The report "Artificial Intelligence in Healthcare Market by Offering (Hardware, Software, Services), Technology (Machine Learning, NLP, Context-Aware Computing, Computer Vision), End-Use Application, End User, and Geography – Global Forecast to 2025" According to the latest market research report, the artificial intelligence in healthcare market is estimated to be valued at USD 2.1 billion in 2018 and is expected to reach USD 36.1 billion by 2025, at a CAGR of 50.2% from 2018 to 2025. The market has huge potential across various end users such as hospitals and providers, healthcare payers, and pharmaceutical and biotechnology companies. Increasingly large and complex data set available in the form of big data and growing need to reduce the increasing healthcare cost drive the growth of this market. Improving computing power and declining cost of hardware are other key factors driving the AI in healthcare market.
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Browse 103 market data Tables and 49 Figures spread through 216 Pages and in-depth TOC on "Artificial Intelligence in Healthcare Market by Offering (Hardware, Software, Services), Technology (Machine Learning, NLP, Context-Aware Computing, Computer Vision), End-Use Application, End User, and Geography – Global Forecast to 2025"
The major companies profiled in this report are NVIDIA (US), Intel (US), IBM (US), Google (US), Microsoft (US), AWS (US), General Vision (US), GE Healthcare (US), Siemens Healthineers (Germany), Medtronic plc (US). The market has active participation of start-ups. A few emerging companies in the market are CloudMedx (US), Imagia Cybernetics (Canada), Precision Health AI (US), and Cloud Pharmaceuticals (US).
AI in healthcare market for software to hold largest market during forecast period
The AI in healthcare market for software segment is expected to hold the largest market from 2018 to 2023. Growing adoption of AI solutions and platforms among healthcare providers and healthcare payers is the prime factor driving the growth of the software segment. The software is developed using AI technologies, such as machine learning, natural language processing, and deep learning. In most cases, the software can run in the existing system without any additional requirement for specific hardware.
Driver: Rising need for improvised healthcare services due to imbalance between health workforce and patients
Maintaining a balance between health workforce and patients is a challenge in developed and developing countries, including the US, the UK, Germany, and India. AI and cognitive mobility platforms are helping medical practitioners easily and efficiently achieve their tasks with minimal human intervention. The deep learning technology in medical imaging solutions helps in various pathology tests, such as blood test, X-ray analysis, and cancer cell detection. The patient engagement
AI systems assist in medication management with the help of NLP and context aware processing technology. Therefore, with the decrease in doctor–patient ratio, AI brings in new solutions to bridge the gap between health workforce and patients.
Restraint: Reluctance among medical practitioners to adopt AI-based technologies
AI technologies offer doctors with tools that help them in better diagnose and effectively treat patients. However, there is an observed reluctance among doctors with regard to new technologies. For instance, there is a misconception among medical practitioners that AI will replace doctors in the coming years. Currently, many healthcare professionals have doubts over the capabilities of AI solutions in terms of accurately diagnosing patient conditions. Considering this, it is challenging to convince providers that AI-based solutions are cost-effective, efficient, and safe solutions that offer convenience to doctors as well as better care for patients.
By geography, North America is expected to dominate the healthcare market
The North American AI in healthcare market is further segmented into the US, Canada, and Mexico. The US is considered one of the major contributors in the North American AI in healthcare market. The US is one of the leading countries in the world to adopt AI technology across the continuum of care.
Cross-industry participation in the healthcare domain along with significant increase in venture capital investment, is encouraging several new players to enter the market for AI in the healthcare space.
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