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Artificial Intelligence in Medicine Industry Expected to Witness a Sustainable Growth

The global artificial intelligence in medicines market was valued at $719 million in 2017 and is estimated to reach $18,119 million at a CAGR of 49.6% from 2018 to 2025

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Artificial Intelligence in Medicine Industry Expected to Witness a Sustainable Growth

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  1. Artificial Intelligence in Medicine Industry

  2. Increase in processing power of AI systems for enhanced AI capabilities, dearth of skilled healthcare professionals, and increase in applications of innovative screening methods would facilitate the growth of the artificial intelligence in healthcare market The AI in Healthcare Market generated $2.16 billion in 2017 and is expected to reach at $22.79 billion by 2023, registering a CAGR of 48.7% from 2017 to 2023. Get Sample Report

  3. Advancements in AI systems for enhanced AI capabilities, dearth of skilled workforce, and increase in applications of innovative screening methods drive the growth of the market. However, limitations related to decision making and low acceptance rate due to risk of misinterpretation and injuries hamper the market growth. Software segment contributed nearly two-thirds of the total market share in 2017 and is expected to maintain its lion's share throughout the forecast period. This is due to its ability to offer early diagnosis and facilitate accurate & quality treatment.

  4. Natural language processing segment accounted for nearly half of the total market share in 2017, owing to improvements in interaction between human and machines using AI applications. This segment would continue its dominance through 2025. Robot assisted surgery segment contributed more than one-fourth of the total share in terms of revenue in 2017, and would continue to retain its lion's share through 2025. This is due to the improved precision of this technology to perform complex surgeries.

  5. Key Findings of the Artificial Intelligence in Medicine Market: • The personalized medicine segment is projected to grow at the highest rate among the application segment during the analysis period. • North America dominated global artificial intelligence in medicine market in 2017 and is projected to continue its dominance in future. • China is expected to grow at the highest rate in Asia-Pacific during the forecast period. • Software is the largest contributor among the product type segments in 2017. • The natural language processing segment generated the highest revenue and is expected to continue its dominance in future.

  6. The leading market players analyzed in the research include Welltok, Inc., Nvidia Corporation, Intel Corporation, IBM Corporation, Google Inc., General Vision, Inc., Microsoft Corporation, Next IT Corporation, Enlitic, Inc., and iCarbonX. Various strategies including joint ventures, collaborations, expansions, partnerships, mergers & acquisitions, and others have been adopted by the market players to gain a strong position in the industry.

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