risk analysis, lifestyle management and monitoring, precision medicine, in-patient care and hospital management, medical imaging and diagnosis, drug discovery, virtual assistant, wearables, and research. The patient data and risk analysis application held the largest market share in 2016 owing to factors such as the growing patient data with the increasing adoption of EMR offered by AI systems to healthcare providers and payers.
The end users of AI in healthcare include providers, pharmaceutical and biotechnology companies, accountable care organization (ACO), managed care organization (MCO), patients, and payers. Providers held the largest market share in 2016 owing to the better patient experience owing to the usage of AI, reduced costs, growing adoption of electronic health records by healthcare organizations, and improving hospital in-patient care.
North America held the largest market share in 2016, and is expected to grow at the highest rate during the forecast period.
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