This column is authored by Juee D. Kate, Marketing Executive, Global Market Insights
As per a report “Artificial Intelligence in Healthcare Market Size By Application (Medical Imaging & Diagnosis, Drug Discovery, Therapy Planning, Hospital Workflow), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Spain, Italy, China, India, Japan, Australia, Brazil, Mexico, South Africa), Growth Potential, Competitive Market Share & Forecast, 2017 – 2024”, by Global Market Insights, Inc. artificial intelligence in healthcare market is expected to grow at an explosive CAGR of 40% over the period of 2017-2024. With the evolving digital capacity, artificial intelligence in healthcare market is turning out to be a major game-changer for the overall healthcare fraternity. Growing usage of big data coupled with rising adoption of precision medicine is further expected to drive artificial intelligence in healthcare industry. AI is widely adopted in the field of medical imaging, genomics, drug discovery to provide relevant insights pertaining to patient data monitoring, research, and risk analysis. The vast healthcare data have resulted into growing demand and need for AI technology.
Artificial intelligence in healthcare market finds its potential application in drug discovery, as AI plays a vital role in drug identification, discovery, screening, and design. The drug discovery application held 35% of the overall market share and is expected to attain gains at 40% over 2017-2024, collecting revenue worth USD 4 billion by 2024. Moreover, AI is also gaining prominence in medical imaging to improve the cancer diagnosis at an early stage. Artificial intelligence in healthcare market from the medical imaging and diagnosis application is projected to exceed a revenue generation of USD 2.5 billion by 2024.
Below are the key geographical insights influencing the industry growth
- US region to grow at 35% driven by Federal authorities are encouraging the use of data analytics to transform US healthcare systems, which in turn is driving the regional artificial intelligence in healthcare industry.
- Europe region to grow at 39% driven by Favourable business environment and intensive research activities carried out by the industry players to develop cost effective solutions is fuelling the regional artificial intelligence in healthcare market growth.
- China region is driven by growing prevalence of chronic diseases and rising geriatric population have encouraged regional authorities to harness the AI technology and improve healthcare delivery. Rapid adoption of big data is poised to boost the regional growth, witnessing 45% growth in forecast time.
- Japan is a technological hub with the presence of several healthcare companies and universities. Growing focus on research & development of healthcare AI is likely to favour the regional market expansion with 40% from 2017 to 2024
- The Brazil artificial intelligence in healthcare market is fuelled by rising awareness toward the perks of AI technology coupled with favorable regulatory landscape will accelerate the demand for healthcare artificial intelligence industry. To foresee the growth of 40% during the forecast time period.
AI has significantly disrupted the traditional medical approach and is likely to transform the healthcare delivery model over the coming years. The industry is witnessing robust participation of the start-ups which depicts the huge commercialization the market is set to attain. In addition, the established players such as IBM, Microsoft, Cyrcadia Health, and Google are investing heavily to unleash the potential of artificial intelligence in healthcare industry. As per the estimates, the market is slated to exceed a valuation of USD 10 billion by 2024.