Evolving AI capabilities and need to compensate the dearth of skilled professionals in healthcare sector propel the growth of the global artificial intelligence in medicine market
PORTLAND, Oregon, March 6, 2019 /PRNewswire/ -- Big Market Research added a report, titled, "Artificial Intelligence in Medicine Market by Product Type (Hardware, Software, and Services), Technology (Deep Learning, Querying Method, Natural Language Processing, and Context Aware Processing), and Application (Drug Discovery & Repurposing, Clinical Research Trial, Personalized Medicine, and Others) - Global Opportunity Analysis and Industry Forecast, 2018-2025". According to the report, the global artificial intelligence (AI) in medicine market generated $719 million in 2017 and is expected to garner $18.12 billion by 2025, growing at a CAGR of 49.6% during the forecast period.
Evolving capability of AI, the need to compensate for lack of skilled professionals in healthcare, and growing awareness regarding the benefits of personalized medicine drive the growth of the global artificial intelligence in medicine market. Additionally, the surge in adoption of AI technology in developing countries is set to provide lucrative opportunities to emerging market players in the near future. However, limitations of AI in critical decision making and slow acceptance of AI by healthcare professionals hamper market growth.
"Software segment to remain the dominant product type through 2025"
By product type, software segment occupied more than three-fifths of the global market share in 2017 and is expected to continue its dominance through 2025. This is attributed to continuous software innovation that assists the demand of the healthcare sector. However, the hardware segment is projected to witness the highest growth rate during the forecast period, a CAGR of 51.3%, due to the adoption of AI devices to analyze medical information stored in structured data such as imaging, genetic and EP data.
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"Natural language processing segment to remain the largest revenue generator among all other technologies"
By technology, natural language processing segment is expected to continue its dominance during the forecast period and generate more than one-third of the overall revenue by 2025. Natural language processing allows for the conversion of datasets into legible narratives understood by medical professionals and patients likewise, which further helps in analyzing sentiments for personal improvement. However, deep learning segment is poised to grow at the fastest CAGR of 51.1%, owing to its simplicity over other technologies and enhanced accuracy when trained with large amounts of data.
"Personalized medicine segment to witness the highest growth during the forecast period"
Based on application, personalized medicine segment is set to witness the highest growth rate, a CAGR of 52.1%. This is attributed to the fact that AI can support studies at gene level that requires advanced technology and systems where huge data can be fed without interruption. Such studies have propelled research into pharmacogenomics and genotyping for drug discovery. This has led to the development of personalized medicine as traditional medications are increasingly causing more side effects in humans. However, drug discovery & repurposing segment is expected to continue its dominance and occupy more than one-third of the global market share in 2025, as AI plays an important role in drug discovery by studying the pharmacokinetics of the drug molecule.
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"Asia-Pacific to grow at the fastest rate through 2025"
Regionally, the Asia-Pacific market is expected to grow at the fastest CAGR of 55.8% from 2018 to 2025, owing to a substantial increase in healthcare spending, development in regional economy, and the surge in demand for personalized medicines. However, North America occupied the largest share in 2017 due to the easy availability of capital investment for implementing AI in drug discovery and the rise in adoption of AI technology by biotechnology and pharmaceutical companies. The region is set to maintain its dominance throughout the forecast period.
Key market players
The key players analyzed in the report include Welltok, Inc., Intel Corporation, Nvidia Corporation, Google Inc., IBM Corporation, Microsoft Corporation, General Vision, Inc., Enlitic, Inc., BioXcel Corporation, and Berg Health. They have adopted different strategies including collaborations, joint ventures, partnerships, expansions, mergers & acquisitions, and others to gain a strong position in the industry.
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