A research report by Global Market Insights forecasts artificial-intelligence (AI) based medical imaging and diagnosis will witness more than 40% growth with expectations to surpass $2.5 billion by 2024. That’s just one phase. Researchers project the healthcare AI market will exceed $10 billion by 2024.
According to Global Market Insights, AI has revolutionized the healthcare industry by designing treatment plans, medication management, assisting in repetitive tasks, and drug discovery. Rising adoption of precision medicine has made enabled simplicity of management and cost reduction. Increasing application in genomics research coupled with incremental innovation in robotic personal digital assistants should boost industry growth.
- Huge initial investment, complex ROI structure and significant maintenance & repair costs should hamper industry growth. Rising concerns that healthcare AI adoption could lead to unemployment on a large scale can impede expansion over the forecast timeframe.
- Drug discovery applications account for over 35% of healthcare artificial intelligence market share, which could see the segment exceed $4 billion in revenue by 2024.
- Machine learning and artificial intelligence will drive R&D and can improve success rate at the early drug development stages. Companies are using machine learning algorithms to reduce development time and build a strong and sustainable drugs pipeline.
- U.S. healthcare artificial intelligence market was valued over $320 million in 2016 and is estimated to witness more than 38% CAGR over the coming years. Favorable government initiatives for promoting big data analytics adoption along with other innovative healthcare technologies will propel business growth.
- Europe healthcare artificial intelligence market size was valued over $270 million in 2016, with expectations to witness more than 39% growth over the forecast years. Increasing AI application should encourage industry players in extensive R&D to develop effective and cheaper healthcare solutions in this region.
- Japan held over 35% of regional industry share with expectations to witness more than 40% growth. Presence of large number of technology-based companies and universities developing healthcare artificial intelligence solutions should fuel industry growth. Rising number of start-ups in the region should further accelerate business expansion.
- Brazil holds more than 48% of regional revenue, witnessing over 40% CAGR from 2017 to 2024. Growing awareness and favorable government initiatives should accelerate the penetration rate of healthcare artificial intelligence technology.
- Some of the companies operating in healthcare artificial intelligence market space include AiCure, Cyrcadia Health, Google, IBM, and Microsoft. Increasing investments by industry players and growing interest of venture capital firms will spur revenue growth. Healthcare artificial intelligence industry is witnessing growth in startup units in recent years and the trend is anticipated to continue over the forecast period.
For more details, checkout the Global Market Insights report.