Artificial Intelligence in Medicine market is Expected to Reach USD 12.50 Billion at a CAGR of 40.15 % by 2023

2023

The global Artificial Intelligence in Medicine market is projected to grow at a CAGR of 22.35% during the forecast period, 2018-2023. The artificial intelligence in medicine market was valued at USD 1.603 billion in 2017 and is projected to reach a value of USD 12.150 billion by 2023, at a CAGR of 40.15% over the forecast period, 2018-2023. The advent of artificial intelligence has revolutionized many domains across the globe; the healthcare industry has also been a recipient of the advantages offered by the technology. AI in healthcare has been revolutionary, owing to the increase in the number of applications of AI in the industry.Healthcare and medical budgets have been focused on increasing the technology penetration within the domain, owing to which there has been an increasing implementation of AI technologies.

The market demand for Artificial Intelligence in Medicine is likely to be driven by the growing industrialization and increased need of energy, which has led to improvements in hydraulic fracturing technologies, followed by commercial extraction of unconventional gases, which has further resulted in significant growth in the demand for Artificial Intelligence in Medicine. Artificial Intelligence in Medicine play an integral role in the frocking process.

Global Artificial Intelligence in Medicine Market Major Key Players: Atomwise Inc., Ibm Watson Health, Zebra Medical Vision, Cyrcadia Health Inc., Aicure Llc, Modernizing Medicine, Sense.Ly Inc., Berg Health, Mendasense Biometrics Ltd., Hindsait, Esko Bionics.

Home Artificial Intelligence By Application: Disease Diagnosis And Identification, Patient Care (Customized Patient Care And Electronic Medical Records), Research And Drug Invention, Others(Epidemic Outbreak Prediction Etc.)

 

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Ability of AI to Improve Medicine and Healthcare Facilities

Artificial intelligence has revolutionized patient care and enabled the emergence of better healthcare facilities. Managing medical records and other data pertaining to the patients is being delegated to AI systems, which leads to efficient use of resources and reduction of monotony in the jobs. These systems also help in faster and more consistent access to data. The inspection of images and diagnostics for various tests, such as CT scans, MRI, etc., could also be delegated to AI systems. It has been identified that error rates for image labelling have decreased from 28.5% to 2.5%, which emphasizes the need for AI systems in medicine. These applications can reduce redundancy and enable physicians and researchers focus on more demanding and necessary applications.

Patient Care and Management is Expected to Have the Highest Share Owing to Growing Awareness among the Applications

Effective management of patients is one of the prime needs for hospital facilities. Several studies have demonstrated the importance of patient engagement in improving health outcomes. Lacking such engagement has been a major contributor to preventing deaths. Healthcare applications are being used to deliver various medication alerts and other patient education materials. Smart wearables play a vital role in the transformation of the current healthcare industry. These wearables are available in the market in various forms, such as wristbands, watches, shoes, eyeglasses, belts, etc. The awareness among consumers is also increasing regarding wearables. About 56% of the consumers believe that wearing a smart device, which monitors vitals, leads to increase in the average life expectancy.

North America is Leading the Way as One of the Highest Market Shares for AI Medicine

The North American region has a well-developed healthcare and medicine system, which integrates the use of the latest technology. According to the Journal of Patient Safety, preventable medical mistakes account to about 210,000 lives per year. Diagnostic errors account to about 440,000 deaths per year. Medical errors cost the industry around USD 1 trillion annually. Thus, the need for efficient management and support in the country is high. Increasing amount of data and complexity of operations in the domain are challenging the resource management. Canada has also been rated as one of the best 10 healthcare systems, globally, which further emphasizes the need for better healthcare systems that drive the growth of Artificial Intelligence in this region.

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Regions Covered in this report are as Follows:

United States, North America (Canada and Mexico), Europe (Germany, France, UK, Russia and Italy), Asia-Pacific (China, Japan, Korea, India and Southeast Asia), South America (Brazil, Argentina, Columbia etc.), Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa), RoW (Rest of World).

Key Developments in the Market

January 2018: Inspirata, a cancer informatics and digital pathology workflow solutions acquired Artificial Intelligence in Medicine, Inc. with an aim of upgrading the analyzing techniques of the company.
January 2018: Personalized medicine for idiopathic pulmonary fibrosis has been provided by NuMedii by new AI-powered drug delivery systems.
May 2017: General Electric has collaborated with Harvard Hospitals to develop AI products to cater to different dire needs in the healthcare industry. The dominant position of Harvard in the market is acting as a leverage for the company to introduce its products.

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