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Bulging Opportunities for Artificial Intelligence in Healthcare Sector

Goldstein Research

Posted 19th January 2018.

According to Goldstein Research, “Innovation in medical research and robotic personal assistants, and significant rise in venture capital investments for artificial intelligence in healthcare sector are the key factors for the growth of AI in healthcare sector.” Moreover, AI is significantly reducing the cost pertaining to diagnosis and treatments, which have been the major market drivers.
Global artificial intelligence in healthcare sector market is segmented based on technology, by applications, by products and by services. Technology segment is further classified into natural language processing, machine learning, virtual personal assistant, robotics, querying method and context aware processing. Machine learning accounted for the highest revenue share of 35% owing to its rising popularity for prediction and prevention of diseases. On the other hand, Drug discovery in applications segment held over 38% of the global artificial intelligence market share and is projected to witness +40% CAGR during the forecast years.
Global artificial intelligence market in healthcare sector is projected to witness a drastic growth, from USD 611.0 million in 2016 to approximately USD 6.6 billion by 2024, at a CAGR of 36.2% during the forecast period of 2016-2024. Despite numerous challenges, healthcare sector is showcasing immense opportunities that encouraging healthcare companies to adopt the technology and demand for more effective tools.
Based on geography, North America region accounted for highest revenue share in AI technology in 2016. In 2017, USA healthcare AI market size is surpassed USD 300.0 million. Rapid adoption of AI technology in United States and encouraging government initiatives are expected to drive the market growth during the forecast period. Asia-Pacific and Europe region are showcasing huge opportunities for the growth of AI in healthcare sector on the back of rising adoption of advanced technology and huge investment in AI sector.
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Amalgamation of Big Data and AI: Turnkey
On the back of bug data and new technological advancements, artificial intelligence is poised to bring huge benefits to the healthcare sector with it scope for extensive applications. Additionally, introduction of advanced technology for effective diagnosis and precision medicines is likely to further accelerate the growth of AI market in healthcare sector. Development of virtual nurse assistance and chat bots which is gaining popularity will significantly raise the demand for such virtual assistance software among ageing population.
“Global Artificial Intelligence in Healthcare Sector Market Outlook 2024” contains detailed overview of the global artificial intelligence in healthcare sector market in terms of market segmentation by technology type, by application type, by product type and by services.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, market challenges, risk analysis, market attractiveness, BPS (Base Point Scale) analysis, Porter’s five force model and SWOT analysis.
Global Artificial Intelligence in Healthcare Sector Market Report also provides competitive outlook of some of the major players which includes profiling of companies such as IBM Corp., Zephyr Health, Butterfly Network, Jvion, Google, Careskore, Atomwise Inc. and Baby Labs Inc. etc. The company profiles include business strategy, geographical revenue distribution, major information of the companies which encompasses business outlook, products, services and industries catered, financial analysis of the company and recent developments.
Overall, the report represents comprehensive synopsis on the global artificial intelligence in healthcare sector market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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About Goldstein Research
Based in the US, Goldstein Research currently has a strong presence in the American and Asian countries. In the next five years, we strive to expand our reach to 50+ nations spanning across Europe, Asia and parts of the Middle East and Africa. We strive to realize a strong brand presence globally through our quality research and forecasting solutions.
Our mission is simple: to develop insightful business solutions, help our clients make powerful future decisions to keep them well ahead of the game which is the market, and leave a mark across businesses and communities through our well-defined ideas and clear cut forecasts. Backed up by reliable research and impactful statistics, our business solutions empower our clients to grow at a fast pace despite unsettling fluctuations in the market. We believe in vigorous examination of the current market scenario and build around creative ideas and approaches that are most suitable to our clients’ needs and business agenda.

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