According to the [175+ Pages PDF] research report, the global Artificial Intelligence in Medicine Market was estimated at USD 800 million in 2019 and is expected to reach USD 15,000 million by 2026. The global Artificial Intelligence in Medicine Market is expected to grow at a compound annual growth rate (CAGR) of 49% from 2020 to 2027.
New York, NY, Nov. 17, 2020 (GLOBE NEWSWIRE) -- Facts and Factors have published a new research report titled “Artificial Intelligence in Medicine Market By Component (Hardware, Software, Service), By Application (Robot Assisted Surgery, Virtual Nursing Assistants, Administrative Workflow Assistance, Fraud Detection, Connected Machines, Clinical Trial, Preliminary Diagnosis, Others), By End-User (Healthcare Provider, Pharmaceutical & Biotechnology Company, Patient, Payer, Others), and By Technology (Querying Method, Natural Language Processing, Context Aware Processing, Speech Recognition, Decision Management, Others): Global Industry Outlook, Market Size, Business Intelligence, Consumer Preferences, Statistical Surveys, Comprehensive Analysis, Historical Developments, Current Trends, and Forecasts, 2020–2026”.
According to the research study, the global Artificial Intelligence in Medicine Market was estimated at USD 800 million in 2019 and is expected to reach USD 15,000 million by 2026. The global Artificial Intelligence in Medicine Market is expected to grow at a compound annual growth rate (CAGR) of 49% from 2020 to 2027.
The Global Artificial Intelligence In Medicine Market Is Powered By The Need To Minimise Healthcare Costs, The Importance Of Big Data In Healthcare, The Increasing Acceptance Of Precision Medicine, And The Decreasing Hardware Costs.
Artificial intelligence in medicine is likely to transform the doctor's character expressively and revolutionize the preparation of medicine. Across has transformed medical specialties and addresses the benefits and challenges of this new technology. Doctors, particularly those in management positions, are developing in health the need to be receptive to AI rapidly, so they remain ready to make the necessary change for their acceptance into the health system. In the study of different medical conditions, the AI is useful as individuals, and in certain circumstances, extra efficient. In the investigation of complicated medical evidence, AI in medicine is the use of compound algorithms and machines to imitate hominid reasoning. AI is, in reality, the capacity of computer systems to approximate decisions without human feedback.
Browse through 34 Tables & 97 Figures spread over 180+ Pages and in-depth TOC on “Global Artificial Intelligence in Medicine Market Size & Share 2020 Analysis and Industry Forecast to 2027”.
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In order to recognize errors in existing scenarios and provide potential options in complicated situations, the increasingly growing use of cloud computing techniques has encouraged the adoption of artificial intelligence solutions for mining vast volumes of data. Many participants in the medical sector have promoted the use of AI technologies as it can theoretically boost the service offered by many. The key functions that involve the highest AI integration in the industry are access to documentation, the processing of patient-related symptoms, and the communication of subsequent therapies. With advanced cognitive technologies, IBM Watson is driving the transformation in the medical sector to dynamically understand, reason, and learn and commit to ensuring timely quality and informed decision-making. It has been projected that the healthcare sector will produce data on the volume of hundreds of exabytes, and the zettabyte measurement is expected to be achieved soon. It is important to store and view those vast volumes of information at a much faster pace than the existing industry requirements for AI. In a matter of seconds, the advancement of advanced technology has allowed AI to analyze millions of text pages. In the industry, such process reliability is of vital significance.
The growing application of artificial intelligence in the field of drug discovery. Growth in the consumption of AI in medicine in conjunction with the creation of AI systems to support and assist clinicians in making satisfactory decisions and to predict results. They are structured to help health care staff in their everyday activities, in addition to duties that depend on the impact of information and expertise.
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Top Market Players
Some of the leading and top companies in the artificial intelligence in medicine market contain Welltok, LabsInc, Siemens Healthcare GmbH, CloudMedx Inc., Enclitic, Next IT Corp., Nvidia Corporation, General Vision, General Electric, IBM Corporation, Google Inc., Koninklijke Philips, iCarbonX, Microsoft, and maxQ, among others.
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In the medicine industry, artificial intelligence is segmented as an aspect, application, end-user, technology, and area. The demand for AI in medicine is segmented as hardware, software, service by component. In the study of complicated medical files, AI in medicine is the use of compound techniques and algorithms to match human thought. In reality, artificial intelligence is the means of calculating assumptions for computer systems without direct human feedback. Artificial intelligence in the medicine industry is categorized by application into robot-assisted surgery, preliminary diagnosis, virtual nursing assistants, connected machines, administrative workflow assistance, clinical trial, fraud detection, among others.
Due to the rising incidence of healthcare fraud that consumes regulated to higher issues for the development of healthcare as well as compensation organization, AI in medicine used in fraud detection has increased. The fraud involves the misrepresentation of false statements and the planned proposal. In the medicine industry, artificial intelligence is segmented as a healthcare provider, pharmaceutical & biotechnology business, patient, payer, others by end-user. In medicine, artificial intelligence uses automatic algorithms to perform functions typically based on humanoid intelligence. In the pharmaceutical & biotechnology industry, the use of artificial intelligence redefines how scientists advance novel medicines, diseases, and more. Artificial intelligence in the medicine field is segmented by technology as a tool of querying, natural language processing, context-aware processing, voice recognition, decision management, etc. AI in medicine is increasingly recognized by the healthcare industry, and natural language processing (NLP) is influenced by some of the biggest moving artificial intelligence systems.
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Artificial Intelligence in Medicine Market: Regional Analysis
In terms of geography, North America is one of the biggest and most advanced AI markets. Factors such as the strong economy, the high rate of acceptance of AI technology through healthcare and pharmaceuticals, the strong involvement of leading suppliers of AI tools and systems, combined spending by government and private entities in the production and growth of R&D activities are all primed to drive the region's market for AI in medicine. Due to its existing infrastructure that can handle advanced solutions in the medical industry, the area is projected to dominate the global market over time. Growing inflows of funding into start-ups for the introduction of AI will further accelerate demand growth in the near future. In 2019, the U.S. had the largest share of AI in the medicine industry in North America. The U.S. has the highest number of recorded hospitals in the state, but in the coming years, there is projected to be a shortage of healthcare employees. AI will aid with the monitoring of patient records, medical treatment, and hospital management software, and will further mitigate those issues.
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This report segments the artificial intelligence in medicine market as follows:
Global Artificial Intelligence in Medicine Market: By Component Segmentation Analysis
Global Artificial Intelligence in Medicine Market: By Application Segmentation Analysis
Robot Assisted Surgery
Virtual Nursing Assistants
Administrative Workflow Assistance
Others (Dosage Error Reduction, Cybersecurity, Etc.)
Global Artificial Intelligence in Medicine Market: By End-User Segmentation Analysis
Pharmaceutical & Biotechnology Company
Global Artificial Intelligence in Medicine Market: By Technology Segmentation Analysis
Natural Language Processing
Context Aware Processing
Others (Biometrics, AI Modeling, Etc.)
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