Market research group, Global Market Insights, looks at the projection of the artificial intelligence market within healthcare and where major investments are coming from within the sector.
In a major development that can positively impact Healthcare Artificial Intelligence Market growth, Babylon Health, a UK based digital health firm has raised nearly USD 60 million in April 2017 to diagnose patient illness by creating an AI chatbot on their smartphones. High investments made by various industry players to build more robust machine learning algorithms and big data analytics applications to deliver more effective healthcare services will completely change the medical diagnosing & treatment phase of the industry. This will help in grooming the healthcare artificial intelligence business reach greater heights. Global Market Insights, reports that healthcare artificial intelligence industry value, worth USD 750 million in 2016, is predicted to hit USD 10 billion by 2024.
New breakthroughs in the field of clinical research, genomics, robotic personal assistants, and precision medicine are expected to propel Precision Medicine Market, which in turn is creating a wide set of opportunities for healthcare artificial intelligence industry globally. Evolution of new disease monitoring and treatment methods will eventually produce huge business growth prospects for the market.
Healthcare artificial intelligence finds wide application in drug discovery, hospital workflow, medical imaging & diagnosis, and therapy planning. Drug discovery applications, which contributed more than 35% of healthcare artificial intelligence industry share in 2016, are forecast to hit USD 4 billion by 2024. The growth can be credited to the ability of machine learning and artificial intelligence technologies to favorably influence the drug design as well as drug development & delivery success rates.
Medical imaging & diagnosis sector is expected to hit the revenue of over USD 2.5 billion by 2024, owing to its ability to identify cancer at initial phase by detecting the rapid proliferation of tumor cells. Enhanced use of artificial intelligence in this sector will further accelerate healthcare artificial intelligence market revenue.
Considering the topographical trends, U.S. healthcare artificial intelligence industry, which was estimated at USD 320 million in 2016, is projected to grow at a rate of 38% over the period of 2017-2024. Supportive government regulations encouraging the use of big data analytics coupled with new inventions in the healthcare sector will propel the regional development.
Japan healthcare artificial intelligence market, which accounted over 35% of Asia Pacific healthcare artificial intelligence industry size in 2016, is projected to witness a tremendous growth over the coming seven years. Large-scale presence of healthcare firms and universities inventing new healthcare AI technologies will contribute substantially towards the regional revenue.
Brazil industry, which contributed over 48% of LATAM healthcare artificial intelligence market revenue in 2016, is forecast to experience a huge surge over the coming timeframe. Mounting awareness about the benefits accrued due to the application of artificial intelligence technology in the healthcare sector will spur the industry expansion across the region.
Europe healthcare artificial intelligence industry, worth USD 270 million in 2016, is projected to record a CAGR of 39% over 2017-2024 subject to rising utilisation of AI technology by various firms to improve the healthcare treatment along with its cost-reduction.
The UK healthcare artificial intelligence market is forecast to cross the revenue margin of USD 800 million by 2024 and will further boost the Europe industry size over the years to come. Entrepreneur-friendly environment across the country coupled with escalated use of artificial intelligence technology in genomics supported & guided by high R&D finding will drive the regional share.
Healthcare artificial intelligence industry in China is projected to record a CAGR of 45% from the period of 2017 to 2024, steered by the launching of new technologies such as artificial intelligence and big data analytics across the healthcare sector
Healthcare artificial intelligence market is highly fragmented due to the large presence of key industry players and new entrants. Welltok Incorporation, Pathway Genomics, Cyrcadia Health Incorporation, Atomwise, Enlitic, Lifegraph Limited, Insilico Medicine Incorporation, IBM Watson Health, iCarbonX, Google Incorporation, Zebra Medical Vision, Microsoft Corporation, Sophia Genetics, Modernizing Medicine Incorporation, Butterfly Network Incorporation, APIXIO, and AiCure are the major participants of healthcare artificial intelligence industry.