Original article was published on artificial intelligence
Portland, OR , June 30, 2020 (GLOBE NEWSWIRE) — According to a new report published by Allied Market Research, titled artificial intelligence in medicine market was valued at $719 million in 2017 and is expected to reach $18,119 million at a CAGR of 49.6% during the forecast period 2025, North America was the highest contributor to the artificial intelligence in medicine market. However, Asia-Pacific is expected to witness the highest growth during the forecast period.
The growth of the global artificial intelligence (AI) in medicine market is driven by the surge in AI capabilities due to increase in processing power, the need to compensate for the lack of skilled professionals in healthcare, and growing awareness regarding the importance of personalized medicine. However, limitations of AI in critical decision making and slow acceptance of AI by healthcare professionals impede market growth. Nonetheless, the increase in adoption of AI technology in developing countries would provide lucrative opportunities to emerging market players in the near future.
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- Due to the global pandemic all over the world, the medical devices manufacturers are majorly focusing on essential medical devices production.
- However, due to the precautionary measures taken by governments in various regions, the supply chain has been hampered. Which may result in shortage of devices in certain locations
The report offers a detailed segmentation of the artificial intelligence in medicine market based on product type, technology, application, and region form.
Based on product type, the software segment dominated the global market in 2017 on account of perpetual software innovation that feeds the requirement of the healthcare sector. However, in the forecast period, the hardware segment is expected to witness the fastest growth. Based on technology, the natural language processing segment generated the highest revenue in 2017 and is expected to continue dominance through 2025. However, the deep learning segment is projected to grow at the fastest rate, as it enhances integral components of AI protocols like signal reduction, data mining, and image recognition.
Based on application, the personalized medicine segment is anticipated to encounter the fastest growth rate during the forecast period. By region, North America occupied the largest share in 2017 due to the easy availability of capital investment for implementing AI in drug discovery and the rise in adoption of AI technology by biotechnology and pharmaceutical companies. However, Asia-Pacific is projected to grow at the fastest CAGR of 55.0% from 2018 to 2025, due to growth in healthcare expenditure and rise in the R&D activities for advancement in AI technology.
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The key players operating in the global artificial intelligence in medicine market include Welltok, Inc., Intel Corporation, Nvidia Corporation, Google Inc., IBM Corporation, Microsoft Corporation, General Vision, Inc., Enlitic, Inc., BioXcel Corporation, and Berg Health.
Other prominent players in the value chain include InSilico Medicine, Inc., Globavir Biosciences, Inc., GNS Healthcare, Flatiron Health, Benevolent AI, Atomwise, Verge Genomics, Cloud Pharmaceuticals, and Recursion Pharmaceuticals.
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