According to a new market research report by MarketsandMarkets, the market is expected to grow from $667.1 million in 2016 to $7,988.8 million by 2022, at a CAGR of 52.68 percent during the forecast period.
The growing usage of big data in the healthcare industry, ability of AI to improve patient outcomes, imbalance between health workforce and patients, reducing the healthcare costs, growing importance on precision medicine, cross-industry partnerships, and significant increase in venture capital investments are expected to drive the AI in healthcare market.
Software to hold the largest share of the AI in healthcare market
The AI software is used to assist the medical system in relevant insights, medical imaging and diagnostics, drug discovery, in-patient care and hospital management, virtual assistance, precision medicine, lifestyle management and monitoring, patient data and risk analysis, and research. The growing usage of smart devices, and the presence of major AI software providers such as IBM Corporation (US), Google Inc. (US) and Microsoft Corporation (US), Enlitic, Inc. (US), Next IT Corp (US) are driving the growth of the AI in healthcare market for the software offering.
Deep learning technology expected to grow at the highest rate between 2017 and 2022
The deep learning technology which includes image recognition, signal recognition, and data mining-is expected to witness the highest CAGR during the forecast period. The government mandates for using Electronic Health Records (EHR), the presence of major companies such as IBM Corporation (US) and Google, Inc. (US) and Microsoft Corporation (US), and the engagement in deep learning technology are expected to propel the AI in healthcare market.
North America to hold the major market share for AI in healthcare during the forecast period
North America, which comprises the US, Mexico, and Canada, dominates the overall AI in healthcare market. The US is a major contributor to the growth of the AI in healthcare market in North America Factors such as EMR, increasing focus on precision medicine, strong presence of leading companies engaged in developing AI solutions for healthcare, large number of cross-industry collaborations in this region, growing investments in the field of healthcare AI in this region, and high consumerization of personal care products are driving the growth of the AI in healthcare market in this region.
The major players in the AI in healthcare market are IBM Corporation (US), Intel Corporation (US), Google, Inc. (US), NVIDIA Corporation (US), Microsoft Corporation (US), iCarbonX (China), Next IT Corp. (US), CloudMedx Inc. (US), Carescore (US), Atomwise, Inc (US), Zephyr Health, Inc. (US), Sentirian (US), BabyLabs, Inc. (US), Siemens Healthineers GmbH (Germany), Johnson & Johnson (US), Welltok, Inc. (US), General Vision, Inc. (US), Enlitic, Inc (US), Recursion Pharmaceuticals (US), General Electric Company (US), Stryker Corporation (US), Deep Genomics, Inc. (Canada), Medtronic Plc. (Ireland), Koninklijke Philips N.V. (Netherlands), and Oncora Medical, Inc. (US).