Artificial Intelligence (AI) in healthcare market is forecast to reach US$7,988.8 million by 2022 from US$667.1 million in 2016 at a CAGR of 52.68 percent during (2017-2022) driven by the growing usage of big data in healthcare sector, ability of AI to improve patient outcomes, imbalance between health workforce and patients, reducing the healthcare costs, growing importance on precision medicine, cross-industry partnerships, and significant increase in venture capital investments in AI in healthcare domain, ReportsnReports has said in its latest study.
The report provides valuable insights into the ecosystem of the AI in healthcare market including the software companies, and chipset and medical solution providers. The major players in the AI in healthcare market are IBM Corporation (US), Intel Corporation (US), Google, (US), NVIDIA Corporation (US), Microsoft Corporation (US), iCarbonX (China), Next IT Corp. (US), CloudMedx (US), Carescore (US), Atomwise (US), Zephyr Health (US), Sentirian (US), BabyLabs (US), Siemens Healthineers GmbH (Germany), Johnson & Johnson (US), Welltok (US), General Vision (US), Enlitic (US), Recursion Pharmaceuticals (US), General Electric Company (US), Stryker Corporation (US), Deep Genomics (Canada), Medtronic (Ireland), Koninklijke Philips N.V. (Netherlands), and Oncora Medical (US).
Owing the factors of Natural Language Processing (NLP) to handle structured and unstructured data are driving the NLP market in AI in healthcare market. NLP currently holds the largest market share among the AI technologies. This demand has grown since the companies have started to structure the clinical data and find interpretation from them. Moreover, the growing usage of internet and connected devices along with huge volume of patient’s data driven the growth of this market.
Faster calculations and lesser power consumption are the factors driving the growth of the hardware market for AI in healthcare. Hardware which includes GPUs, DSPs, FPGAs, and neuromorphic chips is expected to grow at the highest rate in the offering segment of AI in healthcare. The GPU, DSP, and FPGA are widely used to implement the deep learning algorithm. In terms of throughput, GPU is faster than FPGA; whereas in the case of power efficiency, FPGA is better than GPU. Keeping these factors in mind, the AI providers choose the hardware accordingly.
North America is expected to be the largest and fastest-growing market for AI in healthcare during the forecast period. The regulatory mandates for the use of Electronic Health Records, increasing focus on precision medicine, and strong presence of leading companies engaged in developing AI solutions for healthcare, and large number of cross-industry collaborations and growing investments in the field of AI in healthcare are driving the growth of the market in North America.