Artificial Intelligence (AI) in Healthcare Market to Grow at a CAGR of 62.2% by 2022 - Driven by the Growing Need for Pre-Operative Planning & High Costs Associated with Healthcare - Research and Markets
According to this research, the Artificial Intelligence in Healthcare market will witness a CAGR of 62.2% during the forecast period 2016-2022.
Artificial Intelligence (AI) refers to the creation of intelligent systems that are able to perform tasks without human interventions and instructions. It is the constellation of different technologies such as natural language processing, machine learning, perception, and reasoning. AI is being adopted in healthcare using algorithm and software for the analysis of medical data with a view to predict diseases and provide proper medication. It will lead to personalization and optimization resulting in improved outcomes for both patients and healthcare systems.
The need for pre-operative planning, high costs associated with healthcare, and rising chronic diseases amongst masses are driving the integration of AI in healthcare solutions. A basic AI computer used today in clinical practices can be used for alerts & reminder, diagnostic, therapy planning, information retrieval, and image interpretation. However, glitches in communication and technical infrastructure are amongst the major barriers to the growth of AI in healthcare. This market has huge growth opportunities due to rising needs of self-care and real-time monitoring.
The market has been segmented based on technology, end-users, applications, and regions. The technology market is further segmented into speech recognition, biometrics, natural language processing, machine learning, and disaster recovery. Based on end-users, the market encapsulates diagnostic centers, hospitals and clinics, R&D, and healthcare institutes. AI finds wide application in precision medicine, real-time monitoring, drug development, and personal health assistants. At present, North America is leading in AI in healthcare market followed by Europe. Asia Pacific has high growth potential accompanied by huge investment in the market, especially in India and China.