Healthcare Artificial Intelligence Market will exceed USD 13 billion by 2025; as per a new research report. Advancements in big data analytics is the key impact rendering factor that drives the healthcare artificial intelligence market growth. Healthcare analytic solutions and software developed by key industry players help in reducing costs, provide better patient outcomes, detect as well as avoid preventable diseases and improve quality of life. Therefore, availability of machine learning algorithms such as neural networks, linear models and decision trees that are implemented in hospital industry positively impacts the healthcare artificial intelligence market. Moreover, integrating data analytics, machine learning and cloud technologies will enable remote monitoring of patients suffering from chronic diseases that will further favor the industry growth.
Growing applications of AI for healthcare and research purposes, including detection of disease, management of chronic condition, delivery of health services and drug discovery will accelerate the healthcare artificial intelligence market growth over the forecast period. Key industry players operational in healthcare artificial intelligence market focus on developing technologically upgraded solutions that will positively influence its demand. For instance, healthcare professionals in developing economies with large population mostly rely on upgraded software and solutions that augments the demand for recently developed AI solutions and software. However, high initial capital requirement to digitalize untapped healthcare market may impede healthcare artificial intelligence industry growth over the coming years.
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Drug discovery held 27.1% revenue share in 2018 and it is anticipated to experience significant growth during the analysis period. Stupendous segmental revenue share is attributed to capability of software and solutions integrated with AI that facilitates the drug discovery process. These solutions enables identification as well as screening of molecules rapidly and effectively. Additionally, recently developed solutions also have pivotal role in effective drug designing that should spur the segment growth.
U.S. artificial intelligence market dominated the North America region with more than 90% revenue share in 2018. Considerable revenue share is attributed to high adoption of innovative healthcare technologies such as big data in disease diagnosis. Hospitals covered under public healthcare systems in the U.S. have considerable adoption of AI solutions for managing and processing large amount of patient data that will prove beneficial for the industry growth. Moreover, several government initiatives and favorable regulations augment the industry growth.
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UK artificial intelligence market will grow at 42.4% during the analysis period. Increasing adoption of artificial intelligence in research area coupled with continuous technological upgradations in healthcare industry will fuel industry expansion. Furthermore, numerous efforts undertaken by local industry players such as arrangement of workshops to escalate awareness regarding availability of AI platforms amongst the healthcare professionals will trigger industry growth.
Chief players in healthcare artificial intelligence market include Aicure, Atomwise, Cyrcardia Health, IBM Watson Health, Lifegraph, Sensely, Sophia Genetics, Zebra Medical vision, Welltok, Pathway Genomics, Enlitic, Insilico Medicine. Industry players are mainly focusing on inorganic strategies such as partnerships, merger and acquisitions to maintain their market position as well as to strengthen product portfolio. For instance, in April 2017, Asea Brown Boveri, a Zurich based technology company entered into a strategic partnership with IBM Watson. This strategic partnership will bring along together ABB?s ?digital offering ABB ability? with IBM Watson to help cater solutions in transport, infrastructure, industry or utilities. Partnerships and collaborations with companies having strong foothold in providing AI solutions will render IBM Watson with competitive advantage.