Understanding the contribution AI makes to healthcare
WHETHER to maintain patient records or help analyze sophisticated medical images like those from a CT scan or an MRI machine, computers have always played an important role in healthcare.
The medical fraternity understands how computers help make their job better and easier. For them, the transition to AI-powered devices has been almost natural and is a journey most healthcare professionals look forward to.
According to a new report published by Allied Market Research, the global AI in healthcare market was valued at US$1,441 million in 2016, and is estimated to reach at US$22.79 billion by 2023, registering a CAGR of 48.7 percent from 2017 to 2023.
The study indicates that North America was the highest contributor in the AI in healthcare market in 2016. However, they believe that the Asia-Pacific region will witness the highest growth rate during the forecast period.
Drivers for growth of AI in healthcare
The global AI market is driven by its ability to improve patient outcomes, the increased need for coordination between healthcare workforce & patients, the rise in adoption of precision medicine, and the remarkable growth in venture capital investments. The emergence of big data in the healthcare sector is further expected to fuel the growth of AI.
Also, the possibility of using AI-based tools for elderly care and untapped potential of emerging markets, such as China and India, are expected to provide various opportunities for the market.
However, the study indicates that the lack of standard regulations and guidelines and reluctance among healthcare professionals to adopt AI-based technologies are expected to impede the market growth.
The growth of segments within the AI-in-healthcare market
The natural language processing segment accounted for the highest share in 2016 and is expected to dominate the market from 2017 to 2023.
The deep learning segment witnessed the highest growth rate in 2016 owing to increase in use of signal reduction, data mining, and image recognition.
Presently, the healthcare provider segment dominates and is expected to dominate the market from 2017 to 2023.
Increase in usage & application of AI systems is expected to improve patient outcomes and help better maintain and manage electronic health records (EHR) & patient records, which will further boost adoption and market growth.
Among applications, the robot-assisted surgery segment accounted for the highest share in 2016, growing at an estimated CAGR of 46.1 percent, owing to upsurge in demand for minimally invasive surgeries where AI-assisted technologies are being widely used.
Key Findings of the study include:
- Dosage error reduction is projected to grow at the highest rate during the analysis period
- North America dominated global AI in healthcare market in 2016, and is projected to continue its dominance in future
- China is expected to grow highest in the Asia-Pacific region during the forecast period
- Pharmaceuticals & Biotechnology Companies is the fastest growing segment among the end user in 2016
- Hardware segment is expected to be the fastest growing segment during the forecast period.
- The next wave of digital transformation needs leaders not managers
- Why do some recruiters struggle to leverage technology?
- 3 ways technology can help your brand build a loyal following
- Customers love brands that are omnichannel says new report
- Global spending on digital transformation to equal Australia GDP